Everyone has heard the stories of scams and fraudulent brokerages that have become quite widespread in the financial markets these days. When you are ready to begin your online trading journey, you are also warned to be cautious. Shouldn’t it be easy to spot a scam? While many people believe this is the case, you should bear in mind that those behind these fraudulent platforms are very good at hiding the truth. In fact, they deliberately create a front that draws your attention and convinces you to sign up. This 1000X review sheds light on one such platform.
When you first come across the website of this broker, you will see that it is quite stylish and it is offering social trading services that promise guaranteed returns via forex and CFD trading. That sounds like a deal that can be hard to resist, but this 1000X review shows that all of this is a sham. Let’s take a look.
The claims, promises, and offerings of an online broker are all irrelevant until you check their regulation. If the broker is unregulated, you cannot believe anything they are telling you because this is the internet and anyone can promise anything here. A regulated broker, on the other hand, will be monitored by a regulatory body, so it cannot make false promises or be dishonest in any way. Therefore, you need to know the regulatory status of the 1000X broker.
Unfortunately, it becomes clear soon enough that it is unregulated. This is because it claims to be incorporated in Hong Kong, so technically it needs to have a license from the Securities and Futures Commission. But, when you check the online register of the SFC, there is no 1000X broker to be found, which means you are dealing with an unregulated entity. This should be enough of a warning that the broker is insecure and unreliable and nothing it claims can be trusted.
Moreover, when you go through the website of the 1000X broker, you will realize that it seems to be completely anonymous. There are no details given and this shows that you cannot trust it with anything because you do not know who you are dealing with.
You should never sign up with any broker without knowing what trading platform they offer because it is your gateway to the financial markets. When you check out the 1000X trading platform, you are in for a surprise because it turns out that it does not have a functional trading platform at all. This is quite a shock because there can be no trading without a platform.
Yet, the 1000X trading platform is nothing more than a funny-looking dashboard that has absolutely no functionality. This means that you cannot use it for executing your trades or doing anything else for that matter. Why would you sign up with the broker then? It does not make sense to do so.
It is also necessary to check the trading conditions that an online broker offers because you need to know if they are profitable and feasible for you. You are in for more surprises because there is no information about the spreads that you are offered on the 1000X trading platform. Secondly, the minimum deposit that the broker is asking for is as high as $10,000 and they also have a registration fee of $99, which is downright ridiculous.
To make matters worse, the only payment method that the 1000X broker supports is bitcoins. It is a problem because crypto payments are usually anonymous and do not give you the option of filing for a chargeback. This means that once you have made a deposit, it will be final and there will not be a way for you to get your money back.
Is 1000X a scam or legit?
The lack of regulation, the excessive minimum deposit, the absence of a trading platform and crypto payments are all signs of 1000X scam because a legitimate broker would never have any such issues.
The purpose of this 1000X review is to help you see that appearances can be deceiving. Just because the broker has a good website does not mean it is up to any good.
Here you can go through our detailed 1000X review and learn whether or not 1000X is a legitimate or scam broker for online trading. Moreover, our 1000X.live review will also help you learn what you can expect from the 1000X broker if you decide to sign up.