N1CM stands for Number One Capital Markets. This broker’s name is very close to a major US financial services provide, but we couldn’t find any connection between them. Other than the account types mentioned above, Islamic accounts are also available. Negative balance protection is also in place, which leads us to believe this broker is a Market Maker.
The Company. Security of Funds
The company behind N1CM, is registered in Vanuatu. While it is registered with the local VFSC, we would still advise caution when dealing with off-shore brokers.
The reason for that is that regulation is not as strict in such jurisdictions. Vanuatu became one of the more popular off-shore destinations in recent years. This is due to the VFSC’s incredibly low capital requirement – only $2,000. This is a dishonest broker’s dream.
As a comparison, Australia used to also attract shady companies a lot of time ago. The local regulator, the Australian Securities and Investments Commission (ASIC) later enforced strict rules, which to deal with the situation. One of them is the AUD 1 million capital requirement, which most scammers do not have. Additionally client’s funds must be kept in segregated accounts, meaning there is a mechanism, which guarantees the broker can’t simply take your money and offer “paper trading”.
Minimum Initial Deposit
While the minimum requirements for all account types at N1CM are very low, the FAQ section claims the minimum transfer deposit (or withdrawal) is $100. We are not certain which section of the website is true. A logical conclusion will be that you one has to deposit a minimum of $100 and can distribute it into multiple accounts. On the other hand there can be a typo in description of account types.
That being said, it’s nice cent accounts are also available. The $5 minimum for such a trading account is low, but not totally unheard of – one can open the same account with FXTM.
Average spreads & Commissions
Spreads at N1CM are variable. While usually the spreads on cent-accounts are slightly higher than the ones offered other accounts, the company does not provide much information on them, Our testing with the platform revealed spreads starting from 1.2 pips on EUR/USD. While these are fairly competitive conditions, we had some issues, with the quotes updating slowly. That being said, you can always check out the real-time spread comparison platform we have set up here.
N1CM provides a maximum leverage of 1:1000. While this may seem insane to some of you, there is a catch – this only applies for accounts under $3000. With bigger accounts, the leverage ratio decreases progressively.
Still, 1:1000 is a very high level and may lead to massive losses if used by inexperienced traders. If you were to fully utilize such gearing (i.e. use your entire trading account as margin for a single trade) a mere 0.10% market move against you will wipe out your entire investment. Familiarize yourself with the basics of risk management before trading with such leverage.
N1CM has chosen MetaTrader4 (MT4) as their trading platform. This is the most popular solution, which is preferred by many brokers. It is also admired by lots of traders, mainly for the outstanding charting capabilities and the add-ons which are available. At the MQL marketplace, a broker independent online store, you can test, loan and purchase newly developed technical indicators and automated trading robots (better known as Expert Advisors).
The charts go back only to June 2017, which renders them useless for long-term analysis. Furthermore, as we mentioned above, the quotes are updating a bit slowly. Both of these problems can be fixed in the future.
Methods of Payment
N1CM provides a lot of payment options. Other than the standard Bank Transfer and Credit/Debit Card a lot of e-wallets are available. The list includes: Skrill, Neteller, FasaPay, Perfect Money, China UnionPay, Webmoney, Qiwi, Epaymetns, OkPay and Yandex. Nobody should be left behind with so many methods.
N1CM is an off-shore forex broker. This immediately lowers the company’s credibility. The website lacks clarity on some of the trading conditions. While testing with the platform revealed relatively competitive spreads, some problems also became apparent. They can be fixed in the future and we will update this review, if that happens.
N1CM Review Conclusion
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