1Broker Review – Scam or Legit?
1Broker is a simple and easy to use website which allows you to trade gold, silver and other markets via contract for differences (CFDs), which represent contracts between two parties in which the seller will pay to the buyer the difference between the current value of an asset and its value at contract time.
You can trade the DAX, Dow Jones 30 Industrial (DOW 30) and S&P 500 indices can be traded in bitcoin denominations.
Apple (AAPL), Facebook (FB), Google (GOOG) and Microsoft Corp. (MSFT) are the stocks which can be traded.
Enjoy our interview with 1Broker.
What is 1Broker?
1Broker offers derivatives on various well-known financial markets. The aim of our platform is to allow Bitcoin users to participate in these markets without worrying about Bitcoin exchange rates. Our primary goal was to make trading as simple and transparent as possible. For this reason we decided to offer CFDs (Contracts for difference) as a market maker and settle all markets directly in Bitcoin.
How has the response been?
1B: Surprisingly well. When I launched 1Broker, I expected a lot of scam accusations and criticism. After some months of operation I think we proved ourselves and there was hardly any hostility against us left.
What can a user do with a 1Broker account?
1B: The range goes from conservatively investing your Bitcoins into a stock market like Google Inc. to making highly speculative forex trades on EUR/USD.
Since 1Broker started, many platforms have come and gone. What is the reason for 1Broker’s longevity?
1B: We decided to build our platform with damage control in mind. Given the complexity of today’s software which every website relies on, we do not fear successful attacks, we simply expect them. Till today, no attacker was able to breach the hot wallet or to access our database, what is certainly an exception in bitcoin-world. It certainly helps that I have solid technical knowledge and design all security-related implementations myself.
How has 1Broker hedged risk?
1B: Hedging positions is a smaller issue than most people think. With enough traders our markets tend to get balanced, which means there is an equal size of positions on long and short. In reasonably balanced markets there is no need for us to hedge. I don’t want to disclose the specifics of how we handle unbalanced markets, since we put a lot of testing and research in this topic.
What has 1Broker taught you?
1B: I certainly underestimated how important marketing is. When I launched 1Broker I expected a hype and hundreds of traders within the first months – actually there were only 5-10 active traders. I would definitely not start a project like this again without having a basic marketing strategy.
Are there any 1Broker plans for the future?
1B: Sure: more markets, more trading-related features and a mobile app are my top priority right now. A cryptographic proof of solvency implementation would be nice, too.