1000 Extra Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this 1000 Extra Review.
1000 Extra Review
1000 Extra offers its clients several account types, depending on their initial deposit. All account types provide commission-free trading and micro tradeable lots on the industry’s standard MetaTrader 4 forex platform.
Taking into account that 1000 Extra is an offshore broker, a minimum initial deposit of $1000 is way too much. There are leading reliable and regulated brokerages that require just $5 from traders to open an account with them (XM, FXTM). Besides, a spread of 2 pips for the EUR/USD pair is far from being competitive, as most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair.
The Company. Security of Funds
1000 Extra is an Estonian brokerage, offering online trading in a number of currency pairs, stocks, futures and precious metals on the popular MT4 platform
Behind the brand is 1000 Extra Ltd., a company, registered in Vanuatu (formerly known as the New Hebrides Islands) – an offshore jurisdiction, which offers a variety of tax benefits – no income tax, no capital gains tax nor inheritance tax. Besides, registration process for forex and binary brokers is fast and low cost.
In addition, capital requirements in this specific jurisdiction are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000.
Offshore regulated brokers should be avoided as a general rule, no matter what they claim, as the rules and requirements applicable to them are very lax, if any. Little focus is placed on compliance checking and consumer protection in such zones. That is why, if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in UK, Cyprus, US for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.
Trading Platform
Like most brokers, 1000 Extra supports the most popular trading platform, MetaTrader 4 (MT4), available as desktop, web and mobile versions. MT4 is designed for all traders of all skill levels.
The platform has user-friendly interface and is equipped with advanced charting tools, large number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them.
Methods of Payment
1000 Extra offers its clients 2 payment methods: bank wire transfer and via credit/debit. Popular e-wallets such as Skrill and Neteller are not available.
1000 Extra is another offshore broker that offers online trading on the MT4 platform. Despite its non-regulated status, we find that its spreads are not among the tightest in the industry, and that the minimum initial deposit required is pretty high.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
1000 Extra Review Conclusion
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