N1CM Review: Regulations, Trading Platforms, Features, Pros, and Cons

N1CM stands as a versatile multi-asset broker that provides investors with the opportunity to engage in margin trading. With impressively low spreads starting from 0.1 pips, flexible leverage of up to 1:1000, and hassle-free deposits and withdrawals without commissions, Number One Capital Markets presents itself as a compelling choice for those exploring new brokerage options.

This comprehensive review will delve into the various aspects of N1CM, including its trading platforms, available markets, account types, fee structure, advantages, disadvantages, and crucial details you should be aware of. Let's examine whether our expert traders endorse considering N1CM as your trading partner.

Company Overview

Number One Capital Markets, or N1CM, operates as a Contracts for Difference (CFD) broker, offering a diverse range of contracts covering popular financial markets. These markets encompass everything from forex and cryptocurrencies to indices and stocks. Established in 2017, N1CM has garnered popularity among clients hailing from 88 different countries. The company maintains its headquarters in Vanuatu, supplemented by offices in London, UK, and Istanbul, Turkey. N1CM operates under the regulation of the Vanuatu Financial Services Commission (VFSC).

Trading Platforms

N1CM provides traders with the option to choose between two robust trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms offer convenient accessibility through web browsers or dedicated applications for your computer and mobile devices.

MetaTrader 4 (MT4)

MT4, a user-friendly trading platform developed by MetaQuotes, sets industry standards for technical analysis and trade execution. It offers customizable charting options, including 30 technical indicators and nine timeframes, catering to both day traders and swing traders. MT4 simplifies trade execution with features like one-click trading and algorithmic bots for automated research and execution. Furthermore, the platform offers signal services and copy trading for those seeking trading strategies or experienced traders to follow.

MetaTrader 5 (MT5)

Launched five years after MT4, MT5 enhances the trading experience with additional tools and features. It boasts 38 built-in technical indicators, 21 timeframes, an economic calendar, diverse pending order types, an embedded community chat, and a multi-threaded strategy tester. While both MT4 and MT5 are available for forex trading, MT5 becomes the platform of choice when trading CFDs in other markets.

Assets & Markets

N1CM offers trading opportunities across a variety of markets, including:

• Forex: Featuring 50 major, minor, and exotic currency pairs such as EUR/USD, GBP/USD, and USD/JPY.
• Commodities: Including eight commodities like Natural Gas, Brent and WTI Oil, and five metals.
• Cryptocurrencies: Covering Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple traded against the US Dollar.
• Shares: With 26 US and German stocks like Apple, Microsoft, and BMW.
• Indices: Offering nine indices, including the Dow Jones and S&P 500.

Fees

The trading commissions at Number One Capital Markets are contingent on your account type and the asset you're trading. Generally, Classic and Advanced accounts come with wider spreads but offer commission-free trading for forex, while Elite accounts incur a $2.5 commission per lot. For indices and commodities, Classic and Advanced accounts charge a $6 commission, while Elite accounts reduce it to $5. Trading stocks involves a $5 per lot fee across all account types.

Additionally, N1CM imposes swap fees on overnight positions, varying based on the position's type (long or short) and the asset. For example, short positions on EUR/USD incur a swap fee of 2, while long positions receive a -6 swap fee. You can review the complete list of swap rates on the broker's website.

Leverage

Number One Capital Markets supports margin trading with leverage ratios of up to 1:1000, but this upper limit is exclusively available for contracts with an equity value below $1,000. The minimum allowable leverage is 1:25, and the stop-out level is set at 30%. You can find a detailed breakdown of permitted leverage by investment size bracket on the broker's website.

Payment Methods

Deposits

N1CM offers a variety of deposit methods, including Visa/MasterCard credit and debit cards, e-wallets such as Perfect Money, and cryptocurrencies like Bitcoin and Ethereum. The minimum deposit requirement is generally $1, although some methods have higher minimums, e.g., USD Coin and SticPay require at least $5, and Payment Asia necessitates $15. Deposits made in currencies other than USD, such as EUR or GBP, can be made via Payment Asia or debit/credit cards. All deposits are processed instantly and carry a $1 fee.

Withdrawals

For withdrawals from N1CM, you can utilize the same e-wallets and cryptocurrencies, but debit and credit card withdrawals are not available. Minimum withdrawal limits differ by method, with most requiring a minimum of $2, while some, like Bitcoin and Sticpay, demand at least $5. Requests for withdrawals must be made in USD, and it's worth noting that account verification is a prerequisite for withdrawal requests.

Account Types

Number One Capital Markets offers multiple account types to cater to diverse trader preferences:

Classic Account

• Minimum deposit: $5
• Exclusive use of MetaTrader 4
• Commission-free trading
• Floating spreads starting at 1.1 pips

Advanced Account

• Minimum deposit: $2,000
• Commission-free trading
• Floating spreads starting at 0.8 pips
• Access to both MetaTrader 4 and MetaTrader 5
• Market analysis provided by N1CM

Elite Account

• Minimum deposit: $10,000
• Trading commission of $2.5 per side
• Floating spreads starting at 0.3 pips
• Access to both MetaTrader 4 and MetaTrader 5
• Dedicated account manager

N1CM requires clients to complete an account verification process after registration, involving the submission of proof of identity and proof of address documents for review by the customer service team. The verification process aims to complete on the same day or by the following day if documents are submitted after office hours.

Demo Account

N1CM offers a demo account, providing an ideal platform for practicing trading without risking real capital. While opening a paper trading account is free, account verification is necessary.

Bonuses & Promotions

N1CM presents two promotional deals for deposits. On your initial deposit, you can receive a cash bonus equal to 35% of the deposited amount. Subsequent deposits qualify for a 25% bonus. Both promotions come with a maximum bonus cap of $5,000.

Mobile App Review

While N1CM does not offer its own mobile app, both MT4 and MT5 do. You can access these apps via download links from the Google Play Store and Apple App Store, available on the broker's official website. These mobile apps provide an efficient means of managing your portfolio, monitoring positions on the go, and include features such as in-app price alerts, notifications, charts, drawing tools, one-click trading, and multiple order types. Essentially, they replicate the desktop trading experience with mobile-optimized functionality.

Regulation & Licensing

N1CM operates under the regulatory oversight of the Vanuatu Financial Services Commission (VFSC), holding license number 15035. As part of the VFSC, N1CM is subject to regulations concerning anti-money laundering and the prevention of financing terrorism. It's worth noting, however, that the VFSC is not regarded as a top-tier financial regulator, which may limit recourse options and legal protections for retail traders.

Security & Safety

N1CM prioritizes the security of client accounts and funds, offering several protective measures. Two-factor authentication is available via apps like Google Authenticator and Microsoft Authenticator, enhancing account security even if login details are compromised. The broker also provides negative balance protection, crucial for CFD traders. This feature automatically closes contracts when losses reach the deposited funds, preventing clients from incurring debt.

Customer Support

If you encounter issues while using N1CM, you can seek assistance through various channels. The broker's customer support team is available from 6 AM to 8:30 PM GMT on weekdays. Support options include:

• Live chat on the website
• Phone: +44 2045 259759
• Messaging via WhatsApp, Skype, or Telegram
• Support center with FAQs

Additional Features

N1CM offers valuable resources to assist traders in planning their trades and developing effective strategies. On the analysis page, you can find reviews of various assets and markets from the broker's trading experts, providing concise insights into potential price action. The education section offers free downloadable resources, such as eBooks like 'Online Trading 101,' which can be particularly beneficial for beginners. Additionally, Number One Capital Markets hosts a free economic calendar on its website to help traders stay informed about significant economic events.

Trading Hours

Trading hours on N1CM are determined by the specific market you are investing in. For instance:

• Forex markets are open 24 hours a day from Monday to Friday.
• Indices, such as the Dow Jones, have their own trading hours, with variations based on the specific index.
• Shares trading hours depend on the exchange they are listed on, with different hours for US and German stocks, for example.

Pros and Cons

Pros

• Availability of both MetaTrader 4 and MetaTrader 5 platforms
• Low minimum deposit and withdrawal limits
• Maximum leverage of 1:1000
• Access to free educational resources
• Welcome bonuses
• ECN execution

Cons

• Paper trading only available on verified accounts
• May not be as trustworthy as alternative brokers
• Wider spreads for Classic accounts
• Limited regulatory oversight
• Absence of VPS service

N1CM is a compelling choice for traders seeking diversity in their trading portfolio and user-friendly platforms but should be approached with awareness of its regulatory limitations and potential drawbacks.

N1CM Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.