The United Kingdom’s Financial Conduct Authority has issued a warning against 1BT CASH in October 2023
If you are looking for a reliable and trustworthy broker to trade cryptocurrencies, you might have come across 1BT CASH. This platform claims to offer a variety of features and benefits for traders, such as low fees, high leverage, fast execution, and access to over 100 crypto pairs. But is 1BT CASH a scam or a legit broker? In this review, we will examine the pros and cons of this platform and help you decide if it is worth your time and money.
What is 1BT CASH?
1BT CASH is a cryptocurrency broker that was launched in 2020. According to its website, it is operated by a company called 1BTCASH LTD, which is registered in St. Vincent and the Grenadines. The platform claims to have over 50,000 clients from more than 100 countries and to process over $10 billion in trading volume per month.
1BT CASH offers a web-based trading platform that is compatible with any device and browser. The platform has a simple and user-friendly interface that allows traders to easily navigate the markets and execute their trades. The platform also provides various tools and indicators for technical analysis, as well as a news feed and an economic calendar for fundamental analysis.
One of the main advantages of 1BT CASH is that it offers high leverage up to 1:1000 for crypto trading. This means that traders can multiply their profits (or losses) by using borrowed funds from the broker. For example, with a $100 deposit and 1:1000 leverage, a trader can open a position worth $100,000. However, leverage also increases the risk of losing more than the initial investment, so traders should use it with caution and proper risk management.
Another benefit of 1BT CASH is that it charges low fees for trading. The broker does not charge any commissions or spreads on its trades, only a swap fee for holding positions overnight. The swap fee varies depending on the crypto pair and the direction of the trade (long or short). The broker also does not charge any deposit or withdrawal fees, except for the network fees imposed by the blockchain.
Is 1BT CASH a scam or a legit broker?
While 1BT CASH has some attractive features and benefits for crypto traders, it also has some red flags that suggest that it might not be a legit broker. Here are some of the reasons why we think that 1BT CASH is a scam:
- Lack of regulation: 1BT CASH is not regulated by any reputable authority or jurisdiction. St. Vincent and the Grenadines is known to be an offshore haven for shady brokers that operate without any oversight or accountability. This means that traders have no protection or recourse in case of any issues or disputes with the broker.
- Fake reviews: 1BT CASH has many positive reviews on its website and on other websites that promote it. However, these reviews seem to be fake and fabricated by the broker itself or by its affiliates. They are full of praise and hype but lack any details or evidence of actual trading experience or results.
- Unrealistic claims: 1BT CASH makes some unrealistic claims on its website and in its marketing materials. For example, it claims to have over 50,000 clients from more than 100 countries and to process over $10 billion in trading volume per month. However, these numbers are hard to believe considering that the broker is relatively new and unknown in the industry.
- High leverage: While high leverage can be appealing for some traders who want to maximize their profits, it can also be very risky and dangerous for inexperienced or reckless traders who do not understand the implications of using it. High leverage can lead to huge losses and margin calls that can wipe out the entire account balance in a matter of minutes.
- Low fees: While low fees can be attractive for some traders who want to save on their trading costs, they can also be a sign of a scam broker that is trying to lure in unsuspecting clients with false promises. Low fees can mean that the broker is not making enough money from its legitimate operations and is relying on other means to generate revenue, such as manipulating the prices, delaying the withdrawals, or stealing the deposits.
Based on our research and analysis, we conclude that 1BT CASH is a scam broker that should be avoided by all traders who value their money and security. The broker has many red flags that indicate that it is not trustworthy or reliable and that it is likely to scam its clients sooner or later. Therefore, we advise you to stay away from 1BT CASH and look for a better and more reputable broker to trade cryptocurrencies.
What to Do If You’ve Lost Money with 1BT CASH?
If you have been scammed by 1BT CASH or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.