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1tradechain (1tradechain.com) claims to be the best crypto trading platform. What naïve investors don’t know is that the platform is under immense stress. Authorities have been investigating the platform for weeks. Signs are emerging that regulators plan to ban the use of 1 trade chain. The reason for this ban is that 1trade chain is holding withdrawals from clients. Please find out more in our exclusive 1TRADECHAIN REVIEW.
A Detailed Outlook of 1tradechain
On the about us page, the platform claims to have detailed investment plans. Unfortunately, it’s not the case as these plans are the reason for the turmoil facing members. Despite claiming to have over 15 years of experience, we highly doubt it.
1tradechain is also offering other services such as binary and forex trading. However, with Cryptocurrency gaining popularity, it stands out as the main service available on the platform. So what we have is an in-experienced platform that wants to take your money.
We have reason to believe 1 trade chain is another crypto exit scam. Sooner or later, the platform is bound to shut down effectively. Once authorities put down the hammer, investors will have to look elsewhere for crypto investment.
The problem with such a platform is that the security of funds is not a guarantee. With the platform even lacking legislative compliance, the safety of funds is out of the question. These are some of the many red flags we spotted with the platform. As a result, you need to stay away from such investment opportunities.
What we have is an attempt by offshore-based crypto brokers to mimic a robust European platform. But, unfortunately, most of the clients being targeted reside in the greater European region. And this is proof enough that the platform needs to stop its activities.
More than 1,000 complaints have been lodged with the FCA and other regulators. Even the company listed as the owner was dissolved months ago. We will get into the platform’s false claims later.
Accounts 1tradechain
1tradechain claims to offer three accounts that are exclusive in their own words. These three include Starter, Silver, and Gold. Each of the accounts comes with a distinctive feature that we must point out.
Here’s a closer look at the three accounts;
Starter
For the starter account holder, there’s a minimum threshold amount of $500. The maximum you can deposit with this account is set at $5,000. You get 15 trades per day, and the plan is only valid for seven days.
Members get trading bots and MT5 trading platform with the account. The accuracy of the trading bots is another grey area. We don’t see why members can’t get lifetime access to the account.
Silver
It’s the second account on offer, with investors having to deposit $5,000 and a maximum of $15,000. It almost shares the same features as the starter account, with members enjoying a seven-day plan. In addition, you get to trade 35 trades per day.
Members also get trading bots that also happen to use the MT5 trading terminal. These are bots that no one has tested. Unfortunately, there’s no demo account to help members test how accurate the trading bots are when trading.
Gold
The gold plan is the most exclusive account. There’s a minimum allowed deposit of $15,000. The maximum you can deposit with the gold account is $50,000. Sadly, the validity of the plan remains seven days.
It’s an outrageous plan for any investor, expert, or newbie. There’s no way the platform can insist on holding an account for seven days. So instead, members get unlimited trades with the same bots and trading platform.
Account Features
We must mention how abhorring the accounts are to investors. The platform is taking advantage of the crypto hullabaloo. Even when trading with such bots, the lack of a demo account is unimaginable.
The platform ought to do better and ensure that clients get the best out of trading. For example, you need to test a platform’s bot accuracy before proceeding with investing. We also don’t know the acceptable leverage or spreads for crypto trading.
Bonuses
With claims of offering bonuses, naïve investors will jump in without hesitation. Regulators have warned trading platforms of providing bonuses and commissions. These platforms later use the bonuses and commissions to hold your funds for ransom.
You can’t withdraw funds unless you pay back the total amount. The situation is dire, especially for those who took 10 percent bonuses with high deposits. An example is a member who deposited $50,000 and got a bonus of $5,000.
During the last day of trading, he had 45,000 in his account. The member wanted to withdraw half of it. However, 1tradechain insisted that he must pay back the total amount before accessing his funds. Once he did so, the platform blocked access to his account.
When you send a withdrawal request, the platform immediately knows you want out. That’s why they use the bonus to ensure members are squeezed out of their last penny. It’s the reason regulators are against such platforms.
Business holder
Information on who owns and runs the platform remains sketchy at best. The platform is seen by most as an anonymous investment platform. When you click on their registration document, you get redirected to another page.
Those who don’t know, you can quickly check if a platform is duly registered. For example, in London, where the platform claims to reside, you can check with the Company House U.K. We did so, and there’s no record of such a platform.
It stands that 1 trade chain is an anonymous investment platform taking advantage of investors. It would be best if you stayed away from the platform before you become their next victim. Avoid any crypto investment platform sharing the same features.
Compliance, License, and regulation 1tradechain
1tradechain is not a compliant or registered entity. There’s no way we can recommend a platform that the FCA does not recognize. The Financial Conduct Authority is the body that licenses platforms in the U.K.
Even the document you see on the about us page as their registration document is a fraud. Once you click on the certificate page, you get a 404 error. This is because the platform doesn’t appear on any registration document of the FCA.
When dealing with platforms, make sure to check regulations with appointed authorities. For example, you can check with ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, FCA, FINMA, FSMA, and SEC. Regulators work to ensure all parties adhere to strict guidelines.
Contact and support
When choosing your preferred crypto trading platform, test the effectiveness of their support. A genuine platform should offer feedback via email within 24 hours. Unfortunately, it’s not the case, as the platform rarely responds to emails.
There’s no contact page as the platform only avails an email address. So you don’t get the chance to call and speak to the platform’s representative. We have seen this before. It’s an attempt by the platform to block withdrawals.
Funding methods
You can fund your accounts using several channels such as bank and wire transfers. The platform also accepts crypto. However, with their Bitcoin mining service, we are sure it’s a front to defraud naïve crypto miners.
Withdrawing funds with the platform is the least of your worries. With the platform having your bank details, there’s no telling what it plans to do with them. We have heard of cases where members get their cards charged for online purchases.
Fund Safety 1tradechain
Your funds are not safe with an unregulated platform. In addition, there’s no insurance cover.
Our verdict
It’s best to stay away from 1tradechain since it’s anonymous and unregulated. Withdrawing funds is also a huge problem facing members.
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