1000EXTRA Forex Broker

1000extra Forex Broker - Complete Information Guide

1. Broker Overview

1000extra, established in 2016, is a forex broker operating under the name 1000 Extra Ltd. The company is headquartered in Vanuatu, a known offshore jurisdiction that provides various tax advantages. As a privately held entity, 1000extra caters primarily to retail clients interested in trading forex, CFDs, and other financial instruments.

The broker aims to provide a diverse trading experience, offering multiple account types and a range of financial products. Over the years, 1000extra has developed a reputation for its user-friendly trading platform, MetaTrader 4, which is widely recognized in the trading community. The companys key milestones include the launch of its trading services and the expansion of its product offerings to include not just currency pairs but also commodities, indices, and cryptocurrencies.

Despite its offshore status, 1000extra strives to maintain a level of service that appeals to both novice and experienced traders. The business model focuses on retail forex trading, allowing clients to engage in various trading strategies with competitive leverage options. This overview serves as an introduction to the 1000extra broker, highlighting its foundational aspects and service offerings.

2. Regulation and Compliance Information

1000extra operates without a robust regulatory framework, which raises concerns regarding investor protection. The broker is registered in Vanuatu, an offshore jurisdiction that does not impose stringent regulatory requirements. Consequently, 1000extra lacks oversight from major regulatory bodies such as the FCA in the UK or ASIC in Australia, which are known for their rigorous standards.

The absence of a regulatory license means that there are no guarantees for client funds, and the company does not offer segregated accounts to protect client deposits. Furthermore, 1000extra does not participate in any investor compensation schemes, which could provide financial security in the event of insolvency.

In terms of compliance, 1000extra claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, although the effectiveness of these measures in an unregulated environment is questionable. Different sources indicate a lack of transparency regarding the specific KYC and AML processes in place, leaving potential clients with limited information about the safety of their funds.

Overall, the regulatory landscape for 1000extra is concerning, and potential investors are advised to consider the risks associated with trading with an offshore broker lacking comprehensive oversight. This information reinforces the importance of choosing a well-regulated broker for trading activities.

3. Trading Products and Services

1000extra offers a variety of trading products, primarily focusing on foreign exchange. The broker provides access to a wide range of currency pairs, including major, minor, and exotic pairs. In addition to forex, 1000extra also offers Contracts for Difference (CFDs) on various asset classes, including:

• Indices: Major global indices allowing traders to speculate on market movements.
• Commodities: Precious metals like gold and silver, along with energy products.
• Stocks: A selection of shares from various markets.
• Cryptocurrencies: Digital currencies, catering to the growing demand for crypto trading.

The broker claims to regularly update its product offerings, although specific details on the frequency of these updates are not provided. Retail trading services are the primary focus, with the platform designed to accommodate traders of all experience levels.

For institutional clients, 1000extra offers tailored services, including liquidity solutions and market access, although specific details on these services are less prominently featured. The absence of white-label solutions or asset management services indicates a focus primarily on retail clientele.

Overall, the trading products and services offered by 1000extra are diverse, although the lack of robust regulation may deter potential clients from fully engaging with the broker's offerings.

4. Trading Platforms and Technology

1000extra supports the popular MetaTrader 4 (MT4) trading platform, which is available in desktop, web, and mobile versions. MT4 is known for its user-friendly interface and extensive features, making it suitable for traders of all skill levels. Some key aspects of the platform include:

• Advanced Charting Tools: Users can access various charting options to analyze market trends effectively.
• Technical Analysis Indicators: A wide array of indicators is available to assist traders in making informed decisions.
• Expert Advisors (EAs): The platform supports automated trading through EAs, allowing traders to implement algorithmic strategies.
• Back-Testing Options: Traders can test their strategies against historical data to evaluate performance.

In addition to MT4, 1000extra does not appear to offer a proprietary trading platform or additional trading technologies. The broker does not provide specific information regarding its execution model, whether it operates on an ECN, STP, or Market Making basis.

The broker's technology infrastructure is essential for ensuring reliable trade execution, but details regarding server locations and technical capabilities are limited. The absence of API access for automated trading further restricts advanced traders looking for integration with third-party tools.

Overall, while 1000extra provides access to a well-regarded trading platform, the lack of additional technological offerings may limit the trading experience for some users.

5. Account Types and Trading Conditions

1000extra offers several account types to cater to different trading preferences and capital levels. The available accounts include:

• Silver Account: Minimum deposit of $1,000, leverage up to 1:300, and spreads starting from 2.0 pips.
• Gold Account: Minimum deposit of $5,000, leverage up to 1:200, and spreads starting from 1.5 pips.
• Platinum Account: Minimum deposit of $10,000, leverage up to 1:100, and spreads starting from 1.0 pips.

All account types are commission-free, and micro tradeable lots are available, allowing traders to manage their risk effectively. The minimum trade size for all accounts is 0.01 lots.

1000extra does not explicitly mention the availability of special accounts, such as Islamic accounts, which may be of interest to certain traders. Additionally, information regarding the simulation account policy is not clearly outlined, which could be a drawback for new traders looking to practice before committing real funds.

The leverage options provided by the broker are competitive, but the minimum deposit requirements are relatively high compared to other brokers in the industry, which may limit accessibility for beginner traders. Furthermore, details about overnight fees and margin requirements are not readily available.

In summary, while 1000extra offers various account types with different trading conditions, the minimum deposit requirements and lack of certain account options may not appeal to all traders.

6. Fund Management

1000extra supports limited payment methods for deposits and withdrawals. The available deposit methods include:

• Bank Wire Transfer
• Credit/Debit Cards

Unfortunately, popular e-wallets such as Skrill and Neteller are not supported, which may inconvenience some traders. The minimum deposit requirement varies by account type, with the lowest being $1,000 for the Silver account.

Deposit processing times are generally prompt, but specific timelines are not detailed. Additionally, there is no mention of deposit fees, which may be a concern for potential clients.

For withdrawals, 1000extra provides the same methods as deposits, but the processing times and any associated fees are not explicitly stated. This lack of transparency regarding withdrawal conditions can be a significant drawback for traders who prioritize quick access to their funds.

Overall, the limited payment options and lack of clarity on fees and processing times may deter potential clients from engaging fully with the 1000extra broker.

7. Customer Support and Educational Resources

1000extra offers customer support through various channels, including:

• Phone
• Email
• Live Chat
• Social Media

The support is available 24/7, which is beneficial for traders across different time zones. However, the specific languages supported by the customer service team are not clearly listed, although English and Spanish are mentioned.

In terms of educational resources, 1000extra provides access to various materials designed to enhance trading skills. These include:

• Webinars
• Tutorials
• E-books
• Market News and Analysis

Traders can also access trading tools, such as calculators and economic calendars, to aid in their trading decisions. However, the depth and quality of these educational resources are not extensively detailed.

Overall, while 1000extra provides multiple support channels and some educational resources, the effectiveness and comprehensiveness of these services may vary.

8. Regional Coverage and Restrictions

1000extra primarily serves clients in Vanuatu and other regions where offshore brokers are accessible. The broker does not explicitly mention its regional offices, but it operates mainly online.

However, its important to note that 1000extra does not accept clients from certain countries, particularly those with strict regulations on forex trading. Specific countries or regions that are restricted from opening accounts with 1000extra are not clearly outlined, which could lead to confusion for potential clients.

In conclusion, while 1000extra operates in several markets, the lack of clarity regarding regional restrictions and the absence of physical offices may limit its appeal to traders seeking a more established presence.

This guide provides a comprehensive overview of the 1000extra broker, highlighting its offerings, regulatory status, and operational details. As with any trading decision, potential clients should conduct thorough research and consider their options carefully before proceeding.