Review of 1Broker
Review of 1Broker.com out of the Marshall Islands, the broker is a fairly unique option for traders looking to trade crypto and fiat forex pairs and CFDs on indices, stocks and commodities. This is because the focus at 1Broker is on social trading, meaning that investors can copy trades made by other users and also earn rewards if they successfully replicate them. This is similar to what other brokers like eToro offer. However, the main difference with this broker is that it only accepts deposits in Bitcoin and calculates all fees and losses in the cryptocurrency as well.
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The problem is that the way 1Broker operates their exchange seems to come into conflict with US securities laws. The SEC has filed charges against the firm, claiming that they and its CEO, Patrick Brunner, solicited investors from the United States and all over the world to buy security-based swaps that were only available for purchase with Bitcoin. This is a clear violation of federal law, as international companies that transact with US-based investors cannot circumvent compliance with securities laws by offering their products in a different currency.
As a result, the broker has been ordered to cease operations in the US and its domain was seized by the FBI. It is not yet clear whether the company will appeal against the SEC’s claims, but for now it looks as though traders will need to look elsewhere if they want to continue to trade cryptocurrencies and conventional forex and CFD markets.
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