1000X

Overview of 1000X

1000X is a newly established broker in Hong Kong. Since the broker is not regulated, clients should be ringing alarm bells when trading. It offers limited market instruments, including Forex and Cryptocurrencies. Due to the absence of popular and user-friendly trading platforms like MT4 or MT5, traders can access these instruments through web browsers.

The minimum deposit required to start trading with 1000X is $10, making it an attractive option for beginners or those with limited capital. With leverage ratios of up to 1:1000, traders can potentially amplify their trading positions and maximize their potential profits. At 1000X, only a Standard Account is available, offering floating spreads and no commissions on trades. While 1000X does not offer specific educational resources, it provides customer support via email. The firm also has a bonus program in place, allowing traders to benefit from additional incentives based on their trading volume or performance. Additionally, 1000X provides a Frequently Asked Questions (FAQs) section to address common queries and provide quick answers to users.

Is 1000X legit or a scam？

1000X is not currently regulated by any recognized financial regulatory authority. The other broker named Trade Nation, taking regulatory compliance seriously, operates under the regulation of three regulatory authorities, including ASIC, FCA, and SCB, which ensures that it adheres to stringent regulatory standards and maintains the highest level of integrity.

Instead, the broker Trading with an unregulated broker comes with more risks and might not provide the same safety level as trading with a regulated broker. It's highly advised to do your research and carefully assess a broker before depositing any money and getting into a trading partnership with them.

Pros and Cons

1000X offers a variety of advantages such as a wide range of cryptocurrencies, simple procedures to open an account, no trading fees, a low minimum deposit of $10, a generous leverage of up to 1:1000, bonuses, and FAQs. However, it also has some disadvantages, including the lack of regulation, limited trading instruments, standard account only, absence of popular trading platforms like MT4/MT5, limited customer support, no 24/7 support, and lack of educational resources. It is important for traders to carefully consider these factors before choosing 1000X as their trading platform.

Market Instruments

1000X offers a range of trading instruments including forex and cryptocurrencies. However, it seems that these are the only instruments available for trading, and there is no mention of other popular instruments such as commodities or indices. While forex and cryptocurrencies can provide ample trading opportunities, the lack of diversity in trading instruments may not suit some traders who prefer a wider range of options.

Account Types

1000X, offering a standard account only, is less competitive compared with other traders in the market, such as Global Trading247, which offers four different account types, including Mini, Standard, Executive, and VIP Accounts to cater to the diverse needs of various traders. Moreover, 1000X does not offer a demo account, which may be a disadvantage for traders who prefer to test their strategies and gain experience in a risk-free environment.

It's important to consider these factors when choosing a trading firm that aligns with your specific trading needs and preferences. Conducting thorough research and comparing different traders can help you make an informed decision that suits your trading style and goals.

How to Open an Account？

1. Visit the official website of 1000X at https://1000x.live.

2. Look for a “Trade Now” button on the homepage. Click on it to proceed. There are 3 ways to register, including Facebook,Google (Gmail), and Metamask. Take Facebook as an example.

3. In the “Register & Login” Section, Select “Facebook”

4. Fill in the email or phone number used to sign up with Facebook account

5. Enter your Facebook account password

6. Click the Button “Login”. Once your Facebook account is verified, you can proceed to log in to your 1000X account using the username and password you created during the registration process.

7. Upon logging in, you may need to complete additional steps to verify your identity, such as providing proof of identification and address. Follow the instructions provided by 1000X to complete the verification process.

8. After your account is fully set up and verified, you can proceed with depositing funds into your account using the supported deposit methods, such as Metamask.

9. Once your funds are deposited, you can start trading on the 1000X platform through your web browser.

Leverage

1000X offers flexible leverage options to its traders, with a maximum of 1:1000. This means that traders can trade with a higher amount than what they have in their accounts. However, it is important to note that high leverage can increase both potential profits and losses. So, traders should always use leverage with caution and implement appropriate risk management strategies.

Spreads &Commissions

Spreads can be unstable, mostly related to the difference gap between the bid and ask price at time. However, it's important to note that different brokers may offer different spreads depending on their business model, and it's always essential to compare the spreads of different brokers before deciding on one.

As for commissions, 1000X clearly states that it does not charge any commissions, and it even helps you earn commissions through the agent system. Be aware, however, that this is probably just a marketing ploy, so be on your guard to avoid being scammed before trading.

Bonuses

1000X offers support for three cryptocurrencies: BNB, BUSD, and ACT. Traders can take advantage of a relatively generous 30% credit bonus on every deposit made through ACT. Similarly, a 30% credit bonus is provided for deposits made via BUSD.

To facilitate withdrawals, traders must reach a trading amount equivalent to 5% of the received bonus, calculated based on the total lot trading. Once the trading amount reaches the specified threshold, traders are eligible to request a withdrawal.

Trading Platform

Most traders offer either MT4 or MT5. MT4 is widely recognized for its user-friendly interface, powerful charting capabilities, and the ability to automate trading with the use of Expert Advisors (EAs). MT5, on the other hand, is the newer version of the platform, offering additional features such as more advanced charting tools and the ability to trade a wider range of financial instruments.

The 1000X platform can be used through different browsers while it isnt available in MT4 or MT5, which may be inconvenient for some traders.

Deposit & Withdrawal

About the steps and requirements of deposit and withdrawal, the 1000X official website says in detail, the specific steps are as follows:

Deposit

1) Click the “Deposit” Menu, then Choose the preset amount.

Manually put the preferred amount (Minimum $10)

2) The platform will calculate the credit amount receiving from deposit program, user can choose whether or not to receive the credit.

3) To confirm the transaction, click the “Deposit” button.

- Deposit with Cryptocurrencies such as BNB, BUSD, or ACT will be calculated from the price at the moment of deposition.1000X Deposit are compatible with Cryptocurrencies such as BNB, BUSD, or ACT.

- Deposit with ACT can get free 30% credit bonus (Get a 30% credit bonus on every deposit via ACT)

- Deposit with BUSD, free 30% will be offered.

4) Transferring Process

The QR Code will be displayed for users to scan and transfer the chosen asset. Deposit order will be expired in 1 hour. Copy the Address to the Metamask for transferring.

Withdraw

1) Put the preferred amount to withdraw (BUSD) or click “MAX” to withdraw all available amount.

- Withdraw amount will be shown by ACT or BUSD. (The system will be selected whether the withdraw will be transferred as ACT or BUSD)

2) Fill in Your Metamask Wallet Address. When verified, click the Withdraw button for withdrawal.

1000X platform supported 3 currencies for deposit such as BUSD, ACT, and BNB. It offers a 30% Bonus promotion from the deposit amount with ACT or BUSD. It takes Approximately 5-15 minutes for deposit and withdraw transaction to go through. 1000X has no fee transaction on both deposit and withdraw, a quick and easy process with a couple of steps to proceed with your transaction. A minimum of $10 deposit and your account is ready for trading.

Customer Support

In terms of customer support, to put it bluntly, 1000X is very limited. The official website makes it clear that when traders encounter problems, they need to consult frequently asked questions for answers, or send an email for help. This brings us to another broker named PrimeX Broker, which is very comprehensive in terms of customer support, covering phone calls, emails, online chats, social media, and other aspects, and is available 24/7. For customers who have questions, PrimeX Broker is a more considerate broker compared to 1000X.

Conclusion

Overall, 1000X is a forex and crypto broker that offers low minimum deposit fee of $10 and leverage of up to 1:1000. The absence of commissions and withdrawal fees is also a positive aspect, as it allows traders to keep more of their profits.

However, it is important to consider some potential drawbacks when evaluating 1000X. Firstly, the lack of regulation may raise concerns for traders. Additionally, the limited range of market instruments may not suit the needs of traders seeking a more diverse portfolio. The absence of popular trading platforms like MT4 and MT5 may disappoint traders accustomed to these widely used platforms and their advanced features. The lack of educational resources also means that traders may need to seek external educational materials to enhance their trading knowledge and skills.

Considering these factors, it is crucial for traders to conduct thorough research and carefully evaluate their options before deciding to open an account with 1000X or any other broker.

FAQs

Q: How many account types does 1000X platform offer？

A: 1000X platform only offers the standard account, which focuses on the future trading by 1: 1,000 leverage.

Q: How to calculate the spread margin on this platform？

A: Spreads can be floating, mostly related to the difference gap between the bid and ask price at time, including the volatility of the market.

Q: How many languages does 1000X support？

A: 1000X supports English language at this moment.

Q: Where is the company located？ / Who is the owner of this platform？

A: 1000X is a trading platform established in Hong Kong, on the St. Vincent Islands. You can see the certificate at this Link.

Q: How many pairs can I trade on the weekends (Saturday and Sunday)？

A: Any Cryptocurrency pairs are always available to trade. Except Gold pair or various currency pairs can be traded only from Monday to Friday.

Q: Does the platform supported with other brokers？ / Is there an application of 1000X？

A: The 1000X platform can be used through different browsers. There is no app to use 1000X via browser / cannot trade in MT4 or MT5.

Q: What is the condition of withdrawal on 1000X？

A: No Social Trade active such as following leader.