Updated on March 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding 1000 Extra due to the issues we've identified.
Is 1000 Extra Scam or Legit Broker? ▲
It is our firm conclusion that 1000 Extra should be categorized unequivocally as a fraudulent entity. This broker, registered within the confines of St. Vincent and the Grenadines, lacks any form of reputable licensing from a well-recognized financial regulatory body. The absence of such a license renders the safety of trading with 1000 Extra entirely null and void. Our stance is unwavering: engaging in trading activities with an offshore broker is fraught with risk, as such entities fail to provide a reliable financial investment service.
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is 1000 Extra safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
1000 Extra emerges in the realm of Forex and CFD brokerage as a venture under the auspices of Mil Xtra LTD., which finds its registration in the offshore jurisdiction of Saint Vincent and the Grenadines. This particular locale is chosen by numerous brokers due to its appealing attributes, such as the absence of income tax and the provision for acquiring a trading license at a notably low expense of merely USD 2,000. Such financial leniency starkly contrasts with the stringent financial requisites demanded by the UK’s Financial Conduct Authority, which mandates a capital reserve of EUR 125,000 (exclusive of client deposits) for the acquisition of an STP license, alongside offering crucial financial safeguards like the segregation of client funds and protection against negative balance scenarios. For a clearer understanding, one might refer to a roster of brokers regulated by the FCA.
Our advisory leans heavily towards the initiation of trading accounts exclusively with brokerages that have achieved regulation from globally respected authorities, adhering strictly to the requisite regulatory framework and having established a commendable reputation over their operational tenure. Traders are encouraged to direct their investments towards brokers regulated within the UK or Australia, favoring establishments of repute such as BlackBull Markets and FBS. A detailed examination, such as the FBS Trading Review, is recommended for potential traders seeking reliable brokerage services.
1000 Extra Update
Recent investigations reveal that the 1000 Extra website is currently in a state of inactivity, with no available access. This development suggests a cessation of trading services and the absence of new account openings by the broker. In light of these findings, we strongly advocate for a cautious stance, advising against engagement with this broker and remaining vigilant to any future propositions that may arise.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
1000 Extra Review 2024
