Note: 1000EXTRA's official site - http://1000extra.com/en/home-2/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What Is 1000EXTRA？
1000EXTRA, operated by Mil Xtra LTD, is an online forex broker registered in Saint Vincent and the Grenadines. Despite lacking regulation, it offers clients access to a range of forex and CFD products. The broker's official website is already dead.
Pros & Cons
Pros:
MT4 Supported: 1000 Extra offers support for the MetaTrader 4 (MT4) platform, a widely acclaimed trading platform known for its user-friendly interface, advanced charting tools, and customizable features. MT4 is preferred by many traders for its reliability and extensive range of trading capabilities.
High Leverage: The brokerage provides high leverage of up to 1:300, allowing traders to amplify their trading positions with a smaller initial investment. High leverage can potentially enhance profit opportunities, particularly for experienced traders seeking to capitalize on market movements.
Cons:
No Regulation: One of the significant drawbacks of 1000 Extra is its lack of regulation. Without regulatory oversight from reputable authorities, such as financial regulatory bodies, its users will face increased risks related to fund security, transparency, and fair trading practices.
Dead Official Website: The official website of 1000 Extra appears to be inactive or non-functional, which can raise concerns regarding the reliability and credibility of the brokerage.
High Minimum Deposit: The brokerage imposes a high minimum deposit requirement, which deters potential traders with limited capital from opening an account.
Several Issues Reported: Numerous users have reported encountering various issues with 1000 Extra, including difficulties with withdrawals, unresponsive customer support, induced fraud, severe slippage, and other scam-related concerns.
Is 1000EXTRA Safe or Scam？
Regulatory Sight: 1000EXTRA is currently operating without regulatory oversight, which means it does not fall under the jurisdiction or supervision of any financial regulatory bodies. It also does not hold any licenses that would enable it to conduct its operations in the financial market. This lack of regulation poses numerous risks to investors, such as a lack of transparency, security concerns, and no guarantee of adherence to industry standards and practices.
Withdrawal Issues: Numerous users reported difficulties in withdrawing their funds from 1000EXTRA, with some alleging that their withdrawal requests were not processed or that they were unable to access their funds altogether.
Scam Allegations: Several users accused 1000EXTRA of being a scam broker, citing instances where they were induced to invest funds but encountered significant losses and were subsequently unable to recover their investments.
Lack of Support and Communication: Users expressed frustration over the lack of support and communication from 1000EXTRA, particularly when attempting to address issues such as withdrawal delays or trading losses. Some users claimed that their account managers stopped responding to their inquiries.
Unauthorized Trading and Pressure to Invest: Some users reported instances where they felt pressured by account managers to invest more funds or engage in risky trading activities, such as borrowing money to trade, which resulted in substantial losses.
Market Instruments
Forex (Foreign Exchange): Clients have access to trading various currency pairs in the forex market, allowing them to speculate on the exchange rate movements between different currencies.
CFDs (Contracts for Difference) Products: Clients can trade a wide range of CFD products, which allows traders to speculate on the price movements of underlying assets without owning the assets themselves.
Account Types
Silver Account: This account is designed for traders who are just starting out or prefer to trade with smaller amounts. The minimum initial deposit for the Silver Account is $1,000. While it offers basic trading features, it may be suitable for those who want to test the platform with a lower investment.
Gold Account: The Gold Account is suitable for more experienced traders who require additional features and benefits. It typically requires a higher minimum initial deposit, providing traders with access to enhanced trading tools, educational resources, and potentially lower trading costs compared to the Silver Account.
Platinum Account: The Platinum Account is the highest tier offered by 1000EXTRA, tailored for professional traders or those with larger trading capital. It usually requires a minimum initial deposit of $10,000 or more. Traders with a Platinum Account may enjoy premium features such as personalized support, advanced trading strategies, and exclusive perks or rewards.
Leverage
1000EXTRA offers a maximum trading leverage of up to 1:300, which is considered generous in the industry. High leverage ratios such as this can be advantageous for professional traders and scalpers, as they allow for greater exposure to the market with a smaller initial investment. However, as potential profits grow, so are your risks of losses.
Spreads & Commissions
1000EXTRA offers variable spreads and commission structures based on the type of trading account held by clients.
Silver accounts feature a zero-commission environment with wider spreads starting from 2 pips. Gold accounts provide spreads starting from 1.5 pips, while Platinum account holders enjoy competitive spreads starting from 1 pip. However, specific commission details are not explicitly mentioned for Gold and Platinum accounts.
Trading Platform
1000EXTRA offers its clients access to the MetaTrader 4 platform, a widely recognized and trusted trading platform in the industry. This platform allows users to execute trades, analyze markets, and manage their accounts efficiently. Users have the flexibility to access the platform directly from a web browser, making it convenient for trading on the go.
Additionally, the MetaTrader 4 platform is available for desktop users who prefer a more comprehensive trading experience. It also supports mobile trading, enabling users to trade seamlessly from their Android or iOS devices, providing flexibility and accessibility to the markets anytime, anywhere.
Deposit & Withdrawal
1000 Extra offers its clients the convenience of depositing and withdrawing funds through two primary payment options: Bank Transfer and Credit Cards. Clients can initiate deposits and withdrawals using these methods, providing flexibility in managing their accounts. However, popular e-wallet payment options such as Skrill and Neteller are not available for transactions with 1000 Extra.
Customer Support
1000 Extra provides customer support through multiple channels to assist its clients effectively. Clients can reach out to the support team via email at info@1000extra.comor by calling the provided telephone number 97239155972. Additionally, the company maintains a presence on social media platforms such as Facebook and Twitter, offering clients another avenue to connect with support representatives and receive assistance with inquiries or concerns.
Conclusion
1000 Extra is a non-regulated broker with a dead official website, who charges a high minimum deposit. Also, from user feedback, we can see several issues reported. These all raise users' concerns. In this way, we do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Q: Is 1000 Extra regulated or not？
A: No, it is not regulated.
Q: Does 1000 Extra support MT4 or not？
A: Yes, it does.
Q: What is the minimum deposit of 1000 Extra？
A: It is $1,000.
Q: What is the tightest spread 1000 Extra can offer？
A: The tightest spread it can offer is 1 pip.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-28 21:22
