1Broker is a social trading or copy trading broker that is powered by Bitcoin. They aim to bridge the gap between Bitcoin and traditional markets. So instead of depositing fiat currency such as USD, you deposit, withdraw and trade using Bitcoin.
So can you actually make money from this platform? I thought I’d give it a try.
Bitcoin Powered Broker
1Broker only accepts Bitcoin. And because they only accept a digital currency, they can forgo much of the regulation required by traditional forex and stock brokers. This has both advantages and disadvantages. While I doubt 1Broker will appeal to mainstream investors or traders, it will appeal to those who are moving more towards Cryptocurrency.
What can you trade on 1Broker
1Broker offers a reasonably large selection of markets to trade in. They offer the major forex pairs, a number of popular stocks, indicies and commodities. Pretty much what you’d expect from a broker.
The Trading Interface
The interface on 1Broker is pretty simple and in my opinion could be a lot better. For example it’s missing charts – something that you come to expect from a broker. The interface focuses solely on making trades – so while it might not be pretty, it is at least functional. Trading is done entirely through a web based interface.
Copy Trading Using 1Broker
One of the best features of 1Broker is the copy trading functionally. I write a lot about Copy Trading and believe that it’s the future of investing. So it’s nice to see it integrated into 1Broker. The functionality is quite simple compared to something like eToro, but could work well for those looking to copy trade using their bitcoin.
To copy trade, you simply find someone to copy, allocate an amount you want to spend per trade and a limit to the number of trades you want to make per day.
Finding people to copy can be a bit tricky as there are limited filtering options. The social/copy trading features are in their infancy on 1Broker, it’ll be interesting to see if they develop.
Whaleclub is probably the closest alternative to 1Broker. Evolve.Markets is also similar and a straight-through processing broker. If you’re after better copy trading features, I would recommend eToro.