In this article, we have decided to tell you about the case of one of our clients, whose name we will not mention because she does not want her name to be associated with the broker 1Market. The trading platform recently received a complaint from our client about the loss of a large amount of money although she was promised high returns with little or no risk. Read our client’s story with 1Market.
I / Why did our client file a complaint against 1Market?
In October 2021, our client, who wishes to remain anonymous, came across the 1Market website. Out of curiosity, she asked a question about the services offered by this broker. Shortly thereafter, she was contacted by a representative of the 1market platform: Mr. Tom Hunter, who convinced our client to open an account on the platform. He presented her the following alleged advantages:
- an authorised and reliable trading platform in Europe
- high return on investment and bonuses;
- a return on investment in line with our client’s needs
- a dedicated account manager who will oversee all trading decisions on the account and who has significant experience to do so as part of the “premium service” offered.
She would be assisted in her trading by experienced traders who will help her to make significant profits and take risks in line with the returns she wishes to achieve.
Important: Here we understand that this is contrary to what they advertise on their website:
Our client decided to invest in the financial market because she was convinced that the 1Market platform was reliable, was run by a duly authorised investment company and could generate a safe profit from her investment.
Our client opened an account on the 1market platform on 5 October 2021. 1market’s employees asked her about her experience and our client told them that she had no experience in trading, nor did she know how to analyse investment decisions. At no time was she made aware of the risks she could face with the financial markets.
Over a period of several months, our client made several credit card deposits. Despite promises of risk management and secure gains, our client lost almost all of her deposit on the 1Market trading platform.
It is important to note that all positions on 1market’s trading platform were taken on the advice and instructions of 1market’s account manager – first Mr Tom Hunter and then Mr Paul Mulder, who contacted our client by phone.
Important: remember that their website states “We do not provide investment advice in any way.” However, we assume that the opposite is true. 1Market employees are not allowed to give you investment advice over the phone and push you to invest more money.
Although our client expressed her concerns about making a further large investment in the financial markets, Mr Hunter continued to insist and was even aggressive in his approach to get her to invest a larger amount. Eventually, our client succumbed to the pressure of her account manager and decided to continue trading on the platform by making additional deposits.
Our client asked several times to use a “Demo” account but she was told that this option was not available to her.
Due to her lack of experience, our client relied entirely on the advice of her account manager and followed his advice and strategies to the letter. Despite the 1market representative’s enticing promises, she lost her entire investment by following his advice.
Subsequently, 1market representatives offered our client a bonus of €2,500 as an incentive to trade more and invest more funds for trading. Our client received a document that she had to sign in order to receive the bonus.
In conclusion, we believe that the broker 1Market did not act in the best interest of our client. Indeed, our client was misinformed about the risks associated with trading platforms. Also, our client was encouraged to invest more on the platform. Therefore, we believe that the broker 1Market is malicious and acted in bad faith.
We advise you to be careful with this trading platform.
II / Who is 1Market?
Firstly, in order to better understand this case, it is important to understand who 1Market is.
1Market is a brand owned and operated globally by Bridge Tech Ltd, a company incorporated at Suite C, Orion Mall, Palm street, Victoria, Mahe, Seychelles under company number 8424231-1. Other entities in the group include Exelcius Prime Ltd, a limited liability company registered in Cyprus and regulated by the Securities and Exchange Commission of Cyprus (CySEC) with licence number 366/18.
In terms of services, it offers trading and investment services in stocks, forex, commodities and indices.
With a minimum deposit of $450/£/€, you can start trading on their trading platform. At 1Market, there are 3 different trading platforms:
- Web Trader
- Meta Trader 5
Everything seems to indicate that this is a good trading platform as you can chat with them at any time through the chat they have set up. Also, you can access the company’s information via the menu.
However, our client lost a lot of money with this platform, and it seems that others did too. Let’s find out what other users think before we learn about our client’s case.
III / User reviews
Thanks to the Trustpilot website, we can find out the reviews of the 1Market trading platform. Please note that there are some false reviews on the web. Here are the reviews that caught our attention:
As you can see, our client is not the only one to complain about the 1Market platform. It seems that the broker 1Market is malicious. We advise you to be careful with this trading platform.