The offshore broker Number One Capital Markets a/k/a N1CM registered as a Financial Dealer with the Vanuatu FSC (VFSC) in 2017. However, N1CM no longer appears in the latest VFSC Financial Dealer list dated July 10, 2023. The broker does not provide details on this. Recently, the Spanish regulator CNMV issued a warning against N1CM. We have therefore placed the broker on our Red Compliance list and advise all traders to exercise the utmost caution.
Key Data
| Trading name | N1CM |
| Business activity | Multi-asset brokerage platform |
| Domains | www.n1cm.com |
| Social media | LinkedIn, Facebook, Twitter, Instagram |
| Legal entity | Number One Capital Markets Limited, Vanuatu |
| Contact data | +442045259759 [email protected] |
| Jurisdiction | Vanuatu |
| Authorization | VFSC International Company (no longer licensed as Financial Dealer) |
| Related individuals | not disclosed |
| Leverage | up to 1:1000 |
| Payment options | Debit/credit card, crypto |
| Payment processors | PayOp |
| Trustpilot | 4.7-star rating with an “Excellent” trust level |
| Warnings | CNMV |
| Compliance rating | Red |
Short Narrative
N1CM is a small offshore broker. N1CM has not been included in the VFSC’s list of Financial Dealers for some time now. However, the company is still active as International Business at the VFSC.
In the three months between April and June 2023, less than 30,000 people visited the website. More than half came from the U.S., followed by South Africa (see Similarweb statistics on the left).
Payment options include credit/debit cards via Payop and cryptocurrencies.
Compliance Check
In our compliance check on July 12, 2023, we registered as an EEA resident without any problems, although N1CM has no regulatory permission in these regimes. The N1CM account gives us access to a maximum leverage of 1:1000. However, in the EEA, as in most Western jurisdictions, a maximum of 1:30 is allowed.
We could not open a real account or make pre-KYC deposits without completing the KYC review. This was noted positively.
On the negative side, however, the website does not provide any information about beneficial owners and operators.
Finally, also negative is that the Spanish regulator CNMV (justifiably) issued a warning against N1CM.
For the above reasons, we place N1CM on our Red Compliance list and advise all traders to exercise the utmost caution. Any Investor Compensation Scheme does not protect them, and they are not entitled to assistance from a Financial Ombudsman.
Share Information
We recommend staying away from this unregulated offshore broker scheme. If you have any information about the scam operators or supporting partners, we would be happy if you share it with us.
