Is Millenium One legit or a scam? The broker has got many people wondering whether to venture with the scheme. Before investing, take your time and read our unbiased MilleniumOne.com review.Â
Let’s start with the founder. Who owns Millenium One? Unfortunately, on the website, there is no corporate or founder information. Knowing the qualifications and identity of people handling your money is essential.Â
Lack of transparency indicates you are dealing with scammers. We only know the scheme is operating from Saint Vincent and the Grenadines. The location is a Ponzi scheme hotspot. You won’t find a legit broker from the area. Stay away from the offshore company.
Millenium One has been in the market since 2021. It is enough time to publish audited trading results. The entity expects us to believe it will generate huge returns, yet there is no evidence. The available assets include; forex, shares, commodities, and indices.Â
These are volatile products. You should at least acquire basic trading knowledge before opening an account. However, the shady firm guarantees to handle all the trading processes on your behalf. Their main target audience is novice traders.Â
The company allows investors to trade using their phones. The company requires traders to determine how much they are willing to risk instead of having a fixed minim amount. It is unethical to evaluate investors separately.Â
Some will pay more than others. Millenium One presents a demo account. You may think you are ready to open a live account. However, what is simulated in the demo account differs from what is presented.Â
Millenium One mainly targets investors from Switzerland, Canada, and the US. The scheme provides bonuses to traders. This goes against most financial watchdog rules. Shady gimmicks use such lucrative opportunities to lure innocent investors. They then attach ridiculous trading conditions and withhold withdrawal.Â
The platform is also working independently. It does not protect clients from negative account balances or work with reputable banks. The bottom line is the entity is a scam. Trade with legitimate forex companies with solid trading history. Earn passive income while you boost your trading skills.Â
Millenium One fake access to MetaTrader4 and Webtrader. Unfortunately, there are no links to download the interface. You are only presented with a basic web interface. It has features like stop loss, pending orders, and take profits. Some scammers avail of a TradingView chart to deceive investors that trading is taking place.Â
MetaTrader is the best and most popular trading software in the market. Traders enjoy using the software's advanced features. There is access to analytical tools, programmable trading EAs, fundamental and technical analytical tools, VPS to keep your trade active, the marketplace with many trading apps, and easy-to-use chart tools.Â
Millenium One has a competitive spread. The EURUSD currency pair offers 0.1 pips. Investors will need 1 to open trade. The average market standard per lot traded is $10. We disqualify the attractive spreads because this is an illegitimate platform.Â
The leverage available is 1:100, which is against what financial bodies approve. Moreover, the platform contradicts itself since it mentions the maximum limit is 1:30. Trading with any limit above 1:50 is dangerous. You can lose all your saving in the blink of an eye. Be on the lookout and refrain from venturing with offshore firms.Â
Before registering with a company, assess the quality of customer support service. Investors can reach the broker via email. The phone number on the website is not going through.
There are complaints from investors about unethical treatment. Why would you want to venture with an exposed entity? What makes you think your experience will be exceptional? It is only legit platforms that care about traders.
Another concern is we do not know the acceptable initial deposit. However, the customer's complaints tell us that the firm is accepting a $250 deposit. This is a lot of cash, considering the entity is rogue.Â
Also, Millenium One instructs any interested investor to contact the account manager to help make a deposit. Legit platforms are transparent with the deposit information. They will list many deposit methods for the customer to choose what appeal to them.Â
The broker fails to disclose the transaction fees. However, the company states it has the right to create additional conditions. Trading accounts without previous trading activity are subjected to a 3% fee. Percentage form charges are unfavorable and unfair to traders.Â
Again, Millenium One contradicts itself by having two figures for dormant accounts. Accounts of investors who haven’t traded for a month will be deducted €20, yet another section indicates €40. This is a shameless scam that will leave many high and dry. Trade with brokers with transparent terms and conditions.Â
Saint Vincent and the Grenadines indicate it does not regulate investment firms. The local agency urges companies to seek licenses elsewhere. The broker should not be targeting investors from countries with strict regulatory requirements.Â
The lack of transparency should be your main concern. Once you make a deposit, you have no idea who handles the cash. When Millenium One decides to close down its business, you won’t know who to go after.Â
Investing with a regulated company boosts your confidence. You have the assurance of fund safety. Some of the reputable financial watchdogs in the market are the European Securities and Marketing Authority (ESMA), the Financial Service Commission (FSC), the Malta Financial Service Authority (MFSA), The Investment Industry Regulatory Organization of Canada (IIROC), and Commodity Future Trading Commission (CFTC) of the USA.Â
These agencies have different capital requirements. They also protect investors from unfavorable trading conditions. The watchdogs also use risk mitigation measures like negative account balance protection and leverage restriction.Â
Millenium One will not compensate investors when they exit the market. The money is also untraceable since the scheme uses digital currencies. Stick to licensed companies to enjoy good trading conditions.Â
A simple background check on Millenium One shows the firm is untrustworthy. Experience traders are warning aspiring investors to stay away from the entity. There are also customers unable to withdraw funds from the system.Â
When you want to cash out, the company requests you deposit more funds. The unprofessionalism is shocking. The broker is also cold-calling potential customers using numerous phone numbers. The sales reps are engaging and friendly.
Millenium One executes trades on behalf of traders without their approval. Those who have requested a refund are being blacklisted. Their accounts were wiped clean, and being denied access to their account.Â
Millenium One blames customers for poor communication. There are also reports of account managers being rude to customers. The broker has also paid several people to endorse them. Their statements are meant to disregard the negative reviews.Â
The misleading feedback praises the Ponzi scheme for being reliable and profitable. You need to be cautious. This is because if you consider fake reviews, you will lose money. Scammers often use the trick. You can stay vigilant by performing a thorough background check on a platform.Â
Millenium One is an unregulated offshore broker. The website is down, and it is impossible to reach the company. The entity is feasting ignorance. The red flags are visible from the limited information. The firm wants you to keep depositing funds without allowing cash out.Â
Invest with the best forex trading companies today and enjoy minimum risks. You can also withdraw your cash anytime or leave it in your account. Utilize award-winning customer support whenever you have any queries.Â
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For a week I have been trying to contact them to withdraw my winnings and close my account. My emails always come back to me with the mention: SERVFAIL. I emailed support again with the same result. There’s no more cat either. I am off work and I was counting on my earnings to support myself during this period of non-employment. Really disgusting.