Beware! MilleniumOne is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MilleniumOne may scam you big time if you ignore the details. And they are: the advertised platforms are different than the actual ones, the legal docs are stuffed with controversial claims, and the most notable one is that MilleniumOne is an unregulated offshore broker. It’s a suspected scam, and we’ll review it for you.
MilleniumOne Regulation And Safety Of Funds
MilleniumOne is a brand of Fiesta LLC, a company registered in St. Vincent and the Grenadines. We didn’t waste time checking the entity, as it doesn’t really matter. All brokers registered only in St. Vincent, and the Grenadines are NOT REGULATED, which means that your funds will be in danger if you deposit. The lack of regulation is a serious issue, but it’s not the only one, as MilleniumOne is essentially an offshore IBC with undisclosed ownership and no obligation to provide access to its account. Which means that once you deposit with MilleniumOne, you’ll have absolutely no idea who handles your money and where it is. Your funds will literally disappear somewhere offshore, and it goes without saying that you don’t want this to happen! Offshore brokers like MilleniumOne are risky and should be avoided!
For that reason, we recommend adequately regulated brokers only! For example, CySEC (Cyprus) and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.
MilleniumOne Trading Software
MilleniumOne claims to provide many trading platforms, including MT4, Webtrated and a Mobile trader. However, there aren’t download links, and once you sign-up, you’ll end up with a simple Webtrader only. It cannot provide any advantages over MT4 and MT5, so it’s basically worthless spending your time with an otherwise suspected scam like MilleniumOne. And the red flag is that MilleniumOne is lying while saying that MetaTrader 4 is available; it’s not!
Speaking of software, you may as well see our lists with MetaTrader 4 and MetaTrader 5 Forex brokers. The high-ranked firms are adequately regulated, safe and can provide much more than MilleniumOne. Both MTs are miles ahead of MilleniumOne’s Webtrader and will deliver many advanced features like automated trading and analytical tools, reliable indicators, easy-to-use charting tools and even a marketplace with thousands of trading apps. MetaTrader brokers are undoubtedly better than MilleniumOne, but make sure to trust your money with licensed companies only!
Now, have a look at MilleniumOne’s Webtrader:
MilleniumOne Trading Conditions
The trading conditions are standard but also reveal red flags, undeniably showing that MilleniumOne should be avoided.
So, the asset classes available for trading are Forex, Indices, Commodities, Stocks and Crypto – the usual set of instruments, actually.
The trading costs are low as the EUR/USD spread is 0.1 pips most of the time. It means that clients should pay $1 per lot traded, while the industry standard is $10 or less (1 pip difference or below). However, the competitive spreads are dwarfed by the lack of regulation and are more or less irrelevant in this case.
The trading risks can be high as leverage is said to reach 1:100. However, here we should note that MilleniumOne badly c0ntradicts itself and proves to be unreliable. In detail, according to the website, the maximum leverage is 1:30, a ratio that’s compliant with EU, UK and Australian requirements. MilleniumOne probably wants to say that it respects international regulations. However, once you delve deep into the legal documents of the broker, you’ll see that leverage can reach 1:100! We won’t try to explain MilleniumOne’s behaviour, but the contradictory details certainly suggest that MilleniumOne is a scam! Beware!
MilleniumOne Deposit/Withdraw Methods And Fees
MilleniumOne mentions nothing about minimum deposit requirements, but it reserves the right to request a minimum initial deposit (to be determined by the company at its sole discretion) to allow the client to start using the trading account.
The funding methods are unknown. The broker specifies nothing, and once we tested their system, we were greeted with the message, “to perform a deposit, please contact your Account Manager directly or our Support Team via phone +442045252519, chat or email at [email protected].”
Withdrawals and transaction fees are also not specified, but in the same manner, MilleniumOne reserves the right to impose additional conditions. The only thing disclosed is that accounts with no trading activity will be charged 3% when a withdrawal is requested.
However, other fees reveal that nothing MilleniumOne says should be trusted. In particular, the broker imposes dormant fees, but it’s unclear how much should be paid. According to two different clauses, the sum is €20 per month and $40 per month, respectively. Such contradictions are unacceptable and show the true nature of MilleniumOne – it’s a suspected scam! Beware!
How Does The Scam Work
Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website, and a scam call centre called a boiler room. Scammers pay little attention to excellence but want to contact as many people as possible. To do so, they use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc. Remember, if it sounds too good to be true, it probably is.
But the worst part of the game starts after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.
What To Do If Scammed
Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.
Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.
And lastly, consider sharing your experience to help protect others; we’ll appreciate it!