Millenium One poses a significant risk of deception if you ignore the warning signs. The broker operates as an unregulated offshore entity. This raises suspicion of potential fraudulent activities.
This Millenium One review explores the key points to be aware of when it comes to dealing with the forex broker.
What is Millennium One?
MilleniumOne, an online trading platform, has come under scrutiny for its questionable practices. It is operated by Fiesta LLC, an offshore company based in Saint Vincent and the Grenadines (SVG).
Unfortunately, SVG lacks proper regulation by the local Financial Services Authority, creating an environment conducive to fraudulent activities in Forex trading.
Due to the absence of regulation in SVG, MilleniumOne operates without a valid license, raising concerns about its legitimacy. Furthermore, this unlicensed brokerage has faced blacklisting by reputable European regulators, as detailed in the following paragraphs.
MilleniumOne and its parent company, Fiesta LLC, have been offering trading services to individuals in the United Kingdom, Germany, Spain, Australia, and Sweden without obtaining the required licenses.
This lack of regulatory oversight raises significant concerns about the reliability and trustworthiness of their operations.
MilleniumOne belongs to Fiesta LLC, a company registered in St. Vincent and the Grenadines. However, it’s essential to note that brokers solely registered in St. Vincent and the Grenadines lack proper regulation.
This absence of regulation poses a significant risk to your funds if you decide to make a deposit. Beyond the lack of regulation, MilleniumOne operates as an offshore International Business Company (IBC) with undisclosed ownership, and there’s no obligation for them to grant access to their accounts.
Consequently, once you deposit money with MilleniumOne, you won’t have any clarity on who manages your funds or where they are. Investing with offshore brokers like MilleniumOne carries inherent risks and is not advisable.
To safeguard your funds, it is recommended to opt for brokers that are adequately regulated. Examples of such regulators include CySEC (Cyprus) and FCA (Britain). Both authorities enforce stringent measures to ensure the safety of clients’ funds.
These measures include client account segregation, risk-reducing practices such as leverage restrictions, negative balance protection, and increased capital requirements for broker licensing (€730,000).
In addition, both CySEC and FCA-regulated brokers are covered by deposit insurance funds. Clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections extend up to £85,000 per person.
On the other hand, trading with unregulated brokers exposes you to potential fraud, making it unwise to entrust your money to such entities.
The broker offers a maximum leverage of 1:100 for forex majors. While the prospect of higher profits may be tempting, it also comes with the potential for substantial losses. It is crucial to exercise caution when adjusting leverage settings and only engage in trading with legitimate brokers that offer responsible leverage.
Impressively, the spreads on the broker’s platform were recorded at 0.2 pips on EURUSD. Although this is favorable, the broker has not disclosed any information about potential commissions.
It’s important to consider the possibility of substantial commissions, which could lead to unexpectedly high costs associated with trading on this platform. Always be vigilant and choose brokers that are transparent about their fees.
Deposit and Withdrawal Methods
MilleniumOne does not provide information regarding minimum deposit requirements, but it retains the right to ask for an initial deposit amount (to be determined by the company) for clients to start using their trading accounts.
Details about funding methods are not specified by the broker. After testing their system, we encountered a message instructing users to contact their Account Manager directly or reach out to the Support Team via phone at +442045252519, chat, or email (firstname.lastname@example.org) for deposit instructions.
The broker does not explicitly outline withdrawal processes and transaction fees. However, MilleniumOne reserves the right to apply additional conditions. The only disclosed information is that accounts with no trading activity will be charged 3% when a withdrawal is requested.
While the broker mentions other fees, the lack of clear information raises concerns about the trustworthiness of MilleniumOne. Dormant fees are mentioned, but there is inconsistency regarding the amount, with two clauses indicating €20 per month and $40 per month, respectively.
Such contradictions are concerning and suggest potential risks associated with Millenium One. Traders are, thus, advised to be cautious of the platform.
MilleniumOne asserts to provide an advanced trading platform using MetaTrader 4 and a browser-based terminal known as WebTrader.
MetaTrader 4, as per their claim, is exclusively compatible with Windows. On the other hand, WebTrader is accessible through any device with an internet connection. Also, there is a mobile trading app available, but it is distinct from MT4.
Millenium One states that the Mobile Trader platform is accessible for both Android and iOS. Unfortunately, the information available on this mobile app is limited.
The website encourages users to download and install the web-based platform, raising questions about whether the mobile app merely serves as a portal to WebTrader.
MetaTrader 4 is a top-tier trading platform developed by MetaQuotes in 2000 and has maintained its status as a benchmark in the trading industry. Its features include automated trading, instant execution, live market reports, and support for multiple timeframes.
However, the absence of a download link for MT4 on MilleniumOne’s website raises doubts about the broker’s actual provision of the platform.
Traders and Customer Feedback
A basic investigation into Millenium One reveals that the company lacks trustworthiness. Experienced traders are cautioning new investors to steer clear of this entity. Additionally, there are complaints from customers who are unable to withdraw their funds from the system.
Upon attempting to cash out, the company demands additional deposits, showcasing unprofessional conduct. Furthermore, Millenium One engages in cold-calling potential customers through multiple phone numbers. Despite the engaging and friendly demeanor of the sales representatives, caution is advised.
Millenium One has been executing trades on behalf of traders without obtaining their approval. Those seeking refunds find themselves blacklisted, with their accounts wiped clean and denied access.
The company blames customers for alleged poor communication, and there are reports of account managers displaying rudeness.
To manipulate their image, Millenium One has paid individuals to endorse them, creating misleading feedback that praises the Ponzi scheme as reliable and profitable.
It is crucial to exercise caution and not be swayed by fake reviews, as falling for such tricks can result in financial losses. Stay vigilant by conducting a thorough background check on any platform before getting involved.
Contact Details and Customer Support
Before signing up with a company, it’s important to evaluate the level of customer support they provide. Investors should be able to contact the broker through email, but there seems to be an issue with the phone number listed on the website.
Some investors have raised concerns about unethical treatment, prompting the question: Why consider partnering with a company that has faced such issues? Opting for reputable platforms that genuinely care about traders is key to ensuring a positive experience.
Warnings From Regulatory Authorities
Some regulatory authorities have cautioned traders about investing their money with Fiesta LLC/ Millenium One. some of these authorities include the Dutch AFM, German BaFin, Belgian FSMA, and Spanish CNMV.
For instance, BaFin explicitly mentions that “Fiesta LLC lacks authorization under the KWG to engage in banking activities or offer financial services.” In a nutshell, this implies that MilleniumOne was unlawfully offering services in Germany.
Conclusion: Is Millenium One Legit?
Millenium One, an unregulated offshore broker, has raised concerns due to its inaccessible website and unresponsive communication channels.
The lack of information about the company’s ownership and founders on their website is a red flag, as transparency about those handling your finances is crucial.
The company encourages continuous deposits but makes it difficult for clients to withdraw funds, indicating potential fraudulent activities. Millenium One operates from Saint Vincent and the Grenadines, a known hotspot for Ponzi schemes. It’s advisable to avoid dealing with offshore companies from this region.
Established in 2021, Millenium One has had ample time to publish audited trading results, yet there is a lack of evidence supporting their promised substantial returns.
Dealing with volatile assets such as forex, shares, commodities, and indices, the company claims to manage all trading processes for clients, particularly targeting novice traders. It’s important to exercise caution and acquire basic trading knowledge before engaging with brokers like Millenium One.
If you have any information about Millenium One, its administrators, or its facilitators, please reach out to us.