Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo licence in force while taking deposits worldwide; the 2017 Vanuatu licence is gone from the register and Spain's CNMV has issued a public warning against the entity.
Identity & transparency
5/10 · ModerateIt names its entity, registration number and addresses, but it is a new (2026) Saint Lucia shell and the contact page carries a placeholder UK phone number and a broken social link.
Withdrawals & conduct
8/10 · CriticalA consistent, specific, multi-platform pattern of withdrawals delayed for months or unpaid, with account numbers and amounts; the firm replies but does not resolve.
Reputation
7/10 · HighTrustpilot rated Bad across 570 reviews with a hollow, bimodal spread (60 percent five-star, 26 percent one-star), plus a regulator warning and several negative writeups.
Website claims
5/10 · ModerateHonest that it is unregulated and its 'since 2017' claim is true, but it makes unverifiable safety claims (segregated at top-tier banks, independently reviewed) with no bank or auditor named.
Operational history
3/10 · LowA genuine operating history of about nine years (2016 domain, 2017 Vanuatu licence); the main negatives are the 2026 move to an unregulated shell and the loss of the licence.
Who they are
A quick desk file on the company behind the brand.
- Brand: N1CM (Number One Capital Markets)
- Legal entity: Number One Capital Markets Ltd
- Registered: Saint Lucia, as an International Business Company (Reg. No. 2026-00218); the business previously operated from Port Vila, Vanuatu
- Website: n1cm.com, with the client area on n1cmpro.com
- Only licence: none. The firm states it is not regulated or licensed anywhere. It formerly held Vanuatu VFSC licence 15035 (from 2017), which is no longer on the register.
- Offers: online forex and CFD trading on MetaTrader 4 and MetaTrader 5
- Not accepted: USA, UK, Canada, Australia, UAE, Russia and several others
- Age claim: 'since 2017', which is consistent with the 2016 domain and the 2017 Vanuatu licence
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Registrar of Companies, Saint Lucia (International Business Company)
Found by our investigation (1) — the broker does not list these on its own site
Vanuatu Financial Services Commission (VFSC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate N1CM a likely scam because the most reliable evidence points one way: a top-tier regulator warning, no licence to hold client money, and a repeating pattern of clients who cannot get paid.
- A real regulator warning. Spain's CNMV lists Number One Capital Markets Limited as an unauthorised firm, dated 10 July 2023, on its own public warning register.
- No regulation at all. The firm's own legal notice says it is a Saint Lucia company that is 'not regulated, supervised, or licensed'. Its former Vanuatu licence (VFSC 15035) is gone from the register, so nothing stands behind a client's deposit.
- A withdrawal-denial pattern. On Trustpilot (570 reviews, rated Bad) and Myfxbook, several clients give account numbers, amounts and dates for the same complaint. One reports a deposit of about $500 still unpaid after more than a year; another has waited three months for a $4,000 withdrawal, receiving 'only promises'.
- Support that does not resolve. Reviewers say the company replies with copy-and-paste messages and keeps 'prioritising' requests without paying.
- A placeholder contact. The contact page shows a UK phone number that is an obvious dummy (+44 20 1234 5678) and a single broken Telegram link, which is unusual for a firm that markets itself as a trusted global broker.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Spain's CNMV lists Number One Capital Markets Limited as an unauthorised firm, dated 10 July 2023, on its public warning register.
E2N1CM and licence 15035 do not appear on the current Vanuatu VFSC Financial Dealers Licensee List, confirming the former licence is no longer in force.
E3The firm's own Compliance page states it is a Saint Lucia IBC that is 'not regulated, supervised, or licensed' and that forex and CFDs do not require a Saint Lucia licence.
E4Trustpilot shows 570 reviews with a Bad rating and a bimodal split (60 percent five-star, 26 percent one-star). Recent one-star reviews describe withdrawals pending for months, with account numbers, amounts and an account-manager name.
StrongTrustpilotE5Myfxbook reviews include specific unresolved withdrawal complaints, including waits of three to four months for deposits of about $4,000 and smaller sums.
ModerateMyfxbookE6The n1cm.com domain was registered on 29 January 2016 and the first TLS certificate dates to June 2017, consistent with the firm's claim to have operated since 2017.
E7The contact page displays a placeholder UK telephone number (+44 20 1234 5678) and a single broken Telegram link, indicating template-grade contact details.
ModerateN1CM website (Contact)E8The firm openly discloses that it is unregulated and does not claim or display any regulator's licence number, so it is not impersonating a regulated company.
ModerateN1CM websiteE9The current contracting entity is a Saint Lucia IBC (Reg. No. 2026-00218), a newly created offshore company that gives client deposits no regulatory protection.
The other side
The strongest case in this broker’s favour.
In fairness, several things set N1CM apart from a throwaway scam site, and a reader should weigh them.
- It is a real, long-running operation. The domain dates to 2016 and the firm genuinely held a Vanuatu licence from 2017, so it is not a brand-new clone.
- It does not fake a licence. Unlike many offshore brokers, it does not claim a regulator it lacks or display another firm's licence number. Its legal notice openly admits it is unregulated.
- Many clients report normal trading. Most Trustpilot and Myfxbook reviews are positive about spreads and execution, and some report withdrawals that were paid.
- The 'unregulated' statement is technically accurate. A Saint Lucia IBC does not need an FSRA licence to offer forex, so the disclosure is honest rather than a lie, even though it means there is no oversight.
- The CNMV notice is a standard warning. Spain issues these to many offshore brokers that solicit Spanish residents without authorisation, so by itself it is not a finding of fraud.
What would change this
What we would need to see to revise the verdict.
We would revisit this rating if the facts changed in any of these ways:
- N1CM obtains, and verifies on a recognised regulator's own register, a genuine licence that protects client funds.
- The withdrawal complaints stop and clients consistently confirm they are paid in full and on time.
- Spain's CNMV, and any other regulator, removes N1CM from its warning list.
- Independent proof that client money is truly segregated at a named, reputable bank, confirmed by a named auditor.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Spain CNMV warning (Number One Capital Markets Limited)
Spain's regulator lists the firm as an unauthorised entity, dated 10 July 2023.
Vanuatu VFSC Financial Dealers Licensee List
The current VFSC licensee list; N1CM and licence 15035 are not on it.
N1CM Compliance & Security page
The firm's own statement that it is not regulated or licensed.
N1CM reviews on Trustpilot
Customer reviews, rated Bad, with repeated withdrawal complaints.
Frequently asked questions
Quick answers about this broker’s safety.
Is N1CM a scam?
We rate N1CM a likely scam. It is unregulated, Spain's CNMV has warned that it is not authorised, and many clients report that they cannot withdraw their money. Some trading works normally, but the risk of losing your deposit is high.
Is N1CM a fraud?
Fraud is a crime that a court decides, so we do not state it as a fact. What we can say is that Spain's CNMV warns the firm is not authorised, it holds no licence, and clients report deposits and profits they cannot withdraw. On that evidence we assess the risk of fraud as high.
Is N1CM regulated?
No. N1CM's own legal notice says it is a Saint Lucia company that is not regulated, supervised or licensed. It once held Vanuatu licence VFSC 15035, but that licence is no longer on the Vanuatu register.
Can I withdraw my money from N1CM?
Some clients are paid, but many report withdrawals delayed for months or never completed, with deposits and profits stuck. Several give account numbers and amounts. If you have funds there, request them now and document everything.
Is my money safe with N1CM?
There is no regulator and no compensation scheme standing behind N1CM, so if the firm does not pay there is little you can do to force it. It claims funds are segregated at top-tier banks, but it names no bank and no auditor, so that cannot be checked.
Who is behind N1CM?
The operator is Number One Capital Markets Ltd, now incorporated in Saint Lucia (Reg. No. 2026-00218) and previously based in Port Vila, Vanuatu. The firm lists Saint Lucia addresses but names no owners or directors.
How old is N1CM?
The operation is genuinely established. The n1cm.com domain was registered in 2016 and the firm traded under a Vanuatu licence from 2017, so it has been running for about nine years. The current Saint Lucia company, however, is new.
What is the Vanuatu VFSC licence 15035, and does N1CM still have it?
It was an offshore Financial Dealers licence from Vanuatu, a low-tier regulator with light oversight. N1CM held it from 2017, but it no longer appears on the VFSC licensee list, so the firm is not currently licensed there.
What does the CNMV warning mean?
Spain's securities regulator, the CNMV, warned on 10 July 2023 that Number One Capital Markets Limited is not authorised to provide investment services. It means the firm may not legally solicit clients in Spain and operates without that oversight.
Is N1CM a clone of another broker?
No. N1CM is its own long-standing brand and does not appear to impersonate another company or wear another firm's licence number. Its problem is the opposite: it has no licence at all.
What should I do if N1CM will not pay my withdrawal?
Keep every ticket, email and screenshot. Ask your bank or card issuer about a chargeback if you paid by card, report the firm to your local regulator, and do not pay any 'release fee' or 'tax' demanded before a payout.
What should I check before depositing with any broker?
Confirm the broker is licensed by a top-tier regulator and that the exact company and website appear on that regulator's own register. Check independent reviews for withdrawal problems, and avoid firms that are unregulated or sit on a regulator warning list, as N1CM does.
What we recommend
The practical takeaway from everything above.
If you are considering N1CM, or already have money with it, here is what we suggest.
- Treat any deposit as money you might not recover, and do not fund it with money you cannot afford to lose.
- If you hold a balance, request a full withdrawal now and keep dated records (tickets, emails, screenshots).
- Prefer a broker regulated by a top-tier authority such as the FCA, ASIC or CySEC, which offer client-money protection.
- If a withdrawal is refused, or you are asked to pay a 'fee' or 'tax' to release funds, stop paying and report it to your bank or card issuer and your local regulator.
- Be wary of anyone who later contacts you offering to recover your funds for an upfront fee. That is a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 10, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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