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One Trading Review 2024

Written By

James Barra

Written By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Michael MacKenzie

Fact Checked By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Updated

Nov 27, 2024

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Available in United States

Overall Rating

3 / 5

One Trading is #29 in our crypto broker rankings.

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Customer Reviews

Regulation & Trust

2.5 / 5

Accounts & Banking

3.3 / 5

Assets & Markets

3 / 5

Fees & Costs

3 / 5

Platforms & Tools

3 / 5

Customer Support

2.5 / 5

Minimum Deposit €0

Trading Platforms Instant Trade, Exchange

Instruments Crypto Spot Trading, Crypto Derivatives (launching soon)

Regulators AFM, OAM

Account Currencies EUR, GBP, CHF

Payment Options Wire Transfer, PayPal, Apple Pay, Credit Card, Debit Card, Google Wallet, Klarna, Sofort, iDeal, Swift, Bitcoin Payments, Ethereum Payments

Pros

• With a growing roster of 100+ digital tokens, plus derivatives trading through perpetual futures launching, One Trading offers diverse opportunities for crypto traders.
• Support for EUR, CHF, and GBP accounts alongside registration with the Dutch AFM and Italian OAM make the platform accessible and secure for EU traders.
• Round trip execution speeds of 72 microseconds will help ensure active traders can secure fast entries and exits in fast-moving crypto markets.

Cons

• One Trading lacks features like structured courses, market insights, or live trading sessions, providing little to upskill newer traders, with eToro outperforming here.
• The €5000 minimum order size for Instant Trade limits its use to well-capitalized retail traders or institutional investors, deterring casual users.
• Customer support gaps exist, with great response times via email but a frustrating lack of live chat or telephone assistance, with fast resolutions critical in volatile crypto markets.

Regulation & Trust

One Trading shows promise as it aims to be the EU’s only regulated platform for trading digital asset derivatives:

• One Trading Exchange B.V. is registered with the Dutch Authority for the Financial Markets (AFM). A ‘green tier’ regulator in DayTrading.com’s Regulation & Trust Rating.
• One Trading Markets S.R.L is registered with the Italian Organismo Agenti e Mediatori (OAM). Also a ‘green tier’ body.

The platform must comply with strict regulatory standards, including anti-money laundering (AML) and Know Your Customer (KYC) processes.

Still, we’re always sceptical about fairly new entrants, especially in the high-risk crypto space. Since One Trading only launched in 2024 after rebranding from Bitpanda Pro, it still needs to prove itself to earn a high trust score.

Accounts & Banking

Accounts

One Trading uses a straightforward account structure:

1. Exchange Main Account: This is the central account where you must deposit and withdraw. It facilitates trading on the broker’s Exchange, known as F.A.S.T Exchange or Exchange Pro.
2. Instant Trade Main Account: This account can only be used for Instant Trade, where you can swap digital assets like bitcoin for fiat currencies like the euro up to a value of €5 million in just one click.
3. Subaccounts: This allows you to set up different accounts for various short-term trading strategies, making it a useful feature for advanced traders who may want to separate their portfolio.

With the crypto space notorious for scams and security breaches, it’s reassuring to see that two-factor authentication (2FA) is mandatory, providing an important layer of extra security. I had no issues setting it up and it added mere seconds to the sign-in process.

That said, UK traders can only open a professional account so I have limited access to the platform and features.

On the downside, it’s frustrating that a proper demo account isn’t available. This would be an excellent way to check you get on with the One Trading platform before risking real funds.

Paper trading accounts are offered by the majority of crypto firms we’ve tested, including eToro.

Deposits & Withdrawals

One Trading offers flexible deposits and withdrawals via a growing selection of fiat and crypto payment solutions:

• Fiat: Minimum funding varies by payment method but starts at an accessible €1. There are no fees for incoming bank transfers but there’s a 1% charge if you use cards or electronic payment methods like PayPal. There is an outgoing charge for bank transfers (lower within the Eurozone at €2 vs €16 outside). Again, cards and electronic payment methods incur a 1% charge.
• Crypto: There’s no minimum for crypto transfers. There are also zero internal fees at the deposit stage, though third-party fees and gas charges may apply. One Trading does charge a processing fee at the withdrawal stage, varying by digital asset, for example, 0.00027409 BTC. At my last count, 96 cryptos can be used for transfers, including major tokens like BTC, ETH and EOS.

One Trading is geared towards European traders with accounts based in EUR, CHF and GBP. This makes it one of the few providers that do not support USD trading accounts.

If you plan to deposit and withdraw in another fiat currency be prepared to pay conversion fees, which could cut into profits if you’re a day trader making frequent transactions.

Assets & Markets

One Trading specializes in crypto trading, and will provide opportunities on bitcoin and a growing roster of over 100 altcoins.

Its offering noticeably improved in August 2024, after it introduced 49 fresh trading pairs, such as DOGE/USDC and OMG/BTC.

You will have the option of trading crypto-only pairs, such as BTC/ETC or crypto-fiat pairs, such as BTC/EUR. Unusually, you won’t be able to trade cryptos paired with USD.

This is a reasonable selection and I expect it to continue growing, but for now, it still trails alternatives.

For example, dedicated crypto exchanges like Coinbase offer 250 cryptocurrencies while crypto brokers like Eightcap, which has won DayTrading.com’s ‘Best Crypto Broker’ award, provide more than 120 crypto derivatives, including crypto CFDs and crypto indices for broader market exposure.

The brokerage is yet to go live with its digital asset derivatives, notably perpetual futures. This One Trading review will be updated when that service is fully operational.

I would consider whether you plan to diversify your portfolio beyond crypto before opening a One Trading account.

Increasingly, firms offer multi-asset trading opportunities, combining cryptos with stocks, forex and commodities, providing a one-stop-shop to manage all your investments.

James Barra

Author

Fees & Costs

One Trading distinguishes itself by offering 0% fees when you spot trade cryptocurrencies. Sounds great, right?

However, there are still charges you may incur:

• Spread: There is a 1% spread, which reflects the difference between buy and sell prices.
• Gas fees: These are essentially transaction fees for completing operations on the blockchain and they vary depending on factors like trading volumes.
• External fees: Some receiving wallets and firms apply their own fees, so it’s worth checking these to get a full picture of the end-to-end costs.

Platforms & Tools

Web Platform

One Trading offers a web-accessible platform and mobile app, available on iOS and Android devices.

What stands out is the distinct look and feel, sporting a blue and pink design that’s refreshing and easy to navigate.

The ‘Exchange’ hosts sophisticated tools for active traders, including a TradingView-powered charting package with nine timeframes (1 minute to 1 month), 7 charting styles (I like Heiken Ashi for its smooth visualization of price action) and dozens of technical indicators.

My gripes are that the original chart size is minuscule and it’s not the easiest platform to customize.

The arrow buttons to minimize, maximize and tailor the widgets are so small that it took me several minutes just to locate them. Then I had the fiddly task of getting the workspace to how I actually wanted it.

Still, there are a couple of features that will be beneficial for active traders:

• Order book: This is a live list of buy (bids) and sell (asks) orders at different price levels, showing market interest, and helping you more easily identify entry and exit points without major slippage.
• Depth chart: This is a visual representation of the cumulative buy and sell orders, helping you quickly gauge demand and supply balance at different price levels.

Take a look at my video tour of the One Trading platform to see its layout and key features:

App

The One Trading app carries over the same intuitive design you get on the web platform. I downloaded it on my iPhone and I have no complaints when it comes to reliability.

Navigating between ‘Markets’, ‘Trade’, ‘Accounts’ and ‘Profile’ is fast and the pinch and zoom functionality in the mobile charts is super responsive.

My only frustration is that you can’t seem to put the chart in horizontal mode. Being stuck having to annotate a chart in portrait mode is a pain.

As a result, day traders who spend significant amounts of time analyzing charts might be best off using the web-based solution on a desktop computer.

Research

One Trading seriously needs to invest in its research features if it’s to compete with the best brokers in 2024.

There’s next to nothing in terms of market insights from in-house analysts or partnerships with reputable third parties like Trading Central and Autochartist.

This is a shame because these can really help active investors identify opportunities and trade with confidence.

I’ve read many of One Trading’s blogs (there were about 10 pages of them during our latest tests) and the closest you get to market research are some ‘Weekly Commentary’ pieces.

However, they don’t follow a consistent format, they’re too high-level to provide real value for experienced traders, and they haven’t kept them up each week so they can’t be relied upon.

James Barra

Author

As a comparison, the market research at eToro is fantastic. You can filter specifically for ‘Crypto’,  while its weekly market round-ups through ‘Crypto Bites’ are a great read.

But best of all, you have an active social trading community constantly sharing insights and trading ideas spanning all corners of the crypto world.

Education

One Trading falls woefully short in the education department, making it a poor choice for beginners.

While brokers are increasingly offering first-rate tools like structured learning courses, interactive quizzes, live trading sessions, podcasts and even a daily morning show if you use IG, the closest you’ll get to learning tools at One Trading are a few blogs.

The one that’s likely to be of most value to short-term traders is ‘Techniques, Indicators, and Applications for Crypto Technical Analysis’. However, I’ve read it and it’s just a starting point with limited charting examples beyond the section on the Relative Strength Index (RSI).

If education is important to you, I’d consider a broker like IG. It has the best education package I’ve seen after years of evaluating online brokers.

You’ve got 18 courses on essentials like technical analysis and risk management, while it remains the only broker I’ve come across with a dedicated app for trading education, IG Academy.

Similar to research, my hope is that as One Trading grows, it will expand its educational resources to help upskill aspiring traders.

Customer Support

Customer support at One Trading is a mixed bag.

On the one hand, I received responses to each of my five account queries within an hour during testing (despite advertised response times of up to 24 hours), with helpful information delivered in a professional manner.

You also have a choice of 24/7 support in English, German and Italian, again reaffirming that the broker is geared towards European traders.

However, you’re restricted to filling out a basic request form which twice deleted some of my inputs, meaning I annoyingly had to re-enter the information.

There’s also no live chat support on the trading platform or website, nor is there a telephone number to ring.

This marks it out against competitors like ActivTrades which offers around-the-clock support and even a dedicated account manager for some users, providing a sense of reassurance that someone is always on-hand should you encounter an issue trading.

Should You Day Trade With One Trading?

Perhaps one day, but not yet.

If you’re an experienced trader in the EU looking for a regulated firm to trade crypto derivatives like perpetual futures (when they become available) with ultra-fast execution speeds, then it has potential.

However, it still needs to round out its offering, particularly in terms of education, research and customer support, to provide the full package for active crypto traders.

FAQ

Is One Trading Legit Or A Scam?

One Trading appears to be a legitimate firm, though its relatively short history means the jury is still out.

It’s registered as a Virtual Asset Service Provider (VASP) in Italy and holds a crypto derivatives license with the Dutch Authority for the Financial Markets (AFM).

The company is based in Europe with offices in Amsterdam, London, and Milan.

Is One Trading Suitable For Beginners?

The lack of demo accounts and educational tools, high minimum order size of €5000, alongside its planned focus to provide complex derivative products in the volatile crypto space, means One Trading is less suitable for beginners.

Top 3 Alternatives to One Trading

Compare One Trading with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

One Trading Comparison Table

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