June 5, 2020

10TradeFX Review – Is 10TradeFX Scam or Legit?

10tradefx review

Regulators: CySEC

Cryptocurrencies: NO

Minimum Deposit: $200

Maximum Leverage: 1:30

Spreads: Medium

My Score: 4.7

I will review 10TradeFX today. Based on the web site of the broker, 10TradeFX is new that possessed and run by Holiway Investments Ltd.

10TradeFX is an internet trading company who supplies its customers the chance to trade in more complex derivatives like margin forex (forex) contracts and contracts-for-difference (CFD)

The official site of the broker, 10tradefx. Com supports four distinct languages. All these are English, Polish, Vietnamese, Russian, and Arabic.

In this 10TradeFX reviewI’ll inform you what the broker needs to supply with your own clientele. Additionally, you can choose the replies to the next questions.

Is 10TradeFX scam or untrue? what are the trading requirements which Circle Markets offers such as spreads, minimum deposit and optimum leverage? How good will be the 10TradeFX’s accounts type s? Can it be 10TradeFX regulated?

Regulation of 10TradeFX

As I said from the before all else paragraph,” 10TradeFX is a trading name of Holiway Investments LTD is a documented Cypriot Investment Firm approved and regulated by the Cyprus Securities and Exchange Commission (CySEC) with permit no. 248/14.

10tradefx law

Recently, Cyprus is now one of their favorite things for forex brokers in Europe, especially after the UK’s decision to leave the EU. Some of the factors behind this is the fiscal regulation in this nation isn’t quite as strict as in other EU states and it’s still dependable.

In addition a CySEC permit makes it possible for a forex broker to present cross-border financial services over the EU and the EEA.

On the flip side, CySEC regulated brokers offer safety to their customers ‘ funds up to 20,000. When we compare, the UK’s Financial Conduct Authority (FCA) regulated brokers protect client’s funds up to 50,000.

I can say that having a European license is a convenience for this broker.

Account Types and Spreads

There are three account types which are Silver, Gold, and Platinum. Let’s take a closer look at these account types.

The silver account is the starter account and it requires a 200 USD minimum deposit. The minimum trade size for this account type is 0.1. Spreads are starting from 3.2 pips on EUR/USD which higher than the industry average.

The Gold account is the second one and it has a 1000 USD minimum deposit requirement. There is no info about the spreads. The minimum trade size is 0.1 and the maximum leverage is 1:30.

The last one is the Platinum account. The minimum deposit for this account is 5 000 USD. Spreads are from 1.5 pips on EUR/USD and the maximum leverage is 1:30.

Most brokers offer spreads in the range of 1.0 – 1.5 pips for EUR/USD pair, so I can say that10tradeFX’s trading costs are way too high.

Within the framework of ESMA rules, the maximum leverage provided to retail clients with 10tradeFX is 1:30. This may cause you to miss the opportunity to use higher leverage ratios that will help you make more benefits.

Trading Platforms

10TradeFX offers its clients to trade with the most popular platform MetaTrader 4. MetaTrader 4, or more commonly referred to as MT4, is a trading platform from MetaQuotes.

This platform not only delivers a well-known, constant, and reliable atmosphere which enables clients to trade easily.

The MetaTrader 4 platform is a profit for whether it be investors involved in auto trading, managers working with MT4 multifunctional, or individuals who choose to use an assortment of progressive technical analysis charts.

Trading Instruments

The broker offers its clients to trade on forex, spot metals, CFDs, and stocks. It offers also Over 150 stores consisting of currencies, indices and vanilla options, commodities.

Spot metals are gold and silver, there are various indices, the stocks are Amazon, Apple, Facebook, Visa, Alibaba, Daimler, and more.

Payment Methods

You can fund your trading account via various payment methods such as wire transfer, Neteller, Skrill, Naganluong, 4Cash.

Minimum withdrawal is 100 USD, there are no fees for the deposit but there are for withdrawal. Withdrawal time takes up to 24 hours from request.

It surprised me that the broker did not offer a credit card method for deposit and withdrawal. This is a significant disadvantage to the broker.

Conclusion

10TradeFX is a legal forex broker who regulated by Cyprus Securities and Exchange Commission (CySEC). It means that the broker holds operational capital of slightly 730 000 EUR, keeps clients’ capital in segregated accounts, regularly accounts trades.

Also, the broker features trading in a vast array of stocks to the popular MT4 platform, however, its own spreads are extremely significant. The payment methods are likewise limited. There ought to be a credit/debit card option.

10TradeFX

4.9

Trust

5.0/10

Commissions and charges

4.5/10

Customer Service

5.0/10

Platform & Tools

4.5/10

Product Portfolio

5.5/10

Pros

  • Regulated by CySEC
  • MT4 endorsed

Cons

  • High Definition
  • Limited leverage