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10CFDs Review - is it scam or safe?

10CFDs Review - is 10cfds.com scam or good forex broker?

RATING: 1.4 / 7 REVIEWS ForexBrokerz 10CFDs
10CFDs is an offshore broker. Your money is not safe.

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10CFDs is an offshore broker, regulated in Belize. And although their offer features a wide variety of trading instruments, including over 40 forex pairs and crypto CFDs with a leverage of up to 1:200 and a web based trading platform, their regulatory status is not very convincing, so if you are considering trading with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Basic Account $250 1:200 3 pips, fixed
Bronze Account $1000 1:200 n/a
Silver Account $5000 1:200 n/a
Gold Account $10 000 1:200 n/a
Platinum Account $25 000 1:200 n/a
Black Account n/a 1:200 n/a
Elite Account n/a 1:200 n/a

 

10CFDs Advantages:

 

Good selection of trading instruments

 

10CFDs offers basically all possible trading instruments you can think of – 46 forex pairs, with lots of crosses, minors and exotics like  SDHKD, USDMXN, USDCZK, USDRUB, USDSEK, USDNOK, USDSGD, USDPLN, USDZAR, USDTRY and USDDKK, as well as CFDs on oil, natural gas, silver, gold and platinum, coffee, sugar, cotton, wheat, copper, 24 indices, stocks and even crypto coins like Bitcoin, Litecoin, Ethereum, Ripple and Dash. Still if you like the idea of trading crypto, here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200

 

Since the European Securities and Markets Authority (ESMA) capped the maximum, leverage allowed with forex transactions at 1:30 in the summer of 2018, following similar moves by the regulators in the U.S., Canada and Japan, currently leverage as high as 1:200 is available only with offshore brokers like 10CFDs and brokers regulated in Australia. So here we suggest that you also check our list of Australian brokers:

 

>>Brokers regulated in Australia<<

 

Various payment methods

 

The choice of payment methods with 10CFDs is good – they accept all major credit or debit cards like VISA and MasterCard, bank wire and alternative payment methods like PaySafe Card, NetellerSkrill and Western  Union. Still, as the broker does not seem to accept bitcoins, here you may check our list of brokers, which do:

 

>>Forex Brokers Accepting Bitcoin<<

 

Acceptable minimum deposit requirement

 

For their basic account 10CFDs asks you to deposit 250 USD and that is considered acceptable, as most brokers require similar initial deposit. Still, bear in mind that some well established brokers like FBS and IG do not have a minimum deposit requirement at all.

 

10CFDs Disadvantages:

 

Not regulated

 

10CFDs is a trading name of SPEED SOLUTIONS Ltd, which is registered offshore in  Belize, and is regulated by the local International Financial Services Commission (IFSC). All payments, however, are processed by  SPEED PAYMENTS OU, which is based in Estonia.

 

And although recently  IFSC in Belize raised its requirement for the minimum paid up capital a broker must hold to 500 000 USD, bear in mind that offshore regulators like the Commission in Belize simply lack the capacity and the resources to oversee internationally operating brokers like 10CFDs.

 

As a reference, reputable and well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) require brokers to abide by a much stricter set of rules. And they also have to file regular reports and to allow external audits.

 

Besides, FCA regulated brokers are even required to participate in a client compensation scheme, which basically insures each client's trading capital for up to 85 000 GBP. So here you may also check our list of brokers regulated there:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses

 

Bear in mind that according to the new rules adopted by ESMA, FCA and virtually all reputable regulators, trading bonuses are banned altogether. The practice is highly controversial, because of the additional withdraw conditions, all bonuses are always liked to. For example with 10CFDs you will have to trade your bonus about 50 times before you will be allowed to withdraw. Bear in mind that too often scammers use trading bonuses as a pretext to cancel your withdraw requests.

 

Unusually long withdraw process

 

10CFDs says it will take them up to 5 business days to process your withdraw request and for some reason another 21 days until you see your money in your account. Bear in mind that most brokers process a withdraw request within 24 hours and it should not take more than 2 to 5 working days until your money are visible in your bank account.

 

 

Unusual fees and commissions

 

At 10CFDs all of your withdraws will be charged with a 3,5% service fee, (but no less than 30 USD), a profit clearance fee of between 1,5 USD and 5 USD, and a monthly maintenance fee of 20 USD. We should note that such fees are not standard and most legit brokers do not charge a withdraw fee at all.

 

High spreads

 

We managed to open the 10CFDs web based trading platform and honestly we were not impressed by the spreads. The benchmark EURUSD spread was fixed at 3 pips - about two times higher than the spread most traders usually consider attractive with a standard account. So here you may check as well our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 unavailable

 

Although 10CFDs says they are offering the MetaTrader4, we were not able to download the platform from their website. Instead we were offered a web based trading  platform, which unfortunately was lacking many standard features readily available with MT4.

 

 

For example, we miss the option to run algorithmic trading sessions. You can do that quite easily on a MT4 with the help of specially designed customizable trading robots, called Expert Advisors. And we miss the numerous market indicators and some advanced charting tools as well. So here you may also check our list of brokers, supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Despite some nice aspects of their offer like the nice selection of trading instruments and the generous leverage, do not forget that 10CFDs is an offshore broker, with a license that honestly is not worth much more than the piece of paper it has been printed on. So here once again we will repeat our general advice to trade only with brokers regulated by well known institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for 10CFDs

Spread

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Stay away

Please stay away from 10cfds,they are scammers

Elias Rafube 12/17/2019

NOT a able to withdraw Money

Definitely a Scammer! They will just take your money and you will not able to withdraw it!

Analee Literal 12/12/2019

Complain

I just had a conversation with one of the 10cfds brokers. She requested for my ATM details but didn't disclose my pin.
Guys, please how do i go about this? Do i have to block the ATM card?

Adeyi Adekunle 11/25/2019

Complaint

This really really verry bad and money losting plat form10cfds dont open dont open account 10cfds ..i lost money

Shibu 11/22/2019

Money losst

I open account 10cfds .i deposit 250dollar the i trade market there giving many call then pshing to top up the money ....after the trade i have some profit my account ..finally iwill never get back this money ..they make it my accont will emty...i losst my money

Shibu 11/20/2019

tertipu dgn iklan 10cfds

saya rugi rm1000.selpas saya deposit duit 1000.saya langsung tk mejalankan usrusan.trading.ttp duit saya semakin susut dri hari ke hari.sedikit demi sdikt dri jumlah 1000 hingga tinggal rm 500
saya ambil kptusan untk mula melabur dgn jumlh 500 yg tinggal untk untk menang kembali.tp malang habis smua baki duit tu diambilnya.tolong jauhi 10cfds.sbb saya dh terkena


Translated by Google:


390/5000
cheated on a 10cfds ad
I lost rm1000.
I took a break to start investing the remaining 500 to win back. But unfortunately all the rest of the money was taken away.

marzuki 10/19/2019

Scam Broker

Stay away from this 10CFDs broker. they are unregulated and scam your deposit dry. Unprofessional broker assistant. they are not the broker who are happy to see you winning, they will suspend your account if you are winning.They do not give cashback or any bonus as promise. STAY AWAY FROM THEM.

Pneh Chee Wan 09/24/2019
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