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10tradeFX Review - is it scam or safe?

10tradeFX Review - is 10tradefx.com scam or good forex broker?

RATING: 2.3 / 0 REVIEWS 10tradeFX
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Trading Accounts and Conditions

 

Trading account  Min. deposit Min. trade size Max. leverage Spread
Silver  $200 0.01 1:30 average 3.2 pips
Gold  $1 000 0.01 1:30 N/A
Platinum  $ 5 000 0.1 1:30 from 1.5 pips

 

Clients of 10tradeFX are able to trade in forex and various CFDs via the above account types on the MetaTrader 4 platform. Read the full review to see both the strong and weak sides of this broker.

 

 

10tradeFX Advantages

 

Licensed in Europe

10tradeFX is the trading name of Holiway Investments Ltd., a company authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Initially, the firm provided trading in binary options via the 10Trade brand, but changed focus to forex. It also had another forex brokerage brand, Aura Capital, which now seems out of business.

 

 

Cyprus has recently become one of the preferred destinations for forex brokers in Europe, especially after the UK voted to leave the EU. One of the reasons for this is that financial regulation in this country is not as tough as in other EU countries, and yet it is reliable. Furthermore, a CySEC license allows a forex broker to provide cross border financial services throughout the EU and the EEA.

 

MT4 available

Another strong side of 10tradeFX is that the brokerage allows you to access the global financial markets via the renown MetaTrader4 (MT4), which can be used as a PC downloadable, web-based version or mobile apps.

 

As you are probably well aware, the MT4 is the most popular platform for forex trading, and it holds that title for more than a decade. The platform is easy to use and yet equipped with a full set of professional features, such as the great charting with numerous indicators, the support for automated trading via Expert advisors, the MQL marketplace and more.

 

 

>> Find the best MT4 brokers here <<

 

 

Decent CFDs line-up

We also find out that 10tradeFX’s offer is very broad in terms of assets available for trade. The broker’s product portfolio includes currency pairs and CFDs on precious metals, indices, commodities, some stocks, and the most popular cryptocurrencies.

 

 

10tradeFX Disadvantages

 

High spreads on demo accounts

10tradeFX’s website is not very informative about the broker’s spreads. It has only specified a spread starting from 1.5 pips on EUR/USD, which maybe refers to the VIP Account type. When we tested the broker’s MT4 in demo mode, we find the spreads on this pair higher than 3 pips.

 

 

Click on the image to zoom in.

 

Most brokers offer spreads in the range of 1.0 – 1.5 pips for this pair, so it seems that 10tradeFX’s trading costs are way too high. For further information and comparison, check out the information below:

 

 

>> Compare the spreads of some top forex brokers in real time <<

 

 

Some extra fees

It seems that 10tradeFX charges various extra fees. Apart from the dormant account and withdrawal fee ($30 processing), which are quite typical for forex providers, the broker also charges an annual fixed administration fee of €20 (twenty Euros), as well as a fee for incomplete application.

 

Limited leverage

In line with ESMA’s guidelines, the maximum leverage provided to retail clients with 10tradeFX is 1:30.  Some traders will surely miss the opportunity to use higher ratios which allow them to open larger positions and to quickly score big profits.

 

However, the use of high leverage ratios may just as easily easily result in serious loss. That is why it is capped in many jurisdictions.

 

 

Conclusion

 

10tradeFX originally operated as a binary options broker, but after that kind of trading was officially pronounced illegal throughout Europe, changed focus to forex. The broker offers trading in wide range of assets on the ever popular MT4 platform, but its spreads seem very high and we also foud out that it charges a lot of extra fees.

 

Nonetheless, the main advantage of 10tradeFX is its CySEC license. This means that the broker maintains operational capital of at least 730 000 EUR, keeps clients’ funds in segregated accounts, regularly reports transactions, and complies with all rules imposed on a EU level. The latter include a cap on leverage, ban on trading incentives such as bonuses, provision of negative balance protection and more.

 

 

>> Looking for a better CySEC-regulated broker? <<

 

 

Lets’s sum up the positive and negative features of 10tradefx in a few words:

 

Pros Cons
Licensed in Europe (Cyprus) High spreads on demo accounts
Supports the MT4 Some extra fees
Decent CFD line-up Limited leverage

 

Latest news about 10tradeFX
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Traders` reviews for 10tradeFX

Spread

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Slippage

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Requotes

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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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Summary

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