I am going to review 10TradeFX today. According to the website of the broker, 10TradeFX is a brand which owned and operated by Holiway Investments Ltd.
10TradeFX is an online trading company who offers its clients an opportunity to trade in over-the-counter derivatives such as margin foreign exchange (forex) contracts and contracts-for-difference (CFD)
The official website of the broker, 10tradefx.com, supports four different languages. These are English, Polish, Vietnamese, Russian, and Arabic.
In this 10TradeFX review, I’ll tell you what the broker has to offer to their clients. Also, you will able to take the answers to the following questions.
Is 10TradeFX scam or legit? What are the trading conditions that Circle Markets offers such as spreads, minimum deposit and maximum leverage? How good are the 10TradeFX’s account types? Is 10TradeFX regulated?
I reviewed 10TradeFX based on the following criteria.
- Regulated by CySEC
- MT4 supported
- High spreads
- Limited leverage
Regulation of 10TradeFX
As I said in the first paragraph, 10TradeFX is a trade name of Holiway Investments LTD is a registered Cypriot Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license no. 248/14.
Recently, Cyprus has become one of the preferred points for forex brokers in Europe, especially after UK’s decision to leave the EU. One of the reasons for this is that the financial regulation in this country is not as strict as in other EU countries and it is still reliable.
In addition, a CySEC license allows a forex broker to provide cross-border financial services across the EU and the EEA.
On the other hand, CySEC regulated brokers provide protection for their clients’ funds up to €20,000. When we compare, UK’s Financial Conduct Authority (FCA) regulated brokers protect client’s funds up to £50,000.
I can say that having a Europe license is an advantage for this broker.
Account Types and Spreads
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 200 USD minimum deposit. 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 1 000 USD minimum deposit requirement. There is no info about the spreads. Minimum trade size is 0.1 and the maximum leverage is 1:30.
The last one is Platinum account. 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 profits.
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 benefit 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.
The broker offers its clients to trade on forex, spot metals, CFDs, and shares. It offers also Over 150 markets consisting of currencies, indices and vanilla options, commodities.
Spot metals are gold and silver, there are various indices, the shares are Amazon, Apple, Facebook, Visa, Alibaba, Daimler, and more.
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 deposit but there are for withdrawal. Withdrawal time takes up to 24 hours from request.
It surprised me that the broker did not offer credit card method for deposit and withdrawal. This is a significant disadvantage to the broker.
10TradeFX is a legal forex broker who regulated by Cyprus Securities and Exchange Commission (CySEC). It means that the broker holds operational capital of at least 730 000 EUR, keeps clients’ funds in segregated accounts, regularly reports transactions.
Also, the broker offers trading in a wide range of assets on the ever popular MT4 platform, but its spreads are very high. The payment methods are also limited. There should be a credit/debit card option.