Revealing the scammer brokers is not always an easy job, especially when, from the outside, they look like an honest and trustworthy company. However, you never really know what might be behind their well-designed and built websites and offered conditions.
Today, we want to introduce you to TenkoFX brokers and analyze their failures and doubtful aspects in detail in our TenkoFX review.
About TenkoFX broker
TenkoFX forex broker was established in 2012 and claimed to be located in the United Kingdom. The address is Corner of Jews Street and Marion Avenue, Ramsbury Site, Charlestown, Nevis.
Let’s begin with the website: Sadly, TenkoFX’s website lags and provides unclear information, leaving the first-time visitor and a potential trader clueless.
Lack of safety and regulation
It is worth noting that the market is a testament to its inconsistent performance over the years. The broker claims to be regulated by IFSC and is offshore. However, offshore regulations are not trustworthy, because they are easy to obtain.
The broker prohibits residents of the United States and several other countries from trading. On the contrary, more than 48% of Americans are active traders. Except for residents of such a country, several other people indicate that the broker is not safe because these people know a lot about the market.
TenkoFX trading accounts and conditions
The broker offers three main accounts, STP, ECN, and Crypto, and every account might have slippage.
The maximum leverage provided in the account is the highest minimum balance, which is $100. This simply means that the broker wants traders to use more funds and trade with high leverage.
The minimum deposit for the primary account is $10. However, Inactivity also charges you $10 per month.
Leveraged trading is a dangerous practice and should be used with caution. However, the broker TenkoFx still provides the most significant leverage through the first transaction funds despite knowing this.
When it comes to spreads, in addition to different trading commissions, brokers also require other spreads.
The broker makes a margin call with 30% of the Crypto account, 50% of the STP account, 100% of the ECN, and This means that no matter how safe traders try, these are apparent indicators of financial risk.
Crypto accounts provide scalping transactions with stop-loss and limit-profit order restrictions. Remember that it also charges spreads, which are also variable. Variable spreads are usually affected by market conditions, and brokers like TenkoFX can move them at will.
Additionally, TenkoFX provides the smallest range of non-foreign assets. Thus, diversification of your trading experience is not a guarantee.
Brokers like TenkoFx ensure that the price of ECN and more money are taken out of the trader’s pocket.
Usually, when traders try to withdraw liquidity from the market, they charge high ECN services.
Fraud brokers allow traders to pay only for the fact that they open or close positions.
Closing the position will take the money from the traders, and brokers like TenkoFX will not let this happen without making a profit for themselves.
Deposit and withdrawal
TenkoFX’s transaction operations are another concerning aspect. You cannot trust this broker when depositing because the process is too slow. In addition, the lack of wallets takes away the joy of trading.
Besides, compared with other brokers, withdrawals take longer, and the fees are high. Several deposit and withdrawal methods were mentioned on the website. Though, we do not recommend you use any of them with TenkoFX.
Calling “customer support” with no answers and replies is quite ridiculous. Unfortunately, we could not reach them via phone line, and the email address is not provided on the website.
Phone line: +44 114 463 0905
In general, TenkoFX is not worth your investment. One of the main reasons is that brokers are not fully regulated. According to our research, we see TenkoFX as a scammer company, but plenty of other safer brokers provide more features and benefits and are fully regulated.
Additionally, TenkoFX provides the smallest range of non-foreign assets. We recommend you think twice before investing in TenkoFX. We hope our TenkoFX review will help you shape the idea regarding the company.
Risk disclaimer: Traders need to be aware that their funds are already at risk when investing. Previous trading experience or broker’s trading services cannot guarantee future investment success. Traders need to ensure that they fully understand the online trading risks of any broker. If you are still unsure whether your decision is correct, we recommend that you seek advice from a financial adviser and ensure that you have the relevant risk appetite and knowledge before deciding to trade.