- 1 10CFDs
- 2 Pros
- 3 Cons
- 4 10CFDs Review
10CFds.com Review: this is the website of an offshore Forex and CFD trading broker that is regulated in belize. Do you agree with the 10CFDs’s average rating? Is 10CFD legit or a scam broker? P
10CFDs is considered not safe, as it is new and not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC.
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10CFDs is offering seemingly attractive tradings that can entice unsuspecting traders to fund one of their accounts. In most cases, investors are lured into signing up by use of empty claims and promises. Need to stop trusting over the moon claims and promises before signing up with a platform. Thanks to our years of trading experience, we will expose these scam artists. Segregation of accounts is also another problem as 10CFDs is pooling funds in one account. And we have a feeling they will cash out once they have their pockets fill. Stay away from this platform as they don’t insure funds stored in their account.
Our advise for you is to trade only with brokers regulated by well known institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia. It is not hard to find a reputable broker. You can see one of the numerous licensed brokers here.
While reviewing this broker 10CFDs, we saw that they offer over 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.
10CFDs is furnishing users with 7 different account types to choose from. Investors can choose to have Basic, Bronze, Silver, Gold, Platinum, Black and Elite. Leverages are as high as 1:200 and EURUSD spread are fixed at 3pips on the basic account. The minimum deposit required to open the basic account is $250 which is within the recommended average.
We saw that the broker is offering bonus but beware 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.
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.
Is 10CFDs Licensed or Regulated?
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.
10CFDs is a trading name of SPEED SOLUTIONS Ltd. (151782), regulated by the International Financial Services Commission (“IFSC”), under authorization number IFSC/60/391/TS/19.
Honestly, IFSC in Belize simply lack the capacity and the resources to oversee internationally operating brokers like 10CFDs.
Online brokers in the United Kingdom must have a license from the FCA, and online brokers in Australia are required to have a license from ASIC. Did you know that you can choose from more than one hundred licensed brokers today? Have a look at these popular licensed Forex brokers, see here.
10CFDs is offering a web based platform. We could not download the Metatrader4 platform they promised. We prefer MT4 because it offers nearly a hundred integrated market indicators and trading robots with the help which you can easily run algorithmic trading sessions. On top of that MT4 comes with an excellent set of advanced charting tools.
Most members are complaining after having their accounts blocked and closed for no reason. What is even shocking is that these accounts are being closed with balances still reflecting. One member has over $7,000 invested with this platform and can’t get access to his funds. To add salt to injury, this platform is refusing to grant users access to withdraw funds. And this is where we draw the line with 10CFds.
10CFDs over many phone numbers and support system. For instance, their phone number in Zurich, Switzerland is +41315281443 and that for South Africa is +27211003167. The email address for general support is firstname.lastname@example.org.
Is 10CFds a Reliable Broker?
10CFDs is regulated by IFSC in Belize but that does not strike any much difference.
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.
Segregation of accounts is a huge problem as 10CFds is pooling funds in one account.
Minimum deposit: $250
Spread: From 3pips
Leverage: Max 1:200
Assets: Forex, CFDs, Stocks, Commodities, Indices, Energies, Crypto
Support MT4: No
10Cfds is a Forex and CFD broker that is owned and operated by 5 Cork street, Belize City, Belize. 10CFDs.com client transactions are being processed by SPEED PAYMENTS OU (14465777), with a registered address at Kesklinna Linnaosa, Rossikrantsi tn 2-K460, Tallinn, 10119, Estonia.
Whoever signs up with approved and transparent brokers stands a chance of making real profits, learn more.
Vantage FX is a popular broker that is licensed in Cayman Island and Australia. Social trading is offered via service providers like ZuluTrade and Myfxbook.
VantageFX offers attractive leverages on MT4 trading platforms, with very tight spreads, learn more.
Minimum deposit is $200, go try their Free Demo Account, signup here.
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