Besides the standard three accounts, as well as the islamic accounts, TenkoFX also allows clients trial trading. During a limited time, users can perform risk-free trading with the virtual margin of up to $100,000. This is easily a bait, however, considering the unrealistic conditions that illegal brokers present this way. In accordance with our research, TenkoFx is an offshore unregulated broker. This alone does not mean it is a scam, but you should be even more careful with such a provider than with a regulated broker. In order to be sure that TenkoFx is not a scam, read our trader reviews and check other popular trading related websites and forums.
- Needless to point out once again, these transactions are fully anonymous.
- TenkoFX may be located offshore which is a concern in most cases, but TenkoFX is licensed and regulated by the International Financial Services Commission (IFSC) of Belize.
- For their exceptionally busy or active clients, TenkoFX provides MT4 for iPhone and Android users.
- It costs between $10 and $100 USD to open an account, so traders should not be limited based on affordability.
- TenkoFX offers different instruments based on an account type; STP and ECN account holders have access to 58 currency pairs, which provides a wide variety of choices in majors, minors, and exotics.
Commissions also play a factor that will affect the cost of trading. The remaining accounts offer reasonable commission rates, although the broker isn’t completely transparent about the STP account’s fees on the website. In terms of trading platforms, TenkoFX has chosen to focus exclusively on the classic MetaTrader 4 (MT4) platform. If one compares this broker’s ECN account type to others, then one would see requirements in the thousands elsewhere. The lower requirements should make it possible for traders to open the account of their choosing without being restricted based on price. TenkoFX charges ECN commissions based on the account’s equity and total trading volume over the last 30 days.
Forex Broker’s Bonuses
On the downside, some of the methods come with steep deposit/withdrawal minimums and fees are charged on nearly all deposits and withdrawals. Withdrawals are processed quickly and the broker has made it easy to reach out to a support agent if need be. The website features a training academy, in addition to news and some convenient trading tools, including AutoTrade and a trader’s calculator. Multiple promotions are available, including a loyalty program, reduced commission, a trading competition, etc. The lenient registration form also makes it possible for everyone to open an account, including US citizens.
This will tell you whether they are regulated by a central authority or if you are dealing with an offshore and/or unregulated investment company. TenkoFX is a brokerage company offering trading services for clients
since
2011 with
offices in
Belize. TenkoFX provides their customers with dedicated customer support that’s available 24 hours a day, 5 days a week. Customers can reach support via email, telephone, Skype, and Telegram. As well, customers can contact support via a contact forum or schedule a call back.
TenkoFX broker is not honest with its customers by providing them with the misleading information about work on the Forex market. On its web-site this broker indicates something different from what it really gives to its users, but at that moment you already placed a deposit) That’s just a trick they use. It’s vital to be aware of the fact that a proper prompt reaction to a scam is the most efficient in the process of restoring your funds. Please feel free to refer to our expert team if you need legal support in issuing a chargeback or dealing with a scam broker otherwise. You’d think these features and tools are even solidly helpful, if only they weren’t a product of an unregulated platform. The spreads are more than attractive, with the starting pips of 0.0.
What is TenkoFX?
Do not forget that even the most cautious investors can fall victim to online fraud. One major trading software offered is MT4 for Desktop, Android and iPhone, but another terminal, Tick Trader, doesn’t work and cannot be downloaded. The majority of trading on this website is done on MT4, but there’s another platform advertised – Tick Trader. Offshore brokers aren’t obligated to follow legislation that rules the EEA and UK.
This broker guarantees stable operation of its trading platform and round-the-clock support on any issue relating to the trading process. If you want to know more about the quality of its services, you can check out numerous reviews about this company on different Forex internet resources. Starting off is facilitated with the diversified offer of trading accounts and financial instruments to trade. On top of that, you can even choose a risk-free trading period if you wish to explore the conditions further.
Relying on a reputable service like MyChargeBack is crucial when dealing with online scams, as the typical chargeback process can often be complicated and time-consuming without the proper guidance. There tenkofx review are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
Customer funds are also held in safe and secure segregated bank accounts to further protect their funds in the event of broker insolvency or fraud. TenkoFX charges wholesale ECN fees, with commissions starting at $10 per million or $1 per standard lot if trading significant volumes, or $4 per standard lot otherwise. There are current PAMM solutions available for money managers and investors, including a Crypto PAMM ECN. Clients can choose between online, desktop, and mobile trading platforms (iOS & Android). They invest in new projects regularly to improve their brokerage services, develop novel tools, and increase their clients’ trading options.
Instruments Traded
After practicing on a demo account and conducting further research, we found that spreads seem to be lower than 1 pip on average. However, the broker states that conditions on the demo account are less reliable due to ongoing testing of new liquidity providers and that open orders can also affect spreads. This makes us less confident in the more competitive spreads we saw on the demo. TenkoFX offers different instruments based on an account type; STP and ECN account holders have access to 58 currency pairs, which provides a wide variety of choices in majors, minors, and exotics. Metals are also available, with additional CFDs offered on ECN accounts.
Educational & Trading Tools
The TenkoFX trading brokerage is highly innovative and dedicated to their customers success by providing them with a reliable trading platform and the latest and greatest trading tools and features. TenkoFX is owned and operated by Tenko Systems Limited and was established in 2012 as an international online trading brokerage. TenkoFX is an offshore trading brokerage that’s based out of Belize with their headquarters located at Tenko Systems Limited, Corner of Jews Street & Marion Avenue, Ramsbury Site, Charlestown, Nevis. Therefore, TenkoFX is a safe and reliable online trading brokerage with a viable reputation. However, are the trading services and investable products they provide for you? Find out in our extensive review where we analyze all aspects of this lucrative trading brokerage and discover if TenkoFX is the right broker for you.
This commission is rewarded from at least 3 referrals and cannot be lower than $10. TenkoFX claims to be oriented solely on flawless and instantaneous deal execution to ensure top quality trading. Behind the fancy statements and shiny surface lies a dark past of an offshore entity. Although established in 2012, TenkoFX hasn’t acquired a premium license to this day.
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The broker uses an ECN model to provide real-time access to the interbank market and order execution in the market execution mode to traders worldwide. In this case, other dealers, banks, and funds operate as transaction counteragents. Several liquidity providers, including JPMorgan, GOLDMAN Sachs, LMAX, Deutsche Bank AG, and Morgan Stanley, contribute to price aggregation.
A couple of ratings were posted, which makes for an average rating of 4.0 out of 5, which is beyond unrealistic for the overall quality of service. Interestingly, the selection of crypto CFDs includes pairs with many different fiat currencies, such as the Russian ruble, Japanese yen, Chinese yuan, the euro, and the US dollar. In addition, some of the cryptocurrencies offered can also be traded against each other, such as BCH/BTC or ETH/BTC. TenkoFX accepts deposits as low as $10 on the STP and Crypto accounts while asking for an average $100 USD deposit on their Crypto account.