10Trading Review Exposes Unregulated and Suspicious Broker

Let’s take a closer look at 10Trading, a Forex broker with a broken website. While the broker offers a range of assets and a reliable trading platform, there are certain aspects that raise questions. 

With a variety of assets and a solid trading platform on offer, there’s potential here. However, there are many concerns about the broker’s legal status, and their attempt to provide questionable information to customers is worth noting. For those not well-versed in Forex broker regulations, it’s wise to be extra careful. In this 10Trading review, we’ll uncover the facts and consider whether it’s a suitable option.

Regulation and Safety: Is 10Trading Legit or Dubious?

When you take a closer look, it’s clear that 10Trading’ legitimacy claims don’t hold up. 

The company behind them is Binext Global LTD, located in the Marshall Islands. The broker claims to be regulated by a non-existent authority, the International Financial Service in Cyprus. In other words, this authority doesn’t oversee FX brokers or financial institutions. Also, the license number they provide is entirely fabricated and doesn’t match any recognized regulatory body. Their Terms and Conditions also lack crucial ownership details. We must say that this is a necessary component of reputable brokers’ legal documents.

This lack of transparency points to an unregulated status. And their attempts to mislead traders are quite concerning. In contrast, regulated brokers follow strict rules and are overseen by reputable agencies. For instance, FCA and CySEC-regulated CFD providers must follow capital requirements, fund segregation, transaction reporting, and more. These regulations offer significant protection to traders by all means.

Opting for Tier 1 regulated brokers, like those overseen by FCA and CySEC, ensures a safer trading environment. These trustworthy regulatory bodies prioritize traders’ interests and foster a safe trading atmosphere. Remember that!

Note: 10Trading is an unauthorized firm and has been warned by the Financial Conduct Authority (FCA).

Trading Assets at 10Trading

Exploring 10Trading’s trading options is currently tricky due to their website issues. While we couldn’t find clear info on their supported assets, it’s vital to be cautious. Choose trusted brokers that openly share their offerings, including:

• FX. Brokers like Webull and OANDA provide many currency pairs.
• Cryptocurrencies. Consider Binance or Coinbase for trading digital currencies.
• Metals. Platforms like APMEX and BullionVault also support precious metals trading.
• Indices. You can check out eToro or TD Ameritrade for global indices.
• Stocks. Opt for Robinhood or Charles Schwab for stock trading.
• Commodities. Look into TradeStation and Interactive Brokers for commodity trading.

Choose brokers with transparent asset information to ensure a safer trading journey.

10Trading Platforms

At 10Trading, they provide clients with a WebTrader, though MetaTrader 4 or 5 isn’t an option. Opting for MetaTrader 4 is a good move because it’s the most popular Forex platform globally. Why so? It offers advanced features like Expert Advisors, Trading Robots, and Complex Indicators that traders find really helpful. 

MetaTrader also has its programming language called MQL, which lets experts create even more advanced trading systems. Also, they even have a marketplace where traders can access tools made by others. Yet, it’s worth being cautious about 10Trading due to some shady practices.

For a safer experience, look for brokers with a solid history, proper regulation, and transparent trading platforms like MetaTrader 4 or 5. These platforms prioritize your safety and make trading smoother.

Trading Landscape: Benefits, Risks, and Caution

Speaking of trading conditions, it’s wise to consider the broker’s alleged benefits. Yet, it’s crucial to note that the website’s current technical issues prevent a full review of its conditions. Insights gathered from other traders reveal that the 10Trading scam is an offshore entity providing brokerage formation and technology services to FX brokers. The EUR/USD spread, ranging from 0.1 to 0.3 pips, appears competitive and includes a significant aspect of trading costs.

Still, a cloud of doubt looms over 10Trading due to its questionable legitimacy. Despite everything, it’s advisable to be mindful of that and avoid working with this broker. 

The broker’s leverage ratio of 1:400 raises alarms, as such high leverage significantly boosts risk. Leverage allows traders to control larger positions with a fraction of the capital. But it magnifies potential losses as well. The EU and UK have restricted leverage to 1:30, preventing firms from offering levels like 1:100 or 1:500. It’s a good move for traders to avoid brokers offering overly high leverage, as it exposes them to unnecessary risks.

All in all, it’s smart to avoid suspicious brokers and instead opt for those regulated under Tier 1 authorities.

10Trading Withdrawal Policies

When considering the 10Trading withdrawal options, some striking aspects come to light. The minimum initial deposit is $250, which appears slightly higher compared to reputable brokers that usually start at around $100. Yet, via wire transfer, the minimum deposit skyrockets to $1500. Notably, this is an unfair disparity among payment methods that is shady.

Among the funding methods, including bank cards, Skrill, Neteller, AstroPay, Bitcoin, and wire, verification is mandatory. While this practice is standard for legit brokers, it alone doesn’t vouch for 10Trading’s legitimacy.

A particularly worrying element is their withdrawal policy. To become eligible for withdrawal, you must meet a minimum trading volume requirement of 1 lot per 1 dollar deposited. This demanding condition implies trading $25 million after a $250 deposit. Also, the minimum withdrawal via wire is set at $5000. This stands in stark contrast to legitimate brokers. The withdrawal process itself takes up to 5 business days, a duration quite longer than industry norms, with no withdrawal fees.

Given these factors, it’s advisable to consider brokers with more transparent payment options such as Paypal, Skrill, Advcash, bank cards, and crypto. These options offer an easier and more reliable withdrawal experience

Note: All in all, it’s smart to avoid fishy brokers like 10Trading.com and Traders Trust.

Beware of Sneaky Broker Tactics

Dishonest brokers use various tactics to deceive traders. Withdrawal issues often arise, and you might see shocking fees. It’s important to be aware of exorbitant fees, sometimes exceeding 20%, which may be masked as withdrawal processing charges.

Likewise, a common tactic involves profit fees. Scam brokers and websites may demand payment upfront for these.

Guaranteed returns are another red flag. Be cautious of promises for substantial guaranteed returns, as these can be part of deceptive practices. Remember that trading with leverage carries significant risks. Fraudulent brokers may falsely claim your returns are 100% guaranteed.

Note that avoiding dubious firms like 10Trading or Capitalprofx is a wise choice. You will have a much safer trading experience.

The Missing Puzzle of 10Trading’ Trustpilot Reviews

Checking out trader reviews on Trustpilot, something seems off with 10Trading – they’re missing. It’s strange because most brokers, good or bad, tend to have at least some reviews there. This gap might raise eyebrows and make you wonder. When you’re looking for a broker, remember that not everyone gets a perfect score, but no reviews at all can be a bit fishy. It’s like a missing puzzle piece.

A little tip: Aim for brokers with 4.5 stars or higher. These higher ratings often mean traders are pretty satisfied and comfortable with their choices. Going for brokers with solid reviews adds safety and assurance to your trading journey. Keep that in mind.

Long Story Short – 10Trading

In summary, the 10Trading broker presents a mix of potential and concerns within its offerings. While providing an array of assets and a good trading platform, some aspects raise valid questions. The broker’s legal status is questionable, and some information requires double-checking. 

For those unfamiliar with FX broker regulations, caution is really important. This 10Trading review aims to expose the situation and guide the decision-making process for future traders.

If you need help choosing regulated brokers, contact us today! It’s free! 

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