Back at the start, 10TradeFX was registered with the Cypriot regulatory body as Holiway Investments Ltd. Today, the company has only one brand, MiltonPrime.
Hence, our unbiased 10TradeFX review will answer the question of what happened with this firm and why CySEC no longer covers it. We’ll investigate who’s the new license provider and which safety measures are imposed.
In addition, take a look at our reviews of FXGiants, T1markets, and TeraFX.
| Broker Status: | Offshore |
| Broker Regulation: | FSA Seychelles |
| Known Broker Sites: | 10tradefx.com ten.trade.com atmcapital.pro |
| Operating Status: | Active Forex trading platform |
| Complaints From Regulators: | N/A |
| Broker Owner: | Evalanch Ltd |
| Headquarters Country: | Seychelles |
| Foundation Year: | 2016 |
| Trading Platforms: | MT5 |
| Mobile Trading: | Available |
| Minimum Deposit: | 100 USD |
| Deposit Bonus: | 30-50% |
| Crypto Trading: | Available – BTC, XRP, ETH |
| CFD Trading: | Yes, you can trade CFDs |
| Trading Instruments: | Forex, commodities, indices, shares, cryptocurrencies, NFTs |
| Maximum Leverage: | 1:500 |
| Islamic Account: | Available |
| Demo Account: | Yes |
| Accepts US Clients: | US traders are not accepted |
| Global Fraud Protection Team: | Be careful when investing with this firm |
Is 10TradeFX Broker Still Regulated?
As mentioned, 10TradeFX regulation was with the Cypriot regulator, CySEC. Today, the firm is registered as Evalanch Ltd and operates from Seychelles. It’s under the regulatory supervision of the local regulator, FSA.
Now, first, let’s point out crucial differences. CySEC belongs to a Tier 2 zone and is an EU regulator. As such, it has stringent demands, including account segregation, minimum capital of 730,000 EUR, and a leverage limit of 1:30, as per ESMA.
On the other hand, FSA is an offshore license provider in the Tier 3 zone. It requires brokers to have a minimum initial capital of $50,000 yearly when the license is due for renewal. It’s much easier to go bankrupt with $50,000 than over 700,000 EUR. You can already spot the significant difference.
Further, all Cyprus-based brokers under CySEC must participate in the ICF, ensuring clients can get up to 20,000 EUR reimbursement. With offshore regulators, there are no such requirements. The company states to keep clients’ funds in segregated accounts with AA-rated banks but without naming any of them.
If you have any information regarding rebranded 10TradeFX broker, we’d appreciate you sharing it with us.
Once regulated in Cyprus, 10TradeFX is an offshore brand today. The company operates from Seychelles under FSA supervision.
Where Do 10TradeFX Customers Come From?
According to our analysis, 10TradeFX mainly onboards residents of:
- Malaysia,
- Nigeria,
- Cyprus,
- Indonesia,
- South Africa.
This complies with SimilarWeb results, showing that the first three countries that visited the broker website in January 2023 were Malaysia, Thailand, and Cyprus.
We’d like to remind you that the broker is no longer authorized in the EU and cannot legally onboard customers from this area.
The domain 10tradefx.com was registered in 2016, with the latest update being in 2022. This was when the company transferred to an offshore destination.
What Trading Platforms Are Available?
Let’s review the 10TradeFX trading platform and see what this broker offers. The company allows customers to access MT5, a newer version of MetaTrader. It’s owned by MetaQuotes Ltd and is considered one of the best software today.
Whether you want to trade on your own, participate in social trading, or let the bot run your account, MetaTrader 5 has it all. The platform has a wide range of trading tools necessary for in-depth market analysis. It supports various trading strategies and gives access to various trading features. It’s an advanced version of MT4, with over 10 million downloads only on the Google Play Store.
Broker 10TradeFX also supports WebTrader, meaning you can use MT5 via a web browser without any installations.
10TradeFX Mobile App – Can I Download It?
Another perk of working with a renowned platform such as MetaTrader is its adjustment to just any device. Customers can trade on a desktop as well as a mobile device. It should be noted that Apple banned MT and erased it from its App Store, meaning that currently, only Android users can access it.
What Can You Trade With a Broker? – Trading Instruments
Regarding trading instruments, we’ll give the broker some slack. Six groups of tradable assets are present:
- Currency pairs – EUR/USD, USD/ILS, ZAR/TYR
- Commodities – gold, crude oil, natural gas
- Indices – AU200, FTSE100, CAC40
- Shares – Amazon, Google, Intel
- Cryptocurrencies – BCH, USDT, MATIC
- NFTs – BTC, Sandbox, Axie Infinity
However, we’re pretty hesitant to declare a broad range of assets as a reason to choose an offshore intermediary over Tier 1 licensed brokers.
Fees and Spreads Overview
Depending on the account type, the spread varies between 0.0 and 2.5 pips. The Pro account has been commissioned as it’s spread-free.
As per swaps, they’re included in each account except for the Islamic one, where commissions are higher. Yet, we’re unsure how high.
10TradeFX Account Types Overview
Speaking of 10TradeFX account types, let’s review your options.
- Silver – $100
- Gold – $501
- Platinum – $5,001
- Pro – $10,000+
Each higher account has lower spreads, the only visible difference except for the minimum deposit. Additionally, Pro account users have a minimum trading volume of 0.1 lots, compared to all other accounts offering a 0.01 lots minimum.
10TradeFX Demo Account – Can I Trade For Free?
Another advantage is the fact that the 10TradeFX Demo account is enabled. If you’re careful and cautious, you can test the trading system risk-free. However, you should remember that this account has virtual funds, and you may take on more significant risks.
Often, traders forget that investing in real money is not the same, become too confident, and lose their capital. That’s why most brokers limit Demo accounts to 30 days.
How to Withdraw Your Profit From a 10TradeFX Account?
The company says to offer a “robust payment system,” accepting the following payment options:
- Debit/credit cards,
- Wire transfer,
- E-wallets.
Note that bonuses limit your 10TradeFX withdrawal. The company offers a 50% bonus for new customers and 30% for those who top up their investment accounts. However, the clause in the T&C prevents investors from withdrawals until they reach the minimum trading volume.
The volume is equal to 15 lots per $100 bonus. Simply said, for every $100 you get, you’ll have to trade $1.5 million. That’s why European and other major regulators prohibit incentives.
I Have Issues With 10TradeFX, What to Do?
Let us know if you experience any issues with your 10TradeFX account. Global Fraud Protection has dedicated chargeback experts ready to evaluate your case and help with potential problems.
Book a free consultation and ask for anything. We’re here for all your concerns.
All In All, Don’t Let the Scammers Get Away for Free!
FAQ Section:
Is 10TradeFX a Legit Broker, and Should I Invest In It?
10TradeFX is an offshore trading brokerage registered in Seychelles. In case of any issues with withdrawals, don’t hesitate to contact us for assistance.
Does 10TradeFX Offer a Demo Account?
Yes, 10TradeFX offers its customers a risk-free Demo account.
Can I Trade Crypto and CFDs With 10TradeFX Broker?
Yes, you can trade crypto and other CFDs with the 10TradeFX broker.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/07/10tradefx-review-from-regulated-broker-in-cyprus-to-offshore-brand-in-seychelles/.
