TenkoFX Review 2022: It’s Scam? Read Before Invest

Unfortunately, TenkoFx is not a trustworthy company to deal with, as they are not registered or regulated by any major regulatory authority, such as the Financial Conduct Authority (FCA). When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.

  • However, because it is a broker that in accordance with our research lacks any regulation, we would be quite sceptical if we were to trade with such a provider.
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  • 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.
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One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too. When researching an online broker, the first and most important step should always be to find out if they have a regulatory license from a financial institution.

Psychology of Trading: How Emotions Affect When to Enter a Forex…

The broker is required to decipher, but it fails horribly in this case. The minimum deposit is $100, which is a substantial sum—the monthly cost of ten dollars for inactive accounts with variable spreads. This is considered offshore regulation by the trading brokers review team, and it may not provide the same level of protection as other regulators. We prefer to work with an online broker regulated by the FCA, CySEC, or ASIC. The risks involved in using unregulated companies like TenkoFx include the inability to file a complaint with a credible regulatory authority in case of a dispute.

However, because it is a broker that in accordance with our research lacks any regulation, we would be quite sceptical if we were to trade with such a provider. A minimum trade size of one micro lot (0.01) is supported on currencies and crypto pairs, while one mini lot (0.1) is required when trading indices. The STP account allows for 100 orders to be open simultaneously, while the amount is unlimited on the ECN account.

  • By offering high leverage for more educated and courageous traders, but also helpful account managers and investment advisors for beginners, TenkoFX ensures all their customers are attracted.
  • TenkoFX offers the MT4 trading platform for desktop and mobile devices, which is outdated as other brokers upgrade to MT5.
  • AutoTrade lets you copy trading transactions straight into your TenkoFXaccount.
  • It’s evolving quickly, demonstrating its earnest goal to establish a strong place among competitors.

Currency translation fees do not apply while using an account in your currency; therefore, the many currency options are advantageous. The International Financial Services Commission (IFSC) of Belize has granted TenkoFX permission to provide financial services. The regulator’s official website publishes and maintains this authorization.

Minimum Deposit

As such, the broker is not regulated by any government agency, which may be considered troubling for those who want to deposit a large amount of capital. In addition, the broker offers more than 50 currency pairs for those who want to trade on Forex. Besides lots of currency pair,
TenkoFX also offers some instruments you would like to trade on, such as
Forex for your best choice. Somehow, remember that different instrument
has different trading conditions. In this case, you have to make sure that your strategy is well
suited for the instrument you chose. Besides lots of currency pair,
TenkoFX also offers some instruments you would like to trade on, such as
Crypto for your best choice.

TenkoFX review and ratings

TenkoFX offers traders the most reliable and sought after trading platform, the MetaTrader 4 (MT4) trading platform. This platform is preferred by most forex traders and accomodates the needs of CFD traders as well. The MT4 platforms is highly sophisticated and very advanced but at the same time is intuitively designed to accommodate the needs of beginner traders as well as experienced trading veterans. As well, traders can conduct one click trading directly from these charts with lightning fast execution speeds. Furthermore, traders can manage their level of risk by executing multiple advanced order types including stop loss, take profit, entry limit, and entry stop orders.

The broker gets a lot of excellent feedback, with people complimenting the withdrawal process, advantageous trading terms, and so on. Transaction limits, restrictions, and requirements may apply to some payment systems, which are detailed on their websites. In some countries, you may need to verify your account to eliminate restrictions on specific methods.

Fees and Commission

This makes it seem as though the broker’s policy not to accept those clients is rather lenient, which is the case for many other brokers who supposedly blacklist the United States. Fortunately, it seems as though all traders will be able to get through the registration process. Analytics is also a major theme, the website offers a forex forecast, forex & crypto news, a technical blog, and an economic calendar under that section. Through the service, one can link their TenkoFX account in order to copy trading transactions straight into their trading account. A trader’s calculator is another convenient tool on the website that can help one determine the cost of placing a trade once all factors, like commissions, spread, and so forth have been added together.

It is considered inactive if there are no transactions or open positions taking place; or no deposits, withdrawals, or transfers. TenkoFX provides the MetaTrader4 (MT4) platform, which is unquestionably one of the most popular retail trading platforms used by millions of investors worldwide. MT4 is the industry standard, and its worth has been shown repeatedly.

The volume commission is quoted in US dollars per million exchanged, as is customary in the institutional market (one-way). At the time of trade opening, MetaTrader 4 charges a fee for a complete two-way (open-close) transaction. The commission amount is converted to the base currency of the account. Reading reviews from other traders who have experienced TenkoFx firsthand is crucial in determining the broker’s reliability.

In conclusion, we are of the impression that TenkoFX in fact offers many of the features typically found only from large and regulated brokerages, despite being unregulated and based offshore. A good broker constitutes a good service for traders in terms of many criteria including trading instruments,
deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily
mean the same thing to you. You can decide for yourself if
TenkoFX is a good broker for you or not by reviewing the criteria.

The TenkoFX online trading brokerage is a viable trading brokerage that offers their clients a decent array of financial assets to trade across the global markets. The brokerage is innovative with the services and investable products they provide and are dedicated to the clients success. Traders benefit from favorable trading conditions and low spreads and commissions. Also, TenkoFX is a safe, fair, and reliable online trading brokerage that is licensed and regulated by a viable regulatory authority. TenkoFX is a very well established and reliable online trading brokerage specializing in the offering of forex and CFD trading on an extensive array of financial assets.

Automatically a plus, but also a reminder that illicit brokers are not to be trusted. TenkoFX regularly holds contests with real cash prizes, offers a loyalty program with a return of the spread for novice traders and discounts on commission when replenishing an ECN account from $ 1000. Therefore, this broker tenkofx review may not be the most suitable choice for traders interested in trading on the stock market. The maximum available leverage can be limited by local financial regulators or by international regulations, in such case, the displayed maximum leverage may not match the leverage you can actually trade with.

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