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.
- A little bit of preliminary research can go a long way in protecting you and your finances.
- If you’re interested in opening an account, stay with us to find out more about the STP, ECN, and Crypto accounts, along with other need-to-know facts.
- With that said, however, the spreads are not the lowest in the industry, and there are undoubtedly other brokers that can provide even better trading conditions.
- 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.
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.
News TenkoFX
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) tenkofx review 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.
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.
- If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means they are unregulated and should be avoided.
- Therefore, this broker may not be the most suitable choice for traders interested in trading on the stock market.
- In addition, it’s a highly adaptable platform that can be customized to meet your individual requirements by adding your MQL-based scripts, indicators, and EAs.
- Link your MT4 account to selected signal providers published by Myfxbook.
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.
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.
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.
TenkoFX Review- Advantages and Disadvantages
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.
Shady Funding Methods
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.
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.
Distinctive features
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.
Leverage
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.
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.
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 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.
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.