10Brokers Review Scam Complaint
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The offshore-based FX broker named 10Brokers offers trading on three account types. The contact us information on its website features an Estonian address and contact numbers are UK based. At the bottom of the website, in the disclaimer section, it also mentions the owner and payment provider firm. The company is EU Pay LTD situated in Bulgaria. Sadly, the information on the trading parameters like the leverages spreads, and the commission is missing from the website. Read this scam broker review to know more about 10Brokers.
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Financial Regulators in European nations like FCA-UK, and FSPC mention this broker in their list. Unfortunately, this mention is worrisome as it is warring against this broker and FSPC is not meant to oversee any financial activity of the firm. It means the broker is unauthorized to carry out its business in Europe. The funds and investments are not secure with this broker. Furthermore, no authority can guarantee the recovery of funds and investments by this broker in the case of scam.
As discussed earlier, the trading condition is not mentioned on the broker’s website. So we are unable to find the information about the minimum deposits, maximum leverage spreads provided, commission, and trade size. Fortunately, this broker provides a demo account and one can peep into the trading environment.
The minimum deposit required to trade with 10Brokers is $500. This is double than what we accepted. Generally, regulated brokers provide minimum deposits of $100-$200. The spreads provided by 10broekrs is capped and at 3 pips for EURUSD FX pair. The provided spread is high compared to the market average and increases the cost of trading. The most accepted spread is of 1 pip for the same FX pair.
Also, the maximum leverage offered by this broker is 1:400. This provided leverage can attract several traders as it can be profitable. But bear in mind high leverage can lead to a higher loss.
One of the advantageous offerings of 10brokers is the MetaTrader platform. The mentioned trading platform is a popular and world leader. It comes with features like the MQL Marketplace, automated trading, Experts Advise, Charting, Market Indicators and many more. Also, it supports all platforms, from mobile to desktop.
The deposit and withdrawal methods provided by 10Brokers are very shady. It offers payment and withdrawal only with cards. This is unacceptable to many traders and the sign of being hidden (Annonymous) according to other traders. Also, missing on the other payment options like Skrill or Neteller is fact of worry, cause they have adopted anti-scam policies recently.
Is 10Brokers scam or legit?
The 10brokers is an offshore situated broker. It is also an unregulated and unlicensed FX broker. There are warnings against it for providing illegal trading in their respective territory. The minimum investment is high. Considering all the above-provided information we can say that the 10Brokers is a potential scam broker and funds are at the risk of scam.