10Markets Review Scam Complaint

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Overview:

The 10Markets claim to be situated in the UK. It offers a total of 5 account types depending on initial investments. The initial deposit ranges from $250 to $25000. The maximum leverage provided is up to 1:200. The information on other parameters is missing one of them is provided spreads. Find out more about 10Markets in this scam broker review.

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About 10Markets:

The five accounts provided are namely Bronze, Silver, Gold, Premium, and Platinum. As per the information gathered, the 10Markets is situated in Scotland, UK. It provides services of FX trading and contracts for differences in currencies, shares, commodities, indexes, and bonds with the MetaTrader as its prime trading platform. As this broker is the UK based it must have valid licensing from the Financial Conduct Authority, UK’s local financial body. Unfortunately, this broker is not authorized by FCA instead there is a warning against it by FCA. It is also included in the warning lists of Australia’s ASIC and Cyprus’ CySEC for providing illegal brokerage facilities. On top of that, we came across several fake/paid reviews that are manipulative to attract new traders and several negative feedbacks for this broker.

The only positive thing about 10Markets is that it provides a MetaTrader platform to its clients. There are several perks associated with the MT platform and it is a world-leading platform for trading.  It can be used on the web, mobile apps, and desktop. Also, it offers automated trading with the use of Mirror Trader. While talking about the payment methods supported by 10Markets, we can mention all methods like cards, bank transfer, ecoPayz, POLi, CashU, giro pay, iDEAL, WebMoney, and many more. 

Is 10Markets scam or legit?

The 10Markets hides most of the trading conditions and makes itself suspicious. The company behind it claims to be UK based and requires a license from FCA, sadly there is no mention of this broker’s licensing on FCA’s website. Instead, there is a warning against it by FCA and other financial regulatory bodies. The provided leverage is the same for all the account types and does not show information for higher investment for different accounts. The spreads provided are also missing and the cost of the trading with this broker cannot be calculated. The above information is not sufficient to start trading with 10Markets. It can cause huge losses to its clients and hence it is a potential scam broker according to us.

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