Is 10 Markets a scam broker?
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10Markets is a brand name of Badale Invest Ltd., which is registered in Scotland UK. But the company does not provide any information on authorization to provide services in UK and Europe. The broker provides a link that it is licensed to Vanuatu Financial Services Commission (VFSC). On investigation it was found that it attributed to another company Whitestone Securities Ltd. So it is quite confusing to find out which company exactly is behind the brand name 10Markets and also not sure if the two companies are interrelated in anyways.
10Markets is a broker of CFD’s on currencies, stocks and indices and forex broker.
Trading platforms available is MetaTrader4 (or MT4) which gives its clients the tools to trade CFD’s and all major currencies. It is the most popular and award-winning trading platform because of its robust and versatile MLQ4 programming language. Web Trader is tailored for desktop, laptop, and mobile. 10Markets has a mobile application for iOS and Android which helps you trade on the go and always stay updated. Apps can be downloaded from Apple Store and Google Play.
The company does not offer services to residents of few countries like USA, North Korea, France, Japan, Australia, and Belgium.
Deposit and withdrawal methods available are credit/debit card, wire transfer, WebMoney, CashU, ecoPayz, POLi, giropay, and iDEAL. Account currencies are USD, EUR, and GBP.
Support is provided through phone, e-mail, and online support portal. There is no live chat available. However, the telephonic support is provided in 11 different languages. Live chat makes communication easy and fast. There is constant information on chat that their agents are not available and to drop a message stating your name, email address, subject on which information is sort and you can put your message across.
10 Markets is a scam broker because it has been issued warning from various regulatory bodies not to conduct business in their country. Warnings have been issued from Cyprus CySEC, Australia’s ASIC and Britain’s FCA. It is also not regulated by any known financial authorities or regulators. Putting money in unregulated companies is always risky. Most of the companies that commit online scam are unregulated ones.
Who owns the brand is also not clear. They claim that they are regulated by Vanuatu Financial Services Commission and have given their number. When the number was searched it belongs to some other company called Whitestone Securities Ltd.
Account types are Bronze (minimum deposit $ 250), Silver ($ 1,000), Gold ($ 5,000), Premium ($ 10,000), and Platinum ($ 25,000). All traders have access to CFD’s and forex currencies on a single account, called Panoramic Accounts. They also have a demo account, which is very good for a newbie to get hands-on trading experience and explore the site’s different parameters.
Education section consists of videos, online webinar lessons, and industry news. If the account is not traded for 3 months it becomes dormant and for making it live again $50 or the base currency of your account is deducted each month. 10 Markets is a scam broker and if you have been victimized you can contact MyChargeBack to retrieve your money.