10TradeFX Review 2022
10TradeFX is a global trading broker providing CFD trading on a range of markets. Despite its name suggesting a forex specialisation, access to cryptocurrency, commodities, stocks and indices is also possible through the broker. This 2022 10Trade review will explore key aspects of the firm’s services, including fees, platforms, spreads and regulatory status.
Founded in late 2020, 10TradeFX is a global digital trading platform owned and operated by Evalanch Ltd. The firm is based in Seychelles and registered with the Seychelles Financial Services Authority (SFSA). There are no restrictions on which jurisdictions clients can register from, meaning traders from all around the world can use the broker and legally gain access to its services.
As an STP broker with no dealing desk, 10TradeFX promises no requotes and minimal slippage on trades. Clients create and manage accounts via the client portal, from which funds can be deposited and withdrawn. For trade execution, the broker uses the widely popular and reliable MetaTrader 5 (MT5) platform.
MT5 is the latest trading platform developed by MetaQuotes and is used by many online brokers and both retail and professional traders as their preferred software package. Available for Windows, Linux and macOS, MT5 is one of the leading free, third-party trading software tools in the industry.
MT5 boasts numerous important features for trading:
- 21 timeframes
- 100 price charts
- Integrated signals
- Copy trading tools
- Automated trading
- 38 built-in indicators
- 6 pending order types
- Hedging and netting support
Assets & Markets
10TradeFX offers a wide range of markets to its clients. The broker provides trading for:
- Forex – 39 major, minor and exotic currency pairs
- Commodities – Four indices (two precious metals & two energies) plus three commodity indices
- Equity Indices – Nine major global equity indices, including the FTSE 100 and S&P 500
- Stocks – 15 CFDs on individual company stocks from US, UK and European markets
- Cryptocurrency – Bitcoin, Ethereum, Ripple & Litecoin, all against the USD
Fees & Spreads
The fees and spreads charged by 10TradeFX vary depending on a client’s trading account and the asset they wish to trade. The broker offers zero-commission trading for most trades, although CFD stock trading incurs a 0.1% commission charge.
Spreads for major forex pairs are 3 pips for Silver accounts, 2 pips for Gold accounts and 0.5 pips for Platinum accounts. Minor and exotic currency pairs have spreads ranging from 2 to 35 pips.
10TradeFX boasts flexible leverage rates that range up to a competitive 1:600. This is quite high and traders should take care when significantly magnifying their position sizes. The broker operates a margin call at 50% and stop-out at 30%.
10TradeFX clients can also download the mobile version of the MetaTrader 5 platform, which is available on both iOS and Android devices from the relevant application stores. This mobile app allows easy trading on the go, with the full range of order types and account management capability, all from a hand-held device. This version also boasts 30 technical indicators and 24 analysis tools.
10TradeFX clients can fund their accounts using a range of methods, including wire transfers, Neteller, Skrill, 4Cash and Nganluong. Deposits and withdrawals are not supported using credit or debit cards. There is a minimum deposit limit of $200 and a minimum withdrawal limit of $100.
e-wallet deposits are processed instantly and wire transfers take three working days to appear in 10TradeFX brokerage accounts. There are no deposit fees charged, though e-wallets other than Neteller can incur a 1-2% fee. Withdrawal requests should be processed within 24 hours.
Those new to the financial markets will be pleased to hear that 10TradeFX offers a free demo account for risk-free trading practice. The paper trading account can be opened by new and existing clients for MT5 training and is funded using digital capital.
10TradeFX Sign-up Bonus
10TradeFX offers new customers a first deposit match bonus of 30%, paid out in trading credit. The bonus is capped at $3,000 and is subject to somewhat vague terms and conditions.
There are quite strict wagering requirements in place for this bonus, with 10 forex lots needed to be traded per $100 of bonus to be released, which is quite tough. If you were to withdraw some or all of your initial deposit, all remaining bonus funds are forfeited.
Regulation & Licensing
10TradeFX is officially based in Seychelles and holds a regulatory license with the Seychelles Financial Services Authority (SFSA). This means the clients are somewhat protected in the event of broker malpractice or insolvency, though the agency is not a top-tier regulator, which is generally recommended.
Through the MetaTrader 5 platform, 10TradeFX clients can carry out copy trading and automated trading, which allow positions to be opened and closed without manual intervention. The broker also has a section of its website dedicated to market news and educational content.
The broker’s “Learn How To Trade Forex & CFDs” section is blank, though other parts of the website offer guides to forex fundamentals and technical analysis basics. 10TradeFX also provides an economic calendar that lists significant daily events for the broker’s supported assets. A weekly market news section delivers a brief summary of the trading week ahead.
The broker offers Islamic account alternatives to traders at every level.
There are three levels of accounts available through 10TradeFX, accessed by increasing deposit amounts.
- $100 account minimum
- $200 minimum deposit
- 3 pip spreads on major forex pairs
- $1,000 account minimum
- 2 pip spreads on major forex pairs
- $5,000 account minimum
- 0.5 pip spreads on major forex pairs
- MT5 access
- 1:600 leverage
- Crypto trading
- No deposit fees
- Wide range of markets and CFDs
- Free withdrawals through Neteller
- Zero commission trading (except for stock CFDs)
- Large spreads
- Not top-tier regulation
- Limited stock instruments
- High minimum transaction limits
Both the 10TradeFX client portal and MT5 trading platform can be accessed 24/7. Trading itself is subject to the specific market, with forex running 24/5 and cryptocurrency available around the clock. Other instruments are more dependent on the underlying markets, such as stock or derivatives exchanges.
The 10TradeFX support team can only be contacted through email, with no live chat or phone number available.
- Email Address: email@example.com
Safety & Security
10TradeFX holds client funds separately from company capital does not use them for business purposes or to hedge trades. Clients capital is held in secure, tier 1 EU banks for maximum security.
The MT5 platform offered by 10TradeFX is secured with high levels of encryption and supports two-factor authentication (2FA) to provide additional safety to traders.
10TradeFX offers clients a range of trading options on many markets, including forex, commodities, indices, cryptocurrencies and stock CFDs. MetaTrader 5 access provides intuitive yet sophisticated technical analysis and trading systems for clients of all experience levels and the low-commission, high-leverage conditions are quite competitive. However, some traders may be put off by large spreads, limited stocks and high transaction limits.
10TradeFX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Compare 10TradeFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to 10TradeFX:
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
10TradeFX Comparison Table
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 lots||$10||$1||0.1 lots||0.01 lots|
|Regulators||SFSA||FCA, CySEC, ASIC, FSA||CySEC, IIROC, NFA, CFTC, FCA, CIMA||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||HCMC (Greece), FSCA (South Africa)|
|Bonus||30% Deposit Bonus||–||No||–||100% Deposit Bonus available for Global clients|
|Leverage||1:600||1:30 EU||1:200||1:30||1:30 EU, 1:500 Global|
|Detailed Comparison||–||10TradeFX vs eToro||10TradeFX vs Forex.com||10TradeFX vs IG Group||10TradeFX vs AAAFx|
Compare Trading Instruments
10TradeFX vs Other Brokers
Compare 10TradeFX with any other broker by selecting the other broker below.
Does 10TradeFX Have Any Bonuses On Offer?
10TradeFX runs a 30% first deposit promotion for new customers. However, traders should make sure they understand the terms and conditions, especially the high wagering requirements, before opting in.
Does 10TradeFX Offer A Demo Account?
Traders will be pleased to know that 10TradeFX offers a demo account that can be used for risk-free practice after signing up to the broker’s platform.
What Do The 10TradeFX Account Levels Mean?
According to the 10TradeFX website, the only difference between Silver, Gold and Platinum account levels is the spreads on major currency pairs. For a Silver account, this is three pips, reduced to two pips for a Gold account and 0.5 pips for Platinum account members.
What Platform Does 10TradeFX Support?
10TradeFX supports the MetaTrader trading platform, which is incredibly popular globally. This platform is available in both desktop and mobile app formats for enhanced access to trading.
From Where Can I Open A 10TradeFX Account?
10TradeFX offers its brokerage services globally. The website is available in English, Polish, Russian, Arabic and Vietnamese.
|10TradeFX is a global brokerage firm with forex, crypto and CFD trading support for the MetaTrader 5 platform with high leverage and low commission|