10Trading Review (might be a scam!)
Is 10trading.com a safe website for cryptocurrency CFD trading or is it a scam broker? In the following review we will give you all the info you need to know before trading with this broker. 10trading is an FX, Crypto and CFDs brokerage and they also have something which looks a lot like one touch options on their platform. On their website these options are named “speed trading”, but actually, it is pretty much just like one touch options and we all know that brokers with this type of trading platforms are usually a scam.
The company that owns and operates 10trading is called “Binext Solutions SRL” and this company is actually operated from Bucharest, Romania, where many call centers of unregulated offshore brokerages are found.
10Trading is not licensed or regulated by the Romanian regulator and are not license or regulated by any regulator at all, this is a big problem as offshore unregulated brokerages are not recommended at all. Trading on an unregulated website is always risky as they might just steal your money without any consequence if they want.
It is a global phenomenon at the moment where brokers operate without a license even though the industry is heavily regulated. Regulators are always posting warnings about unregulated brokerages on their websites, but no warnings have been posted about 10Trading as of yet. If this brokerage does turn out to be a complete scam we will probably be seeing the FCA or the US regulator or even the Canadian Regulator posting a warning about 10Trading soon.
Not being licensed or regulated means that 10Trading can take your deposit and offer absolutely nothing in return. One of the most popular financial regulators is the United Kingdom’s FCA. The FCA has very strict rules and laws regarding a variety of aspects when it comes to the activities of CFD brokers such as 10Trading and when a broker does not hold a license from a regulator it means that they can break these rules and laws pretty easily.
Trading Conditions on 10Trading
The minimum deposit, required on 10trading website is $250. This is higher than many other brokers and it may be due to the fact that they are just a scam and looking to get big deposits and give nothing in return. There are a variety of brokers who require only $100 or even less for a minimum deposit. Some brokers that are highly trustworthy require only a $5 deposit to start trading.
Spreads and Commissions
Spreads on 10trading.com seem to be fixed, although it isn’t stated by the broker on their website. They begin at 3 pips on EUR/USD, which is very high for todays competition. Many brokerages have something within 1.0-1.5 pips for their traders.
The leverage scheme, for spot FX and CFDs trading at 10trading.com a max of 1:200. While you might want such a high level of leverage, think about the fact that there are brokerages that give 1:500 leverage. Also remember that is is also a known fact that making margin trades is a risk if you are not a professional trader yet.
10trading.com has the regular web-based platform for traders. It seems very simple to use and at the same time it seems like it is not advances enough for intermediate and professional traders. It is probably marketed to novice traders that don’t know how to trade and will probably loose their deposit on the platform when they make their first crypto CFD trades with this broker.
While the platform does offer a few technical indicators the actual implementation of these indicators is not actionable in any sophisticated manner on the platform.
Methods of Payment
10trading gives a whole lot of payment methods for clients. Including traditional Bank Transfer and Credit or Debit Card. There are also multiple e-wallet payment options such as Giropay, Skrill, Neteller and many more.
10tTrading crypto CFDs website (10trading.com) might be a scam and it is not safe at all to trade on this website. The brokerage and the website and its platform are not regulated, which is always a large risk for traders. Trading conditions for clients are poor. They have a bonus offer which looks extremely tempting but so do many of the scam brokers in the unregulated brokers market. If we had to give this broker a “yes” or “no” answer it would definitely be a certain “no”.
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