10Brokers is actually a single forex and CFD broker. The company offers a single account type and is closely associated with another broker, you may be familiar with.
The Company. Security of Funds
Company Country Regulation
KHO TECH LTD Saint Vincent and The Grenadines N/A
The company behind 10brokers is KHO TEHCH Ltd., which is registered in Saint Vincent and The Grenadines. This company also owns MRT Markets. The only thing which comes close to financial regulation is the membership in the Financial Services Provider Commission (FSPC). As we have previously mentioned, this is not a legitimate agency, as it doesn’t have any legal power over the companies it oversees. It is a firm created, in order to give off-shore companies some credibility, but it is by no means equivalent to a top-notch regulator.
That being said Kho Tech has recently even lost is FSPC “license”. Here is a screenshot from the organization’s website:
Financial regulation is the most important thing to look for, when judging a broker’s credibility. An unregulated company can essentially do anything with your money. On the other hand, if a broker is regulated by a national watchdog, like the Australian Securities and Investments Commission (ASIC), they have to obey certain rules and report a lot of their activities. ASIC in particular enforces several key rulings, one of which is the segregation of client funds – companies must keep client funds separate from their operational bank accounts. This prevents classic forms of fraud. Furthermore, in order to register a broker in Australia, one must have capital holdings of at least AUD 1 million. This is a high entry bar for most scammers.
There aren’t many opinions by third parties on 10brokers yet, but KHO TECH’s other company, MRT Markets, has a pretty negative reputation. There are multiple claims in popular online forums, about the company not allowing withdrawals.
Minimum Initial Deposit
The minimum deposit at 10brokers is $50, according to one section of their website and $500, according to another. Obviously one of these is a typo, but we can’t say which one. A $500 level would be considered a bit high, given the current offers by other brokers, while $50 is fine. For instance FXCM also requires $50.
However, this criteria is not that important when comparing forex brokers. While a less experienced trader may want to invest a small amount, to see how trading the markets feels, a long-term strategy should be funded more adequately.
Average spreads & Commissions
Spreads at 10broekrs appear to be fixed and starting from 3 pips on EUR/USD. This is a very high level, when compared with the contemporary offers by other brokers. For instance FxPro provides an account type, with fixed spreads, where the EUR/USD one starts from 1.6 pips.
That being said variable spreads are often even lower. How much lower exactly? Feel free to check our spread comparison platform, to see the real-time offers by multiple brokers.
The maximum leverage provided by 10brokers is 1:400. This level of “gearing” is pretty substantial, but some companies offer even higher levels.
Do remember, margin trading is risky, especially if you completely utilize such leverage ratios. Please familiarize yourself with the way it works before placing your first trade..
10brokers offers the popular MetaTrader4 (MT4) platform. Its great charting potential, combined with the relatively low hardware demands, have earned it a lot of fans. Its most unique feature is definitely the MQL marketplace. MT4 offers traders with some programming experience to create new technical indicators and automated trading systems. They are later bought, sold, rented and even given for free at the marketplace.
MetaTrader also has a mobile app. It is available for both iOS and Android, and usable with any MT4 forex broker. You can even switch between different accounts, with different companies, with a few taps of the screen. This works wonders to save storage space on your mobile device, if you trade with multiple brokers.
Methods of Payment
Only credit cards are mentioned, as deposit options on 10brokers’ website. Needless to say, this is not ideal, as many people prefer different payment solutions, such as PayPal, nowadays.
10Brokers Review Conclusion
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