Is This Forex Broker a Clever Scam in Disguise?”
Ratings Based
Website Details
Country:
USA
Operating Since:
2010
Platforms:
Mobile/Desktop
Spread:
N/A
Funding:
N/A
Category:
Crypto/Forex
Leverage:
N/A
Commission:
N/A
Instruments:
N/A
Disclaimer
Our reviews are subjective opinions based on the analysis of our independent writers from around the world. We recommend exercising your own judgment and verifying information independently. We cannot be held liable for decisions made based on our reviews.
A Comprehensive Overview of TenTrade.com
TenTrade.com presents itself as a multi-asset forex broker offering high leverage up to 1:500, access to the MetaTrader 5 (MT5) platform, and various account types including ECN and Standard accounts. The platform also promotes a "Funded Trader" program, allowing traders to trade with the company's funds and retain a majority of the profits. Additionally, TenTrade offers a loyalty program, copy trading services, and an academy for educational resources.
However, beneath these appealing features lies a series of concerning issues. The broker claims regulation by the Seychelles Financial Services Authority (FSA) with license number SD040, but this license has been officially revoked. There are also suspicions regarding the legitimacy of their claimed Cyprus Securities and Exchange Commission (CySEC) license, with some reports suggesting it may be a clone license. These regulatory concerns raise serious questions about the platform's legitimacy and the safety of client funds.
User experiences further exacerbate these concerns. Numerous traders have reported difficulties withdrawing their funds, with some alleging that their withdrawal requests were ignored, delayed indefinitely, or outright rejected without satisfactory explanations. Others have claimed that their profits were confiscated under dubious pretenses, such as accusations of violating terms without providing evidence. These reports suggest a pattern of unethical practices that undermine trust in the platform.
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Our Review
Detailed Analysis of TenTrade's Legitimacy
Regulatory Concerns
TenTrade claims regulation by the Seychelles Financial Services Authority (FSA) with license number SD040. However, this license has been officially revoked, casting doubt on the platform's regulatory status. Additionally, there are suspicions regarding the authenticity of their claimed Cyprus Securities and Exchange Commission (CySEC) license, with some reports suggesting it may be a clone license. These regulatory concerns raise serious questions about the platform's adherence to industry standards and its ability to protect investor interests.
Withdrawal Issues
Numerous users have reported difficulties withdrawing their funds from TenTrade. Complaints include ignored requests, delayed processing times, and outright denials without satisfactory explanations. Some traders have alleged that their profits were confiscated under dubious pretenses, such as accusations of violating terms without providing evidence. These reports suggest a pattern of unethical practices that undermine trust in the platform
Notable Facts
Unregulated Status: TenTrade claims regulation by the Seychelles FSA, but this license has been revoked. There are also doubts about the authenticity of their CySEC license
Customer Complaints: Traders have alleged that their profits were confiscated under dubious circumstances, such as accusations of violating terms without evidence.
Withdrawal Issues: Numerous users have reported difficulties withdrawing funds, including ignored requests, delayed processing times, and outright denials
Lack of Transparency: Key details about fees, charges, and trading conditions are often not clearly disclosed, leading to confusion and unforeseen costs for users.
Our Decision
Warning: Low score, please avoid this website!
According to our review, this website has a higher percentage of being a scam website!
The site may attempt to steal your funds under the pretext of helping you make money.
Notice: High Score, Not Likely to be a scam website!
According to our review, this website has a lower percentage of being a scam website!
Website Ownership Status: Unclaimed
Analysis of Tentrade.com
Pros
- High Leverage: Offers leverage up to 1:500, allowing traders to control larger positions with a smaller capital outlay.
- Advanced Trading Tools: Provides access to the MetaTrader 5 platform, offering advanced charting tools and automated trading capabilities.
- Educational Resources: Offers an academy with educational materials to help traders improve their skills and knowledge
- Copy Trading Services: Allows traders to copy the trades of experienced traders, potentially benefiting from their expertise
Cons
- Unregulated Broker: Lack of proper regulation raises concerns about the safety of client funds and the platform's adherence to industry standards.
- Withdrawal Difficulties: Users have reported issues withdrawing funds, including ignored requests and delayed processing times.
- Customer Support Issues: Reports indicate that customer support is often unresponsive or ineffective, making it difficult for users to resolve issues
- Lack of Transparency: Key details about fees, charges, and trading conditions are often not clearly disclosed, leading to confusion and unforeseen costs for users.
- Misleading Marketing Claims: The platform's marketing materials frequently feature exaggerated promises of potential profits and trading success, which can mislead users into making ill-informed investment decisions.
Just IN (News Updates)
Conclusions
After viewing and analyzing the site thoroughly by our experts and undergoing the proper process, we have reached a final conclusion.
A Risky Choice for Traders
In conclusion, TenTrade.com exhibits several characteristics commonly associated with untrustworthy forex brokers. The revoked Seychelles FSA license and questionable CySEC license raise significant concerns about the platform's regulatory status and adherence to industry standards. The reported withdrawal issues, lack of transparency, and customer complaints further suggest that TenTrade may not be a reliable or ethical choice for traders.
While the platform offers attractive features such as high leverage, advanced trading tools, and educational resources, these benefits are overshadowed by the serious risks associated with trading on an unregulated platform with a history of customer complaints. Traders should exercise extreme caution and consider alternative brokers that are properly regulated, transparent, and have a track record of ethical practices.
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