TenX Prime Review – Trustable Broker or Another Scam?

TenXPrime is an unregulated offshore broker

The Footer of the broker’s website reveals that TenXPrime LTD is the owner and operator of TenXPrime, which is regulated by the Financial Services Authority of St. Vincent and the Grenadines.

SVG is an off-shore zone in which forex businesses are not regulated. The FSA in the local area made a clear statement, saying it does not license forex brokers nor supervise their activities.

TenXPrime isn’t regulated in any way. This is a problem if they wish to offer any online trading services to customers or traders in any regulated market such as Australia, the UK or the U.S.

Warning! The forex market has its dark side. Many online trading sites are scammers who only want to rip off untrained traders. These scammers are most often registered in offshore areas like SVG. Anyone can register a forex business quickly and easily without ever having to set foot on the ground.

There are many legitimate forex brokers out there so why risk your hard-earned cash with offshore brokers such as TenXPrime? You can trade with license holders with established institutions such as the FCA in the UK and CySEC (Cyprus) in Cyprus (EU).

We recommend licensed EU brokers because the regulatory framework for financial service providers in these jurisdictions provides substantial assurances for consumers.

Brokers licensed in the UK and in any EU Member state are required by law to keep client accounts separate to prevent misuse or misappropriation. They also provide customers with negative balance protection and report daily on trades open and closed to ensure that there is no price manipulation. If a broker licensed in the UK or EU faces financial difficulties, clients will not lose their money in trading accounts. There are compensation funds and schemes to help traders.

TenXPrime’s supposedly good trading conditions

TenXPrime’s trading conditions are quite good. The broker supports the MetaTrader4, there is a $25 minimum deposit, and spreads are very competitive. We are not happy with the leverage offered, but we will get to that later.

TenXPrime’s MetaTrader 4 was tested via a demo account. We found that the EUR/USD spread hovered around 1.1 pip, which is a great deal. There are better brokers that offer lower spreads, but you can check out some of them here.

TenXPrime’s excessively risky leverage ratios

Trading can leverage up to 1:500. This is banned in many jurisdictions including Australia, Australia, EU, Hong Kong and others.

These restrictions are due to the simple nature of leverage, which gives you greater exposure to an underlying asset. Your broker will loan you the remainder. You are only putting down a fraction the trade’s full value. If the trade succeeds, the leverage ratio will multiply the profits. In the opposite scenario, however, the losses will also be multiplied.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

TenX Prime: Video

Below you will find a short video about TenX Prime. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about TenX Prime!