TenkoFX is a forex broker that offers a wide choice of foreign exchange currency pairings for trading on the popular MetaTrader 4 (MT4) platforms. Spreads, commission prices, and execution times are all competitive. In addition, they provide trading tools and a trader’s academy. Despite this, the broker’s regulation may be improved.
The online broker team of researchers has covered some of the most critical things for you to go through when selecting the best broker for your online trading needs in this extensive TenkoFX review.
TenkoFX is a forex broker that offers ECN, STP, and Cryptocurrency accounts for forex and CFD trading. The broker uses an ECN model to provide real-time access to the interbank market and order execution in the market execution mode to traders worldwide. In this case, other dealers, banks, and funds operate as transaction counteragents. Several liquidity providers, including JPMorgan, GOLDMAN Sachs, LMAX, Deutsche Bank AG, and Morgan Stanley, contribute to price aggregation.
TenkoFX charges wholesale ECN fees, with commissions starting at $10 per million or $1 per standard lot if trading significant volumes, or $4 per standard lot otherwise. There are current PAMM solutions available for money managers and investors, including a Crypto PAMM ECN. Clients can choose between online, desktop, and mobile trading platforms (iOS & Android). They invest in new projects regularly to improve their brokerage services, develop novel tools, and increase their clients’ trading options.
TenkoFX Review- Is it A Scam?
The International Financial Services Commission (IFSC) of Belize has granted TenkoFX permission to provide financial services. The regulator’s official website publishes and maintains this authorization. This license is valid for up to one year and must be checked and renewed every year. The company’s license can be found on the IFSC website in the registered businesses permitted to provide services in financial and commodity-based derivative products and other securities trading.
This is considered offshore regulation by the trading brokers review team, and it may not provide the same level of protection as other regulators. We prefer to work with an online broker regulated by the FCA, CySEC, or ASIC. You can find a list of other regulated solutions on our website.
TenkoFX Review- Advantages and Disadvantages
Advantages
- PAMM Account Available.
- MyFXBook Auto trade facilities.
- Analytical Tools
- MT4 Trading Platform Available
- Traders Educational Acadamy
- Funding Options are flexible
Disadvantages
- Offshore regulations applied
- Account inactivity fees are applicable
- Non-FX assets are limited for trading.
TenkoFX Review- Trading Accounts
There are numerous problems with account kinds. We have discussed trading accounts types below in brief:
ECN Account
ECN accounts are not widely known. The broker is required to decipher, but it fails horribly in this case. The minimum deposit is $100, which is a substantial sum—the monthly cost of ten dollars for inactive accounts with variable spreads. There should be none at all.
STP Account
The required minimum deposit is a whopping 25,000 dollars. As a result, it is not suitable for ordinary traders and reeks of a capitalist mindset. The monthly cost of ten dollars for inactive accounts. This is excessive and disrespectful of the sentiments.
Crypto Account
Leverage as high as 1:3, which is far too low to disclose. Monthly fee of ten dollars for inactive accounts, which continues to humiliate people striving to emerge from the ashes.
TenkoFX Review- Account Opening
TenkoFX’s account opening procedure appears to be both straightforward and unclear. When you walk through it, all you see is a pop-up form asking you to fill in information such as your name, phone number, email address, and more. There is no hint of how the procedure will proceed.
This causes the potential client or user to be perplexed and hesitant. It is much better if the broker had offered a step-by-step tutorial on how to complete the account opening process. Alas! The broker’s goal is not to help its clients but to make money.
TenkoFX Review- Trading Instruments
The broker has a small selection of tradeable instruments. As a result, you won’t be able to keep your portfolio up to date, and your ambition of building wealth will come to a halt. Furthermore, within each category of instruments, there are far fewer securities available for trading. Traders will have more negligible diversification and fewer opportunities to profit as a result.
TenkoFX has a total of 68 trading instruments, including Forex and Cryptocurrencies. Compared to other online brokers, who offer thousands of instruments across numerous asset classes, the non-FX tradeable assets are severely constrained.
- Forex Currency Pairs
- Metals
- Indices
- Cryptocurrencies
- CFDs
TenkoFX Review- Commissions and Spread
TenkoFX charges ECN commissions based on the account’s equity and total trading volume over the last 30 days. The volume commission is quoted in US dollars per million exchanged, as is customary in the institutional market (one-way). At the time of trade opening, MetaTrader 4 charges a fee for a complete two-way (open-close) transaction. The commission amount is converted to the base currency of the account.
- The commission begins at one dollar for each lot, which is a substantial amount. However, because there are only a few securities, commissions can be as high as ten dollars for each lot.
- Spreads are adjustable and begin at zero pips.
TenkoFX Review- Deposits and Withdrawals
TenkoFX allows you to deposit and withdraw funds from your trading account in various methods. Please note that the company pays money transfer costs wherever possible and never charges more than the company’s actual expenditures. Some strategies are only available in certain countries, and not all of them can be used for both deposit and withdrawal. This Include:
- Bank Wire Transfers
- Credit and Debit Cards
- UnionPay
- Neteller
- Skrill
- Qiwi
- FasaPay
- Advcash
- Perfect Money
- Cryptocurrencies
The options and terms are changed on a regular basis.
When utilizing certain payment methods, there may be fees. Withdrawal requests are processed the same day or the next business day if made outside of office hours. It takes time to withdraw money based on the payment provider and method used. Some methods, like bank transfers, may take a few days to clear, while others are fast.
Transaction limits, restrictions, and requirements may apply to some payment systems, which are detailed on their websites. In some countries, you may need to verify your account to eliminate restrictions on specific methods. TenkoFX does not accept payments from external parties. All funds deposited into your trading account must be in your TenkoFX trading account’s name.
USD, EUR, RUB, MBTC, LTC, and ETH accounts can be opened. Currency translation fees do not apply while using an account in your currency; therefore, the many currency options are advantageous.
TenkoFX Review- Trading Platforms
TenkoFX offers the MT4 trading platform for desktop and mobile devices, which is outdated as other brokers upgrade to MT5. It only supports Windows software on the desktop.
MetaTrader 4
TenkoFX provides the MetaTrader4 (MT4) platform, which is unquestionably one of the most popular retail trading platforms used by millions of investors worldwide. MT4 is the industry standard, and its worth has been shown repeatedly.
It includes several trading indicators and analytical tools and the ability to use expert advisors to automate a wide range of trading techniques (EAs). In addition, it’s a highly adaptable platform that can be customized to meet your individual requirements by adding your MQL-based scripts, indicators, and EAs.
- The interface that is simple to use
- High level of protection
- The trading platform’s flexibility and efficiency allow for all forms of orders.
- A large number of analytical tools and newsfeeds are available.
- Access to historical logs, real-time data flow, and configurable visualizations
- Notifications of new prices
- The MQL community allows traders to share ideas and tools.
- Desktop, web, and mobile platforms are all supported (iOS & Android)
TenkoFX Review- Education and Research
We only found a technical blog and a few news sources when we looked at the website. Traders and investors have no blogs, vlogs, VOD, or webinars to look up to. It is critical for a broker’s platform to have a diverse set of educational and research tools.
Trading Academy: TenkoFX offers a forex trading college that will guide you through the world of online forex trading step by step. For all levels of experienced traders, there is a decent selection of topics covered.
Forex News: The broker’s website offers a forex and crypto news section that is regularly updated with articles covering a variety of markets.
Economic Calendars: This calendar shows the most recent forex news announcements and their impact on countries and markets around the world.
Trading Glossary: For essential trading words, there is a trader glossary. This aids users in comprehending the meanings of some regularly used trade jargon.
TenkoFX Review- Customer Support
TenkoFX offers client service by online chat, phone, and email 24 hours a day, seven days a week. They are dedicated to giving each client complete and relevant information and comprehensive, useful, and top-notch service. According to the broker, this is the only way to build long-term trusting relationships between brokers and traders.
TenkoFX Review- Conclusion
TenkoFX, a Forex broker, is now one of the newest yet most profitable businesses. It’s evolving quickly, demonstrating its earnest goal to establish a strong place among competitors. The broker gets a lot of excellent feedback, with people complimenting the withdrawal process, advantageous trading terms, and so on.
Of course, it denotes a well-considered development strategy. Certainly, the business has received unfavorable feedback. On the other hand, the broker’s management does not work on topical forums, which would reduce negative comments. Let’s hope that the broker considers correcting all of these flaws in the near future and that active work with user feedback begins.
FAQs
Q1 What is the TenkoFX account minimum deposit?
TenkoFX requires a minimum deposit of
- $10 for STP accounts.
- $10 for cryptocurrency accounts
- For ECN accounts, there is a fee of $100.
- For PAMM accounts, a one-time fee of $100 is required.
Q2. Is there a cost for inactive accounts at TenkoFX?
During the course of 90 days, the following items appear on a trading account. It is considered inactive if there are no transactions or open positions taking place; or no deposits, withdrawals, or transfers.
Q3. What is TenkoFX’s maximum leverage?
KenkoFX’s maximum leverage varies depending on the account type.
- 500:1 for STP accounts
- 200:1 for ECN accounts
- 3:1 for Cryptocurrencies account
Q4. Is TenkoFX a regulated company?
Under license IFSC/60/349/TS/15, KenkoFX is authorized and regulated by the International Financial Services Commission of Belize.
Q5. Is TenkoFX a trustworthy broker?
By analyzing the criteria, you can determine whether TenkoFX is a good broker for you or not. TenkoFX offers trading services in Forex, Gold & Silver, CFDs, and Cryptocurrencies in general. A good broker provides traders with a decent service in terms of various factors, including trading instruments, deposits and withdrawals, and customer assistance. What is excellent for one trader may not be the same as what is good for you. The word “good broker” has several connotations.
Q6. Is TenkoFX a genuine company?
TenkoFX is a brokerage firm with offices in Belize and the Russian Federation that has been providing trading services to clients since 2011.
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