Broker Trusted Point
The first step for a broker towards becoming the utmost choice of traders and investors is to be structured and well-planned in its service and functions. All this starts with having a clean and smooth website and user interface. But when looking at TenkoFX, there’s nothing that you call is good. It is Moreover, when examined closely, the additional features that the broker claims to have, are absent too. Let us look at TenkoFX in detail and understand the nuances of the broker.
TenkoFX is a comparatively new broker and was founded in the year of 2012, but has not achieved anything in the market. The broker is regulated offshore by the IFSC – International Financial Services Commission. And offshore regulated brokers cannot bet trusted. They cling onto scamming.
The broker does not provide trade in the USA and several other countries, which raises questions on its credibility. The trades for non-forex assets are pretty limited, and the commission is high, which hinders the growth of a trader.
TenkoFX: Scam or safe?
The way TenkoFX is regulated, one can term it as a scam. On the official website, you yearn for knowing about its regulation but fail to do that even after multiple attempts. There is no license number mentioned on the website. So, it is a clear violation. Hence, you don’t know whom to trust.
Due to this offshore regulation, TenkoFX may not be able to provide the same protection that other regulated brokers can. So, that poses an immense threat to everyone’s funds. Where to go with an offshore regulated broker when there are other brokers like ETFinance or HFTrading, which are entirely regulated and offer better trading features.
Account Types creating issues
There are plenty of issues with account types. First of all, the names are weird:-
- The minimum deposit is extremely high, which is 25,000 dollars. So, it is not for normal traders and reeks of capitalist attitude
- Inactive account fee of 10 dollars per month. Which is too much and dishonours the sentiments.
Not many people know about ECN account. The broker must decipher, but it fails miserably here.
- Minimum deposit: 100 dollars, which is quite a lot.
- Variable spread Inactive account fee of 10 dollars per month. There should not be any.
- Leverage up to 1:3, which is too low to even mention it.
- Inactive account fee of 10 dollars per month, which continues to mock efforts of people who are trying to rise from the ashes.
TenkoFX offers MT4 trading platform for desktop and mobile phones, which is outdated when other brokers are scaling their capacities to MT5. For desktop, it only caters to Windows software. The operational activity on PC trading and mobile trading is very messy and convoluted. There is no structure and system. It feels like all tabs and functions are put together, one after the other, without any framework or plan. This leads to poor user interface and user exp[erinece. It becomes pretty challenging, especially for beginners and new traders to figure out how to go about the trading platform. So, it is not helping people. Instead, you find yourself landed in a wrong place with the broker
Moreover, why stick to the old technology of MT4 when there are other brokers offering more advanced trading platform; MT5.
Instruments for trading
The broker offers a very limited range of instruments for trade. So, you can make your portfolio updated and your dream for accumulating wealth gets stalled. Also, there are pretty fewer securities available for trade withing each category of instruments. This means less diversification for the traders and limited opportunity for making profits.
The account opening process of TenkoFX seems to be utterly blunt and ambiguous. When you go through it, there is nothing but a pop-up form telling you to fill in details like name, phone number, email, and more. Nothing is mentioned about how the process will unfold. This creates confusion and hesitation on the potential client or user’s part. It would have been much better if the broker had provided a guide or a step-process on how the whole process of account opening will take place. Alas! the motive of the broker is not to facilitate its clients, but to grab money from them.
Commission, fee, leverage and minimum deposit
- The commission starts from one dollar per lot, which is a lot. But this one a few securities, otherwise commission can be up to 10 dollars on each lot.
- Spreads are variable and start from zero pips.
Deposit and withdrawal
TenkoFX’s transaction facility is too hollow and you cannot trust it while making the deposit in it because the process is too slow. Also, the lack of wallets takes away the joy of trading. By the time investment happens, deals are done and you incur losses. So, the broker does not justify your hard work.
The withdrawal takes a longer time compared to other brokers, and at the same time charge a lot.
Research and analysis
For research and analysis, there’s nothing much available. So, you don’t find your place in the charts. Hence, the feeling of quitting trading seeps in.
When we looked at the website, we just found the mere technical blog and some news portals. There are no blogs, vlogs, VOD, webinars for traders and investors to look up to. It is very crucial for a broker to include a wide range of educational and research tools on its platform. How can a person improve on skill without them? But TenkoFX does not care about your knowledge.
Why you should oppose TenkoFX
We found plenty of reasons to say that you are better off without TenkoFX.
- Minimal resources for research and educational purposes
- No MT5 trading platform
- High commissions
- Poor user interface
- Does not provide trade-in major countries like the United States of America
- Limited securities to trade in each category of instrument
- The account inactivity fee is charged.
- Offshore regulation
The customer service and support are cringeworthy. You cannot connect with the executive. Instead, you are kept in a loop, which is not good for you as a trader, as it fetches a lot of time and does not address your problem. It is a loose point, which disappoints the most. So, you can seek a walkover and search for brokers like T1Markets and PrimeFin.
The final verdict for TenkoFX
We do not think that the TenkoFX is with investing your hard-earned money with. It does not deserve your investment One of the primary reasons is that the broker is not fully regulated. So, the term ‘TenkoFX scam’ is true. There are other brokers who offer a lot more features and benefits and are entirely regulated. Some reputed highly regulated brokers include HFTrading, ETFinance, and Oinvest.
TenkoFX provides a minimal range of non-forex assets, and your dream for diversification sees a big setback. Also, the profit-making opportunities for the traders and investors take a big jolt. We would recommend you to check out other brokers and think twice before investing with TenkoFX.
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