Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

10CFDs Review

10CFDs Review: Is 10CFDs A Legit or a Scam Forex Broker?

Is 10CFDs a scam or legit CFDs and forex broker? Are they regulated, and is its license worth its salt? Is it safe to trade with it and will you be able to withdraw your money? 

Forex trading can help you make some extra money, but it can be a black hole for your savings if you’re not careful. Luckily, if you’ve lost money with 10CFDs, we can help you retrieve it. Simply book a free consultation asap!

This 10CFDs review will help you discover the truth about this firm. 

10CFDs review: About 10CFDs

Founded in 2005, 10CFDs is a forex broker registered in Belize, a Caribbean country on the north-eastern Central American coast. It offers a wide variety of trading accounts, ranging from basic to elite. 

10CFDs has a minimum deposit requirement of $250 for the basic account. Although this is considered acceptable, some well-established brokers have way lower minimum deposit requirements. 

Almost any trading instrument you can think of is available at 10CFDs. It offers 46 forex pairs with many minors, crosses, and exotics. You can find CFDs on commodities like gold, silver, oil, stocks, indices, and cryptocurrencies like Litecoin, Bitcoin, Ripple, Ethereum, and Dash.

10CFDs provide a very high leverage of 1:200. Since 2018, the maximum leverage allowed with forex transactions was capped at 1:30 by the European Securities and Markets Authority (ESMA). The US, Japan, and Canada regulators had made similar moves, leaving high leverages only available among offshore brokers like 10CFDs. 

Trading at such high leverage hides the risk of losing your entire deposit. 

10CFDs regulation and funds safety

The company behind 10CFDs is registered with the name Speed Solutions Limited. The company is supposedly regulated and licensed by the International Financial Services Commission (IFSC) in Belize. 

It’s also worth noting that all payments are processed in an entirely different country by Speed Payments in Estonia. 

Although the IFSC license is better than nothing, it doesn’t carry the same weight in forex trading as a license by the FCA in the United Kingdom or the NFA in the US. Offshore regulators like the IFSC simply don’t have the resources, funding, and capacity to oversee brokers like 10CFDs who operate internationally. 

The license held by 10CFDs is considered a tier-three license. It can easily get away with fraudulent behaviour as it operates under the guise of a license that’s about as good as a piece of paper. 

In addition, the IFSC doesn’t take part in compensatory schemes where a client’s funds can be recovered in case of bankruptcy or fraud. In contrast, well-known and reputable institutions like the UK’s FCA and the Cyprus Securities and Exchange Commission (CySEC) have stricter broker rules.

Brokers must file regular reports and allow external audits. The FCA even requires brokers to participate in client compensation schemes, basically insuring your trading capital for up to 85,000 pounds. With CySEC, it’s up to 20,000 euros.  

Therefore, with 10CFDs IFSC regulation, the security and safety of your funds are not guaranteed. 

Unmasking 10CFDs scam

10CFDs website seized by Europol

10CFDs website is among the many domains and websites seized by Europol and Eurojust in an extensive law enforcement action on 6th October 2021. 10CFDs is one of the 170 scam brands like Libertex operated by a cybercrime organization. A suspected high-ranking member was arrested during the operation. 

The blocking and seizure notice on the 10CFDs website also features a link to an online form where victims can file a police report. This alone should conclude this 10CFDs review with a scam verdict, but there are more red flags!

Other warning signals:

1. 10CFDs excessive fees

The terms and conditions of 10CFDs feature high fees not found in the terms and conditions of legitimate brokerages. You’ll be required to pay a profit clearance fee that ranges between a minimum of $1.5 and a maximum of $5 per trade, plus a $20 monthly maintenance fee. 

Excessive fees

The brokerage also charges a 3.5% service fee for most withdrawals. The minimum you can pay is $30, while the maximum for a single withdrawal is capped at $3,500. 

Withdrawal cost

Such fees only expose 10CFDs intent to make money by draining your funds. 

2. 10CFDs long and complicated withdrawal processes

According to 10CFDs, it takes around five business days to process a withdrawal request, and you must wait an additional 21 days for the money to reach your account. Other brokers process your request in one day, and you get the money in your account within 2 to 5 business days. 

10CFDs scam - long withdrawal process

10CFDs also restricts the minimum amount you can withdraw with particular withdrawal methods. For credit cards, the minimum is $50, while for wire transfers, it’s $100. 

These provisions are unacceptable and excessive in forex trading. You may have to pay some kind of withdrawal fee with legitimate brokerages, but a minimum withdrawal requirement is a big red flag. 

3. 10CFDs bonus trading 

Fake bonus

If you take advantage of a bonus promotion, 10CFDs places a minimum trading volume requirement on your account. You’ll have to trade your bonus 40 to 50 times before you’re allowed to withdraw. 

It makes it almost impossible to withdraw your money so you can stay invested for as long as possible and allow them to scam you further. Most times, scammers will use trading bonuses as pretexts to cancel withdrawal requests. New rules by the FCA, ESMA and other reputable regulators have banned trading bonuses altogether. 

4. 10CFDs high spreads

10CFDs spread on the EUR/USD is fixed at three pips. This is around two times higher than the spread considered attractive by traders with standard accounts. It only serves to disadvantage the trader while benefiting the broker. 

5. MetaTrader4 absent in 10CFDs

10CFDs claims it offers the MetaTrader4 (MT4) trading terminal, preferred by more than 80% of forex traders. However, you’ll find it impossible to download the platform on their website. 

You’ll only get a web-based trading platform that lacks most of the standard features available in MT4. Running algorithmic trading sessions is impossible, and you’ll not see various market indicators or advanced charting tools. 

10CFDs review web trader

10CFDs review conclusion: Is 10CFDs a legit or scam forex broker?

From this 10CFDs review, it’s clear this brokerage firm is nothing more than a scam disguised with a nice selection of trading instruments and attractive leverage. Its supposed license is not worth the paper it’s printed on, and it won’t guarantee the security of your funds.

To be on the safe side, always ensure you only trade with brokers licensed and regulated by reputable institutions like ASIC in Australia, CySEC in Cyprus, or the FCA in the UK. 

If you’ve already fallen victim to 10CFDs, there’s still hope. Schedule a free consultation today, and our team of experienced experts will guide you on how to recover your money. 

Author

Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

Leave a comment

Your email address will not be published.

Call Now ButtonCall Now!