WikiFX Review: Is TenX a reliable broker?

About TenX

Founded in early 2020, TenX, also named TenX Prime Pty Ltd, is allegedly a broker incorporated in Saint Vincent and the Grenadines that provides its clients with the worlds most popular MetaTrader4 trading platform, leverage up to 1:500, low spreads and no commissions on various tradable assets and 24×7 live chat customer support service.

Financial Instruments

Various financial instruments have been provided by TenX, including forex, indices, spot indices, spot commodities, commodities, metals, cryptocurrencies,

Account Types

TenX offers two trading accounts: They are TenX MT4 account and TenX ECN account. Opening a TenX MT4 account requires the minimum deposit amount of $25. Opening a TenX ECN account requires $100.

Leverage

TenX provides dynamic leverage ranging from 1:100 to 1:500. For traders who deposit more than $5,000, they can experience the maximum leverage ratio as high as 1:500, while the traders with a deposit amount of over $10,000 will enjoy the leverage up to 1:200, and the traders depositing $20,000+ with the leverage of 1:100. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

TenX reveals that the spreads in the TenX MT4 account start from 0.1 pips. All charging no commissions.

Trading Platform

TenX uses MT4 as its main trading platform.

Deposit & Withdrawal

TenX accepts deposits and withdrawals via Bank Transfer, Credit Card, Wire and cryptocurrencies like USDT and BTC.

Customer Support

TenX‘s customer support can be reached through email: support@tenxprime.com or send messages online to get in touch. However, this broker doesn’t disclose other more direct contact information like telephone numbers or company address while most brokers offer.

Regulation: Is TenX legit？

TenX claimed itself to be incorporated in 440h 39 Ralph St Alexandria NSW 2015 Australia as a licensed Business Company under Financial Services Authority with registration number 435746 2022. However, according to WikiFX, TenX is not a regulated broker. WikiFX has given this broker a low rating of 1.23/10. Traders need to be aware of the risks.

Conclusion

TenX is an unregulated broker with a fairly low rating based on the WikiFX Criteria. Investing with this broker may cause you to suffer a catastrophic financial loss as no regulatory institution can strict its behavior. WikiFX advises you to find a better alternative instead. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on TenX' WikiFX page for details