10Markets is an online forex and CFD broker which used to offer binary options. This broker gained quite the reputation when it binary options broker but now that it is a forex and CFD broker, things have certainly changed. Read our 10Markets broker review to find out what is really going on at 10Markets.
The 10Markets broker states on its website that it complies with KYC (Know Your Clients) and AML (Anit-Money Laundering) policies and standards. It even states that it complies with the RTO (Receipt and Transmission of Orders) regulations however there is not statement of the company being registered with a regulatory body. That is because it isn’t.
This is a serious red flag. While the 10Markets’ website states that it complies various regulations, words are just words without any proof to back it up. What makes this statement even less trustworthy is the fact that it is not regulated by the FCA which regulates all UK brokers.
10Markets Customer Support
10Markets’ Support page lists a number of different ways to get in touch with them. You can contact them using:
- Online Portal
- Live Chat
Another interesting thing about the 10Markets’ Support Page is that it lists a number of different 10Markets’ employees which is not something many other brokers do, especially the scam ones. But it’s clear that 10Markets’ is not just some ordinary scam. They seem to take pride in robbing people of their hard earned money.
During our preliminary research on this broker, we came across loads of 10Markets reviews where people spoke about how the customer service after their initial withdrawal was absolutely poor. Traders also spoke about how whenever they requested a withdrawal, they’d go back to see that unauthorized trades were made on their behalf and all of their money was gone.
It’s clear from these user accounts that 10Markets’ is only out for itself and your money.
The 10Markets broker offers five different types of accounts:
All of these types of accounts grant users access to CFD and forex trading along with the Go_For_Goldman webinar which airs twice a day. All accounts holders also receive daily market overviews and research in their inboxes.
The Bronze Account carries the lowest deposit which is $250. It also offers the least features which include access to CFD and forex trading and access to the bidaily Go_Fot_Foldman webinar. Bronze account holders also receive daily market overviews and research via email.
As you can see, Bronze Account holders receive the bare minimum features which are available to all account holders. What makes this even more insulting is the fact that the minimum deposit for a Bronze Account could give you access to more features from a more reputable and regulated forex broker. The 10Markets scam is really holding nothing back with these deposit costs.
Silver Account users have to deposit a minimum of $2500 in order to qualify. In addition to the mbasic features, 10Markets claims that Silver Account holders will receive assistance from a Portfolio Manager for 2 weeks. And gain access to Signals-On-Demand through the Trading Central for one month. This seems like yet another rip off by the 10Markets.
If you’re looking to register for a Gold Account with 10Markets then you’d need to deposit at least $5000. But you wouldn’t receive much with a deposit like that. In fact all you’d get are the features available for the Silver Account and 1-on-1 live trading sessions with a so called Trading specialist for once a month.
The Premium Account’s minimum deposit is twice that of the Gold Account at $10,000. In addition the Gold Account’s features, you receive 2 instead of 1 live trading sessions with one of 10Markets’ Trading Specialist. There’s also expedited withdrawals, access to sessions with the apparent chief analyst Jay Goldman, priority use of the Tradency and priority scheduling for 1-on-1 session with an analyst.
The Platinum Account carries the highest minimum deposit, $25,000, and offers access to all the features of the previous accounts with a few additions. These additions are live trading sessions once a week, access to premium on demand signals using Trading central and “exclusive” access to variable forex spreads plus spread discounts.
These account options may seem enticing but 10Markets trading is nothing short of a scam. That much is clear from these account features and costs.
There are three platforms offered by 10Markets:
- Mirror Trader
- Meta Trader 4
The Mirror Trader is a copy trader which is used primarily by more inexperienced brokers who can use it to copy the actions of more successful traders. It’s an online trader and does not require any installation just like the WebTrader.
The next platform is the Meta Trader 4, more commonly known as the MT4 platform which is a highly popular trading platform. 10Markets also offers this platform on several mobile devices. The final trader is the Web trader which is a less comprehensive platform which offers pretty basic functionality.
While these platforms would be great in another broker’s hands, the cases of 10Markets’ performing unauthorized trades and traders having issues with 10Markets withdrawals. It clear that at the end of the day, you will not be the one to profit, 10Markets will.
10Markets Review Conclusion
A good broker needs not only be regulated but also have a good reputation, offer great trading conditions and terrific support. It is clear that 10Markets does none of the above and can not even be considered a broker, but rather merely a forex scam.