WikiFX Reviews TenX: Is It Trustworthy?

Background:

Founded in 2020, TenX Prime Ltd (TenX) is a subsidiary of TenX Prime Pty Ltd, registered at Suite 305, Griffith Corporate Centre, Kingstown St. Vincent and The Grenadines, under the registration number 26449 BC 2021.

The official website of this broker is www.tenxprime.com.

TenX only offers limited trading instruments, including 35 currency pairs, gold and silver, 3 energies, and 30 cryptocurrencies. Compared to its industry peers, TenX's offerings are lacking.

At first glance, it seems like TenX's website lacks basic information, which could be a major red flag.

Please note that TenX Prime does not provide services for the residents of certain countries, such as Australia, Canada, Ethiopia, Gibraltar, Israel, New Zealand, North Korea, Philippines, Poland, Singapore, the United Kingdom and the United States of America.

Types of Accounts:

TenX only provides one account type, that is commission-free and swap-free, with spreads starting from 0.1 pips. This account mandates a minimum deposit of $25 and allows a minimum lot size of 0.01 with a maximum leverage of 500 times. It is rare to see a broker that only offers one account type nowadays, as this leaves traders with no other options.

Deposits and Withdrawals:

TenX provides a few payment options, including instant bank transfer, wire transfer, Bitcoin, and Visa card. The minimum requirement for deposits and withdrawals at TenX is $25 (approximately 0.00037 BTC).

TenX does not impose any charges for depositing or withdrawing funds, allowing clients to manage their finances without incurring additional expenses. However, any third-party charges are the responsibility of the client. TenX claims to offer swift deposits and withdrawals while keeping costs at bay. The broker claims that clients' funds are held in a segregated account for extra safety, but WikiFX cannot verify the legitimacy of such a claim.

Trading Platforms:

TenX's trading platform, MetaTrader4 (MT4), upholds an excellent reputation within the online trading industry.

MT4 is a versatile platform compatible with various devices, including Apple, Android, and Windows.

MT4 is known for its user-friendly interface and its wide range of features. It offers a variety of charting tools, technical indicators, and order types. MT4 also supports automated trading, which allows traders to create and deploy trading algorithms.

MT4 is a good choice for traders of all levels of experience. It is easy to use but offers a wide range of features for more experienced traders.

Research & Education:

Upon WikiFX's research, it was found that TenX does not offer any research or educational resources. The only tool offered is an economic calendar, which allows trading clients to stay relevant and up-to-date with significant economic data releases or events that could have a major effect on the financial markets.

Customer Service:

Trading clients can reach TenX via email (support@tenxprime.com) or at +61731033723.

Unfortunately, TenX neither provides customer service support in foreign languages nor a live chat messenger for instant communication. This could also bring about much inconvenience during times of emergencies.

Conclusion:

In summary, WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned TenX a relatively low WikiScore of 3.45 out of 10, signifying it as an unreliable broker in the forex trading industry. This is due to the broker's claim of holding a license authorized by South Africa's FSCA, which WikiFX found invalid as it exceeded its validity. Additionally, TenX claims to be regulated by Australia's ASIC, but WikiFX could not locate any supporting evidence of this claimant.

As a result, this broker is now conducting its operations without regulatory oversight. It is crucial to exercise caution when dealing with an unregulated broker at all times.

Furthermore, there have been several complaints from disappointed clients who faced issues while trading with TenX.

Therefore, WikiFX advises users to steer clear of this broker, given its numerous red flags.