10Markets Review: Our Overview Leaves No Stone Unturned
10Markets Broker is yet another one of UK-based scammers with a shady background. They paint this picture of a legit broker but they are far from it.
This is why we had to investigate them and bring you this 10Markets review. Here, you have all the information you need to uncover the true face behind the mask of this scammer. Let’s start!
|10Markets||Reliable Broker Must Have|
|Legal name:||Badale Invest Limited||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||UK (allegedly)||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2015||The older the domain – the higher the possibility the company is trustworthy|
|Website:||10markets.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||FCA, FMA||None|
||Phone, email, social media, web form|
|Is withdrawal possible:||No||Yes|
|Fees:||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media:||No||Often present on social media|
|Investor Protection:||No||Compensation fund|
The 10Markets domain is owned by Badale Invest Limited, claiming to be based in the UK. This makes all investigative work much easier because all UK brokers have to be registered with the FCA, which can be easily verified. Unfortunately for 10Markets, we did not find their name anywhere in the FCA register, but we did uncover something more alarming.
Not only does the FCA not regulate 10Markets, but it issued a public warning against the broker, warning the public not to invest with them. And that is not all! Upon additional checks, we found that the Austrian FMA also blacklisted 10Markets as a scam.
You can find this broker on 10markets.com, and you will see that it has an interesting offer. First on the list of enticing features is 10Markets MT4 trading. MT4 is a top-tier platform that both novices and veterans enjoy and is undeniably the biggest selling point for the broker.
Next, traders can open five account types, including:
The minimum deposit is $250, which is a bit pricey, especially when you open an account with a legitimate broker for as little as $1. The 10Markets leverage is at 1:200 and the 10Markets Spreads start from 2.0 pips.
|Financial Instruments On Offer:||
|Education or Extra tools:||Yes|
Is This Broker Safe?
The deciding factor in determining whether a broker is safe or not is its license and since 10Markets does not have one, we put it in the dangerous category. However, the situation gets even worse when you consider that two reputable regulatory bodies warned the public against doing business with this scammer. Therefore, you might want to rethink approaching it with an offer, if you were thinking about that.
They are even more dangerous than RaiseFX, which we all know is a huge scam. But there is a way to avoid both of them and land in front of a legit broker with nothing but good intentions. All you need to do is contact us right now, and we will do the rest!
Trader Reviews – Sharing Experiences
You can find 10Markets on Trustpilot with only 5 reviews and an average rating of 2.8. Before continuing, we would like to note that the broker did not claim the profile, which can indicate shady behavior.
The majority of reviews are extremely negative. One dissatisfied trader commented:
“Trading with 10markets has been my all-time worst experience, I lost all my invested funds. Plans down the drain, they kept pushing me to invest more and didn’t allow me to withdraw.”
Another client from Germany, warned other, potential clients:
“Do not register or open an account with this company because once you invest, you (will) get a message telling you to pay before withdrawing your funds…”
How Does the 10Markets Platform Reach Clients and Who Are They?
No one is safe from 10Markets since this broker targets people all over the world. We have seen victims from:
- United States
- Canada, etc.
This scammer operates in many different domains, so you can be the next victim too. The crucial thing to remember is not to click on any 10Markets ads you might see or reply to any emails or messages you might receive from them. In the case of fraudsters like this, the best policy is not to engage in the first place.
Deposits and Withdrawal Methods
According to the 10Markets Reports we read, the broker accepts a standard suite of payment methods, including:
- Credit cards
- Bank transfers
- E-wallets (WebMoney, Yandex Money, iDeal)
You do not have to pay any additional fees to enjoy 10Markets Trading, either for deposits or withdrawals.
Reasons To Avoid This Company
So far, we have seen all the red flags about this scammer. However, since nothing is more important in Forex trading than a legitimate license, we have to say that the lack of one is the biggest reason you should avoid 10Markets. We feel so strongly about this because two very reputable regulators (FCA and FMA) issued public warnings against the broker, which is the ultimate indictment.
On top of that, trader reviews clearly show that the broker does not allow withdrawals, regardless if you are trading 10Markets Forex or something else. Many have tried, but none have been given the reward for risking their money with 10Markets, meaning you should not even think about investing. You would have a better chance of getting your money back from Nexospro than 10Markets, which is saying a lot.
Our Safe Trading Experts’ Opinion of 10Markets
We saw in our 10Markets review how dangerous this unregulated broker can be. A license goes a long way and you should never do business with a broker without one! And if you are still looking for one of those, we are here to help!
Give us a ring today, and we will schedule our free consultations so we can discuss where you want to go on your Forex journey and put you on the right path!
What Is 10Markets?
10Markets is a brokerage firm owned by Badale Invest Limited. They offer trading services, which include Forex and CFD trading.
Is 10Markets Regulated?
No, 10Markets is not regulated. They claim to be based in the UK but we could not find them in the FCA register.
What is 10Markets’s Leverage?
The 10Markets Leverage is 1:200. This is high for most traders, but for those willing to take risks it might be good.