Trade X Ten Review: Who Is Behind TradeXTen.Com Broker?
Today, we are going to analyze one of many scam brokers – a Trade X Ten broker. Let’s start with its claim that it has been operating since 2015 and is one of the biggest names and most esteemed financial companies in the business.
First, no one has ever heard that this company is among the top players in the industry. Second, it enjoys tarnished reputation due to many scam allegations and negative reviews. Last but not least, the company is anonymous and isn’t registered anywhere.
Therefore, please continue reading our Trade X Ten broker review to find out more information about how this online trading scam works and how you can avoid being defrauded by similar fraudsters.
|Company||X Ten Global Ltd|
|Address||Seychelles707, Sussex Dr, Ottawa, ON K1N 1K4, Canada|
Trade X Ten Funds Safety and Regulation
Logically before you start trading, you should be sure that your funds are protected when investing with a chosen forex provider. That is achieved through regulations. So, every broker must be authorized by a respective financial market regulator to operate legally.
Trading credential depends on jurisdictions, e.g., whether it is a UK-based, German-based, or Cyprus-based broker. Even offshore-based brokers must be licensed. Some of the highly regarded supervisory agencies are the British FCA, Cyprus CySEC, Australian ASIC, and Swiss FINMA, to name a few.
Licensing requirements are demanding. For instance, FCA requires brokers to maintain a 730,000 GBP working capital, ensuring that they won’t cease trading quickly. Likewise, in case of a broker’s insolvency, FCA compensates traders for up to 85,000 GBP.
CySEC does the same, but it covers up to 20,000 EUR, while ASIC indemnifies up to 100,000 AUD. Neither of these is possible with an unlicensed brokerage like Trade X Ten.
Speaking of Trade X Ten, it is untrustworthy, unauthorized, and not transparent. It states it is registered in Seychelles, but there are no records about this company in the Seychelles Financial Services Authority (FSA).
According to its website, it has an address in Canada. After checking the Investment Industry Regulatory Organization of Canada (IIROC) database, again, there are no results about Trade X Ten or X Ten Global (a holding company).
In addition, this shady brokerage declares it complies with the Cyprus Law; however, there are no details about Trade X Ten in the CySEC register. Also, it offers 1:500 leverage, which is limited to 1:30 in the EU. Overall, you better stay away from this phony broker since it is involved in fraudulent trading activities.
Trade X Ten Trading Platform
Moving forward to the Trade X Ten trading platform, this dishonest scam broker professes it offers MetaTrader5 (MT5). That is far from the truth and used just to draw your attention. In reality, Trade X Ten probably provides nothing more than manipulative trading software.
MT5 is one of the widely used trading programs on the market, along with its predecessor MT4. That is not surprising since this software come with advanced tools, such as copy trading, automated trading, expert advisor, and stop loss, enabling profitable trading experience both for experienced and beginners.
Deposit and Withdrawal at Trade X Ten
Trade X Ten attempt to inspire trust in people by fraudulently imitating genuine FX brokers. The Trade X Ten webpage copies legitimate-looking websites by having displayed logos of main payment methods, such as Google Pay, Bitcoin, Binance, Astro Pay, Mastercard, Visa, Skrill, Neteller, Wire Transfer, etc.
Every company can copy and paste these logos on its website. It doesn’t mean that Trade X Ten provides these funding methods. Since everything is a lie regarding this broker, I doubt that these means of payment are possible with Trade X Ten.
It is odd, even for a bogus broker like Trade X Ten, missing any information about what live trading accounts are offered and what the minimum opening balance is. The one of explanations could be that these fraudsters set a deposit as they please, arranging the amount on a case-to-case basis/according to victims.
Per the Trade X Ten website, the minimum withdrawal amount ranges from $20 to $100, contingent on the withdrawal method. For payoffs below the limit, the company charges a minimum of $10 for all methods and $50 for the wire transfer. Also, it levies a $100 inactivity fee yearly.
Trade X Ten Offers Bonuses and Promotions
The one thing that Trade X Ten doesn’t miss out on is its offer of bonuses. Before going further, to point out that bonuses and promotions are forbidden in many jurisdictions due to their misuse.
They have become a hallmark of trading scams because they are employed as decoys. But more about malicious tactics in the next subheading. Let’s proceed now with Trade X Ten promotions outlined below.
- Welcome package: $100, deposit bonus included
- Gold package: $5,000, deposit bonus included
- Platinum package: $15,000, deposit bonus included
- Exclusive package: $25,000, deposit bonus included
It is important to understand that all bonuses and promotions come with preconditions that even the best traders can’t achieve. These requirements are used to prevent you get a bonus.
Unregulated Brokerage Techniques
In our Trade X Ten Review, we are going to break down how the Trade X Ten scam is executed. For con artists behind this investment scam, it is crucial to draw your attention and entice you to invest. They achieve this by offering lucrative trading opportunities “specially tailored for you.”
Scammers can approach you through unsolicited calls and spam emails, or you can fall for their advertisement on Social Media and the internet. Know this, financial swindlers are very persistent and persuasive; they will do everything to rope you into investing. Once they succeed, they will ask for more money until you can’t or won’t fund anymore.
As soon you stop depositing or you make withdrawal requests, the people behind this fraudulent project will vanish with your capital. Thus, two things you must remember; first, be careful about easy earnings, and second, think twice before taking any risks while investing money.
Trade X Ten Summary
At the end of this analysis, as you can find out in other Trade X Ten reviews available on the web, scam allegations against this particular company are valid since it is a financial swindler that will rip you off. Thus, please pay no heed to offers from this unscrupulous broker, regardless of how they seem attractive.
Bear in mind that with an illegal broker, there are no money withdrawal guarantees. Only trade with 100% safe forex brokers. But if you have any negative experience with this or any other fraudulent broker, we would be grateful if you could share it with us.
FAQs About Trade X Ten Broker
Is Trade X Ten Legally Registered?
No, it isn’t. It is the opposite. This not legit broker operates unregistered.
How Secure is Trade X Ten Broker?
It is not safe at all. Your funds are at serious risk when trading with this illicit broker.
Do Trade X Ten Have Hidden Fees for Withdrawal?
Yes, this bogus brokerage charges a minimum of $10 for all methods and $50 for the wire transfer if withdrawing below the limit (between $20 and $100).