10CFDS review -5 things you should know about 10cfds.com

10CFDS review -5 things you should know about 10cfds.com

Beware! 10CFDS is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

10CFDS is a Forex brokerage registered in Belize. According to the brokerage clients are extended an extremely generous leverage of up to 1:200. Furthermore, there is wide range of trading products from which to choose and a required minimum deposit of $250. The brokerage claims to provide the MT4 trading terminal and we could see a spread of 3 pips on EUR/USD which is absurdly high and a definite disadvantage for traders.

10CFDS regulation & safety of funds

According to the website the company behind the brokerage is registered in the Republic of Belize with the name SPEED SOLUTIONS Ltd. We further find written that the company is supposedly licensed and regulated by the local International Financial Services Commission (IFSC).

Forex brokerages in Belize have to guarantee legitimacy by having at least $500 000 in starting capital.  However, even though a license by the IFSC is better than nothing, it still does not carry the same weight in Forex trading as a license by the NFA in the US or the FCA in the United Kingdom.

Going on the online registry of the regulatory agency we did find mention of the company’s name which leads us to conclude that the information presented on the website is correct and that the brokerages does fall under the regulatory oversight of the IFSC but we highlight that such a regulation comes up short when compared to the FCA since IFSC do not participate in compensatory schemes by which client’s funds may be recovered in case of fraud or bankruptcy.

Nonetheless, the brokerage does provide clients with the MetaTrader 4 trading terminal which is the preferred trading terminal of over 80 percent of forex traders. However, we were unable to download it and instead we could check out the web-based trading platform the brokerage offers and see leverage of 1:200 which is quite high. Trading with such a leverage hides the risk of losing more than the initial deposit. There was also a spread on EUR/USD of 3 pips which is more than twice the industry average and a big disadvantage.

The lack of adequate regulation, as well as the high spread inclines us to believe that there are better trading options for clients in Forex trading.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

10CFDS deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via a wide range of payment methods which include Visa, MasterCard, wire transfer, as well as Neteller, Skrill and Paysafecard.

We did find quite a few provision worth noting in the terms and conditions.

We discern that there is a profit clearance fee ranging between 1.50 and 5.00 per trade, as well as a maintenance fee of $20 collected every month. Such fees are not found in the terms and conditions of legitimate brokerages. Profit clearance fees only exposes 10CFDS’s intent of making money through slowly draining the clients funds.

Furthermore,  we read that the brokerage charges a withdrawal fee of 3.5 percent which will be a minimum of $30 and a maximum of $350. Furthermore, the brokerage also posits a minimum withdrawal amount of $100 for wire transfers and $50 for credit cards. Such provisions are excessive and unacceptable in Forex trading – legitimate brokerages may charge some sort of a withdrawal fee but requiring a minimum withdrawal amount should be viewed always with suspicion.

Last but not least – the bonus trading conditions:

There is a requirement for a minimum trading volume in order to withdraw from an account that has taken advantage of the bonus promotion. In this case it is 40 to 50 times the bonus amount. We urge readers to take notice that almost always a bonus promotion, especially with unregulated brokerages, is tied with extreme trading requirement conditions which make it almost impossible to withdraw your money.

Having in mind this caveat, we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
10CFDS
Broker Rating
1.31star1stargraygraygray

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42 Comments

  1. https://trade.10cfds.com/trade
    10cfds, made me lost all money! the agent would call you all the time to tell you, you will make profit from the transaction.

  2. Dear Sir,

    I have just started trading with 10CFDS.COM after that they told me to convert your account into GOLD account than you will get more profit. i have did,for that i have to deposit 10000 USD. same day evening other account manager called me for to do trading. i just followed them after one hour my account is almost empty.
    Please tell help me on this. is this scam ??? if so then how to get back this money.

    Many thanks,
    Rajeev Kumar

    1. Sorry friend same thing was happen to me which I have deposited around 5000USD from tricky way they have doing this they tell us trade and our investment all gone in 00 balance and they will say us it’s our mistake like that … in this month only I also invested on October 4 last week 17 th only I also got loss they r the Scammers try close ur ATM card which u deposited and change your mail passwords …. I put my one year investment in this I don’t know what I am going to do …. we cannot get that Money sry for say this ….if any thing u can contact me by FB

    2. you was your account manager I also started with this company but deposit only a small amount My account manager is Emily

    3. Me too, my $ gone within a week, really scammer!

      1. So really this people r scammers? I was going to sign up with then for bitcoin pro but they say need to do it through their platform So i Google on them n found this site.

    4. Hi, I also last 500usd please guide me how to get my money back from 10cfds. Is this scam?

    5. I got the point now because they are push me also deposit the Money in your account. now got they are big scammer.

  3. Hi I too lost my money in 10CFDS they r the Scammers I lost around 5000USD by them it’s all from their side and but they say we have done the mistake …. we cannot get that Money

    1. We Donated money to buy them coffins!

  4. Hi Royal,
    Which is the best forex broker to work with

  5. I tried to withdraw my $ 4000 but was unable to do it as they say the account manager will contact you. The same night $ 2500 went missing and I’m still not able to withdraw the remaining balance. Also no contact on what happened to my account. They ask you to send a copy of back and front of credit card but don’t accept the copy if you to scratch out the numbers.cancellled the card immediately . Also be careful as they use teamviewer and ask you do do deposits to them. They can see your cvv number as well as your passwords for banks. They ask for $8000 as a bitcoin trade. It’s a very good Convincing scam. But at the end you have nothing. Once you transfer your money you will not be able to withdraw it back Into your account. Don’t be fooled people it’s a scam! They are not the real deal and they attract using bitcoin as bait.

    1. Is there any way to get your money back? I have sent 1000$ and gotten worried after reading these comments… they are asking for bank statement passport copy and Visa card copy to activate account and only then they can transfer the money back to me they said..

    2. I share my debit card details and didn’t send the photo of my card. I shares my passport copy. so what should I do please suggest immediately

    3. Same happen to me

  6. somebody help me because it is not too late. shouĺd I destroy the card.

    1. Balakrishnan Lakshmanan

      Definitely. Get the card re-issued.

  7. 10 cfds no.1 cheeting money …dont put any money fore this company ..pls …..dont share any bank details jf your sharing ur account will come empty

  8. I lost money this 10cfds trading invest…pls anybody dont trade this platform and dont give bank details…every time they calling to top up the money finnally all the money will lost …many peopels are trouble same like

  9. I just deposited the $250 and I am getting worried now since there is no good word come out about 10cfds.
    Am I lost the money for good?

    1. I just deposited too. Did you manage to get your money back?

      1. How do you see this 10CFDS platform. My fear is that I released my account details

  10. Really really very bad ..don’t invest money this site ..if ur investing any single pills not getting back..many people are struggling …

    1. Yes I got it back cash my account….but who our lost money go to the site complaint first

      1. Hi bashir hiw did u get back your deposited money?

      2. Hi Bashir,
        Could you please explain the steps to get the cash back.

      3. How to get back? Because they told you your account is not yet verified

      4. Hi Bashir.. How did you recover your money? Please help..

  11. Please stay away from 10cfds,they are big scammers.

  12. Ladies and gentlemen, u make me scared. I suspected foul play today. My gut feeling tells me something is not write. This company called 10CFDS is something else. I registered last week on the 05th of December 2019 with a deposit of $250. The lady called me and advised me to deposit. She was more than willing to assist me withdraw from her side. I allowed her and I only placed an OTP for the transaction. Fortunately, I he told me that she was testing the card if it works. On the 06th A lady called me again and this time I deposited from my side an amount of $250 using another card. She advised that I must not trade because I will lose but wait for an account manager to come and assist me with the trade. I did.

    Om Monday, a gentleman called me and assist me to do a trade. What surprised me is that the gentleman tried to induce me to deposit about $1000 saying it is the better way to make more profit. I refused. He said the company will reimburse me for the loss if it happens but if the profit is realised, I will stand to take the whole. But he attempted with my help to withdraw $1000 until he could not find $250 again from my account. He then left saying
    he will contact me on Tuesday. He did not on Tuesday and Wednesday. On Thursday, the 12th I decided to escalate my query on the telephone. The exchange told me the telephone does not exist. I went to the chat room and complained. The ladies on the chat room exchanged, two of them, interchanged I answering my questions until one told me that she cannot answer trade questions and I must wait for the manager to answer. I dropped them and continued with the trade on my own.

    From a mere $301 balance on my account I clocked a close balance of $671 on the day. Suddenly on Friday, the said manager called and told me to buy and invest in Forex. Previously I invested on Commodities. He advised me on buying 100 EURUSD and 100 USDJPY. I was sceptical because initially he told me not to use more than 50% of my balance. on this day, i received a margin call twice on my phone unaware of it and my money was flushed from the balance of $671.50 to $136 which is below the amount I de[posited. i Realised that someone took my money for the December 16 Holiday.

    Please what can i do now.

  13. Hi guys just now i saw your comments, i have deposited my money yesterday. Shall I proceed for doing or shall I stop. Also how can I get my money. I transferred my money through Credit card, i know without OTP they cannot transfer any money i didn’t share any card details. Can anyone advice what to do Now.

    1. same here! I have transferred my money thru. credit card but still not yet verified my account. What can I do?

  14. Not my real name

    I was a bit lucky as I have experienced on this kind of scam before with another broker company called FSMSxxxxt. I had lost more than >USD10,000 with the company. After reading all the comments here, I noticed the modus operandi is about the same i.e. they would keep asking you to inject more funds into the account for bigger profits. They would do trading on your behalf and when the account was making loss, they would ask for more deposit.

    My requests for withdrawal was not entertained and after further research I started a Chargeback. After more than 6 months, I got back ALL my deposits. There is a process to it and you can do it yourself if you know how to do it and no need intermediary which normally charge high fees. Just go to your bank and inform them that you want to do a Chargeback on the transactions because the service and products are not as advertised. There might instances that your bank will not do it properly – you need to insist your bank to proceed with the Chargeback giving all the reasons for your Chargeback. In my case, it was declined the first time. And after I insisted to proceed the second time, I got back the refund, although it took me 6 months.

    10CFDs has recently called me and asked me to join their platform. Being someone who had bad experience in the past, I am more cautious now. I informed the sales lady that I need more time to research on the company and need to read reviews about it. Reading the comments above, I think I would not proceed with them.

    1. you were scammed by FSMSmart? And then 10CFDS call you? Do you think they are the same scam group?

      1. Dont involve with 10CFDS..!!

  15. Do not trust 10CFD!!! Same problem that I lost $15K .
    After that no one contact me any more…

    1. I lost USD4750 with them

  16. they r not in estonya

    Scamerrs from Kijev Pragu end Tibilisy it is true

  17. I have bad experience with 10CFDS. Can you tell me how to do charge back. But fund already in their account.

  18. I released my account details to this 10CFDS Customer care.which includes my card number, cvv ,card expiry date and the OTP.but my account was insufficient. the transaction was not successful. But my question is that can he have access to my account?

  19. Now I read all this I never deposit.she always calling me in phone to deposit $250 but I always bzy.thank you god you save me.but the prblm is I saying I have money in my bank so what can I do now.

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