Beware! 10Traders 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.


10Traders is a Forex broker that has created a black-ish website that is a bit revolting; we have to be fair about that. They offer Forex, Indices, Stocks, Commodities and Cryptocurrencies for trading, providing the customers with MetaTrader4 trading platform. So far, so good, but their legal status remains obscure, and they are trying to mislead the customers by giving absolutely ridiculous information. However, a person that is not truly aware of the way a Forex broker is being regulated might easily bite and start making deposits. It is a broker that you should avoid, find out why in the full 10Traders review.


10Traders claims to be a Cyprus company regulated by the International Financial Service. That is a fake claim because there isn’t such a particular government body that authorises Forex brokers or other financial institutions and intermediaries. The license number that they list is totally fake, and do not match with any financial regulator in the world. On the other hand, in their Terms and Conditions, they do not specify anything about the company that is supposed to own and operate this Forex broker. A Forex broker needs to provide the traders with such an essential piece of information in their legal documents. 10Traders is deliberately hiding crucial information about their legal status, and probably there isn’t any, at all. It’s an unlicensed, unauthorised and unregulated Forex broker, that is trying to mislead the customers by making them believe they are dealing with a legit Forex broker. 10Traders is not legit!

Avoid 10Traders and pick a reliable, true Forex broker, preferably CySEC (Cyprus) or FCA (Britain) regulated. The customer protection policy is placed on top of the priority list of these brokers, not only because they want to, but because they have to. In these jurisdictions, the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients’ accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.


10Traders offers MetaTrader4 accounts to its clients; MetaTrader5 is not available for trading. It’s a safe choice for a broker because MT4 is the most popular retail Forex platform in the world that offer many sophisticated features such as Expert Advisors, Trading Robots, Complex Indicators and many other tools that can be successfully utilised by the traders. Metatrader has developed its own programming language- MQL, which allows professionals and enthusiast to create even more advanced trading systems. The company has even introduced its own marketplace where the traders can buy or use for free trading tools developed by third parties, as well.


The liquidity provider of 10Traders is called BetaMGM– an offshore company that offers brokerage formation and technology services for Forex brokers. The EUR/USD spread is really competitive- floating from 0.1 to 0.3 pips. The spread forms part of the trading costs and is a fundamental feature for the traders. The lower the spreads, the bigger the potential profits, that’s why the most popular brokers are the ones that offer the lowest spreads. We should remind our readers, that 10Traders is a suspicious Forex creature, which deceiving the public about their legitimacy and regulations and should be avoided no matter the favourable trading conditions.

The leverage is said to be 1:400, which is a hazardous level. The leverage made the financial markets accessible for everyone, and it’s a financial tool that allows the traders to buy or sell currencies and other underlying assets by paying just a fraction of the price. That’s called trading on margin, but it comes at a cost because it proportionally increases the risk for the traders. If misused the leverage might lead to irrecoverable losses that might occur very quickly indeed. The higher leverage ratios are considered inadequate for the retail traders, so the EU and UK imposed a leverage cap of 1:30, meaning that the regulated brokers are not allowed to offer levels such as 1:100 or 1:500. We recommend that the traders should stop looking for high leverage Forex brokers because they will either end up being scammed or losing their money on the markets.


The minimum initial deposit that 10Traders asks from the traders is $250, which is a bit high compared to the legit Forex brokers, that will usually want no more than $100 to start trading. However, the minimum initial deposit via Wire Transfer is $1500, which is totally unfair requirement! There shouldn’t be a significant difference between the different payment methods!

The funding methods listed on the Home page of 10Traders include Debit/Credit cards, Skrill, Neteller, AstroPay, Bitcoin and Wire Transfers. Still, we cannot confirm that all of these are available, because 10Traders asks for proof of identification before a deposit is made, and we didn’t want to submit one. It’s a normal practice for a legit Forex broker, but it doesn’t prove in any way that 10Traders is a law-abiding enterprise.

The withdrawal policy alone should make you stay away from 10Traders! There is a minimum trading volume that you should reach to become eligible for withdrawal- 1 lot per 1 dollar deposited, which is an insanely unfair condition, meaning that you should trade $25 million if you make a deposit of $250. Also, the minimum withdrawal via a Wire Transfer is $5000, which is absolutely ridiculous. On the contrary, a legit Forex broker will let you withdraw any sum that you want, without imposing any volume requirements to the traders. The withdrawal request is said to be processed within 5 business days, which is way too long, compared to the rest of the industry. No withdrawal fees are applicable.

An account becomes dormant after only 2 months of inactivity and will be subject to a deduction of 10% each month, which is the next scam clause we want to pay attention to. The legit Forex brokers will usually allow 1 year to pass before making your account dormant and will not charge more than $20 per year.

No bonuses available at the moment, but 10Traders indicate that trading incentives are generally available. We have to make it clear, bonuses are not free money, but a leverage tool, which was considered inadequate for the FX market, turning it into a gambling industry. EU and UK both agreed to prohibit the trading incentives, and we recommend that you should not trade with brokers offering bonuses because the trading incentives went to become one of the favourite marketing tools of the scammers.


The scammers will introduce unbeatable trading conditions and will promise guaranteed no-risk profits to the people. At the same time, they will include many scam clauses in the Terms and Conditions, the Client Agreement or the Disclaimer, which is considered the contract between the two parties. These clauses will include unbearable fees, very high deposit/withdrawal conditions, trading restrictions and so on. The scammers will rely on the fact that many people do not read these legal documents. If the trader is not familiar with all of these unfair conditions, he or she might easily decide to start investing lured by the pledges and the unrealistic expectations. The scammers are aggressive and bothersome, trying to make the people deposit as quickly as possible. They will approach the traders in social media, through e-mails or over the phone, and might not give up even for months!


No one is immune to scam; anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!

Share online your experience; it is important to protect others, as well. Be responsible!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus, South Africa4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
UK, Cyprus, Australia, SA4.8/5$1 Click for a special offerWebsite


  1. I’ve been scammed, the 5 days to return my funds hasn’t been delivered

  2. Hello, just wanted to tell you can try these out,
    I loved this article. It was inspiring. Keep on posting!

  3. They have close their website and done alot of people out of money can websites not be checked before allowed put up their information for people to be scammed it is not right for bitcoin or blockchain or other companies to let these scammed trade on their names they should be held responsible and stop this and return the money back to the innocent people who get caught

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