Beware! 10tradeFX 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.


10TradeFx claims to offer an extensive range of intelligent, user-friendly products, services and tools that appeal to the pros and enable new clients to invade the online trading arena. Allegedly, their cutting-edge platform provides the highest levels of transparency and protection with advanced technology, securing the privacy and safety of client funds and creating a trading environment traders can trust. The broker also ensures that all funds are held in separate ‘client trust accounts with Tier One EU Banks and not used for hedging, margining or any operational purposes. However, we can’t be sure that clients funds are segregated at all as the broker is not actually forced by law to do so. In fact, it is well-known in the markets, but it has undergone significant changes that we’ll address in the following review.


10tradeFX is a brand of Evalanch LTD, which is licensed and regulated by the Seychelles Financial Services Authority, meaning that at least on paper, it’s a legit broker. So far, so good, but now we start howevering. First of all, the regulation in Seychelles is pretty loose as the only customer protection is the capital adequacy requirement of 50 000 USD that actually can’t guarantee that a brokerage will survive turbulent times. What’s more, the regulator doesn’t insist on accounts segregation, so 10tradeFX may still put your money at risk. Yes, Seychelles strives to create a regulated environment that’s much more transparent than some other offshore jurisdictions. However, it’s still a tax haven, so 10tradeFX is enabled to make your money disappear by transferring them into other offshore accounts. In any way, the Seychelles license doesn’t make 10tradeFX a safe brokerage.

In fact, the broker was previously operated by Holiway Investments Ltd- a company still licensed by CySEC that was passported into the UK, but not any longer. At present, though, 10tradeFX is run by another company, and we don’t actually know how and why the transition happened. There is a complete blackout about it, and the whole situation is fishy nonetheless. Both Holiway and Evalanch could have shared some information, but neither of them did so, and we even don’t know what the real linkage between both is. Apparently, they are trying to hide something from the public, failing to operate transparently, which is terrible news for 10tradeFX as its credibility drops a lot because of that. And it’s getting even worse, actually.

Namely, the Seychelles license doesn’t grant 10tradeFX permission to offer its services in the EU or take European clients like ourselves. Well, the broker doesn’t care about that as we could seamlessly sign-up and later open a real trading account; even more so, 10tradeFX was ready to accept our deposit, breaching international AML and KYC regulations. That’s a major red flag undermining the broker’s credibility even further, and it shows how competent the Seychelles regulation actually is.

That’s why we recommend trading with authentic companies regulated by trustworthy financial authorities like CySEC (Cyprus) and FCA (Britain). Both maintain the highest supervision standards and require brokers to keep deposits segregated in local banks, thus ensuring clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate unfortunate people in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.

Eventually, our regulatory assessment revealed that 10tradeFX is a regulated broker not afraid of wrongdoing, so your funds will be at risk if you deposit, notwithstanding the license.

Now, you can see the broker’s license in the FSA register:


10tradeFX comes with MetaTrader 5, which is the most widely used platform in the world. It’s dominating the market as it’s a robust piece of software packed with advanced features such as Expert Advisors, reliable indicators, sophisticated charting tools and even a marketplace with more than 10 000 apps available.

However, the trading service turned out to be too costly as the EUR/USD spread we encountered was 3.4 pips, meaning that clients pay more than $30 per lot. In contrast, a lot usually costs $10 or less if you trade with reputable brokers, so 10tradeFX is not worth your attention only because of the expensive service.

As for leverage, we opened a 1:500 trading account, so 10tradeFX once again breached EU financial regulations as no broker can legally offer ratios higher than 1:30 for EU clients. A major red flag!

Now, have a look at the MT5 distribution we accessed:


The minimum deposit to open an account is $100, but the funding methods yet again prove that 10tradeFX is nothing else but a legit broker that became a fishy offshore entity. As seen from the screenshot below, the broker accepts Wire Transfers, Credit/Debit cards, Cryptos, Direct bank transfers and Indonesian Rupiah (IDR) deposits. However, the Credit/Debit card actually send you to some questionable payment terminal that may as well pose additional security risks. Beware!

As for withdrawals, there is no minimum requirement, but there are fees that the broker fails to properly specify, which is yet another red flag as the broker intentionally hides important information about its services. Beware!

In fact, the only charge that 10tradeFX designate is the inactivity fee: after 6 months of inactivity, 10tradeFX will collect a 15 USD fee “from time to time”. Well, we are never comfortable when someone tells us that our account will be charged from time to time as the fee may even incur daily! Avoid!

Here you can see the funding methods:

And here is the dormancy clause:


10tradeFX is regulated, but its license isn’t worthy enough – we caught the broker breaching international laws and regulations, so do yourself a favour and stay away. Other than that, 10tradeFX has a powerful platform, but the trading service is overly expensive, which is yet another good reason to find better opportunities; there are many. What’s more, 10tradeFX also has some transparency issues, which certainly makes it a suspicious brokerage we can’t recommend to anyone.

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

Leave a Reply

Your email address will not be published. Required fields are marked *