Beware! TenX Prime is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TenX Prime is your average offshore broker – they are still not confirmed scammers but are probably up to no good. The biggest problem with the broker is the complete lack of regulations – such facts are never to be neglected when your money is at stake. With TenX Prime, you would not be able to benefit from the countless protections working with regulated, reliable company guarantees. Moreover, the payment methods provided by TenX Prime are very questionable and might prevent you from getting a chargeback if it does turn out that the broker is a scam. Better look up reliable, regulated brokers with a solid reputation – more often than not, they can offer you not only safety but also better conditions.
TenX Prime REGULATION AND SAFETY OF FUNDS
TenX Prime is registered at one of the most notorious addresses in the world of trading – Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. There are literary hundreds of scam companies registered at that exact same address – the only thing you will find if you Google it, is the desperate testimonials of people trying to get their money back. The FSA of St. Vincent and the Grenadines does not regulate forex brokers and as a result, many scammers have chosen this country as a center for all sorts of illegal financial activities. Some legitimate brokers like OctaFX do have offices in St. Vincent and the Grenadines – but these are established international brands regulated elsewhere that have set up an offshore branch with the aim to offer more attractive conditions and avoid some restrictions that exist in more strict jurisdictions. In case the broker only has offshore offices, we would suggest that you refrain from working with it – companies registered in St. Vincent and the Grenadines abide by no laws and answer to nobody. There are also no protections in place for clients.
A much better choice is to open an account with a regulated UK, EU, or Australian broker. Such companies have to meet many requirements in order to obtain a license and answer to the most merciless financial authorities in the world. The maintenance of some sort of operational capital is a common requirement – at least A$1 million for Australia and €730 000 for the EU and the UK. This proves the broker’s financial stability. Negative balance protection is provided to all retail clients – your losses cannot exceed the money you have in your account at the given time. Client deposits are always kept separate from the broker’s own funds in segregated accounts – this allows the broker to grant faster withdrawals and proves that the company is not using your deposits for their own financial operations. Finally, although compensation funds still don’t exist in Australia, they are a fact in the EU and the UK – if a broker goes bankrupt, their clients would be able to receive a compensation of up to £85 000 in the UK and €20 000 in the EU.
Such security measures are not in place when you are working with an unreliable, offshore brokerage – more often than not such companies are created with one purpose only – to get their hands on your money.
TenX Prime TRADING SOFTWARE
TenX Prime offers a download link for a platform that is certainly well-known to most traders – MetaTrader 4. Since its introduction in 2006, MT4 has become a true industry staple. The platform only recently got surpassed by the newer MT5 in the number of clients that use it – but remains the platform with the biggest volume of trades executed. That is more than understandable – MT4 is stacked with great trading tools, indicators, and possibilities for charting and analysis while also not being more complicated than it needs to be. Some of the features you will get access to are Expert Advisors, VPSs you could buy to keep t your trading bots operating even when your computer is not on, possibilities for developing bots and indicators or using multiple accounts, signals, and much more. Be warned that many scammers use the software’s great reputation to attract victims – this is why you should only use MT4 with reliable, regulated brokers.
Moreover, TenX Prime did not even allow us to log in to their MT4 terminal and let us try and trade – there was some system problem.
TenX Prime TRADING CONDITIONS
The broker only offers one trading account – the minimum deposit you would have to transfer is just $25. This is more than affordable – but since the broker is not reliable, we would suggest that you check out our list of brokers with a low minimum deposit instead.
The leverage TenX Prime is quite high – 1:500 for forex majors. While offshore brokers are not obligated to follow any leverage restrictions, all UK, EU, US, and Australia-regulated brokers are. No EU, UK, or Aussie broker could offer leverage higher than 1:30 to retail clients. The ratio is slightly higher in the US – 1:50. High leverage enables you to make bigger offers – and earn, or lose much more money in the process. If you are interested in trading with high leverage, check out brokers offering leverage of 1:100 – but under no circumstances turn to anonymous companies like TenX Prime.
The spreads we were promised started from 0.1 pip – we have to admit that this is more than attractive but scammers are often known to manipulate platforms to make you think you are turning a great profit when you are actually not. And besides, as we could not log in to the broker’s MT4 terminal, we could not confirm TenX Prime’s claims.
TenX Prime DEPOSIT/WITHDRAWAL METHODS AND FEES
Although you will see the words “bank transfer” and “debit card” among the payment methods, you should not believe that the broker accepts such deposits. TenX Prime actually provides a direct connection to a few lesser-known crypto exchanges where you could purchase Bitcoin with a card or bank transfer – only then will you be allowed to deposit. Of course, you will also be able to deposit Bitcoin directly to the broker’s wallet.
While many legitimate brokers have started accepting crypto payments, they always give you the choice to deposit in a different way. Scammers on the other hand urge you to deposit in crypto – such transactions are irreversible because of the very nature of blockchain technology. This means that once you have deposited, you can never get a chargeback. So we advise you to only use this payment method with brokers you are sure you can trust completely.
HOW DOES THE SCAM WORK?
We would not call such scams a complicated affair – quite the contrary, they usually work in a very simple but surprisingly effective way.
First, you will see some sort of ad on the Internet for the broker’s website. Maybe you have heard about people getting rich by trading, maybe you even know such people. Or maybe you just get tempted by the promise of earning a lot of money with relatively little work – such brokers rarely warn you about the dangers of trading or provide you with educational material that could actually teach you how to trade successfully. All you need to do, according to them, is deposit a certain amount of capital, and you will see the money piling up.
But you don’t even need to deposit for the wheels to start turning – you just need to provide the scammers with your phone number and e-mail address. After that, they will not leave you alone before you deposit. And such people are well-versed in the art of smooth-talking – they are usually quite convincing and will persuade you to transfer the money in no time. Once you have deposited though, they will keep asking you for more and more money. And you will gladly invest more – because at this point you are probably turning a profit. However, once you try to withdraw your profits, matters will get complicated. The scammer will make up reasons why this is impossible – additional taxes or certain clauses in the Terms and Conditions. At some point, you will start figuring out something is wrong – but the scammers will be long-gone with your money by then.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is change all your banking passwords to make sure the scammers would not be able to get access to any more of your money. If you have installed any sort of remote access software and given scammers permission to access your computer, make sure to ask for assistance in getting rid of everything such people have put on your device. If you have deposited with Visa or MasterCard, ask your card provider for help – chargebacks are possible within 540 days. Notify the responsible authorities and make sure to inform other people possible about such scams – online, and in your circle of acquittances. The more people know about this type of scam, the fewer victims scammers will be able to attract in the future.
Know that the chance of recovering your money is slim and try to look into brokers carefully before investing in the first place. Finally, don’t trust any company or person claiming they could recover your money for a fee – such “recovery agents” run another type of scam aimed at desperate people who have lost money. Sometimes those “agents” are the same people that scammed you in the first place.