TENKOFX provides access to cryptocurrency trading through dedicated crypto accounts. It also facilitates access to the Forex market as well as CFD commodity markets. Through MT4 trading platform, it provides three types of live accounts, demo and Islamic accounts with acceptable minimum deposit requirements. However, their licence of FSC has been exceeded.
Pros and Cons
Is TENKOFX Legit?
TENKOFX claims it is regulated by the Financial Services Commission (FSC). It holds the licence types of Retail Forex License with No IFSC/60/349/TS/15. However, this license has been exceeded.
What Can I Trade on TENKOFX?
TenkoFX offers access to the Forex market, crypto trading and CFD commodity markets.
Account Type
TENKOFX offers three types of live accounts and demo accounts. These three live accounts conclude STP, ECM and Crypto accounts with the minimum deposits of $10, $100, and $10 respectively, which are acceptable and reasonable. Besides, the STP and ECN accounts support Islamic accounts.
Leverage
TENKOFX offers the maximum leverage of 1:500, 1:500 and 1:3 for the STP, ECN and Crypto account respectively.
TENKOFX Fees
TenkoFX offers the commissions for different types of accounts- from 15 USD for the STP accounts and 0.5% of trade volume round turn for the Crypto account.
The commission rates for different account balances are:
For FX pairs where the base currency is not USD, commissions are stated in the base currency. For example, for the EURUSD pair, the commission would be charged in euros.
For Contracts for Difference (CFDs), commissions are dependent on account balance and are as follows for specific instruments:
UK 100, Germany 40, France 40, Europe 50, Wall Street 30, US SPX 500, US Tech 100, Japan 225, Australia 200: 0% commission across all account balances.
US Crude, UK Brent, US Natural Gas:
Below $1,000: 0.005%
$1,000 - $25,000: 0.0025%
Over $25,000: 0.0018%
Details can be learned about through: https://tenkofx.com/trading/tr_comissions/.
Trading Platform
TENKOFX facilitates their traders using MT4 to trade. Install the MetaTrader4 trading platform, simply download the setup file to your PC and run it, then follow the installation instructions. MetaTrader4 is the industry standard and its value has been consistently proven over time. It incorporates multiple trading indicators and analytical tools and allows you to automate an almost unlimited variety of trading strategies.
Customer Service
TENKOFX support 24/5 customer services via email.
The Bottom Line
TENKOFX serves as forex service provider, offering regular forex business. It offers MT4 with reasonable minimum deposit and many types of accounts. It also offers many security measures. However, there are limitations that it is now under regulated status and the U.S residents have no access to trade with it.
FAQs
Is TENKOFX a good for beginners?
No. Their FSC has been exceeded and their commission items charged are complex for beginners.
What tools does TENKOFEX provide?
It provides economic calendar.
What security measures does TENKOFX have in place to protect my funds and personal information?
It provides SSL EV (Extended Validation) technology, SMS validation, and manager and investor security.
At TENKOFX, are there any regional restrictions for traders?
Yes. It does not provides services for the residents of the U.S.
