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10CFDs Scam broker review
10CFDs is a Forex and CFD trading broker which is operated by Speed Solutions limited authorized in Belize. The payment processing is done by Speed Payments OU which is based in a different country Estonia. Before you decide to trade with 10CFDs broker, first read its review here.
10CFDs offer 7 different types of accounts including Basic, Bronze, Silver, Gold, Platinum, Black and Elite Account. The minimum deposit required is with the basic account and that is $250. The broker offers a variety of trading instruments which include currency pairs, CFDs on natural gas, oil, indices, gold, silver, platinum, sugar, cotton, crypto coins and more. 10CFDs offer high leverages up to 1:200 which is much greater than the capped leverage allowed by ESMA i.e. European Securities and Markets Authority.
The payment methods are debit cards, credit cards, Bank Wire, e-wallets like Neteller, Skrill, Western Union, PaySafe Card etc. The broker does not accept bitcoins as of now. According to the new rules of FCA, ESMA and other reputed regulators, the bonuses for trading are banned. The reason behind this is the controversial withdrawing conditions when bonuses are offered. Here in case of 10CFDs broker, they have stated “The required volume to be reached in order to withdraw a bonus is calculated by using the bonus amount multiplied times a rate between 40-50”
The withdrawal process is mentioned long and they say that it may take up to 4 days for the withdrawal request to complete.
The fee and commissions are unusually high and every time you withdraw, they will charge a fee of 3.5% and no less than 30 USD. The monthly maintenance fee is $20. This fee is unusual as most legit brokers do not charge any fee on withdrawals.
Is 10CFDs scam or legit broker?
Although 10CFDs offer a good selection of trading instruments, good leverage and featured trading platforms, we should keep in mind that the broker is an offshore broker and not registered with a reputed financial broker like FCA in UK, ASIC etc. The company behind it (Speed Solutions Ltd) is regulated by a local regulation authority International Financial Services Commission (IFSC). The offshore regulation authorities like the mentioned IFSC do not have proper resources to manage brokers operating internationally.
Therefore we advise not to trade with 10CFDs broker. Trade only with brokers who are registered with reputed institutions like CySEC in Cyprus, the FCA in the UK etc.