10Trade is owned and operated by Holiway Investments Limited, located in Nicosia, Cyprus at 4, Pindou Street, 4th Floor, Flat/Office 408, Egkomi, CY-2409. This means they are under the jurisdiction of the Cyprus Securities and Exchange Commission. Their license number is 248/14, their telephone in Cyprus is 22 35 35 57 (as listed on CySEC;s website) and in England is 0808 189 1458. Their email address is email@example.com. Overall, 10Trade is fully regulated, which is a big plus because knowing that a regulatory authority watches over their actions offers an increased level of confidence for clients. On the other hand, U.S. clients are not accepted due to EU regulation restrictions.
Is 10Trade a Scam?
10Trade is strictly regulated and very transparent, having all the relevant information displayed on their website and going simply by the book. We are certain that 10Trade is not a scam.. Usually if a broker doesn’t show the name of the owning company and the address on the website I have a very tough time getting this info from their Support service and usually I end up searching for it in other places. It’s like it’s some sort of a secret… but anyway, that is the first red flag for me. Since 10Trade has a totally opposite approach and they make everything very visible, I‘d say they are miles away from being considered a scam but we will keep monitoring, nonetheless.
Update 2017: This broker recently had a massive drop in traffic and could be considered a firm that is shutting down. However, live chat was still available and denied the allegations. Bear in mind that most firms deny they are ceasing their operations until the last moment. In this case we can report a huge loss in traffic and, based on similar cases with many other brokers, we can only assume they are closing.
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Editor’s Note – Why 10Trade Doesn’t Suck in 50 Words
Regulation. In fact, it’s not only that they’re regulated by CySec, but they also go by the book by all means. Some users from non-European countries may be surprised they can’t trade with 10Trade due to the new EU regulations, and existing users would find 10Trade’s Complaint Form very easy and accessible in case of trouble. On top of that, I cannot help but mention that their market reviews are up to date. My senior readers probably know how “strict” I’m with that.
Why 10Trade sucks in 50 words
My first impression on this brokerage is actually very good and when that happens, I consider even the smallest thing a suck-factor. With a bad brokerage you can find tens of reasons why they suck but with a good one, things are harder. Anyway, enough chit-chat; they suck because of the smiling dude on the front page. What’s up with that? Do they even know its 2015 and this type of marketing looks like a 2010 sales-page? I know that dude is there to inspire confidence but it does the opposite.
Should I Open an Account with 10Trade?
Update 26/02/2017: 10Trade.com went from hundreds of thousands in traffic to only a few thousand. It could be because they stopped marketing, which in turn means they could be shutting down. Overall, I can’t say for sure and as mentioned before, their live support denies this. Interestingly, their live support was available during a weekend which is good and in addition, 10Trade, in accordance with new CySec rules, removed their bonus scheme and no longer offers any bonuses tied to trading volume. It translates to that they still seem to be on top of things and offering good service despite the very low traffic.
The platform used by 10Trade is Spot Option version 2.0 and I am very glad to say they offer the new Ladder Options feature which allows you to make more money if the option expires further away from your entry point. Here’s a real time example taken from their platform as I write this review: the current price is 1.1295; if after 15 minutes your Call option will reach the price of 1.1305, you will get 378.19% payout. Huge, right? And we are only talking about 10 pips. If your option reaches 1.1310 you will get 437.72% payout and the percentage increases to 502.53% if 1.1314 is reached. I recently talked about this Ladder feature in another broker review and I said that I believe more and more brokers will offer it. Looks like I was right, but actually I don’t know who introduced it first so I don’t know where full credit goes. Anyway, it’s a great addition to binary options and I think it will be particularly useful during news releases when price can move strongly.
As far as I am concerned, 10Trade is a great looking broker, actually one of the best I’ve seen lately. The client gets good education, innovative features and of course, the safety of CySEC regulation, all combined with a professional approach from 10trade employees. We’ll keep a close eye on this brokerage and we hope they don’t disappoint because so far they are top notch… they just need to change the smiling dude on the homepage. Just kidding; actually now that I’ve spend more time on 10Trade’s platform, I don’t even notice the guy anymore.
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Update 2017: We couldn’t find any negative complaints, no withdrawal issues nor account manager fraud claims. It could be because 10Trade.come is legally registered in most European countries and operating favorably with their clients and that the few clients that had issues have been complaining through their respective regulators. Another reason is that this broker has such low traffic during the past six months it’s obvious that we don’t hear too many complaints.
10Trade Regulatory Announcements and Warnings
09.03.2015: CSA in Canada publishes a list that includes 10Trade.com among brokers that illegally target Canadians. Source: Lautorite.qc.ca
Update 26/02/2017: 10Trade.com announces: “In order to conform with new regulations issued by the supervising authority, our bonus scheme will be withdrawn as of today. The rights of clients who have already accepted bonuses will not be affected in any way. Terms and Conditions related to bonus schemes will continue to be binding for both parties (for ourselves and the client.)” This means that 10Trade.com, in accordance with new regulations will no longer offer bonuses tied to trading volume, which is a good thing. It also means that if you already have a bonus since before, the previous terms apply as mentioned in the earlier review below:
The turnover required before being able to withdraw the bonus also differs depending on the amount you received as a bonus. What is important to me is the fact that your deposited money is available for withdrawal at any time. This is very important and speaks a lot about their fairness because we know that most brokers will block your deposited money until you reach the required trading volume. Also, the Bonus will not be pushed down your throat and instead you have the option to take it or not. Extract from 10Trade’s Terms and Conditions: “11.1.3 The Company will not restrict the client from withdrawing his/her deposit…”, “11.1.4 Client is not required to accept any bonus offered by the Company, all bonuses are optional.”
Their rules regarding withdrawals are pretty much standard, meaning that you have to provide valid IDs and all funds deposited through a credit/debit card must return to the same card. All additional profits can be withdrawn via wire transfer. The minimum withdrawal is $30 for credit cards and $100 for wire transfers and the processing time is up to 3 business days but additional time can pass until the funds are visible in your bank (5-7 business days).
User Friendly 17/20
The website is translated in 8 languages, the platform is SpotOption which is one of the best in the industry and it is well known for its capability of satisfying both new and seasoned traders and the website works smooth, with easy to access information.
Number of assets and expiry times 18/20
With 10Trade you have the opportunity to trade 29 currency pairs, 112 stocks, 9 commodities, 37 indices and 25 Pairs, which is much more the enough. The expiry times range from 60 seconds to end of day and even end of year, with all the normal time frames in between. One Touch options are also available.
Commissions, Support and Effective return 17/20
As usual, there are no fees to register and to open an account but a $30 fee will be paid if the client wished to make more than one wire withdrawal per month. The payout ranges between 70% and 81% which is pretty good and in case of an unsuccessful trade you will get a refund up to 10%. Their support team is very quick to answer and I didn’t have any trouble getting the information I needed. Update 2017: if your account drops below 25$ (or other currencies) you will be charged 5 currencies per month until the last debit where after your account will be closed. If your balance is above 25 currencies however, your account will be closed after getting notified by the company and after 10 days after which your account balance is returned to you.
Deposit, Payment and Bonus 17/20
The minimum you can deposit is $200 and the ways to do it are credit/debit card, wire transfers and a variety of e-wallets (Skrill/MoneyBookers, CashU, iDeal, Neteller). Withdrawals are processed in up to 3 business days and 5 to 7 days will pass until the money will reach your account after the transfer has been accepted. Update 2017: 10Trade.com no longer offers bonuses as mentioned above under bonus section. This is in accordance with new regulations.
Website Extras 13/20
The Ladder feature is great, Regulation is a big plus and they clearly say they don’t tie your own deposited money to their platform. Considering that 99% of brokers do their best to keep your money in their pockets (excuse me, “platforms”), I rate 10Trade with a higher score simply because they clearly state in their Terms and Conditions (not only in Live Chat or somewhere on the website) that your money is your money.
10Trade Overall Ratings (84) + Regulated (+3) = 87/100
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