Scams10CFDs Review

Is 10CFDs a legitimate forex and CFDs broker or a scam? Should you invest your hard-earned money with this firm? Are there any concerns regarding its financial dealings?

10CFDs claims to offer you an opportunity to reach your trading potential through personalized education. You also gain access to global financial markets – flexible access that can be customized to your needs.

If you decide to invest with this firm, will you manage to withdraw your money for whatever reason? These and many other questions are what we are going to address in this in-depth review.

If you have lost money with 10CFDs and are unsure of the next steps to take, we can help. Schedule a free consultation soonest possible and begin the journey to get your money back. Our team of experienced experts will guide you all the way.

Now, let’s find out the real truth about 10CFDs.

10CFDs Review: Who is 10CFDs?

10CFDS is an offshore forex brokerage registered in Belize, as shown on the website. With a minimum deposit of $25, you can choose from its wide array of trading accounts. These include Gold, Platinum, Bronze, and Elite, among others.

The brokerage firm also offers the very popular MT4 trading terminal with a spread of 3 pips on EUR/USD. This is unreasonably high, benefits the broker, and disadvantages traders.

10CFDs maximum leverage10CFDs offers various trading products such as Forex, cryptocurrencies, stocks, indices, and commodities. Surprisingly, its leverage of up to 1:200 as per the trading platform is relatively high – more than what the European Securities and Markets Authority, ESMA, permits.

Is 10CFDs a Legitimate Investment Vehicle?

It is very unwise to trade with an unlicensed broker. You should only trade with brokers who hold licenses from reputable regulatory agencies such as the Financial Conduct Authority, FCA in the UK or Cyprus Securities and Exchange Commission, CySEC.

Such institutions oversee the operations of brokers registered under them. They also offer their members compensation funds to help cover clients’ losses. Unregulated brokers are unreliable. They also abuse the set regulations and can disappear with your money.

10CFDs is the trading name of Speed Solutions Ltd. The latter is allegedly regulated by Belize’s International Financial Services Commission, IFSC. Client transactions, on the other hand, are processed through Speed Payments based in Estonia – a different country altogether.

However, while Speed Solutions Ltd is regulated by the IFSC, the licensed trading name is arotrade.com, not 10CFDs. This makes 10CFDs an unregulated broker.

Also, IFSC does not compensate its members to help them recover their client’s funds in cases of fraud. The security of your money is not guaranteed.

Unveiling 10CFDs Scam

10CFDs scamIn November 2019, the Monetary Authority of Singapore, MAS, issued an investor alert against  10CFDs on its website. This was because the firm “may have been wrongly perceived as being licensed or regulated by MAS”.

10CFDs Red Flags

Here are some things about this firm that should make you raise an eyebrow.

1. High Fees and Commissions

While most legit brokers have no withdrawal charges,10 CFDs charges abnormally high fees and commissions. Each withdrawal costs you a 3.5% fee that’s not less than $30. Also, there’s a $20 monthly maintenance fee.

There’s a commission fee applicable when you open and close a position on the trading platform. The exact amount is undisclosed.

2. Account Withdrawals

The withdrawal process is long – up to 3-4 days. Besides, It could take a couple of additional days to receive your money. Most brokers process withdrawals within 24 hours. It also takes 2 to 4 working days to credit your bank account.

For wire transfers, $100 is the minimum withdrawal amount and $50 for other withdrawal methods.

Withdrawal conditions are also controversial. While regulators like the ESMA have issues rules against trading bonuses, 10CFDs has it that you must meet a trading volume requirement first. The volume is arrived at by multiplying the bonus by 40-50 times.

Lastly, your account attracts a dormant fee of $100 after 60 days of inactivity. This monthly charge is applicable until you resume account activity, or the account balance gets to zero. These unwarranted charges show that this broker is a real scammer.

Account withdrawals

10CFDs is solely interested in keeping you invested for the longest time possible for selfish reasons. It will, therefore, frustrate your withdrawal attempts, trick you with promises of doubling your money, or request for additional deposits.

3. Negative Customer Reviews

There have been multiple complaints from customers against 10CFDs. Some have even lost their funds. Below is a review from deposit-withdrawal.com:

10CFDs reviewsOther customer complaints:

Customer complaints4. Unsubstantiated Claims

10CFDs attractive website is full of unsubstantiated claims that woo in inexperienced traders. Many are enticed to sign up by the promise of making profits. Note that scammers will say anything to appear legitimate and win your trust.

On its website, the firm claims to have a license number, but it is not legal, as we have earlier established. The demo platform is also rigged in your favor. Fake winning trades entice you to open a genuine account using real funds.

When you lose money, you are encouraged to deposit more funds to increase your chances of getting winning trades. The trap is thus set. You end up losing all your money.

10CFDs Review: Wrapping Up

Is 10CFDs worth your trust? Although it offers you many asset classes and a new generation online trading platform, it is an unlicensed offshore broker — an unregulated scam. There is hardly any information regarding the people behind the firm. Plainly put, you have no idea who will be handling your money.

For your trading safety, ensure you always engage in a safe and regulated environment. Only work with a licensed broker such as the FCA in the UK or ASIC in Australia. Their strict rules help to prevent clients from falling into the traps of scammy forex brokers.

As evidenced by our detailed review, your money is not safe with this unregulated broker. Have you lost money to 10CFDs? All is not lost. You can recover it. Book a free consultation session, and we will show you how to recover your wealth.