General Information
Founded in early 2020, TenX is allegedly a broker incorporated in Saint Vincent and the Grenadines that provides its clients with the worlds most popular MetaTrader4 trading platform, leverage up to 1:500, low spreads and no commissions on various tradable assets and 24×7 live chat customer support service. TenX Prime offers a diverse range of trading instruments, including 35 currency pairs, gold and silver, three energies, and 30 cryptocurrencies. The platform also provides multiple deposit and withdrawal options for convenience.
Is ForexMart Legit？
ForexMart is currently regulated by the Australia Securities & Investment Commission (ASIC, Regulation No.001300934) and Financial Sector Conduct Authority (FSCA, Regulation No.52035).
However, the current regulatory status of FSCA is marked as “Exceeded.” This indicates that TenX Prime has surpassed certain regulations or requirements set by the regulatory authority. It's important to note that regulatory statuses can change, and it is recommended to stay updated on the latest regulatory information and ensure that TenX Prime remains within a compliant regulatory framework before engaging in any financial transactions.
Pros and Cons
When considering TenX Prime as a trading platform, it's essential to weigh its advantages and disadvantages. Here is a brief summary of the pros and cons of TenX Prime to help you make an informed decision.
Market Instruments
Account Types
There is only one live trading account type offered by TenX, apart from demo accounts, namely TenX MT4. Opening a TenX MT4 account requires the minimum initial deposit amount of only $25.
How to Open an Account？
To open a Forexmart account, navigate to the ForexMart website home page and select one of three options “Trade With Us” or “Open a Trading Account”
2. Fill in your personal information, register your account and get verified
3. Select types of account and open live trading accountProceed to deposit funds to your account
4. Make your deposit & start trading
Leverage
TenX Prime provides varying leverage ratios for different trading instruments. The leverage options are as follows:
- Currency pairs: The leverage ratio for currency trading is 1:500, allowing traders to control larger positions in the forex market. However, for the ZARJPY currency pair, the leverage ratio is set at 1:100.
- Metals: Traders can access the metals market with a leverage ratio of 1:200. This enables them to amplify their exposure to precious metals like gold and silver.
- Energies: For energy trading, TenX Prime offers a leverage ratio of 1:100. This allows traders to take advantage of opportunities in commodities such as oil and natural gas.
- Cryptocurrencies: TenX Prime provides a leverage ratio of 1:25 for cryptocurrency trading. Traders can leverage their positions to capitalize on price movements in the volatile cryptocurrency market.
It's essential for traders to understand the implications of leverage and manage their risk effectively. While leverage can increase potential profits, it also magnifies the potential losses. Traders should employ proper risk management strategies and have a thorough understanding of leverage before engaging in trading activities.
Spreads & Commissions
TenX Prime claims that it offers spreads starting from as low as 0.1 pips. The spreads are floating, meaning they may vary depending on market conditions and liquidity.
In terms of commissions, TenX Prime operates on a no-commission model. This means that traders are not charged any explicit commissions on their trades. Instead of commissions, the broker may apply a spread markup to the quotes provided. This spread markup is designed to cover the costs and services provided by TenX Prime.
It's important for traders to keep in mind that spreads and commissions may vary across different trading instruments and account types. It is recommended to review the specific spread and commission details provided by TenX Prime for each instrument before initiating trades.
Non-Trading Fees
TenX Prime prides itself on offering no swaps, meaning that traders do not incur overnight interest charges when holding positions overnight. This feature can be particularly beneficial for those who prefer to avoid or are restricted from participating in swap-based transactions.
However, it's worth noting that there may be other non-trading fees associated with TenX Prime's services that are not explicitly mentioned or detailed on their website. These fees could include charges related to account maintenance, inactivity, or certain payment methods.
Trading Platform Available
When it comes to trading platforms available,TenX gives traders the worlds most widely-used MetaTrader4 platform. There are three different versions: MT4 Desktop, MT4 Mobile and MT4 Web. MT4 is known as one of the most successful, efficient, and competent forex trading software, featuring automatic monitoring, advanced charts and live analysis. While with MT4 Mobile, trading can be done from anywhere and at any time through the right mobile terminals such as Android and Apple iOS devices.
Here is a comparison table of trading platforms offered by different brokers:
Deposit & Withdrawal
TenX Prime offers convenient deposit and withdrawal methods to its clients. For deposits, options such as Instant Bank Transfer, Wire Transfer, Bitcoin, and VISA are available. There are no minimum deposit amounts, and no commission is charged. Deposits are executed promptly, with some methods providing instant execution within minutes.
Regarding withdrawals, clients can use the same methods: Instant Bank Transfer, Wire Transfer, Bitcoin, and VISA. There is no minimum withdrawal amount, and no commission is applied. Clients can expect a smooth and fee-free withdrawal process.
Here is the comparison table of minimum deposit required by different brokers：
Customer Support
TenX Prime values the satisfaction and support of its clients. To ensure efficient customer service, clients can contact the support team via email at support@tenxprime.com. Additionally, clients can reach out directly by calling +61731033723.
TenX Prime encourages clients to not hesitate in contacting them with any concerns or questions they may have. The support team is readily available to provide assistance and address client inquiries promptly.
For clients who prefer physical correspondence, TenX Prime provides its location address as Unit G04/3 Sam Sing Street, Waterloo NSW 2017.
Educational Resources and Community Support
There is limited information about educational resources and community support on the TenX Prime website. However, traders can still reach out to TenX Prime's customer service for any inquiries or assistance they may need.
Trading Tools
TenX Prime offers an Economic Calendar, which allows traders to stay informed and up to date on scheduled dates of significant releases or events that could potentially impact the movement of individual security prices or the market as a whole. By consulting the Economic Calendar, traders can anticipate important economic announcements such as interest rate decisions, GDP releases, employment reports, and other key economic indicators that can influence market volatility and trading opportunities. Keeping track of these events can assist traders in making informed decisions and adapting their strategies accordingly.
Bonus
TenX Prime offers a 50% deposit bonus to traders, allowing them to trade with a higher margin. This bonus serves as an incentive for clients to deposit funds into their trading accounts and provides them with additional capital to enhance their trading opportunities. However, traders should be aware of the terms and conditions associated with the bonus, including any requirements for withdrawal. Overall, the 50% deposit bonus is a valuable feature that can benefit traders looking to increase their trading power.
Conclusion
In conclusion, TenX Prime offers the advantage of being a regulated trading platform, providing traders with a sense of security. The platform is currently regulated by the Financial Sector Conduct Authority (FSCA), ensuring compliance with regulatory standards. However, the current regulatory status of FSCA is marked as “Exceeded,” indicating that TenX Prime has surpassed certain regulations or requirements. While the platform provides a wide range of trading instruments for diversification, it lacks comprehensive information on educational resources, community support, and non-trading fees. Traders should conduct thorough research and consider their specific needs before selecting TenX Prime as their preferred platform to ensure it aligns with their trading preferences and requirements.
FAQs
Q: Is TenX Prime a regulated financial services provider？
A: Yes, TenX Prime is a regulated financial services provider. It is regulated by the Australia Securities & Investment Commission (ASIC) and the Financial Sector Conduct Authority (FSCA). However, the current regulatory status of FSCA is marked as “Exceeded.”
Q: What is the minimum deposit required to open an account with TenX Prime？
A: The minimum deposit required to open an account with TenX Prime is $25.
Q: What is the maximum leverage offered by TenX Prime？
A: TenX Prime offers a maximum leverage of 1:500 for forex trading. However, for the ZARJPY currency pair, the leverage ratio is set at 1:100. The leverage ratios for other trading instruments are as follows: 1:200 for metals, 1:100 for energies, and 1:25 for cryptocurrencies.
Q: What deposit and withdrawal methods are available with TenX Prime？
A: TenX Prime offers several deposit and withdrawal methods, including Instant Bank Transfer, Wire Transfer, Bitcoin, and VISA. These methods ensure convenient and prompt execution of transactions without any minimum deposit or withdrawal amounts.
Q: What trading platform does TenX Prime offer？
A: TenX Prime provides the MetaTrader 4 (MT4) trading platform, which is known for its advanced charting tools, live analysis features, and automated trading capabilities.
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