TenkoFX ReviewCategory: Reviews | Author: Trading Brokers | Date: January 29, 2024
TenkoFX is a Forex broker that’s always pushing forward and keeping up with the times. This broker offers access to the exciting world of cryptocurrency trading through special crypto accounts, allowing you to invest in new trading tools with the security and reliability that TenkoFX provides. Operating on an ECN, STP, and Crypto account model, TenkoFX offers a variety of trading options to suit different investor needs. In this review, we’ll delve into the specifics of TenkoFX, from its regulation status to the platforms it offers, and much more. So, whether you’re a seasoned trader or just starting out, stick around as we unpack what TenkoFX has to offer.
Pros & Cons
- Low minimum deposit requirement starts from $10
- Offers access to forex, CFDs, and crypto trading
- Provides user-friendly MetaTrader 4 and Tick Trader platforms
- Not regulated by any specific regulatory body
- Lacks comprehensive educational resources and trading courses
TenkoFX is a trading platform that offers a variety of features to cater to different types of traders. Whether you’re interested in forex, CFDs, or cryptocurrencies, TenkoFX has something for you. The platform offers three types of accounts: STP, ECN, and Crypto, each with its own unique features and benefits. The minimum deposit requirement is low, making it an accessible platform for many.
TenkoFX provides a user-friendly interface with a variety of tools and resources to help traders navigate the markets. These include Meta Trader 4 and TickTrader platforms, AutoTrade, charting tools, and a calculator. The platform also offers educational resources such as Forex forecasts, Forex and Crypto news, and an economic calendar.
Funding your account is made easy with a variety of options including bank wire transfers, credit/debit cards, and e-wallets. The processing time for these methods is usually instant, making it a quick and convenient process.
In terms of markets, TenkoFX gives traders access to the forex market and CFD commodity markets. This allows traders to speculate on the prices of commodities like gold, silver, oil, and natural gas without owning the underlying asset.
Overall, TenkoFX is a solid choice for both new and experienced traders. It offers a range of features and resources to help traders navigate the markets and make informed trading decisions.
When it comes to regulation, TenkoFX operates in a bit of a gray area. While it’s officially registered in Nevis under Tenko Systems Limited, it’s not regulated by any specific government agency. This might raise a few eyebrows, but it’s important to note that TenkoFX has been in operation since 2012 and has consistently provided services at a high level. They’ve been transparent about their operations and have shown significant progress over the years. However, if you’re the type who prefers to stick with regulated brokers, no worries! Please see a list of regulated brokers for some alternative options.
Platforms & Tools
When it comes to platforms and tools, TenkoFX has got you covered. They offer two main platforms for trading: Meta Trader 4 and Tick Trader. Meta Trader 4, or MT4 as it’s commonly known, is a popular choice among traders worldwide. It’s user-friendly, packed with features, and allows for automated trading. Whether you’re a newbie or a seasoned trader, MT4 has something for you.
Tick Trader is another platform offered by TenkoFX. It’s a professional, comprehensive, and reliable Forex trading platform that offers a full range of trading tools. It’s perfect for those who want to take their trading to the next level.
Now, let’s talk about the tools. TenkoFX offers a variety of tools to help you navigate the trading world.
- AutoTrade: First up, we have AutoTrade. This tool allows for automated trading, which can be a real game-changer if you’re looking to save time and effort.
- Charting Tools: Next, we have charting tools. These are essential for any trader as they help you visualize market trends and make informed decisions.
- Trading Calculator: Lastly, TenkoFX offers a calculator tool. This can be incredibly useful for quickly calculating potential profits, losses, and costs associated with your trades.
So, whether you’re just starting out or you’re an experienced trader, TenkoFX has the platforms and tools to help you succeed in the trading world.
TenkoFX does not provide comprehensive educational resources or courses for its clients. This is a significant drawback for beginners who are new to trading and could benefit from educational materials to understand the basics of trading and the financial markets. The lack of educational resources also limits opportunities for experienced traders to continue learning and improving their trading strategies. Therefore, traders who value educational support may need to consider other brokers or seek educational resources elsewhere.
However, TenkoFX offers a few helpful resources to get you up to speed.
- Forex forecast: This gives you an overview of where the markets are expected to head, allowing you to make more informed trading decisions. It covers major currency pairs like EUR/USD and GBP/USD.
- Forex and Crypto news section: Here you’ll find the latest developments in the world of trading, from breaking news to in-depth analysis. It’s a must-read for any trader who wants to stay on top of the markets.
- Economic calendar: This calendar outlines major economic events, data releases, and more. It’s incredibly valuable for discovering potential trading opportunities before they happen.
When it comes to markets, TenkoFX gives you access to some exciting options for trading;
- Forex: This massive, decentralized global market is where you can trade currencies, like EUR/USD and GBP/JPY. TenkoFX offers over 55 currency pairs, so whether you’re trading majors, minors, or exotics, you’ll find what you need.
- CFDs on commodities: This allows you to speculate on the prices of commodities like gold, silver, oil, and natural gas without owning the underlying asset. So you can profit off price movements in an efficient way.
Between the forex market and CFD commodity trading, TenkoFX delivers a solid selection. You get to access popular currency pairs for high liquidity and trade hot commodities like oil and gold. So if you’re looking for a broker that focuses on these two areas specifically, TenkoFX checks those boxes.
At TenkoFX, you have three types of accounts to choose from, each with its own unique features and benefits.
- STP Account: The STP account is a great starting point for new traders. With a minimum deposit of just 10 USD, it’s an affordable option to get your feet wet. This account type offers market execution, meaning your orders are sent directly to the market. There’s no commission per 1 million traded, and the spreads are floating. The leverage goes up to 1:500, and you can trade 50 currency pairs plus gold and silver.
- ECN Account: If you’re a more experienced trader, the ECN account might be a better fit. With a minimum deposit of 100 USD, this account also offers market execution and floating spreads from 0 pips. However, there’s a commission of 15 USD per 1 million traded. The leverage is also up to 1:500, and you can trade 50+ FX Spot CFDs, Index CFDs, Spot Metals CFDs, and Commodity CFDs.
- Crypto Account: For those interested in the world of cryptocurrencies, TenkoFX offers a Crypto account. With a minimum deposit of 10 USD, this account offers market execution and floating spreads. The commission is 0.5% of the trade volume. The leverage is 1:3, and you can trade 43 pairs with BTC, LTC, EOS, PPC, ETH, DASH, EMC.
All account types offer demo accounts and have no limitations on the maximum balance or transaction size. Islamic accounts are available for STP and ECN accounts. So, whether you’re just starting out or you’re an experienced trader, TenkoFX has an account type that fits your needs.
When it comes to funding your account, TenkoFX offers a variety of options to make the process as smooth as possible.
- Bank Wire Transfers: You can transfer funds directly from your bank account to your TenkoFX account. This method is secure and reliable, but keep in mind that it might take a few days for the funds to appear in your account.
- Credit/Debit Cards: If you prefer, you can also fund your account using your credit or debit card. This is a quick and convenient option, especially if you want to start trading right away.
- E-Wallets: For those who prefer digital wallets, TenkoFX accepts payments from various e-wallets. This is a fast and secure way to fund your account, and it’s especially handy if you do a lot of online transactions.
The processing time for these methods is usually instant, meaning the funds should appear in your account as soon as TenkoFX receives them. However, do note that processing times are only guaranteed from Monday to Friday, 9:00 am to 9:00 pm, GMT+4. Remember, to initiate a funds transfer, you need to be logged into your TenkoDESK workplace. And if you choose Wire Transfers as a payment method, you’re agreeing that the payment to Tenko Systems Limited will be made to the account of Tenko Systems Limited held with XP Solutions Limited. So, whether you prefer traditional banking, card payments, or digital wallets, TenkoFX has got you covered.
In conclusion, TenkoFX offers a range of features that cater to various types of traders, from those interested in forex and CFDs to the growing number of cryptocurrency enthusiasts. With a user-friendly interface, a variety of account types, and a low minimum deposit requirement, it’s an accessible platform for many. However, it’s worth noting that while TenkoFX offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews. Whether you’re a beginner or an experienced trader, it’s always wise to weigh your options and choose a broker that aligns with your trading goals and needs.