TenkoFX Review 2020
TenkoFX is a forex broker with a good range of FX currency pairs for trading online through the popular MetaTrader 4 (MT4) platforms. They have competitive spreads, commission fees and execution speeds. In addition to this they offer trading tools and a trader’s academy. Despite this, the broker could improve on their regulation.
TenkoFX Review 2020, Pros & Cons
- PAMM accounts
- MyFxBook AutoTrade
- MT4 platform
- Traders academy
- Flexible funding options
- Offshore regulation
- Account inactivity fees
- Limited non-FX assets for trading
In this detailed TenkoFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
TenkoFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including TenkoFX.
TenkoFX Review: Summary
TenkoFX is a forex broker that offers forex and CFD trading on ECN, STP and Cryptocurrency accounts. The broker utilises an ECN model providing traders around the globe with real access to the interbank market and order execution under the market execution mode. This means that other traders, banks and funds act as transaction counteragents. Price aggregation comes from numerous liquidity suppliers, including JPMorgan, GOLDMAN Sachs, LMAX, Deutsche Bank AG, Morgan Stanley amongst others.
TenkoFX offer ECN fees at wholesale rates, with commission from $10 per million or $1 per standard lot, if trading high volumes – otherwise $4 per standard lot. There are modern PAMM technologies for money managers and investors, including a Crypto PAMM ECN. Clients can choose between trading platforms for web, desktop and mobile devices (iOS & Android). They regularly invest in new projects aimed at developing their brokerage services, creating innovative tools and expanding the trading opportunities of clients.
TenkoFX Review: Regulation
TenkoFX is authorised to provide financial services by the International Financial Services Commission (IFSC) of Belize. This authorisation is published and maintained on the regulator’s official website. This license is issued for a one-year period, then must be reviewed and renewed annually. The company’s licence can be verified via the IFSC website in the register of licensed entities authorized to offer services in trading in financial and commodity-based derivative instruments and other securities.
The trading brokers review team consider this to be offshore regulation that may not offer the same protection that other regulators can. We would prefer to use an online brokerage firm that is regulated by either the FCA, CySEC or ASIC. For alternative regulated options, you can see out list of best online brokers.
The broker has implemented a series of highly effective security measures throughout their site to help eliminate the risk of theft or unauthorized access to your account. They apply cutting-edge technology to provide you with a secure, user-friendly operating environment. The goal is to integrate seamless security and privacy solutions that provide effective protection without impacting on your overall customer experience.
TenkoFX Review: Countries
TenkoFX does not provide services for United States citizens. Some TenkoFX broker features and products mentioned within this TenkoFX review may not be available to traders from specific countries due to legal restrictions.
TenkoFX Review: Trading Platforms
TenkoFX offers the MetaTrader 4 (MT4) platform which is undoubtedly one of the most popular retail trading platforms that is chosen by millions of forex traders from all over the world. MT4 is the industry standard and its value has been consistently proven over time. It incorporates multiple trading indicators and analytical tools and allows you to automate a large variety of trading strategies with expert advisors (EAs). It is a highly versatile platform which can be adapted to your specific needs by the addition of your own MQL-based scripts, indicators and EAs.
- User-friendly interface, high level of security, flexibility and efficiency of the trading platform
- Allows all types of orders, wide range of analytical tools and newsfeed
- Integrated MQL4 programming language for making individual expert advisors, indicators and scripts for automated trading
- Real-time data feed, flexible charts, access to history logs
- Price alert notifications
- MQL community to share ideas and tools with other traders
- Available for desktop, web and mobile devices (iOS & Android)
TenkoFX Review: Trading Tools
The TenkoFX PAMM Service allows investors to search for traders and invest funds while allowing money managers to open positions and gain from profitable investments. All operations with distribution profit/loss are automatic.
The master operates their personal capital through a given PAMM Account, and their trading strategy is replicated on the follower’s own capital. All PAMM account results are published with total transparency, so that you can easily analyse the performance and statistics of each trader.
It must be strongly noted that the past performance and statistics of a PAMM are no guarantee of future results and you should be fully aware of all the significant risks involved with trading online.
Clients can experience automatic trading with the MyFxBook AutoTrade service. AutoTrade lets you copy trading transactions straight into your TenkoFX account. You just need to link your MT4 account to selected signal providers published by MyFxBook. It should be noted that past results of these signal providers are by no means any guarantee of future performance.
TenkoFX have a trading calculator which can give calculations of trade parameters for your convenience. For technical reasons, the absolute accuracy of a transaction cannot be guaranteed. The calculator assumes that you have no open transactions.
TenkoFX Review: Education
TenkoFX have a forex trading academy that will take you step by step through the world of online forex trading. There is a good selection of topics covered for all experience levels. Subjects include an introduction to the forex market, forex strategies, risk management, technical analysis and more.
The broker has a forex and crypto news section on their website that is frequently updated with articles covering various markets. These can be used to help inspire potential trading ideas and keep your pulse on the latest market happenings.
Forex Economic Calendar
This calendar displays the latest forex news releases along with the impact that they have on countries and markets around the globe. The calendar releases can be filtered according to importance, country, date/time, etc. This is often used as part of a trading strategies fundamental analysis to help anticipate the direction in which the markets may move.
There is a trader glossary for key trading terms. This helps users to understand the definitions of some commonly used trading terminologies.
TenkoFX Review: Trading Instruments
TenkoFX offer over 68+ trading instruments including Forex and Cryptos. The non-FX tradeable assets are very limited when compared to other online brokers who offer thousands of instruments across multiple asset classes.
- Forex Currency Pairs
TenkoFX Review: Trading Accounts & Fees
TenkoFX account spreads start from just 0 pips whilst the commission is from $1 per lot. Leverage of up to 1:500 is available. You can open a trading account with this broker from a minimum deposit of just $10. TenkoFX make profit on the commissions and spreads. The broker states that spreads or commissions are the only operating expenses for traders working with the company. TenkoFX offer access to cryptocurrency trading via special crypto accounts. All accounts have market execution with slippage possible and minimal requotes. They also all have variable spreads and a $10 account inactivity fee is charged.
TenkoFX have the following trading account types:
- STP: Currencies, Metals, up to 1:500 leverage, swap free option, no trading restrictions, minimum 0.01 lots, No commission, Mark-up pricing
- ECN: Currencies, Metals, CFDs, up to 1:200 leverage, swap free option, no trading restrictions, minimum 0.01 lots, 4 units of base currency for 1 Lot ($100k) – can be lowered to $1 if trading large volumes
- Crypto: 29 pairs with BTC, LTC, ETH, BCH, DSH (DigitalCash), ETC, XRP, up to 1:3 leverage, minimum 0.01 lots
TenkoFX maintains ECN commission schedule that depends on the account’s equity and total trading volume for the last 30 days. In accordance with the general institutional market practice the volume commission is quoted in US dollars per 1 million traded (one-way). MetaTrader 4 charges commission for a complete two-way (open-close) transaction at the moment of trade opening. Commission amount is converted into account’s base currency.
Demo accounts are available if you would like to test the trading platforms and practice your trading strategies with virtual funds before opening a real live trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this TenkoFX review. It is imperative to ensure that you check and understand all of the latest information before you open a TenkoFX broker account for online trading.
TenkoFX Review: Customer Service
TenkoFX client support is provided 24/5 via online chat, telephone and email. They are committed to providing full and relevant information to every client with comprehensive, useful and top-class support. The broker states that they believe this is the only way to create trust-based long-term relations between brokers and traders.
TenkoFX Review: Deposit & Withdrawal
TenkoFX offers a variety of ways to deposit and withdraw funds to and from your trading account. This includes Wire Transfer, Credit/Debit Cards, UnionPay, Neteller, Skrill, Qiwi, Fasapay, advcash, Perfect Money and Cryptocurrency. The range of options and terms is regularly updated.
Please note that the company covers money transfer costs if and where feasible, and never charges more than the cost to the company. Some methods may only be available to specific countries and not all are available for both deposit and withdrawal. There may be charges when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. TenkoFX strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your TenkoFX trading account.
Accounts can be opened USD, EUR, RUB, MBTC, LTC, ETH. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
TenkoFX Review: Account Opening
To register for a trading account with TenkoFX you will need to complete a short application form and provide some documents for verification purposes. Upon successful completion of your registration you will see registration data for your new trading account including your trading account number, trader password, investor password, server address and currency of your account. Your account details will be sent to your email address. From here you can fund your account and start trading online.
TenkoFX Review: Conclusion
Overall, TenkoFX is a forex broker with a generous offering including the user friendly MT4 trading platform and a good selection of forex currency pairs. They have competitive spreads, commissions and trade execution speeds. There are additional trading tools included, a trader’s academy and PAMM accounts. In addition to this, there are a variety of convenient account funding options.
Despite these positives, we believe the broker regulation could be improved by adding additional regulators. Furthermore, the brokers non-FX trading instruments are distinctly lacking when compared to our best forex brokers.
Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.