TenTrade Review

Category: Reviews | Author: Trading Brokers | Date: September 21, 2023

TenTrade is an online broker that offers forex and CFD trading services to clients across the globe. It claims to provide various trading platforms, tools, education, markets, and account types for traders of different levels and preferences. However, as with any online broker, there are some pros and cons to consider before opening an account with them. Some traders may have concerns about the broker’s regulation, reputation, fees, customer support, or withdrawal process. Therefore, it is essential to conduct a thorough and unbiased review of any broker before deciding to trade with them. In this article, we will review TenTrade and provide our verdict on whether it is a reliable and trustworthy broker to trade with.

Pros & Cons

  • Licensed by the Seychelles FSA, which ensures fair and transparent financial services
  • Provides the MT5 platform, which has a user-friendly interface and advanced features
  • Offers TenAcademy, an in-house trading school that covers various topics
  • Features social trading that allows copying or providing signals
  • Regulated by the Seychelles FSA, which may not have the same oversight and protection as more reputable regulators
  • Lacks transparency and information on the website about the conditions, fees, and policies
  • TenTrade has high fees and commissions

Summary

TenTrade Review

TenTrade Review

Established in 2020 and regulated by the Seychelles Financial Services Authority (FSA), TenTrade aims to be a trusted and diverse platform for traders of all levels. The broker’s commitment to providing transparency, innovation, and community ensures a convenient trading experience. With a range of payment methods, and fast withdrawal processing, traders can enjoy the benefits of trading with TenTrade. The cloud-based infrastructure has secure systems, while the MetaTrader 5 (MT5) platform provides stability and swift execution.

TenTrade also stands out for offering low spreads and commissions across a variety of trading instruments, including forex, cryptos, CFDs, and NFTs. Additionally, the feature of copy trading with social trading adds an exciting dimension. Our assessment highlights TenTrade’s ambition to be a reliable and trustworthy broker for online trading, but as always, understanding the associated risks is crucial.

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AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

Exploring the background of TenTrade, it appears as a brand name of Evalanch Ltd, a forex broker registered in Seychelles under the registration number SD082. This affiliation with the FSA implies that TenTrade complies with the regulatory standards and requirements of this authority, which aims to ensure fair and transparent financial services in Seychelles.

The benefits of trading with an FSA-regulated entity include the protection of client funds through segregation from the broker’s funds, the enforcement of anti-money laundering and counter-terrorism financing policies, the provision of dispute resolution mechanisms, and the supervision of business conduct and financial reporting. However, it is important to note that the FSA is a relatively new and offshore broker regulator, which may not offer the same level of oversight and protection as some of the more established and reputable regulators in the world, such as the FCA in the UK or ASIC in Australia.

This difference in regulatory environments introduces an element of caution. Potential risks and uncertainties may arise, especially in situations of conflict or disagreement between investors and TenTrade. It is advisable that potential traders read and understand the terms and conditions of TenTrade carefully before opening an account with them, as they may contain clauses that limit the rights and options of the traders in case of complications or grievances involving TenTrade.

In light of these complexities, potential traders are advised to proceed with awareness and thorough understanding of the landscape, recognizing the interplay of regulations, responsibilities, and possible ramifications in their trading journey. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

TenTrade provides its clients with the widely used MetaTrader 5 (MT5) trading platform, developed by the reputable MetaQuotes Software Corp., a leader in the financial software industry. This platform offers a user-friendly interface as well as a range of advanced features, such as technical analysis tools, automated trading capabilities, and an economic calendar.

MT5 Trading Platform

MT5 Trading Platform

The MT5 platform supports trading in forex, cryptos, CFDs, and NFTs. It allows traders to access a variety of order types, timeframes, indicators, and graphical objects. It also features a market depth analysis, a strategy tester, and a social trading function. The MT5 platform can be accessed via desktop, web browser, or mobile devices, serving as the trading avenue for TenTrade’s accounts. In addition to the MT5 platform, TenTrade enhances the trading experience with a suite of valuable tools and resources, including:

  • Social Trading: By using the MT5 platform, traders can access free social trading signals from experienced professionals. These signals help traders identify trading opportunities and follow market trends. Traders can also copy the trades of other successful traders or become signal providers themselves and earn commissions from their followers. Social trading creates a community of traders who can share their ideas, strategies, and feedback.
  • Market News: To foster informed decision-making, TenTrade offers the latest market news and analyses from reputable sources like Reuters and Trading Central. This wealth of information helps traders understand market movements and the factors influencing their trades.
  • Economic Calendar: A comprehensive economic calendar displayed on the TenTrade website outlines upcoming economic events and indicators that might affect trading. The calendar’s filtering options by date, country, currency, impact, and category enable traders to fine-tune their insights.
  • Trading Calculators: TenTrade introduces a range of calculators on its website, catering to diverse trading needs. Among these are margin calculators, pip value estimators, swap calculators, profit calculators, and currency converters. These tools enable traders to estimate trading costs and potential profits accurately.

Education

TenTrade’s dedication to empowering traders extends to its comprehensive TenAcademy, an in-house trading school that delivers knowledge to traders’ doorstep. This educational enclave encompasses an array of topics crucial to forex and CFD trading, including:

  • Introduction to Forex Trading: This section covers the basics of the forex market, such as its history, structure, participants, advantages, and risks.
  • Technical Analysis: This segment explains the principles and methods of technical analysis, such as chart patterns, indicators, oscillators, and trading strategies.
  • Fundamental Analysis: This exploration delves into the economic, political, and social factors that affect the supply and demand of currencies, such as interest rates, inflation, GDP, trade balance, and sentiment.
  • Trading Psychology: This section sheds light on the psychological aspects of trading, such as emotions, biases, discipline, and risk management.
  • Trading Platforms: This segment introduces the features and functionalities of the MT5 platform, such as order types, execution modes, charting tools, automated trading, and social trading.
  • Glossary of Trading Terms: An essential resource, this glossary elucidates common forex and CFD trading terminology, such as leverage, margin, spread, pip, lot, swap, and more.

TenTrade’s educational thrust doesn’t end here. Complementing web-based learning, the platform extends opportunities for enhanced learning through webinars, seminars, workshops, and certification programs1, facilitated by experts and professionals. Among the topics covered are:

  • Geometric Patterns Trading
  • Hedging Strategies
  • Trading with NFTs
  • Copy Trading with Social Trading

In essence, TenTrade’s TenAcademy and supplementary learning opportunities pave the way for traders to not only comprehend the complexities of trading but also to equip themselves with the skills, knowledge, and psychological resilience requisite for navigating the dynamic landscape of forex and CFD trading.

Markets

TenTrade offers its clients the opportunity to trade in a range of markets, each with its own characteristics, advantages, and risks. These markets are:

  • Forex: TenTrade offers over 50 currency pairs to trade with, including majors, minors, and exotics. Some examples are EUR/USD, GBP/JPY, and USD/ZAR. Traders can benefit from the high volatility, low transaction costs, and leverage opportunities in the forex market, which operates 24 hours a day, five days a week, and has an average daily turnover of over $6 trillion.
  • Cryptos: TenTrade offers over 20 crypto pairs to trade with, including Bitcoin, Ethereum, Ripple, and Litecoin. Some examples are BTC/USD, ETH/EUR, and XRP/GBP. Traders can benefit from the high potential returns, diversification, and innovation in the crypto market, which operates 24/7 and has a market capitalization of over $2 trillion.
  • CFDs: TenTrade offers over 100 CFDs to trade with, including global indices, precious metals, energy products, and stocks. Some examples are S&P 500, Gold, Oil, and Apple. Traders can benefit from the leverage, flexibility, and diversity in the CFD market, which offers access to a variety of markets without owning the underlying assets.
  • NFTs: TenTrade offers over 10 NFTs to trade with, including CryptoPunks, CryptoKitties, NBA Top Shot, and Bored Ape Yacht Club. Traders can benefit from the scarcity, authenticity, and ownership in the NFT market, which showcases various forms of art, collectibles, gaming items, and more using blockchain technology.

Before trading in any of these markets, traders should be aware of the risks involved and conduct their own research and analysis. TenTrade provides various tools and resources to help traders make informed decisions and enhance their trading experience.

Accounts

TenTrade offers its clients three types of accounts to suit their trading needs and preferences. These accounts are:

  • Pro: The Pro account is designed for experienced and professional traders who want to trade with low spreads, high leverage, and fast execution. The Pro account requires a minimum deposit of $100 and offers spreads from 1.2 pips, leverage up to 1:500, and zero commission. The Pro account supports trading in forex, cryptos, CFDs, and NFTs on the MT5 platform.
  • ECN: The ECN account is ideal for traders who want to trade with raw spreads, high leverage, and low commission. The ECN account requires a minimum deposit of $300 and offers spreads from 0 pips, leverage up to 1:500, and a commission of $3.5 per lot per side. The ECN account supports trading in forex, cryptos, CFDs, and NFTs on the MT5 platform.
  • Bonus: The Bonus account is suitable for traders who want to trade with low spreads, high leverage, and zero commission while enjoying a generous bonus program. The Bonus account requires a minimum deposit of $50 and offers spreads from 1.8 pips, leverage up to 1:500, and zero commission. The Bonus account supports trading in forex, cryptos, CFDs, and NFTs on the MT5 platform. The Bonus account also offers a 100% deposit bonus of up to $10,000.

Before opening any of these accounts, traders should read and understand the terms and conditions of TenTrade carefully. TenTrade provides various tools and resources to help traders make informed decisions and enhance their trading experience.

Funding

TenTrade offers a diverse range of payment methods for funding trading accounts and withdrawing profits:

  • Credit/Debit Cards: Visa and Mastercard enable deposits and withdrawals. Minimum deposit and withdrawal amounts are $10, with a maximum of $10,000 per transaction. Deposit fees are absent, though withdrawal fees may apply based on your bank or card issuer.
  • E-Wallets: Nganluong, Neteller, and 4Cash support both deposits and withdrawals. The minimum and maximum transaction limits are $10 and $10,000, respectively. Deposits and withdrawals via e-wallets are free of charges.
  • Bank Transfer: Sberbank receipts enable deposits and withdrawals. The minimum deposit amount is $100, with unlimited maximum deposits and withdrawals. No fees are associated with bank transfers.

To initiate transactions, log in to your TenTrade account and visit the “Deposit/Withdrawal” section. Here, select your preferred payment method and follow the on-screen instructions. Processing times may vary depending on the method and bank involved.

Conclusion

In conclusion, TenTrade is an online broker that offers forex and CFD trading services to clients across the globe. It is regulated by the Seychelles Financial Services Authority (FSA) and provides various trading platforms, tools, education, markets, and account types for traders of different levels and preferences. It also offers a social trading feature. However, it is important to note that TenTrade is a relatively new and offshore broker, which may pose some risks and uncertainties for traders. Therefore, it is essential to conduct a thorough and unbiased review of any broker before deciding to trade with them. For additional choices, we encourage you to explore our trading broker reviews trading broker reviews.

TenTrade Logo

$50

TenTrade is an online broker that offers forex and CFD trading services to clients across the globe. It is regulated by the Seychelles Financial Services Authority (FSA) and provides various trading platforms, tools, education, markets, and account types for traders of different levels and preferences.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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