Warning! 10CFDs is an offshore company! Your deposit may be at risk.
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What can one expect from a broker with a name such as 10CFDs? Read on to find out.
10CFDs is a trading name of Speed Solutions Ltd that is allegedly regulated by the International Financial Services Commission in Belize, while all client transactions are processed by Speed Payments in Estonia.
The truth about Speed Solutions Ltd is that it is actually regulated by the International Financial Services Commission
…but as you can see the website underlined is not 10cfds.com but arotrade.com which is a legitimate broker be it an offshore one regulated by a rather shady license issuer. But what matters here is that 10CFDs is NOT REGULATED.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The spread is the impossible 6.4 pips, as you can see:
According to the trading platform the leverage goes up to 1:400.
Trading assets as taken from the platform are Forex Pairs, Commodities, Indices, Stocks, and Cryptocurrencies.
The website is translated into English, Russian and Arabic.
This much too familiar trading platform is always a sign of trouble. We have seen many a shady broker utilize it. For instance TitanPro500 has the exact same one. Our impressions have not changed since then about it. It still remains a lackluster platform, that offers close to no options. Furthermore, this one gave us a chart taken from a 3rd party widget provider.
Not to mention that we opened a live account without providing a single proof of identity. Legitimate brokers must do a background check before allowing users to open a live trading account; yet one more proof of 10CFDs’ shadiness.
As discussed, the spread is the ludicrous 6.4 pips on average, and the leverage is capped at 1:400.
The broker charges commission when a trader opens and closes a position, but fails to disclose the exact cost of these charges.
This platform is solely a browser based one.
10CFDS MINIMUM DEPOSIT
We were not able to enter the funding section, because deposits were blocked from our location. So any information we provide concerning deposits (and, logically, withdrawals) is taken from the website, and seeing as the broker is fraudulent we do not put our trust in it.
Nevertheless, the minimum deposit is $250 according to the Bonus Terms and conditions
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
10CFDS WITHDRAWAL TIME AND FEES
The minimum withdrawal amount for Wire Transfer is $100, while for all other methods it’s $50.
The typical processing times for withdrawals is between 3-4 days.
There are withdrawal fees attached no never before Gold and Black accounts. After a free of charge initial withdrawals, Gold/Black users are charged with 3.5% per withdrawal. If the 3.5% amounts to $30 or less the trader will be charged $30.
ADDITIONAL FEES AND TAXES
The following three fees will be included in a single snap: a Profit Clearance fee of $1.5-$5 per trade; a monthly maintenance fee of $20; and an Incomplete Verification fee of $100 that is charged 30 days after the client’s first deposit. The Incomplete Verification fee is issued if a client has not verified his/her account… yet they will be issued the fee 30 days after a deposit is made, meaning that one can deposit without verifying an account.
There is also a trading volume requirement that must be met in order to withdraw a bonus. This volume is calculated multiplying the bonus amount by 40-50 times.
Last but not least is the dormant fee. After 60 days of inactivity the company will charge $100. It doesn’t say if it’s a one-time charge or per month.
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in 10CFDs’ own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the company can easily refute any claims you might have against them.
We are positive that this firm will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed entity where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
10CFDs is a classic shady broker. There is no regulation, the legal documents are full of clauses intended on taking as much money as possible from a client’s account, and the trading platform is quite futile. Need we say more?