TenX Prime
TenX Prime Details
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TenX Prime is one of those brokers that places importance on its looks, and has ignored all other aspects of its interface. Yet, here we thing that the broker simply places effort in visuals because the broker tries to lure in investors, and crafting a good-looking experience, no matter the actual quality of it, is the best way to go. Overall, this company is nothing special, as the review will reveal.
The main thing we learn is that TenX Prime is incorporated in Saint Vincent and the Grenadines. There is no FX regulator in the country, and this means that even if the broker is registered as a company there, that does not mean that it is regulated locally. So, TenX Prime is not holding a license in Saint Vincent and the Grenadines, even though it is incorporated there.
Moreover, the the firm does not provide services to residents of the Americas region, Arab states, CIS countries, and European nations. What this essentially means is that TenX Prime is an offshore broker providing services only to offshore users, and these types of clients are not the most savvy in the FX word, making many of the the perfect scam victims.
It is without a doubt that we conclude that TenX Prime is a scam and an unregulated entity. All deposits will be lost!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were faced with a very easy registration, and, subsequently, a familiar user area, in that we have seen it being used by dozens of other unlicensed brokers, making it very limited in scope, and providing very little in terms of quality.
Furthermore, we did not open a trading software for reasons we shall soon discuss.
According to the website. clients can dabble with forex currency pairs and cryptocurrencies, while the leverage is capped at 1:500. The available instruments are disappointingly low, even for an unlicensed brokers, and we don't know how anyone can fall for this.
The spread starts from 0.1 pips, but this can be said of literally every broker out there. It's a smart way of seemingly granting lower spreads. However the broker has no disclosed any specific value. Moreover, this spread might be burned by some undisclosed commission.
Personally, we do not trust the broker with this information. It's easy to say that you offer something without backing it up by any proof.
TENX PRIME LOGIN
We did not access the trading platform. But not for reasons that you might think.
The fact is that the platform download link had a warning against it claiming that it might harm our PC. We are not ones to risk our entire PC system just for a scammer broker.
Moreover, the MT4 download link itself had a very shady name attached to it, leading us to believe that some hidden malware is attached to the execution file.
TENX PRIME MINIMUM DEPOSIT
All deposits will be lost here. This is what scammer brokers are known for.
According to the, Deposit and Withdrawal Policy, the client can invest into her account by means of credit cards, debitcards, wire transfers, and a couple of alternative payment methods.
The minimum deposit requirement is $25
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
TENX PRIME WITHDRAW TIME AND FEES
There is no reason to trust this broker with withdrawals. Unlicensed entities are known to reject such requests.
The same depositing methods are used for withdrawing.
Withdrawal requests received after 5 pm will be processed on the following day.
International bank transfers are charged a $50 fee.
ACCOUNT VERIFICATION
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
BOTTOM LINE
Did you ever expect that TenX Prime would be redeemed in any way? This broker is a full on scam and a risk to all. All investments will be lost!
TenX Prime compared to other brands
Brand
Rating
Bonus
Min Deposit
Company
Country
TenX Prime
-
$25
N/A
ForexTime
Copy trading
$10
United Kingdom, Cyprus, South Africa, Mauritius
OctaFX
50% Bonus
$50
Cyprus, Saint Vincent and the Grenadines