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When you opt for a brokerage firm, you look for regulations, features, trading tools, your funds’ safety, and, most notably, customer support service. TenkoFX is one of the oldest firms but fails in offering top-class services to its clients. Is it worth investing with the firm? Check out our unbiased TenkoFX review 2021. It covers every single point when you are required to know before making any decision.
About TeknoFX
TenkoFX has operated in the arena of financial market trading since 2012. Though being relatively one of the old broker firms, it fails in fulfilling the trading demands of users. It offers outdated trading platforms that, too, with limited features. Moving to the tradable markets session, you will find nothing exciting. It offers a limited choice in each market. Thus, it fails to expand your trading portfolio.
The website of the broker seems to be too basic. The user interface is outdated in comparison to other advanced brokerage firms. It seems like the broker has not updated its website and content over the years.
It is not worth spending your valuable money on these outmoded services.
Is TenkoFX Scam or safe?
The website does not contain anything about the regulation and license of the firm. Thus, we cannot say whether the firm is authentic or not. It is not registered with central regulation bodies such as the Financial Conduct Authority and the Cyprus Securities and Exchange Commission.
Also, the broker does not offer a segregated bank account, advance safeguard tools and strong encryption. It raises the question on the safety of your funds, personal details and transactions.
Services in limited countries
TenkoFX fails to offer services and functions in some major countries such as the United States of America. It is one of the biggest economies and not offering service due to legal restrictions gives us warning signs. It might be risky. So, think twice before investing.
Outdated trading platforms
The world has shifted to MetaTrader 5, and brokers are still offering services though conventional and outdated MetaTrader 4. Also, there are various packages of MT4, but, it seems like the broker has opted for the lowest one. It lacks some basic and vital features.
Moreover, TenkoFX does not provide platform-based tutorials. It creates a huge problem and confusion while trading on these platforms as functions are complex. Also, it is not feasible to contact the customer support team each time you encounter a problem.
Types of trading account
The broker mainly offers three types of trading accounts: ECN, Crypto Account and STP account. The minimum deposit of these account types is relatively high and far beyond the reach if you earn an average amount. For an STP trading account, the minimum deposit is as high as $25000. Additionally, if you wish to trade cryptocurrency, you will be required to open an entirely different account.
Limited tradable products and market
The broker allows trading in just cryptocurrencies and currency pairs. The assets available in these market types are also limited. It implies that you require to check its asset list before opting for the firm. This seems extremely illogical. Hence, brokers block all ways to expand your trading portfolio and with this enhances the chances of risk.
Time-consuming and complex account opening
The process of opening an online trading account with the broker involves numerous time-consuming formalities. The firm asks for sensitive and personal details that you might not feel comfortable providing, such as banking and financial statements. Also, the document verification process takes several days which sometimes irritates.
High commission, spreads and fee
The broker asks for high commission and numerous high and hidden trading fees. It directly impacts profit size. Half of your profit amount goes in paying these useless amounts. The broker is just focusing on maximisation of its profit without considering the sentiments of traders.
Spreads associated with each trade are also high and variable. Also, they keep on changing while executing the trade.
Leverage on trade
The margin associated with the trade is as high as 1:500. You must be thinking that the broker is offering such an excellent margin. But, let us bring to your notice that the value is far beyond the permissible limit fixed by some legitimate financial institutions. The European Union has fixed this limit to 1:300. The broker offering beyond this range is regarded as unsafe and untrustworthy for trading.
Moreover, you must have heard that trading on leverage acts as a double-ended sword. It magnifies your losses along with profits. Thus, risking your money and trading future.
Deposit and withdrawal
The broker’s deposit and withdrawal process is time-consuming and involves many formalities such as filling withdrawal form etc. Withdraw request takes more than three days to proceed. You are required to wait for 3 to 7 long days to receive your funds. Also, the methods available are limited and not globally used.
Education resources and Research tools
TenkoFX is weak in both research and educational areas. It just provides courses in the name of education which too lacks some of the vital concepts. You will not find things like articles, tutorials, videos and several others with the broker.
Coming to the research section of brokers here also it disappoints traders. It offers only an economic calendar and news.
Customer Service and support
The customer support team of the broker is inefficient. We have read many customer reviews about the broker and found that the team takes hours to answer queries. The response time for email and phone call is more than one minute and three days respectively. Moreover, the live chat option is offline many times.
Disadvantages of TenkoFX
- High minimum deposit
- High spread and commission
- Low-quality services
- Limited trading tools
- Restricted research tools and educational resources
- Unregulated broker due to offshore regulation
- Complex account opening process
- Lacks MetaTrader 5 platform
Conclusion
The review explains all the points and services offered by TenkoFX. It can be considered as an unregulated broker as it is authorised under some random offshore license. The broker fails in meeting trading objectives of traders. Limited tradable products, restricted research tools, poor educational resources, outdated platforms and inefficient customer support team compel us to look for other advanced firms.
You can opt for trusted renowned and advanced brokerage firms such as HFTrading, T11markets, PrimeFin, and 101investing. These are well-regulated firms and offer top-class services at an affordable rate.
FAQs
Is it safe to trade with TenkoFX?
No, the firm is not safe for trading as it is an offshore regulated broker. Offshore regulation does not provide traders with the same level of protection and security as other central regulations. Hence, think twice before investing with the firm.
What are the cons of TenkoFX?
- High minimum deposit
- High spread and commission
- Low-quality services
- Limited trading tools
- Restricted research tools and educational resources
- Unregulated broker due to offshore regulation
- Complex account opening process
- Lacks MetaTrader 5 platform
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