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TenkoFX: A Comprehensive Review
Introduction
In this review, we will delve into the details of TenkoFX, a Forex broker that has been operating since 2012 and is headquartered in Saint Kitts and Nevis. We’ll cover crucial aspects such as regulation, leverage, trading instruments, platforms, account types, minimum deposit requirements, and additional features to help you make an informed decision about whether TenkoFX suits your trading needs.
Regulation Status
TenkoFX operates from Saint Kitts and Nevis, a traditional offshore jurisdiction in the Caribbean. It’s important to note that this broker is not regulated by any government agency. For traders considering significant capital deposits, the absence of regulatory oversight may raise concerns.
Leverage
TenkoFX offers competitive leverage, particularly for Forex trading. You can enjoy leverage of up to 1:500 on major currency pairs like EURUSD. However, for cryptocurrency CFDs, the maximum leverage is limited to 1:3, which aligns with industry standards for this asset class.
Trading Instruments
TenkoFX boasts an impressive array of trading instruments. These include over 30 cryptocurrency CFDs, several major stock indices, precious metals, and energy commodities such as oil and natural gas. Additionally, there are more than 50 currency pairs available for Forex trading. It’s important to note that stock CFDs are not offered by TenkoFX, making it less suitable for traders interested in stock market participation.
Trading Platforms
TenkoFX exclusively utilizes the widely acclaimed MetaTrader 4 (MT4) trading platform. Despite its release in 2005, MT4 remains immensely popular among traders due to its flexibility in using custom indicators and Expert Advisors.
Account Types
TenkoFX offers three distinct types of trading accounts:
- STP Account: This account features classic floating spreads with no commissions.
- ECN Account: The ECN account offers narrow spreads and charges a $4 commission per lot.
- Crypto Account: Tailored for cryptocurrency enthusiasts, this account comes with a 0.5% commission and 1:3 leverage.
Additionally, TenkoFX provides a PAMM (Percentage Allocation Management Module) service, allowing traders to earn commissions without significant capital. The broker accepts investments ranging from $500 to $1,500 for managing traders with a 6-month trading history on myfxbook.com, provided their maximum drawdown doesn’t exceed 30%.
Minimum Deposit
TenkoFX offers flexibility in funding your trading account. You can deposit funds via bank transfer, standard debit and credit cards (Visa, MasterCard, and China UnionPay), and various electronic wallets including FasaPay, AdvCash, Perfect Money, and QIWI. Notably, cryptocurrency deposits in BTC, ETH, LTC, BCH, and USDT are also accepted, with a minimum deposit requirement of just $10.
Additional Features
TenkoFX goes the extra mile by offering numerous additional features, which include:
- Regular contests with real cash prizes.
- A loyalty program offering spread rebates for novice traders.
- Discounts on commission fees when replenishing an ECN account with $1,000 or more.
Conclusion
TenkoFX distinguishes itself by offering features often associated with large, regulated brokerage firms, despite being unregulated and based offshore. These advantages include high leverage, an extensive range of cryptocurrencies for trading, a PAMM service, and the ability to fund accounts using cryptocurrencies.
Before making your final decision, it’s advisable to read TenkoFX reviews and consult our rating of Forex brokers for a well-rounded understanding of your options.
TenkoFX at a Glance
- Broker Name: TenkoFX
- Year of Foundation: 2012
- Headquarters: Saint Kitts and Nevis
- Regulation: Unregulated
- Trading Platforms: MT4
- EURUSD Spread: 0.9 pips
- Demo Account: Available
- Minimum Deposit: $10
- Basic Currencies: USD, EUR, RUB, JPY, BTC, LTC, ETH
- Maximum Leverage: 1:500
- Assets: Currency pairs, indices, metals, cryptocurrencies
- Deposit Methods: Bank Transfer, Visa/MasterCard, FasaPay, AdvCash, Perfect Money, QIWI, BTC
- Withdrawal Fee: Not specified
- Payment for Inactivity: Yes
- Islamic Accounts: Available
- Segregated Accounts: Not specified
- PAMM Accounts: Available
- Partner Account: Available
- Scalping: Permitted
- Automatic Trading: Supported
- Mobile Trading: Yes
- Web Terminal: Yes
- Social Trading: Not specified
- Signals: Not specified
- VPS: Not specified
- Deposit Bonuses: Not specified
- Contests: Offered
- Customer Support: 24/5
Please consider these factors and your personal trading preferences when evaluating TenkoFX as your potential Forex broker.
