TenX Prime Forex Broker

TenX Prime Forex Broker - Complete Information Guide

1. Broker Overview

　　TenX Prime is a forex broker that was established in 2020. The company is incorporated in Saint Vincent and the Grenadines, with its headquarters located at Suite 305, Griffith Corporate Centre, Kingstown. TenX Prime operates as a private entity and primarily serves retail forex traders, including those looking for Islamic trading accounts compliant with Sharia law.

　　Since its inception, TenX Prime has aimed to cater to a diverse clientele, particularly traders seeking Sharia-compliant trading options. The broker offers a range of trading instruments and has positioned itself as a viable option for both novice and experienced traders.

　　TenX Prime operates under a business model that primarily focuses on retail forex trading, providing access to various financial markets including forex, commodities, and cryptocurrencies. The broker's business development has been marked by the introduction of competitive trading conditions and a user-friendly trading platform.

2. Regulation and Compliance Information

　　TenX Prime claims to be regulated by several authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA). The regulatory numbers associated with these bodies are 001300934 for ASIC and 52035 for FSCA. However, the FSCA's status for TenX Prime is marked as "exceeded," indicating potential non-compliance with certain regulations.

　　The broker operates under different legal entities based on the regions it serves. The SVG FSA does not regulate forex brokers, which raises concerns about the safety of client funds. TenX Prime states that it implements Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, but details on these procedures are not extensively provided.

　　In terms of client fund protection, TenX Prime does not participate in any investor compensation scheme, which is a significant consideration for potential investors. The lack of a compensation fund means that clients may have limited recourse in the event of financial malpractice.

3. Trading Products and Services

　　TenX Prime offers a diverse range of trading products, including over 40 forex currency pairs, indices, commodities, and a selection of cryptocurrencies. The broker provides access to more than 30 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Litecoin.

　　In addition to forex and cryptocurrencies, TenX Prime offers trading in commodities such as gold and silver, along with various indices. The broker aims to enhance its product offerings regularly, although specific information regarding the frequency of updates or new product introductions is not available.

　　The broker primarily focuses on retail trading services, providing individual traders with the necessary tools to engage in the forex market. While there is no mention of institutional services or white-label solutions, TenX Prime does cater to clients seeking Islamic accounts, which adhere to Sharia principles.

4. Trading Platform and Technology

　　TenX Prime utilizes the widely recognized MetaTrader 4 (MT4) trading platform, which is favored by traders for its comprehensive features and user-friendly interface. The MT4 platform is available in desktop, mobile, and web versions, allowing traders to access the markets from various devices.

　　The platform supports various trading functionalities, including advanced charting tools, technical indicators, and automated trading capabilities through Expert Advisors (EAs). The execution model remains unspecified, but TenX Prime claims to offer competitive execution speeds.

　　Currently, there is no information indicating that TenX Prime has developed its proprietary trading platform. The broker also does not provide details on server locations or technical infrastructure, which are essential factors for assessing the reliability of trading operations.

　　TenX Prime supports API access for automated trading strategies, enabling traders to implement their trading systems efficiently.

5. Account Types and Trading Conditions

　　TenX Prime offers a standard trading account type with a minimum deposit requirement of $25. This account is designed for both novice and experienced traders, providing access to various trading instruments. The broker claims to offer spreads starting from 0.1 pips and operates on a no-commission model, meaning traders are not charged explicit commissions on their trades.

　　Leverage options vary by asset class, with a maximum leverage of 1:500 for forex pairs, 1:200 for metals, 1:100 for energies, and 1:25 for cryptocurrencies. The minimum trade size is set at 0.01 lots, allowing for flexible trading strategies.

　　TenX Prime offers a swap-free trading option to accommodate traders who wish to avoid overnight interest charges. However, detailed information regarding other fees or charges associated with the accounts is not provided.

6. Fund Management

　　TenX Prime supports several deposit methods, including bank transfers, credit cards, and cryptocurrencies. The minimum deposit requirement is $25, and the broker does not impose any deposit fees. Deposit processing times vary, with some methods providing instant execution.

　　Withdrawals can also be made through the same methods, and TenX Prime does not specify any minimum withdrawal limits. The withdrawal process is reportedly smooth, but the exact processing times and fees associated with withdrawals remain undisclosed.

　　Clients should be aware of potential fees related to specific payment methods, but detailed information on this aspect is not readily available.

7. Customer Support and Educational Resources

　　Customer support at TenX Prime is accessible through various channels, including email and phone. The support team is available to address client inquiries and provide assistance. However, the availability of support during specific hours or time zones is not clearly stated.

　　The broker's website provides limited educational resources, which may include basic tutorials and market news. Traders seeking in-depth educational materials may find the offerings insufficient. There is no indication of live webinars or extensive market analysis services.

　　TenX Prime does provide some trading tools, such as an economic calendar, to help traders stay informed about market events and potential trading opportunities.

8. Regional Coverage and Restrictions

　　TenX Prime primarily serves clients from regions including Malaysia, India, Indonesia, Pakistan, and South Africa. However, the broker does not accept clients from certain countries, although specific details regarding restricted regions are not provided.

　　The broker's operational model appears to be focused on markets where regulatory oversight may be less stringent, raising concerns about the safety of client funds. Traders are advised to conduct thorough research before engaging with TenX Prime, particularly considering its regulatory status and client feedback.

　　In conclusion, TenX Prime presents itself as a forex broker catering to a diverse clientele, including those seeking Islamic trading options. However, potential clients should carefully consider the regulatory environment, trading conditions, and customer experiences before making a decision. As with any investment, conducting due diligence is crucial to ensure a safe trading experience.