TenTrade 2025 Review: Everything You Need to Know
Summary
TenTrade has garnered mixed reviews in the forex trading community. While it offers a low minimum deposit and access to a wide array of trading instruments, concerns about its regulatory status and user experiences have raised red flags. Key features include the use of the MetaTrader 5 platform and a funded trader program, but users have reported issues with withdrawals and customer support.
Note: It's essential to consider that TenTrade operates under different entities across various regions, which may affect its regulatory compliance and service quality. This review aims to provide a fair and accurate assessment based on multiple sources.
Rating Overview
We assess brokers based on user feedback, expert opinions, and factual data from various reliable sources.
Broker Overview
Founded in 2021, TenTrade is a forex and CFD broker based in Seychelles, regulated by the Seychelles Financial Services Authority (FSA). The broker primarily operates through the MetaTrader 5 (MT5) platform, providing traders with access to a diverse range of financial instruments, including over 40 currency pairs, cryptocurrencies, indices, and commodities. Despite offering a competitive trading environment, its regulatory status has raised concerns among users.
Detailed Breakdown
Regulatory Regions
TenTrade is regulated by the Seychelles FSA, which is often considered a tier-3 regulator. This means that while it does provide a level of oversight, it may not offer the same protections as more stringent regulatory bodies like the FCA in the UK or ASIC in Australia. Users are advised to approach with caution, especially given the broker's relatively new establishment in the market.
Deposit/Withdrawal Currencies/Cryptocurrencies
TenTrade supports deposits and withdrawals in multiple currencies, including USD, EUR, and GBP. Additionally, the broker allows cryptocurrency transactions, enhancing its appeal to a broader audience.
Minimum Deposit
The minimum deposit to open a real account with TenTrade is only $25, making it accessible for new traders. However, some account types may require higher initial investments, such as $100 for ECN accounts.
TenTrade offers various promotions, including a welcome deposit bonus of up to 100% on the first deposit. However, users should be aware of the terms and conditions associated with these bonuses, as they can sometimes come with high trading volume requirements.
Tradable Asset Classes
TenTrade provides access to a wide range of asset classes, including:
- Forex: Over 40 currency pairs
- Cryptocurrencies: 15+ pairs including Bitcoin and Ethereum
- CFDs: Indices, commodities, and stocks
This diversity allows traders to implement various strategies and diversify their portfolios effectively.
Costs (Spreads, Fees, Commissions)
TenTrade's trading costs are relatively competitive, with spreads starting as low as 0 pips for ECN accounts. However, there is a commission of $3.5 per lot for ECN accounts. Users have reported that the fee structure can be complex, and they should read the terms carefully.
Leverage
The maximum leverage offered by TenTrade is up to 1:500, which can be attractive for experienced traders looking to amplify their trading positions. However, this also increases the risk, and users should exercise caution.
TenTrade exclusively uses the MetaTrader 5 platform, which is well-regarded for its advanced features and user-friendly interface. However, the lack of additional platform options may be a drawback for some traders who prefer alternatives.
Restricted Regions
TenTrade is not available to residents of certain countries, including the United States and the United Kingdom. Potential users should verify whether they are eligible to open an account before proceeding.
Available Customer Support Languages
Customer support is available in English, but the broker does not operate a call center, which may limit accessibility for some users. Support is primarily offered through live chat and email, with service hours limited to weekdays.
Repeated Rating Overview
Detailed Evaluation
Account Conditions
TenTrade offers a variety of account types, including Pro, ECN, and Bonus accounts. The low minimum deposit requirement is appealing, but the varying spreads and commissions can be confusing for new traders.
The broker provides educational resources through its Ten Academy, which includes webinars, articles, and trading tools. However, the overall educational offering may not be as extensive compared to other brokers.
Customer Service and Support
Customer support has received mixed reviews. Many users have reported delays in response times and difficulties in reaching support during critical times. The absence of a call center is a notable drawback.
Trading Experience
The trading experience on the MT5 platform is generally positive, with users appreciating the advanced charting tools and automated trading capabilities. However, the exclusivity of the platform may deter some traders.
Trust Level
The regulatory status under the Seychelles FSA is a significant concern for many traders. While it is a regulated entity, the lack of stringent oversight compared to tier-1 regulators raises questions about the safety of funds.
User Experience
User experiences vary widely, with some praising the ease of account setup and trading, while others have reported withdrawal issues and lack of transparency regarding fees and terms.
In conclusion, while TenTrade offers a variety of features and competitive conditions, potential users should weigh the risks associated with its regulatory status and user experiences before committing to this broker.
