10Markets Scam Check – Should you trade with 10Markets?
10Markets speaks about providing tight spreads, however the minimum spreads on majors is 4 pips, which is much higher compared to other brokers in the industry. You can easily find a broker with 2 pips on major currency pairs today.
Maximum possible leverage is 1:200.
Although the broker provides the services in Arabic language, Islamic account is not available. On the bright side, all trading techniques are welcome including scalping and hedging.
Similar to most brokers in the industry, 10Markets offers the well-known MetaTrader 4 platform. Along-side there is also WebTrader interface for online trading of forex.
MetaTrader 4 – the art of trading platforms with professional technical analysis capabilities, sophisticated charting and Expert Advisors tools.
10Markets Mobile FX App – Follow the market rates and take advantage of various trading tools right from your mobile device.
10Markets WebTrader (FX) – online based platform is suitable for mobile traders and traders on the go. The platform doesn’t require downloading and installation and brings your trading account directly to any computer with the internet connection.
Educational material and the resources
The broker provides an education section with webinars, seminars and ebook. The videos provide the basic information on trading with examples. Most videos are locked for public and require a membership code to activate.
Payment Options this broker offers
The bass currencies include USD and GBP. Minimum deposit requirement is quite high compared to other brokers - $200. There is no mini account for beginners with smaller deposit requirement. Payment methods include Visa Debit/Credit, MasterCard Debit/Credit, Wire Transfer. At the moment there are no online payment systems such as Paypal or Skrill.
Customer Support quality
Live representative wasn’t very chatty and kept closing the chat window the moment the questions got “tough”. On the website of the broker you can find the feedback form. There is also an email and phone numbers listed. 10Markets claims to have the support available five and a half days a week, 24 hours a day.
10Markets, is not regulated at the moment and is situated in Anguilla. During the 10Markets review, the primary concern was that the broker doesn’t list its physical address in the contact section. Every time we tried to get this mystical information from the live chat representative “Cindi Goffger”, she would shut down the chat window. I don’t know what a red flag to you is, but to me it smells scammy.
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