What is TenX Prime?
TenX Prime is a forex broker established in 2020 in Saint Vincent and the Grenadines, which supports various trading services, including forex, indices, precious metals, commodities, and cryptocurrencies. TenX Prime uses the MetaTrader 4 (MT4) trading platform, widely used forex trading software, featuring automated monitoring, advanced charting, and real-time analysis. TenX Prime offers a leverage ratio of up to 1:500 for forex trading and a leverage ratio of 1:25 for cryptocurrency trading. This broker offers a range of deposit and withdrawal methods, including instant bank transfer, wire transfer, Bitcoin, and VISA, with no minimum deposit and withdrawal limits and no fees charged. In addition, TenX Prime also provides a 50% deposit bonus promotion, giving customers an additional 50% funds on deposits to increase their trading capital.
Is TenX Prime a safe and legal broker?
TenX Prime Ltd is a company registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), with registration number 26449 BC 2021. The company's registered address is Suite 305, Griffith Corporate Centre, Kingstown St. Vincent, and The Grenadines. Furthermore, TenX Prime Ltd is a member company of TenX Prime Pty Ltd. This indicates that TenX Prime Ltd is an international business company established in Saint Vincent and the Grenadines, a region typically known for its more relaxed financial regulatory environment. The type of registration may have some impact on investor protection, so investors should fully understand the related regulatory standards and risks when using its services.
TenX Prime is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) of South Africa. TenX Prime has previously operated as an authorized representative of STAR FUNDS MANAGEMENT PTY LTD, holding an Australian Financial Services (AFS) authorized representative license (number 001300934), but this authorization was terminated on August 15, 2023. Under the regulation of the Australian Securities and Investments Commission (ASIC), its business scope is limited to providing services to wholesale clients.
Moreover, TenX Prime holds a regulatory license from the South African Financial Sector Conduct Authority (FSCA), with the regulatory number 52035 and the registration number 2021/906851/07, with its registered address at J331 Bhasini Road Umlazi KWA-Zulu Natal 4066. It is worth noting that TenX Prime is not a market-maker in over-the-counter derivatives (OTC) products and does not act as a principal in transactions with clients. Over-the-counter derivatives usually refer to financial derivative transactions that are informal, such as directly between buyers and sellers, for example, forward contracts and options.
Account Types
TenX Prime is a diversified financial trading service provider, supporting a variety of trading instruments, including 35 currency pairs, precious metals (gold and silver), energy commodities, and 30 cryptocurrencies, catering to different investors' needs.
At TenX Prime, investors can choose between real trading accounts (TenX MT4) or demo accounts, depending on their experience and risk tolerance. The minimum deposit for a real trading account is $25, with floating spreads starting from 0.1 pips, with no commission fees, but with a spread markup. The leverage ratio provided by the platform varies depending on the trading tool, with up to 1:500 for currency pairs and 1:25 for cryptocurrencies.
Furthermore, TenX Prime emphasizes the speed and accuracy of trade execution, with market execution times under 0.1 seconds and pricing precision up to 5 digits. To accommodate different trading strategies, the platform supports hedging and scalping, as well as providing a swap-free service. TenX Prime also supports trading in contracts for difference (CFDs), further broadening traders' options.
How to Open a TenX Prime Account?
The account opening process is straightforward, and investors can start trading after visiting the official website, selecting the account type, filling in the relevant information, and completing identity verification. Overall, TenX Prime is committed to offering users a comprehensive trading environment.
The process of opening a TenX Prime account can be divided into the following steps:
- Visit the official website: First, visit the TenX Prime official website.
- Select an account type: Choose the type of account you wish to open on the website, which can be a real trading account (TenX MT4) or a demo account.
- Fill in registration information: Fill in necessary personal information, such as name, contact details, email address, etc. You will need to provide some information about your trading experience and financial situation.
- Deposit funds: You can deposit the minimum required amount depending on the account type.
- Start trading: Once your account is activated and funded, you can begin trading. You can trade a variety of products on the TenX Prime platform, including forex, precious metals, energy commodities, and cryptocurrencies.
The steps to log in to your TenX Prime account are very simple:
Firstly, visit the TenX Prime official website and click on the "Login" button on the homepage. Then, on the login page, enter the email address and password you used when you registered your account. After confirming that the information is correct, click login. If the system requires additional authentication, such as a mobile phone verification code or security question, follow the prompts to complete the login. You can then successfully access your account to start trading or view account information. If you forget your password, you can use the "Forgot Password" feature to reset it.
Trading Software:
TenX Prime offers MT4 as its primary trading platform, which is very popular in the forex industry. The MT4 platform is known for its user-friendliness and high customizability, suitable for traders of all strategies and experience levels. TenX Prime provides three different versions of the MT4 platform: MT4 Desktop, MT4 Mobile, and MT4 Web.
- MT4 Desktop: Ideal for professional traders who require a complete set of trading tools and analytical features.
- MT4 Mobile: Provides convenience for those who often are on the go and need to trade on mobile devices.
- MT4 Web: Suitable for users who want to quickly access their trading accounts through a browser, without the need to download any software.
These platform versions allow users to access more than 40 forex currency pairs, indices, commodities, oils, precious metals, Bitcoin, and other cryptocurrencies, meeting the needs of different investors. Users can also take advantage of features such as EA/robots, news, and scalping trades, as well as MT4's advanced charts and analysis tools to optimize their trading strategy.
Leverage:
The leverage services offered by TenX Prime are quite flexible within the trading industry to suit various trading tools. We have summarized TenX Prime's trading leverage:
- Currency Pairs: For currency pair trading, TenX Prime offers leverage ratios of up to 1:500, allowing traders to control larger positions in the forex market. However, for the ZARJPY currency pair, the leverage ratio is set at 1:100.
- Metals: In the metals market, such as precious metals like gold and silver, traders can use leverage of 1:200.
- Energy: The leverage ratio for energy commodity trading (such as oil and natural gas) is 1:100.
- Cryptocurrencies: TenX Prime offers leverage of 1:25 for cryptocurrency trading.
Using leverage involves certain risks as well. High leverage can magnify gains but also magnify losses. This means that in adverse market conditions, investors may quickly face substantial losses. Therefore, when trading with leverage, it's important to consider one's investment objectives, level of experience, and risk appetite carefully.
Before choosing to use TenX Prime or any other trading platform, investors are advised to conduct ample research and consider all relevant information to ensure the platform meets their trading requirements and risk tolerance. Additionally, the reputation and reliability of TenX Prime as a trading platform vary, so investors need to be extra cautious when making investment decisions.
Spreads and Commissions:
The trading cost structure of TenX Prime includes competitive floating spreads and a no-commission model. The platform's spreads can be as low as 0.1 pips, but are subject to adjustment based on market conditions and liquidity. Although no trade commissions are charged, TenX Prime may add a spread markup to the quotation to cover service costs. Traders should be aware before trading that different trading instruments and account types may have different spread and commission settings. Moreover, although TenX Prime offers the advantage of no swap fees, traders should also be aware of other possible non-trading fees, such as account maintenance charges or fees for certain payment methods.
Deposit and Withdrawal Methods:
TenX Prime offers convenient deposit and withdrawal methods for its clients, who can learn more about the broker's deposit and withdrawal services through the specific information below.
Deposit Methods:
- TenX Prime provides clients with multiple deposit options, including instant bank transfer, wire transfer, Bitcoin, and VISA card.
- The platform does not set limits on the minimum deposit amount and does not charge any fees during the deposit process.
- The deposit processing speed is fast, and some methods support instant deposit.
Withdrawal Methods:
- The withdrawal methods are the same as the deposit ones and can be carried out via instant bank transfer, wire transfer, Bitcoin, and VISA card.
- There are no minimum withdrawal limits, and no fees are charged during the withdrawal process.
- Customers can enjoy a smooth and fee-free withdrawal experience.
Traders should be aware that although no explicit fees are mentioned, there may still be other non-trading related fees when using certain payment methods, such as potential account maintenance fees or fees for specific payment methods. Therefore, clients are advised to fully understand all related fees and terms before using these services.
Trading Products:
TenX Prime's trading products tend to be diversified, aiming to meet the needs of different investors. These products include more than 40 currency pairs covering mainstream and some niche markets. In addition, TenX Prime offers over 60 contract for difference (CFD) trading products including gold, silver, other precious metals, stock indices, oil, and other commodities, providing investors with a rich range of investment choices. TenX Prime offers over 25 different cryptocurrency trading options, including mainstream digital currencies like Bitcoin, Litecoin, and Ethereum.
TenX Prime uses the widely popular MetaTrader4 platform, which provides desktop, mobile, and web versions equipped with automated monitoring, advanced charts, and real-time analysis, among other features. TenX Prime offers leverage ratios of up to 1:500 and claims its spreads can be as low as 0.1 pips. However, these spreads are floating and may change based on market conditions and liquidity. Consequently, when trading with TenX Prime, traders need to fully understand the characteristics and related trading conditions of these trading products, as well as potential risks.
Customer Support:
TenX Prime places a strong emphasis on customer satisfaction and support, providing various ways for clients to contact its customer service team. Customers can reach out by email (support@tenxprime.com) or by directly calling (+61731033723) for assistance and resolution. For those who prefer face-to-face communication, TenX Prime provides a physical address in New South Wales, Australia. Although the official website may have limited information about educational resources and community support, TenX Prime encourages clients to actively contact them with any issues as their support team is always ready to assist and respond promptly to client inquiries.
TenX Prime Deposit Bonus:
TenX Prime's deposit bonus promotion offers clients a 50% bonus on deposits, with a maximum of $2500. This bonus is only applicable to the deposit and cannot be withdrawn directly; only the profits made using the bonus can be withdrawn. To receive this bonus, clients need to deposit and apply for the bonus. The promotion is meant to encourage clients to fund their trading accounts and provides additional capital to enhance their trading opportunities. The promotion ends on December 31, 2023.
Related Complaints:
Customer complaints about TenX Prime mainly focus on difficulties during the withdrawal process, the platform requiring more deposits after clients make their first deposit, and concerns about potential fraudulent activities by the platform. These complaints reflect the true customer opinions on TenX Prime. Investors are advised to perform necessary due diligence before deciding to use any online trading platform to ensure its security and reliability.
Summary:
TenX Prime is a forex broker registered in Saint Vincent and the Grenadines, offering a variety of trading services including forex, indices, precious metals, commodities, and cryptocurrencies. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) of South Africa, but it is noteworthy that some of its authorization licenses have expired or exceeded the regulatory scope. The minimum deposit for a real trading account on the platform is $25, and it provides leverage ratios of up to 1:500 for forex trading, while the leverage ratio for cryptocurrency trading is 1:25. When considering trading with TenX Prime, investors should take into account its regulatory status and provided trading conditions. Currently, TenX Prime is listed as "Suspected Fraud" on Traderknows.
