TenkoFX Review – Broker With A Dark Past And Not Any Brighter Future
TenkoFX claims to be oriented solely on flawless and instantaneous deal execution to ensure top quality trading. Behind the fancy statements and shiny surface lies a dark past of an offshore entity. Although established in 2012, TenkoFX hasn’t acquired a premium license to this day.
While they were regulated for a while, that license didn’t matter much, considering it came from a Tier 3 institution. For a detailed report on this whole scheme, please read our TenkoFX review fully.
|Is This Company Safe?||No, this offshore dealer is not safe in any way!|
|Have Warnings from:||FSC (Belize)|
|Trading Platforms:||MT4, Tick Trader|
|Deposit Bonus:||Not available|
|Trading Assets:||CFDs on Crypto, Shares, Indices, Commodities and Forex|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Consult our legal experts if you wish to withdraw your funds safely from TenkoFX!|
Legit Once Upon a Time
The owning company of TenkoFX used to be named TenkoFX Ltd then TenkoFX Limited, while their latest name is Tenko Systems Limited. Regardless of all the renaming, the company is the same fraudulent entity from the start. For a while, the broker was regulated in Belize. Their license was valid until 2015.
After that, the firm continued operating and claiming to be regulated although they were not. The same regulator that has once licensed them has published a warning against this entity for using a false license. FSC from Belize has even called them a fraud openly.
Contact number provided is supposedly located in the UK, but FCA doesn’t have this firm in their collection of supervised entities.
TenkoFX hasn’t got a valid license since 2015 and has been a fraudulent broker that shamelessly defrauds clients, doesn’t respect their privacy or keeps their funds secure. Investments here are inevitably stolen and misused, so beware!
Countries of Operation
TenkoFX has huge experience in dealing with Forex and CFD trading. During the previous decade, they’ve developed their strategies that are efficient in bringing in new customers. By offering high leverage for more educated and courageous traders, but also helpful account managers and investment advisors for beginners, TenkoFX ensures all their customers are attracted.
Unfortunately, little do the rookie traders know that their investments will be quickly stolen. Suspiciously friendly and affectionate boiler room agents operate for the single goal of extorting money and stealing your personal data for devious purposes of TenkoFX.
Here’s which traders have suffered the negative effect of the unscrupulous business called TenkoFX:
- South Africa
- United States
Not Many Reviews
Despite years spent on the market, it doesn’t seem like TenkoFX has been excessively active. Their Trustpilot page is basically empty and it’s been a long time since the last review was posted. A couple of ratings were posted, which makes for an average rating of 4.0 out of 5, which is beyond unrealistic for the overall quality of service.
Risky Trading Environment
There are brokers that legally offer higher leverage, but TenkoFX isn’t one of them. This illicit brokerage brand will easily have you trade under huge exposure which significantly increases your chances for loss. Leverage ratio is set at 1:500 maximum, while it goes up to 1:3 for crypto.
The spreads are more than attractive, with the starting pips of 0.0. Sadly, when it’s an unscrupulous broker that offers them, we can’t quite trust all of these claims.
Promotions, Partner Programm and Cashback
Offshore brokers aren’t obligated to follow legislation that rules the EEA and UK. Therefore, they can offer all kinds of bonuses and rewards.
For example, TenkoFX rewards all clients with significant commission for bringing in new clients. This commission is rewarded from at least 3 referrals and cannot be lower than $10.
Furthermore, the broker returns a part of the funds to its new customers within the first three months of trading. Lastly, if you deposit 1,000+ USD you supposedly get 3 months of trading with liquidity costs of just $10.
TenkoFX Trading Features
The majority of trading on this website is done on MT4, but there’s another platform advertised – Tick Trader. It is inaccessible though.
Starting off is facilitated with the diversified offer of trading accounts and financial instruments to trade. On top of that, you can even choose a risk-free trading period if you wish to explore the conditions further.
You’d think these features and tools are even solidly helpful, if only they weren’t a product of an unregulated platform. Another defrauding scheme to watch out for is FXFair.
MT4 and Another Mysterious Software
TenkoFX software of choice is MT4. Available for Desktop and Mobile platforms, this superior trading platform is confirmed to be one of the most reliable, fastest and feature-rich. It’s a shame that an illicit brokerage uses this premium terminal to attract customers to defraud them, instead offering genuine service.
Another advertised software is Tick Trader. However, when you try to download it from the TenkoFX site, you won’t be able to. You see, the page turns to a 403 web error and any download attempt is sabotaged.
MT4 Available On Mobile
Certainly a way to earn the trust of your customers is by enabling mobile trading. For their exceptionally busy or active clients, TenkoFX provides MT4 for iPhone and Android users. Automatically a plus, but also a reminder that illicit brokers are not to be trusted.
Diverse Portfolio With Forbidden Instruments
It is known how volatile crypto trading could be. That’s why CFDs on crypto currencies have been efficiently forbidden in the UK and other countries. Offshore brokers can still offer it without legal consequences. Here’s the full list of TenkoFX instrument classes:
- FX Spot CFDs (EUR/USD, USD/JPY, EUR/GBP, USD/CHF, AUD/NZD)
- Cryptocurrency CFDs (BTC, ETH, LTC, SHIB, DOT, EOS, ZEC, XRP)
- Shares CFDs (Disney, 3M, Astra-Zeneca, Caterpillar, Facebook, Netflix)
- Index CFDs (FR40, ES35, JPN225, UK100, AUS200)
- Spot Metals CFDs (Gold, Silver)
- Commodity CFDs (Wheat, Cotton, Coffee, Soybean)
The packages available at TenkoFX are the following:
- STP – $10
- ECN – $100
- Crypto -$10
Each TenkoFX account is promised to bring some unique features, like floating spreads from 0 pips, unlimited number of trades, transactions and possibility of opening Demo and Islamic versions of accounts.
For an unregulated broker, the offer is quite rich and alluring.
Once again, we have to remind you that offshore brokers without licenses make their offers especially shiny and nice because they aren’t such in reality.
Besides the standard three accounts, as well as the islamic accounts, TenkoFX also allows clients trial trading. During a limited time, users can perform risk-free trading with the virtual margin of up to $100,000. This is easily a bait, however, considering the unrealistic conditions that illegal brokers present this way.
Shady Funding Methods
TenkoFX asserts that it offers a variety of ways to deposit and withdraw funds to and from your trading account. Turns out, all these methods are limited to several crypto currencies. Needless to point out once again, these transactions are fully anonymous.
For the unregulated broker this means a way to avoid legal consequences. For the unsuspecting target it represents a way to surely lose cash and not be able to issue a chargeback!
We also recommend you to read our thorough review on FirewoodFX, which is known for similar scam tactics.
The two single ways of getting in touch with TenkoFX support service are:
- Email at [email protected]
- Phone number: +44 114 463 0905
Although the site claims the customer support office is available 24/5, we were reluctant to believe such shallow statements without a way to confirm them. Besides, unscrupulous brokerage websites are known to be far less diligent when it comes to responding to help tickets and tending to clients’ needs with diligence.
What To Do In Case Of Scam
It’s vital to be aware of the fact that a proper prompt reaction to a scam is the most efficient in the process of restoring your funds. Please feel free to refer to our expert team if you need legal support in issuing a chargeback or dealing with a scam broker otherwise.
Our Online Chat feature is always active and we do not even charge the first consultation!
What is TenkoFX?
TenkoFX is an illicit brokerage website previously licensed but now blacklisted by the same authority - FSC (Belize).
Is TenkoFX A Scam Or Legit?
Tenko FX is a scam website that doesn’t follow any legal directive. If you need help to restore your investment with this unscrupulous swindler, contact us as soon as possible.
What Are The Trading Platforms Of TenkoFX?
One major trading software offered is MT4 for Desktop, Android and iPhone, but another terminal, Tick Trader, doesn’t work and cannot be downloaded.