- A Romanian Broker
- High Spreads
- No MetaTrader 4
- Good Initial Customer Service
- Too Good to Be True
10Trading is a Forex, CFD and Binary Broker. This platform is a subsidiary of Binext Global Ltd, a Romanian Based Company. FCA or ASIC didn’t license 10Trading, yet it continues to operate in the forex marketplace.
Following, we will review this broker and see whether you should trust it or not.
Spread is the difference between the purchase and selling price of an asset. This difference between the ASK and BID represents the cost of brokerage service. It replaces the transaction fees. A Spread is denoted in Pips (Percentage in Point) and points to the fourth decimal place the currency’s quotation.
High spreads mean you are paying a higher percentage in exchange for the service. It also shows that the position being offered was held for too long and has become increasingly unstable. This indicates that the trade is no longer profitable. 10Trading is guilty of providing its client high-spreads. It seems as the company earns a small part of its revenue by offering high-spreads.
10Trading doesn’t offer MetaTrader4. Instead, it works using a web-based trading platform. The platform takes care of the necessary amenities, but we don’t recommend it for professional traders. For a platform that trades in more than 100 assets including Forex and CFDs, MT4 is a must. The charting package is in dire needs of improvements.
MetaTrader 4, on the other hand, is very user-friendly. It allows new and experienced traders to thrive in the complex and volatile financial market without an issue. It also boasts advanced charting features that let the trader analyze every technical aspect before executing a trade.
10Trading uses a marketing method called “Cold Calling.” This broker contacts new and existing users to inform them about an upcoming offer. It promotes them to invest more money. For every newcomer, the service and support are excellent at first, but it starts to wear down with time.
The broker doesn’t reply to your messages instantly, and it only gets worse with time. It is a clear sign that the broker is a cheat and it doesn’t care about your best interests. All you can do now is leave your broker.
In case something sounds too good to be true, it usually is. The usability of a platform is a big selling point, but 10Trading has already lost because it doesn’t use MetaTrader 4. Trading always has some risk associated with it. Therefore, it’s very odd that someone guarantees a high profit.
If a trade is too profitable, you should learn how the market words, read trade condition and understand the strategy. There is a high chance that risks are downplayed, and the trader is making false assertions with false assurances. This is the same case with 10Trading.
While 10 Trading is not a typical scam, it skims money from the user in various ways. It uses high spreads and ludicrous offers to make money off their clients. The service is exceptional at the start, but it wears down as you continue to use this platform.