TenX Prime
Pros and Cons
Pros
- Regulated by ASIC and FSCA (exceeded status)
- Diverse range of trading instruments, including 35+ forex pairs and cryptocurrencies
- Access to the widely recognized MetaTrader 4 platform
- Low minimum deposit requirement of $25
- No deposit or withdrawal fees
Cons
- Regulatory concerns due to registration in offshore jurisdictions
- Limited educational resources for traders
- Lack of demo account for practice
- Inadequate customer support with limited language options
- Mixed user reviews indicating potential issues with fund access
Basic Information
User Reviews
TenX Prime Overview
TenX Prime is a forex broker established in 2020 and headquartered in Saint Vincent and the Grenadines. Operating under the name TenX Prime LTD, this broker serves a diverse clientele by providing access to various financial instruments, including forex pairs, commodities, and cryptocurrencies. TenX Prime is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa, although the FSCA’s status for TenX Prime is marked as “exceeded,” raising some concerns about its compliance with regulatory standards.
The broker offers a range of trading services, primarily through the widely recognized MetaTrader 4 platform, known for its advanced charting tools and automated trading capabilities. TenX Prime allows traders to engage in forex trading with competitive leverage options and a minimum deposit requirement of just $25, making it accessible for beginners. Customer support is available via email and phone, although it is limited in languages and lacks live chat options. Overall, TenX Prime aims to provide a user-friendly trading experience, but potential clients should remain vigilant regarding its regulatory status and conduct thorough research before engaging with the platform.
Is TenX Prime Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Australian Securities and Investments Commission (ASIC) | Australia | Segregated Accounts, Negative Balance Protection |
| Financial Sector Conduct Authority (FSCA) | South Africa | Exceeding Compliance Standards |
Is TenX Prime Regulated and How Are Client Funds Protected?
TenX Prime is regulated by two notable authorities: the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa. While ASIC is known for its robust regulatory framework, the FSCA’s status for TenX Prime is marked as “exceeded,” which suggests that the broker may have surpassed certain regulatory requirements. This situation raises some concerns regarding the broker’s compliance with ongoing regulatory standards. To protect client funds, TenX Prime employs various measures, including segregated accounts to ensure that client funds are kept separate from the company’s operational funds. Additionally, the broker provides negative balance protection, which helps ensure that clients cannot lose more than their deposited funds. However, potential clients should remain vigilant about the broker’s regulatory status and conduct thorough research before engaging with the platform.
Trading Products and Services
What Trading Instruments Does TenX Prime Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major & Minor Pairs | 35+ |
| Commodities | Gold, Silver, Oil | 3 |
| Indices | S&P 500, NASDAQ | |
| Stocks | US, UK | |
| Cryptocurrencies | BTC, ETH, LTC | 30+ |
TenX Prime provides a diverse array of trading instruments, appealing to various trader profiles from beginners to experienced professionals. The platform features an extensive selection of over 35 forex pairs, precious metals like gold and silver, and a broad range of cryptocurrencies, enabling users to explore numerous trading strategies. This diversity supports portfolio diversification, allowing traders to adapt their approaches based on market conditions and personal investment goals. With its competitive offerings, TenX Prime caters to the needs of technical traders, long-term investors, and everyone in between, promoting flexible trading opportunities across multiple asset categories.
Account Types and Trading Conditions
What Account Types and Fees Does TenX Prime Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| TenX MT4 Standard Account | All traders, including beginners and experienced traders | Low minimum deposit, access to various trading instruments | Minimum deposit of $25; suitable for small-capital practice |
| Demo Account | Traders looking to practice without financial risk | Simulates real market conditions for skill development | No financial commitment required; ideal for strategy testing |
Account Opening Process
To open an account with TenX Prime, prospective clients must complete several steps. Initially, they will need to provide personal details, including their name, date of birth, and contact information. Following this, employment and financial information are required to assess the applicant’s trading experience and financial status. A crucial part of the process is identity verification, which includes submitting a valid form of identification and proof of address. Once the account is set up, clients can enjoy flexibility, as they may have the option to upgrade to a professional account later if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.8 | $0 | Tight spreads available for major currency pairs |
| Forex (Minor Pairs) | 1.0 | $0 | Competitive spreads for minor currency pairs |
| CFDs (Stocks, Indices, Commodities) | Variable | $0 | Spreads vary based on market conditions |
| Cryptocurrencies | 1.0% | 0.1% | Fees may vary based on market volatility |
Other Fees
TenX Prime is transparent regarding other fees associated with trading. There are no deposit or withdrawal fees, allowing clients to manage their finances efficiently. Inactivity fees may apply after a prolonged period of account dormancy. Additionally, clients should be aware of potential overnight interest charges (swap rates) for positions held beyond a day, which can vary depending on the asset class. Currency conversion fees may also be applicable when trading in different currency pairs.
Trading Platforms and Apps
What Trading Platforms and Apps Does TenX Prime Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, encryption, market search, multiple order types, price alerts, technical indicators | Demo account, EA/robot trading |
| Web Version | Any device with a web browser | Secure login, symbol lookup, one-click trading, push notifications | Demo account |
| Mobile App | iOS, Android | Biometrics, customizable alerts, easy access to trading tools | Demo account |
TenX Prime offers the MetaTrader 4 platform, favored for its comprehensive trading tools and flexibility, making it suitable for both novice and experienced traders. The web version provides convenient access from any browser, while the mobile app enhances mobility, allowing traders to manage their accounts on the go. Each platform incorporates secure login methods and efficient order execution features, ensuring a smooth trading experience. The availability of demo accounts across platforms allows users to practice trading strategies without financial risk.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min $25, Max $50,000 | USD, AUD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $25, Max $10,000 | USD, AUD |
| Cryptocurrency | Instant | 0.5% transaction fee | Min $25, Max $20,000 | BTC, ETH |
Minimum Deposit
TenX Prime has a minimum deposit requirement of $25, which applies to all account types. This amount does not vary by payment method or region, making it accessible for traders looking to start with a small capital.
How to Withdraw
- Log in to your TenX Prime account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred withdrawal method from the options available.
- Enter the amount you wish to withdraw, ensuring it meets the minimum limit.
- Confirm the withdrawal request and review any applicable fees.
- Submit your request. Processing times will vary based on the chosen method.
Customer Support
TenX Prime Customer Support Overview
Support Channels
TenX Prime offers customer support through several contact methods to assist clients effectively. Traders can reach out via:
- Email: Clients can send inquiries to support@tenxprime.com for assistance.
- Telephone: For immediate support, traders can contact TenX Prime at +61731033723.
Service Availability
Customer support is available during regular business hours, though specific times are not detailed. Currently, support is limited to English, which may affect non-English speaking clients.
Frequently Asked Questions
TenX Prime is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa. To protect client funds, TenX Prime employs measures such as segregated accounts to keep client funds separate from operational funds and negative balance protection to ensure clients cannot lose more than their deposited funds.
TenX Prime offers a diverse array of trading instruments, including over 35 forex pairs, commodities like gold and silver, indices such as the S&P 500 and NASDAQ, stocks from the US and UK, and over 30 cryptocurrencies. This wide selection caters to various trading strategies and profiles.
TenX Prime has a low minimum deposit requirement of $25 applicable to all account types. The available account types include the TenX MT4 Standard Account, which is designed for all traders, including beginners and experienced traders, and a Demo Account for practice without financial risk.
Clients can reach TenX Prime’s customer support via email at support@tenxprime.com or by telephone at +61731033723. Support is available during regular business hours, but is currently limited to the English language.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.