The offshore-base 10Crypto is an FX and CFDs brokerage provider with its primary focus on Cryptocurrencies. The broker gives its traders two options of trading accounts, namely- Retail and Professional. The broker does not disclose the information on the provided trading condition. The broker does not work under any regulations, and it is a significant fact of worry. In this 10Crypto review, we would like to focus on the analysis of offerings, regulations, and trading condition of this broker. It will provide you with beneficial information regarding 10Crypto. Read the full 10Crypto review here.
The trading platform used by 10Crypto is ACTIV8 that is developed by the developer of Sirix. The platform itself is well known to the traders and comes with many advance features like Analytical Tools, Auto Trading Bots, Experts Advice and Market Analysis. Sadly, the 10Crypto does not support a Demo Account, and we failed to test the trading platform. So, we are sceptical that 10Crypto provides ACTIV8 platform or not.
Another attractive aspect of 10Crypto is its diverse product portfolio. The broker offers its clients a variety of currencies, many stocks, several commodities and other assets. 10Crypto also allows cryptocurrencies trade in the form of CFDs and the available cryptos are Bitcoin, Ripple, Ethereum, Litecoin, IOTA and several others. These volatile assets, cryptocurrencies, are traded at the leverage level of 1:30. With the volatile nature of cryptos, the provided leverage is too higher. Also, the forex assets traded at the leverage level of 1:500. It is also higher and can cause maximum losses if not traded correctly.
The major drawback of this broker lies in its registration, the Kase Partnership LTD owner of 10Crypto is registered in Saint Vincent and the Grenadines. The government of SVG does not monitor forex brokers and do not have control over them. It is always a risky affair to trade with such brokers. The broker 10Crypto tries hard to look legit and claims to be regulated by the Cyprus Financial Regulator CySEC. Unfortunately, CySEC denies registration of 10Crypto.
Another aspect of worry is the absence of information about provided spreads. The cost of trading is calculated with the help of spreads offered. In this case, it is not possible. As mentioned earlier, it does not allow traders to test conditions on a demo account. So, it is evident that the broker is trying to hide something from traders. The 10Crypto does provide traders ACTIV8 trading platform, but the trustworthiness of the MetaTrader is irreplaceable. Also, there are several withdrawal fees applied to traders by 10Crypto.
Is 10Crypto scam or legit?
The 10Crypto is unregulated, and trading conditions are opaque. It is also an offshore-based broker with higher leverage. It is definitely designed to attract many brokers as possible before the scam. In our view, the 10Crypto is a potential cryptocurrency scam broker. Avoiding it is advised.