TENKO FX

Overview of TenkoFX

TenkoFX is a virtual currency exchange platform that offers a range of services for cryptocurrency trading. The company, founded inSaint Kitts and Nevis, aims to provide a secure and user-friendly environment for traders to buy and sell cryptocurrencies.

TenkoFX offers its users two trading platforms, MetaTrader 4 (MT4) and Tick Trader, providing flexibility and convenience for traders. Users can conveniently deposit and withdraw funds through bank transfers or cryptocurrency transfers.

Overall, TenkoFX is a forex and CFD broker that offers a good selection of trading instruments and platforms. However, the spreads are relatively high and some traders have reported withdrawal delays. Traders should carefully consider the risks before opening an account with this broker.

What is TenkoFX？

TenkoFX is a virtual currency exchange platform that allows users to buy and sell cryptocurrencies. It offers a range of features and services to facilitate cryptocurrency trading. Additionally, it provides a secure and user-friendly environment for traders.

As an exchange, TenkoFX is a centralized platform, meaning that it acts as an intermediary between buyers and sellers of cryptocurrencies. TenkoFX provides a simple and accessible trading experience, making it easy for users to enter and exit the cryptocurrency market.

TENKO FX includes the ability to create an account, deposit funds, trade different cryptocurrencies, and withdraw funds. Educational Resources offered by TenkoFX include Webinars, Articles, Video tutorials, Trading guides and Demo account to assist users in making informed trading decisions.

It is important to note that users should exercise caution and conduct their own research before engaging with the platform.

Pros and cons

Pros：

• Wide range of trading instruments: TenkoFX offers a wide range of trading instruments, which is a good thing for traders who want to trade in a variety of markets.

• Variety of account types: TenkoFX offers a variety of account types, which is another good thing for traders who have different needs and preferences.

• Trading platforms: TenkoFX offers the popular MetaTrader 4 and MetaTrader 5 platforms, which are well-liked by traders.

• Trading tools: TenkoFX offers a variety of trading tools, including charting tools, technical analysis tools, newsfeed, and educational resources. This is a good thing for traders who want to improve their trading skills.

• Customer support: TenkoFX offers 24/5 live chat, email, and phone support. This is a good thing for traders who need help with their account or have questions about the platform.

Cons:

• Spreads are higher than some other brokers: TenkoFX's spreads are higher than some other brokers. This means that traders will pay more in trading costs.

• Withdrawal fees are high: TenkoFX's withdrawal fees are high. This means that traders will lose a lot of money if they withdraw their profits.

• There have been some complaints about the customer support: Some traders have complained about the quality of TenkoFX's customer support. This is something to keep in mind if you need help with your account.

Here is the pros and cons table of TenkoFX:

Regulatory Authority

TenkoFX operates without regulatory oversight, offering advantages like fee flexibility but also introducing risks. Not being regulated means no assurance of security, stability, or industry adherence. This exposes traders to potential hazards including fraud, security breaches, and price manipulation.

To lessen these risks, traders should take precautions. Research the exchange's reputation and reviews in the crypto community. Exercise caution when depositing funds, only risking what's acceptable to lose. Maintain separate wallets for cryptocurrencies instead of prolonged storage on the exchange. Diversify investments across multiple exchanges to minimize exposure to any single platform and spread risk in case of breaches or issues.

Security

SSL EV Company authentication

All TenkoFXs clients are protected by advanced SSL EV (Extended Validation) technology, which provides the highest available level of authentication. The green browser bar confirms the authenticity of the TenkoDESK workplace.

All data transmitted by you and TenkoFX via your TenkoDESK workplace will be SSL encrypted to prevent interception by intruders.

Confidentiality

TenkoFX will never disclose information about their traders, investors, managers or partners to third parties. You can be completely assured that your personal data and information on your account activity is considered highly confidential and will not be disclosed.

SMS validation

Your personal TenkoDESK account will be linked to your mobile number. Any sensitive operation, such as a withdrawal of funds or a change to your personal data, will go through a validation process (SMS verification code) when you initiate the transaction, to authenticate your identity.

Manager security

As a managing trader you can be confident that you will always be fully rewarded for profitable performance, in line with your agreed investment terms. Your share of the profits you have earned will automatically be transferred to you whenever one of your investors makes a withdrawal of funds.

Investor security

To protect you and your funds we have created a secure investment environment, in which all settlements and data reporting are moderated by an independent party.

TenkoFX will hold your funds in custody in an individual, segregated account, insured by the investor compensation fund. Your managing trader will be technically empowered only to trade on your behalf, not to access or withdraw funds.

Cryptocurrencies available

TenkoFX offers a wide range of cryptocurrencies for users to trade. Currently, there are over 100 cryptocurrencies available on the platform, including popular options such as Bitcoin, Ethereum, and Ripple. These cryptocurrencies can be traded against each other or against fiat currencies like the US dollar.

In addition to cryptocurrency trading, TenkoFX may also offer other products and services. It is recommended for users to visit the TenkoFX website or contact their customer support for more information regarding any other available products or services.

How to open an account？

To open a trading account and start trading, you need to open an eWallet - a tool for managing your funds and trading accounts in the My TenkoFX area, and then follow the steps below:

• Log in to your My TenkoFX personal area;

• Select the type of account you need;

• Read and accept important documents;

• Fill in the account opening form.

Once the process has been successfully completed, you will see the registration data for your new trading account. To be able to start trading on a live account, please add funds to your trading account via any available payment systems in My TenkoFX and install trading platform or use WebTrader.

TenkoFX also provides the opportunity to open a free TenkoFX Demo account. This allows you to trade and experience the real market conditions, without the risk of losing real money as you operate with virtual money. More details on Forex Demo accounts.

Fees

TenkoFX offers to get acquainted with the commissions for different types of accounts.

ECN Account - FX Commission

Commissions for 1 Standard Lot (100,000) per side.

For FX Pairs with a base currency other than USD, the commission is in units of the base currency. The base currency is the first currency in any currency pair eg € for EURUSD, £ for GBPUSD.

Discounted Commission Rates for High Volume Traders

Commissions for 1 Standard Lot (100,000) per side.

*Traded Volume is the volume of executed trades over the last 30 days in USD equivalent.

The commission rate can change up or down from month to month depending on the Traded Volume in USD terms for the previous period and also the Account Equity at the recalculation time.

Discounted Commission Rates on the TickTrader Platform

ECN Account - CFD Commission

ECN Account - Share Commission

Minimum commission per order is $1.

Cryptocurrency CFD

Commission is per side.

Deposit & Withdrawal

TenkoFX offers a variety of ways to deposit and withdraw funds to and from your trading account. The range of options and terms is regularly updated. Please note that the company covers money transfer costs if and where feasible, and never charges more than the cost to the company.

Deposits

Withdrawals

NOTES:

1. Processing time: the time that it takes to credit the amount received to your Money Box. “instant” means fully automated processing without any interventions / reviews by the manager.

Processing time: Mon - Fri (9:00 am to 9:00 pm, GMT+4). Financial Department guarantees the processing of withdrawal applications submitted within the specified time frame. The delivery of funds to your bank account will depend on the chosen transfer method.

2. To initiate funds transfer from this page you have to be logged into your TenkoDESK workplace.

3. By choosing Wire Transfers as a payment method you acknowledge and agree that the payment to Tenko Systems Limited will be made to the account of Tenko Systems Limited held with XP Solutions Limited. XP Solutions Limited (www.finfxtech.com) providing a range of payment services including operating a money transfer service and issuing and managing means of payments.

Educational Resources

Educational resources consist of a training academy that is sorted into beginner and expert levels, a glossary of trading terms that comes with a helpful search bar, and various articles. Granted, the academy section is simply typed information with some pictures, but the broker has put in an amount of effort to attempt to help educate their clients. Its easy to miss those resources, so one should note that this section of the website can be accessed through the FAQ page.

Analytics is also a major theme, the website offers a forex forecast, forex & crypto news, a technical blog, and an economic calendar under that section. AutoTrade is available. Through the service, one can link their TenkoFX account in order to copy trading transactions straight into their trading account. A traders calculator is another convenient tool on the website that can help one determine the cost of placing a trade once all factors, like commissions, spread, and so forth have been added together.

Customer Support

TenkoFX offers 24/5 customer support, with working hours from 9:00 -- 18:00 (GMT+2) Monday through Friday for the financial department. Although the website doesn‘t directly feature an instant chat feature, support can still be contacted quickly through the broker’s Skype and Telegram accounts, along with email and phone. From the bottom right corner of the website, the broker also offers a helpful feedback form. Skype/Telegram would be the fastest contact methods as long as agents are online. Contact details have been listed below.

Skype: TenkoFX

Telegram: TenkoFX_bot

Phone (UK Landline): +44 190 421 1064

Email Support: Support@tenkofx.com

Finance Dept.: finance@tenkofx.com

Partner Inquiries: partners@tenkofx.com

PR & Marketing: marketing@tenkofx.com

Is TENKO FX a Good Exchange for You？

TenkoFX is suitable for a variety of customers, including:

Beginners: TenkoFX offers a demo account that allows beginners to practice trading without risking any real money. The exchange also has a good reputation for customer support, which can be helpful for beginners who are still learning the ropes.

Experienced traders: TenkoFX offers a variety of account types and trading instruments, which can be appealing to experienced traders. The exchange also offers competitive spreads and commissions.

Active traders: TenkoFX offers a variety of features that can be helpful for active traders, such as access to MetaTrader 4 and Tick Trader platforms and a copy trading service.

Customers who want to trade cryptocurrencies: TenkoFX offers a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

It is important for traders to carefully evaluate their own needs, preferences, and risk tolerance before choosing a platform like TenkoFX. Conducting thorough research, considering factors such as security, transparency, and regulation, and seeking advice from experienced traders or professionals in the field can help traders make more informed decisions about their cryptocurrency trading activities.

User Review

User 1: A modest deposit and spreads are a good advertisement for unsophisticated people, but let's remember equally important things. Only practice will show such things as gapping. When I was a freshman, it was important for me to understand how well orders are executed. I deposited money, and it turned out that TENKO lets you set the stop loss directly to the spread and it really works! Let's be fair, venerable dealing centers place restrictions on scalping, but TENKO encourages it, officially indicating in the terms that “scalping is allowed”. This cannot but rejoice!

User 2: Great spreads! One of the lowest spreads I've ever seen a broker had. As if it wasn't enough, they also allow you to place orders within a spread. There are disadvantages too, e.g. this broker has little analytical info, but who ever relies on the analytics of their broker nowadays？ As a rule, the traders usually ignore it, using independent online sources. The hourly comments in addition to the economic calendar are quite enough. And no spam or all these endless stupid training promotions. Tenko is a good broker for scalping, I recommend it.

Conclusion

TenkoFX offers leveraged trading of up to 1:500 on FX pairs, some CFDs, and cryptocurrencies from the MetaTrader 4 platform. Traders wouldn‘t be able to access the broker’s entire investment library from one account; the STP & ECN account focuses on currency pairs, while the Crypto account features 29 crypto pairs. The website can be vague when it comes to describing spreads and some of the trading costs through commissions.

Those that are planning on opening an ECN account will want an equity level above $10K and a higher maintained trading volume, otherwise, commission fees on the account can really add up, at $18 – $40 USD under certain conditions. The broker offers a large range of payment options, including popular options like Visa/MasterCard, in addition to e-wallets and cryptocurrency providers.

FAQs

Q: How can I register an account with TENKO FX？

A: The starting capital in TenkoFX is $10.

Q: What are the minimum deposit and withdrawal requirements for TenkoFX？

A: The minimum deposit for a TenkoFX account is $100. The minimum withdrawal amount is $25.

Q: What are the trading fees for TenkoFX？

A: TenkoFX's spreads are higher than some other brokers. This means that traders will pay more in trading costs. The withdrawal fees are also high.

Q: What are the account types offered by TenkoFX？

A: TenkoFX offers a variety of account types, including Standard, ECN, and Islamic accounts.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.