Note: 10xoptions' official website: https://www.10xoptions.net/ is currently inaccessible normally.
10xoptions Information
10xoptions was newly registered in 2023 and is a UK-based broker with limited publicly disclosed information due to inaccessible website. We are not sure if the company already ceased business currently. Moreover, the absence of regulation further exacerbates its credibility and legality.
Is 10xoptions Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of 10xoptions
Unavailable website: 10xoptions' website cannot be opened currently.
Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.
Lack of transparency: The broker does not reveal openly reveal info on trading conditions.
High minimum deposit: 10xoptions requires a high minimum deposit of ￡500, higher than industry average.
What Can I Trade on 10xoptions?
10xoptions claims to offer several trading assets mainly in five categories: forex, indices, cryptocurrencies, stocks and commodities.
- Forex: Trade global currencies to capitalize on the dynamic forex market. Popular and most traded pairs include EURUSD, AUDUSD, etc.
- Commodities: Diversify your portfolio with essential commodities like precious metals such as gold, silver, as well as energy products and raw materials.
- Indices: Gain exposure to specific sectors or regions through market indices.
- Cryptocurrencies: Trade digital currencies like Bitcoin and Ethereum, tapping into the evolving crypto landscape.
- Stocks: Stocks represent shares of ownership in a company, allowing investors to participate in its profits and growth.
One of the key principles of trading is never put all your eggs in one basket. Choose several products at one time to scatter risks.
Accounts
10xoptions is said to offer four tiered accounts, but its minimum deposit requirement is very high comparing to industry average even in the starter account.
The STARTER account sets a threshold at £500, the requirements are £5,000 and £ 10,000 for Classic and Platinum accounts respectively. The highest ranking account is the “Forex Signals” account, but the broker does not disclose the entry point of this account.
Moreover, the crucial information about trading conditions such as leverage, spread and trading commission are not readily available, leaving traders confused.
Customer Support
10xoptions offers contact windows via email, phone and business address. But we are not sure if these methods are reachable or not so far.
Conclusion
In summary, 10xoptions is not a recommended broker at all. Its operation without regulation implies less compliance to financial rules and unavailable website leaves no window for customer to know about the company. The high entry levels prevent many investors with limited capital. Not only that, the lack of transparency on its line of services and trading conditions affects overall trading experience and trust in the platform.
Therefore, staying far away from such possible scam brokers and turning to a regulated and reputable broker is a wiser choice.
2024-02-22 17:57
