TenkoFX broker: forex scam review and feedback from cheated clients
Review of the TenkoFX Forex Broker
This publication examines the activities of TenkoFX, a company that, despite its recent history, is involved in fraudulent practices towards its clients. To avoid becoming a victim, we recommend carefully studying our review.
TenkoFX Company: Description
TenkoFX was established in 2012. Its specialization includes providing access to the Forex market, CFDs on commodities, indices, metals, and cryptocurrencies.
Let’s take a look at the company’s website tenkofx.com. Its web design is typical, except for the excessive number of prompts to open an account.
The next page offers investments in PAMM accounts, where your capital is entrusted to another trader for management. It’s important to consider the risks – the invested amount can be lost without the ability to appeal.
Scams of this nature are popular in CIS countries due to people’s trust and belief in false promises of income. TenkoFX skillfully exploited this mechanism for its benefit.
Information about trading Forex and CFDs is provided on the company’s portal. However, poor conditions, such as huge spreads and the use of the MetaTrader 4 platform for manipulation, can lead to significant losses.
Regarding cryptocurrencies, their volatility combined with fraudsters’ access to trading can have grave consequences.
It’s crucial to heed the company’s warnings about the risks of Forex trading and the brokers’ enticements regarding funding for further investment. The greed of scammers knows no bounds.
Regulatory Environment
TenkoFX is owned by Tenko Systems Limited and is registered on the island of Nevis in the Caribbean Sea, apparently to evade taxes.
The company claims to be regulated by the International Financial Services Commission (IFSC) of Belize, but in reality, it lacks a license from this organization.
Trading Conditions and Accounts
TenkoFX offers traders three types of trading accounts:
- STP: minimum deposit $10, floating spread markup, access to currency pairs and metals;
- ECN: minimum deposit starting from $100, commission of 4 units per 1 lot, access to metals, currency pairs, and CFDs;
- Crypto Account: initial deposit $10, commission 0.5%, access to trading with 29 cryptocurrency pairs.
Legal Information
TenkoFX’s client agreements have opaque terms, giving the company full control over the client’s funds.
The contract grants the broker the right to make changes without notifying the client, regardless of the seriousness of the consequences. Some clauses leave the trader vulnerable and devoid of the right to protest.
Such conditions leave the client unprotected and without guarantees, which is a clear example of fraud.
Client Reviews
Reviews indicate typical fraudulent schemes by TenkoFX, including refusal of fund withdrawals and rate manipulation.
Conclusion
TenkoFX is a player in the Forex market with fake regulation, harsh contract terms, and a significant number of negative reviews. Clients should not trust this organization. The mere existence of TenkoFX is about providing money for deception and playing unfairly with investors.