TenkoFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- TickTrader
- 2010
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- TickTrader
- 2010
Our Evaluation of TenkoFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
TenkoFX is a high-risk broker with the TU Overall Score of 1.88 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by TenkoFX clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. TenkoFX ranks 407 among 426 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
The TenkoFX broker offers extensive opportunities for active and passive earnings. Three account types, over a hundred financial instruments, and high leverage provide outstanding profit potential. Copy trading and PAMM accounts offer additional income with reduced risk. Users operate through top solutions such as the MetaTrader 4 and TickTrader trading platforms, which are simple, functional, and adaptive. Cryptocurrencies receive significant attention, providing access to markets and the ability to store digital assets in the user account and work with different crypto wallets. Unfortunately, there are questions regarding the company's regulation, despite its presence in the market for over 10 years. Traders should also consider certain regional restrictions.
Brief Look at TenkoFX
This broker's clients can trade currencies, cryptocurrencies, metals, and commodity CFDs. The minimum deposit is $10. In addition to USD, the broker supports EUR, RUB, and JPY. Funds can also be stored and transferred in the following cryptocurrencies: MBTC, LTC, and ETH. Trading is unrestricted, and the use of bots and advisors is allowed. Traders operate through the MT4 and TickTrader trading platforms. The maximum leverage reaches 1:500. The standard trade size ranges from 0.01 to 1000 lots, with a margin call level of 50%. Spreads start from 0 pips, and the commission depends on the account type: for Electronic Communication Network (ECN) accounts, the spread is raw, so there is no additional charge, while ECN and crypto accounts have a $4 commission; but this can be reduced to $1 for larger trading volumes. The TenkoFX broker provides a trade copying service as well as PAMM accounts. In addition, there is a three-tiered referral program. All standard deposit and withdrawal methods are available, including bank cards and cryptocurrency wallets.
- Three account options with flexible trading conditions and favorable commission policies.
- Over a hundred assets from highly demanded groups, high leverage, and market execution.
- Average or below-average commissions in the market, allowing traders to choose spread and charge parameters.
- Extensive opportunities for alternative income, including copy trading, PAMM, and partnership programs.
- The primary account currency can be a digital asset, as the broker works with BTC, LTC, ETH, and BCH wallets.
- The platform offers attractive bonuses, including reducing liquidity costs to $10 per 1 million trades.
- Responsive and competent technical support is available 24/5.
- The broker has been operating since 2012 and is officially registered in Nevis, but there is no information about its regulation.
- TenkoFX does not provide comprehensive education and lacks educational courses and webinars with experts.
- Customer support is highly rated but is not available only on weekdays.
TU Expert Advice
Financial expert and analyst at Traders Union
Tenko Systems Ltd was founded in 2012 and is officially registered in Nevis. The registration is confirmed, but there is no information about its regulation. Studying the reviews showed that TenkoFX provides services at a consistently high level, fulfills its obligations, and the actual conditions match the advertised ones. Over the past 11 years, the broker has demonstrated significant progress and currently offers hundreds of assets from four highly demanded groups: currencies, cryptocurrencies, metals, and CFDs. Metals are particularly popular now, given the economic and political situation worldwide.
TenkoFX offers three account types: Standard ECN, Crypto, and STP. The STP account stands out because it has no commission, and the spread is market average. The other accounts have commissions, but the spreads are more advantageous. As the name suggests, the crypto account allows trading cryptocurrencies, including crypto-fiat pairs. All necessary channels are supported regarding deposits and withdrawals through crypto wallets, bank cards, and online payment systems. The commissions are average; for example, the withdrawal fee for Bitcoin is 0.001 BTC (~30.25 USD). The platform almost always compensates for these costs.
A notable advantage of TenkoFX is the range of options for passive/alternative income. It has its copy trading service, which clients can access through their user account. The platform also offers joint accounts like PAMM, which operate transparently and can be flexibly customized. Finally, there is a referral program. Unlike most brokers with a standard single-level program, this program has three levels, which potentially increases earnings. Thus, the broker's clients can make money without actively trading.
The broker does not provide comprehensive education, but it has a newsfeed where currency market forecasts and an economic calendar are available. There are no notable conceptual drawbacks, although, as mentioned before, the regulation of the broker is unknown or non-existent. Additionally, customer support is unavailable on weekends. Considering the platform's advantages, these downsides are overshadowed. As a result, the majority of user reviews are positive, and TU experts agree with traders.
TenkoFX Summary
| 💻 Trading platform: | MT4, TickTrader |
|---|---|
| 📊 Accounts: | STP, ECN, Crypto |
| 💰 Account currency: | USD, EUR, RUB, JPY, MBTC, LTC, ETH |
| 💵 Replenishment / Withdrawal: | Bank cards, cryptocurrency wallet, online transfer systems |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | Floating from 0 pips |
| 🔧 Instruments: | Currency pairs, cryptocurrencies, metals, CFDs |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No |
| ⭐ Trading features: |
Three accounts with different commission and spread conditions; Many currency pairs and cryptocurrencies; High leverage; Integrated copying service; PAMM accounts. |
| 🎁 Contests and bonuses: | Yes |
The minimum deposit depends on the account type if a broker offers multiple accounts. For TenkoFX, this rule applies partly - a minimum of $10 is required to open straight through processing (STP) and crypto accounts, while an ECN account requires a minimum of $100. Traders should note that this refers to the minimum amount, and they can deposit a larger sum. This is important because some broker bonuses require a balance replenishment within a specific range (for example, to reduce commissions, a deposit of $1000 is needed regardless of the account type). Trading leverage of 1:500 is only available on the STP account, while the leverage for the ECN account is 1:200, and for the crypto account, it is 1:3. Of course, traders can trade with lower leverage or even without it. Finally, customer support is available 24/5.
TenkoFX Key Parameters Evaluation
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Trading Account Opening
To start collaborating with the broker, you need to create a user account on their official website. The account allows you to verify your account, open a real account, and make a deposit. Below, TU outlines the registration process step by step and discusses the features of the TenkoFX user account.
Go to the broker's website, select the language of the interface in the upper right corner, and click the "Registration" button. Alternatively, you can click on the "Real Account" or "Open Account" button.
Enter your email address. Create a password and enter it twice, or the system can generate one for you. Provide your phone number. Complete the anti-bot verification. Click the "Submit" button.
You are now registered in the eWallet system. Your login and unique number will appear on the screen. After that, you will be redirected to the user account. A message with a PIN code will be displayed on the screen. Keep this PIN code in a secure place as it will be required for confirming financial transactions.
Select the "Settings" section, then in the context menu, click on the "Account Verification" button. Follow the instructions on the screen. You will need to provide your name, surname, date of birth, and registration address with a postal code, and then upload photos/scans of documents confirming your identity. Wait for the verification process to be completed.
In the main section, select "Open Account", then in the context menu, choose the account type. Agree to the terms of service by checking the box. Specify the account currency and the desired leverage, and enter a referral code if you have one. After that, you will receive a download link for the trading platform and all the necessary login details. Deposit funds and start trading.
Your TenkoFX user account also provides access to:
Add account. In this section, traders can open/close an STP, ECN, or Crypto account type.
Add funds. This section provides options for making a deposit (contact support for alternative channels).
Withdraw funds. In this block, you can submit a request to withdraw funds (alternative withdrawal channels are available through support).
PAMM. Here, you can register as a manager or investor in the joint accounts system.
Partnership. This block is dedicated to the partner program, where traders can view program conditions and information about their referrals.
Settings. Here, you can adjust personal information and set security parameters.
Regulation and safety
When it comes to a company providing brokerage services, three factors can guarantee the security of user funds and data, as well as the fulfillment of its obligations. The first is regulation, the second is registration, and the third is the absence or many negative reviews. TenkoFX has predominantly positive reviews, and there are quite a lot of them, which is an important indicator considering that the platform has been operating for 11 years. It is officially registered in Nevis, and its license to conduct business is confirmed. However, there is no information available regarding regulation.
Where can you go for help?
- To the broker's customer support.
- To the financial regulatory bodies of Nevis.
- Contact TU’s legal department for free consultation and representation.
There is no point in contacting
- To international regulators.
- To local financial regulatory bodies outside of Nevis.
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| STP | From $0 | No |
| ECN | $4 | No |
| Crypto | $4 | No |
The standard commission can be reduced to $1 per lot with the corresponding trading volume. The calculation is done every 30 days. Special commissions apply to CFDs on indices; for example: 0.0075% for Australia 200 and 0.0015% for U.S. SPX 500 (mini).
Traders should understand that these are dry figures that demonstrate the conditions of cooperation with the broker, but they do not specifically address the comfort and potential of this partnership. TU has saved users some time by preparing a table that presents the average commission for TenkoFX and its closest competitors.
| Broker | Average commission | Level |
|---|---|---|
|
$2.66 | |
|
$1 | |
|
$8.5 |
Account types
The first step is to choose an account that’s best for you. If a trader focuses on currency pairs and is not interested in cryptocurrencies, it makes sense to select either an STP or ECN account. Crypto accounts are designed for those primarily working with digital assets. The difference between STP and ECN accounts, apart from the available instruments, lies in the trading fees. The first one only has spreads, while the second has raw spreads and commissions. Since the commission is average in the market and the broker's spreads are generally tight, both account types are economically equivalent. An important consideration is that leverage differs across account types. Therefore, traders should choose based on their preferred trading style, priority of instruments, and preferred strategies.
Account types:
The account choice does not determine the priority of technical support, execution speed, or the spread type because it is always floating, not fixed. In other words, the overall trading conditions are always equally advantageous.
Deposit and Withdrawal
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Once a trader has opened a real account, made a deposit, and trades successfully, he will earn profits that increase his balance.
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Funds are deducted from the balance at the trader's discretion. To do this, he needs to submit a request via his user account.
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Traders can use a bank card, cryptocurrency wallet, or an online payment system for withdrawals. For example, MC/Visa cards are supported, and AdvCash and BTC wallets are available.
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The broker does not charge fees for withdrawals, but third-party processors often do. In some cases, TenkoFX compensates for all withdrawal costs.
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If a cryptocurrency wallet is used, the withdrawal is instant, while in other cases, it may take several days.
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Information regarding third-party fees, and minimum and maximum transfer amounts can be found in the corresponding section of the website, and these details will also be provided during the withdrawal process.
Investment Options
Some platforms offer their clients typical investments, such as staking, investments in startups, and dividend stocks. However, this is rather rare. Usually, when TU talks about investment programs, it means joint accounts and copy trading. TenkoFX clients can earn through these methods, and the referral program can also be considered a way to generate passive income.
TenkoFX’s PAMM accounts:
A PAMM account consists of a main account that is owned by the manager and investor sub-accounts. The manager trades using their capital as well as the funds from investors (but with limitations). For example, if the manager places a $1,000 trade, an investor can limit this parameter and place a $100 trade. If the trade is successful, all participants of the joint account will receive profits according to their investments. The advantage for the manager lies in the commissions they charge investors. On the other hand, investors earn passively thanks to their experienced colleagues.
Copy trading:
Copying trades is somewhat similar to joint accounts, but there is a conceptual difference. A copy trading service is a separate integrated platform where users register as signals providers or investors. Investors can duplicate the trades of providers for a small percentage of the profits in successful trades. Signals providers trade as usual, but if they are consistently successful, more investors will connect to them, and they will earn a percentage of the profits from all those investors. The benefit for investors is that if the provider is skilled and has a high win rate, they can earn passive income at 100%.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Referral Program:
TenkoFX has a complex structure for its partnership program. It has three levels, and the distribution of profits within each level is based on nine margin ranges. The margin is calculated separately for each referral over three months. To simplify, the mechanism works as follows: a trader invites a potential trader (the referee) to the platform using a referral link and earns a percentage of the referee’s commissions. When the referee-trader brings in a new user, the referee-trader generates income for both himself and the first trader in this example. There is also a third level. This approach allows for the creation of an extensive network of partners who constantly bring in a small passive income.
Customer support
Technical support is critically important for any broker because traders often encounter situations where they require expert assistance. If a user does not receive prompt and high-quality support, they may become disappointed with the platform and switch to a competitor. That's why TenkoFX has placed special emphasis on customer service since its inception. The expertise of the experts is highly valued by users, and they respond as quickly as practicable. There is a call center, email support, and ticketing system on the website. Support operates 24/5.
Pros
- Even a trader who is not yet a client of the broker can contact customer support.
- The call center provides the promptest responses, and email replies also come quite quickly.
- You can reach out to customer support 24/5.
Cons
- Customer service is not available on weekends.
If you intend to work with TenkoFX or are already a client of this broker, you can contact support using the following methods:
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call center;
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email;
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tickets.
The broker has official pages on Facebook, Twitter, and Vkontakte. You can contact support through these platforms. It is also recommended to subscribe to the company to not miss its important news.
Contacts
| Foundation date | 2010 |
|---|---|
| Registration address | Tenko Systems Limited, Corner of Jews Street & Marion Avenue, Ramsbury Site, Charlestown, Nevis. |
| Official site | https://www.tenkofx.com/ |
| Contacts |
+44 190 421 1064
|
Education
A trader is successful only if, in addition to trading, he engages in self-education. By this, TU means reading specialized literature, attending relevant webinars, and studying analytical materials prepared by experts. Some brokers offer comprehensive educational systems, while others only have basic FAQs. TenkoFX falls more into the second category. This broker does not provide educational courses. It only explains the basics of platform operation and provides news and analysis of currency markets.
Like many brokers, TenkoFX assumes that its clients are already familiar with financial markets and know how to trade at least at a basic level. The rest comes with experience. In other words, the professional development of TenkoFX clients is up to them.
Comparison of TenkoFX with other Brokers
| TenkoFX | RoboForex | Exness | TeleTrade | FreshForex | Tickmill | |
| Trading platform |
MT4, TickTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, MobileTrading | MT4, MT5, Tickmill Mobile App |
| Min deposit | $10 | $10 | $10 | $10 | No | $100 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 1 point | From 0.8 points | From 0 points | From 0 points |
| Level of margin call / stop out |
No | 60% / 40% | No / 60% | 70% / 20% | 40% / 20% | 100% / 30% |
| Execution of orders | No | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | $30 | $30 |
| Cent accounts | No | Yes | No | No | Yes | No |
Detailed review of TenkoFX
This broker has existed for 11 years and has an impressive client base. Apparently, TenkoFX is not regulated but operates transparently under the financial legislation of Nevis. It has a powerful technological infrastructure that ensures order execution within 30-50 ms, as well as one of the best and most modern security systems in the segment. TenkoFX uses SSL authentication and automatically enables SMS verification for TenkoDESK. According to the broker's statement, its compensation and investors’ funds are kept separately from the company's operating capital.
TenkoFX by the numbers:
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3 account types are available, plus a swap-free option upon request.
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Minimum deposit is $10.
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Maximum leverage is 1:500.
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Highest commission is $4 per lot.
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Withdrawal fee is $0.
TenkoFX is a comfortable broker with an extensive asset pool
Some brokers focus on specific instruments, such as currency pairs or cryptocurrencies. Some only deal with contracts for difference (CFDs), and are known as CFD brokers. TenkoFX differs from these companies in that the pool of assets available to traders is combined, including currency pairs, cryptocurrencies, metals, and CFDs. Why is this an advantage? The broader the pool of assets, the more diverse the strategies and methods a trader can use. Additionally, different instrument types create a diversified portfolio, where a negative trend with one asset can be offset by stable and progressing positions in others.
TenkoFX’s analytical services:
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Copy trading. The copy trading service allows money managers to earn more through commissions charged to investors, while the investors themselves have the opportunity to generate passive income with reduced trading risk.
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PAMM accounts. Joint accounts offer the same benefits as the copy trading service. Signals providers gain additional profits, while connected traders can earn without actively trading.
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Affiliate program. Socially active traders can generate significant profits through multiple levels of referrals. The broker provides ready-made promotional materials.
Advantages:
Each account caters to traders with specific preferences, and both STP and ECN accounts can be converted into swap-free Islamic accounts.
A large number of assets from four groups, traded with up to 1:500 leverage, provide flexibility in decision-making and increase potential profits.
The broker has a low entry deposit of $10 and reasonable trading fees, with commissions up to $4 per lot and spreads starting from 0 pips.
Traders operate through the MetaTrader 4 trading platform, recognized by experts as the most user-friendly and functional. An alternative platform, TickTrader, is also highly customizable.
All features and options are centralized in the trader's user account. The convenient dashboard provides basic information with the ability to delve into any aspect.
User Satisfaction i