TenkoFX Forex Broker Overview
TenkoFX, an online brokerage firm operated by Tenko Systems Limited, is one of the many brokers that provide trading and financial solutions on Forex, CFDs, and cryptocurrencies. The company debuted back in 2012 and is currently headquartered in a small Caribbean nation called Nevis. It has a leg office in the United Kingdom that specifically caters to the European clients. It prides itself for having a comprehensive and optimum platform equipped with a maximum leverage of 1:500. On top of that, it features highly secured and conducive trading executions monitored by the International Financial Services Commission of Belize.
TenkoFX’s Account Selection
TenkoFX has a decent account selection. It offers the STP, ECN, and Crypto accounts- a selection that sits within the standard range practiced within the financial industry. These accounts are wired with unique conditions, allowing traders to pick the most ideal setup for their trading structures. More so, those clients who comply with the Sharia Law may convert the STP and the ECN accounts into a swap-free Islamic account.
To note, the STP (Straight-Through-Processing) and ECN (Electronic Communications Network) accounts house the most generous offers. Both are equipped with premium currency pairs and the only difference is the additional CFDs that the latter provides. As for the Crypto account, it offers 29 virtual coins. Below are each account’s offers and conditions.
Minimum Deposit: $10 USD
Leverage: Up to 1:500
Commission: $2 per 1 lot
Assets: Currencies & metals
Minimum Deposit: $100 USD
Leverage: Up to 1:200
Spread: Variable (See “Spreads”)
Commission: $10 – $40 USD
Assets: Currencies, Metals, CFDs
Minimum Deposit: $10 USD
Commission: 0.5% half-turn
Assets: 29 cryptocurrency pairs
Commissions greatly impact trading costs, and it is important for traders to check conditions before opening an account. Similar with the ECN account, it is only recommended for those who can maintain the requirements as this will come daunting in time that a client fails to retain high equity and trading volume. Nevertheless, it still has reasonable commission rates. This can also be held true to other accounts, only thing that may come questionable about this is the absence of comprehensive table of fees on its website.
For those who have subscribed with TenkoFX’s services, they are given MetaTrader 4 as their trading platform. This system is the most popular within the industry as it is wired with optimum technologies, allowing clients to trade with ease and precision. Its all-in-one feature greatly contributes to its usability, while technical analysis tools support the overall trading experience.
The MT4 also enhances margin of profitability through in-house trading signals, MQL-based trading algorithms, and external plug-ins. In addition to this, clients may utilize premium order types to personalize their positions. Analytical tools including economic news and calendars are also provided to carry out high level of efficacy. Installing MT4 won’t come taxing as it is available on desktop, mobile, and web. More so, it is supported in different operating systems including Android, iOS, and Windows.
Education and Research– The education division is composed of a training academy that sorts traders according to their levels of trading. There is also a separate section that holds trading terminologies, and it comes with a search bar for ease of use. Trade-related articles are also provided, focusing on trading fundamentals and strategy development. More so, it has a comprehensive FAQ section that provides answers and resolutions to clients’ most common queries.
Customer Service- TenkoFX is client-centered in a way that it has excellent customer assistance. It has a 24/5 support, with working hours from 9:00 to 18:00 (GMT +2). While a live chat feature is missing, it was compensated by a wide range of communication channels including Skype, Telegram, email, and telephone. On top of that, this broker takes its clients’ feedback into consideration through an evaluation form located at the bottom right corner of the website.
Phone (UK Landline): +44 190 421 1064
Support: [email protected]
When it comes to account selection and fees, TenkoFX is one of the most decent brokerage firms that offer premium trading conditions for reasonable charges. It also comes with the popular MetaTrader 4 that is time-tested and conducive. While there are some disadvantages that this broker carries including steep deposit and withdrawal fees, this can be easily dismissed as it is compensated by a rapid execution of orders. Overall, its trading instruments, asset classes, generous promotions, and security appeal as interesting offers, making it one of the ideal brokerage firms for investment.