10xpartnersclub.com Review: this is the website of a Forex broker that mentions that it is based in the Cook Islands. Is 10X Partners Club Ltd a legit broker? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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10X Partners Club Ltd mentions on the website that it is located in Cook Islands, which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
For 10X Partners Club Ltd we found that it is under some sort of unclear regulation and more will be said about this as we progress.
Advantages of 10X Partners Club Ltd
The broker promises clients lightning fast execution and ultra-tight spreads. Traders also get to focus on their own strategy and under “limitless trading conditions”. Funds safety is also assured with segregated accounts.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
10X Partners Club Ltd Trading Platform
10X Partners Club Ltd offers traders a MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: forex, metals, indices and cryptos. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 0.7 pips on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on 10X Partners Club Ltd
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Western Union, PayPal, VISA, and Bitcoin. The fact that there are e-wallet options are not available is encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $2500 and this is above the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is 10X Partners Club Ltd Licensed?
No. 10X Partners Club Ltd is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
We found that the firm is a member of the Financial Commission which is a sort of dispute resolution organization. This is not encouraging enough as the regulations under which members are subject to is unclear.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker, call: +31-201-053-1104 or send an email to: firstname.lastname@example.org.
10X Partners Club Ltd is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. Trading conditions are not properly revealed and gives evidence of shadiness. If you have anything to say about this broker, do so in the comment section.
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