10xfd Review: A Scam Exposé

The world of online trading has witnessed a surge in popularity, offering traders access to a wide array of financial instruments. Among the multitude of trading platforms, 10xfd (10fxd.com) has emerged as a prominent player. With a plethora of claims and offerings, this platform has captured the attention of traders worldwide.

However, as the online trading space can be a breeding ground for scams, it is crucial to scrutinize this platform with a discerning eye. In this article, we delve into an overview of 10xfd, the claims they make, their investment schemes, and the potential red flags that should give traders pause.

10xfd Overview

10xfd is an online trading platform that promises access to a diverse range of financial products, including Forex, CFDs, cryptocurrencies, and more. The platform touts its extensive experience in the industry and emphasizes its regulatory compliance as a regulated broker.

They also highlight their technology infrastructure, which they claim ensures fast and reliable trade execution. However, it is essential to critically assess these claims before committing your investments.

Claims

Let’s take a closer look at the claims made by this entity:

1. Regulation:

10xfd asserts that it is a regulated broker, suggesting a level of trustworthiness. Regulatory compliance is a critical factor when evaluating the legitimacy of a trading platform. Regulated brokers are typically subject to oversight by government or financial regulatory authorities, which can provide a layer of protection for traders.

However, the key here is to verify the legitimacy of these claims by checking with the specific regulatory bodies that oversee this brokerage. It’s essential to ensure that the regulation is from a recognized and reputable authority. A lack of verifiable regulation should raise red flags and prompt further investigation.

2. Low Spreads and Fees:

10xfd’s website promotes low spreads and no deposit fees, which can be appealing to traders looking to minimize their trading costs. Low spreads and no deposit fees can indeed be attractive to traders, as they can help reduce the cost of trading. However, unrealistically low spreads and fees can be a sign of a potential scam.

It’s essential to compare these claims with other reputable brokers in the industry to determine if they are in line with market standards. Additionally, be aware that some brokers may compensate for low spreads with higher commissions or hidden fees.

3. Diverse Products:

The 10xfd platform offers a wide range of financial products, including Forex, Share CFDs, Commodities, Indices, Metals, and Cryptocurrencies, enabling traders to diversify their portfolios. Diversification is a fundamental strategy in trading, allowing traders to spread risk across various assets.

The claim of offering a broad selection of products is not necessarily a red flag in itself; many legitimate brokers provide diverse trading options. However, the variety of products should be assessed alongside other factors such as regulation, pricing, and execution quality. Ensure that the platform provides the specific instruments and assets you are interested in trading.

4. Cryptocurrency Trading:

10xfd emphasizes the convenience of trading cryptocurrencies without the need for a digital wallet, promising fast payments, blockchain security, and quick registration. Trading cryptocurrencies without needing a digital wallet can be an attractive proposition for some traders. However, it’s crucial to scrutinize the details.

Check whether the platform’s cryptocurrency offerings are in line with industry standards, such as the variety of coins available and the quality of trade execution. Additionally, claims of fast payments and blockchain security should be verified in practice, and quick registration should not be at the expense of thorough user verification procedures, as these are essential for security and regulatory compliance.

5. API Integration:

10xfd claims to offer API technology that enables traders to integrate their trading strategies and create automated trading systems. The ability to integrate trading strategies using APIs can be a valuable feature for more advanced traders.

However, it’s important to assess the accessibility, reliability, and functionality of these APIs. Traders should ensure that the platform provides adequate documentation and support for API integration and that the technology is secure and well-maintained.

Investment Plans

The information provided about this entity does not explicitly outline specific investment plans or strategies, but it does offer different types of trading accounts. These trading accounts typically determine the conditions under which you can trade on the platform. Here’s a more detailed explanation of these account types:

1. 10xfd Plus+ Account

Leverage: Up to 500:1

Spreads: From 0.0 pips

Commission: AU $3.00 per side

The 10xfd Plus+ Account is positioned as a premium trading account. It offers high leverage, which can be attractive to traders seeking the potential for larger profits. Low spreads, starting from 0.0 pips, are emphasized, which can reduce the cost of trading. However, it’s essential to remember that high leverage can also magnify potential losses, so it should be used with caution. The commission of AU, $3.00 per side, implies that traders pay a fixed fee for each trade they execute.

2. Standard Account

Leverage: Up to 500:1

Spreads: From 1.0 pips

Commission: AU $0.00 per side (no commission)

The Standard Account offers similar leverage options as the Plus+ Account but with higher spreads, starting from 1.0 pips. Unlike the Plus+ Account, there is no commission per side on trades. Traders may prefer this account if they are not comfortable with the idea of paying a commission for each trade.

It’s important to note that these account types reflect differences in trading conditions, such as spreads and commissions, but do not specify particular investment plans or strategies. Traders are expected to choose the account type that aligns with their trading style and preferences.

While these account types provide the basic structure for trading on 10xfd, it’s important to remember that individual trading strategies and investment plans are determined by the traders themselves. The platform may offer various tools and resources to support traders in their decision-making, but the success of any investment plan ultimately depends on the trader’s skills, knowledge, and risk management.

10xfd Red Flags

• Unclear Business Model: The platform’s revenue model, which involves earning a percentage of the spread after hedging costs from trading counterparties, raises questions about potential conflicts of interest. Traders should seek transparency in how the platform generates revenue.
• Too Good to Be True Claims: The promise of low spreads, no deposit fees, and exceptionally fast execution may sound enticing, but they should be met with skepticism. Unrealistic claims can often be a sign of a scam.
• Lack of Independent Reviews: A notable red flag is the scarcity of independent, third-party reviews and testimonials. This makes it difficult to gauge the experiences of other traders and the platform’s overall reputation.

Complaints We Received Regarding 10xfd

On September 30, 2023, we received the following complaint from a person who reported being scammed for $4500:

The guy, Chase, who once worked with Facebook and earned money, had shifted to dealing with Bitcoin. So, I reached out to him, and we began conversing. I initially invested $100. Later, it emerged that I needed to purchase bots. After some research, I decided to buy them gradually, one at a time. On the website 10xfd, I could monitor the growth of my money. Eventually, after acquiring all 10 bots, my funds reached $25,000, the threshold for withdrawal. Chase confirmed I could withdraw but then mentioned I needed to use blockchain for the process. At this point, I began to suspect it might be a scam. This situation unfolded over five months, and he didn’t pressure me. However, he did mention that I had to deposit $5,000 into the blockchain to verify my account. My research indicated this was a scam tactic, so I informed him I couldn’t comply. He said he would explore alternative methods. After a couple of days, he suggested using ID.me. I set up an account but didn’t complete the process. When he asked for this information, my suspicions grew stronger. I haven’t taken any further action since. My account on 10xfd still exists, and I believe the email we’ve been communicating through on my iPhone is active.

10xfd Review Conclusion

In the world of online trading, it’s paramount to be vigilant and diligent when considering platforms like 10xfd. The apparent benefits may pique your interest, but it’s essential to exercise caution and conduct thorough research.

Ultimately, while the allure of trading platforms like 10xfd may be strong, the responsibility lies with you, the trader, to ensure that your investments are safeguarded.

If you have lost a significant amount of money to online scams, do not lose hope. We can help you recover your funds!