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TenkoFX review and ratings

Established 2012
Location Saint Kitts and Nevis
Regulation None
Offices Charlestown
Broker type STP | ECN
Leverage up to 1:500
Deposit from 10 USD
Spreads mid  mid
Platforms Web MetaTrader 4
Instruments Currencies Crypto Indices Metals Energies
Funding methods Wire Transfer Skrill Neteller FasaPay Perfect Money Qiwi AdvCash Bitcoin Ethereum Liteсoin

Company information

TenkoFX is a legally registered forex broker located in Saint Kitts and Nevis, but not regulated by any government agency.

Availability

TenkoFX accepts clients from all over the world, excluding USA and some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

55+ Currency Pairs Based on major and minor world currencies.
30+ Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Litecoin, Ripple, Multibot.
10 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal Spot CFDs Based on Gold and Silver.
3 Energy Spot CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.

Comprehensive review

TenkoFX is a global provider of CFD and forex trading services that is based out of Saint Kitts and Nevis, a traditional offshore jurisdiction in the Caribbean. As such, the broker is not regulated by any government agency, which may be considered troubling for those who want to deposit a large amount of capital.

TenkoFX offers a range of assets for trading, including a fairly large selection of more than 30 different cryptocurrency CFDs, a handful of major stock indices, precious metals, and energy commodities like oil and natural gas. In addition, the broker offers more than 50 currency pairs for those interested in trading forex.

Interestingly, the selection of crypto CFDs includes pairs with many different fiat currencies, such as the Russian ruble, Japanese yen, Chinese yuan, the euro, and the US dollar. In addition, some of the cryptocurrencies offered can also be traded against each other, such as BCH/BTC or ETH/BTC.

TenkoFX does not, however, offer any single stock CFDs for trading. This broker may therefore not be the most suitable choice for traders interested in trading the stock market. In addition, bonds and many commodities are also missing from its selection of trading assets.

The account types offered by TenkoFX includes an STP (straight through processing) type of account that will probably be suitable for most beginners, or others who trade with small amounts of money. For the experienced and larger traders, the broker’s ECN (electronic communications network) account is the best choice, as it gives access to the tightest spreads the broker has to offer.

Lastly, the broker also offers a crypto account for traders who want to trade CFDs on cryptocurrencies like Bitcoin, Ethereum, and many others. Keep in mind, however, that crypto CFDs are not the same as actual cryptocurrencies. While the CFDs are an excellent way to speculate on the price moves of the underlying cryptocurrencies, they are not ideal for holding over the long-term, and cannot be spent like the underlying assets can.

Spreads and commissions are generally quite competitive with TenkoFX, particularly for traders using the ECN account. With that said, however, the spreads are not the lowest in the industry, and there are undoubtedly other brokers that can provide even better trading conditions.

The leverage offered by this broker is relatively high at up to 1:500 on the most liquid forex pairs like the EUR/USD. For crypto CFDs, however, the maximum leverage is set to just 1:3, in line whith the industry standard for this type of asset.

In terms of trading platforms, TenkoFX has chosen to focus exclusively on the classic MetaTrader 4 (MT4) platform. This is a trading platform that despite being released all the way back in 2005, still remains one of the most popular platforms today, largely thanks to the integrated marketplace for algorithmic trading strategies and indicators known as “Expert Advisors.” As such, most experienced forex traders are already familiar with the platform, and we will therefore not go into further detail about it here.

Trading accounts with TenkoFX can be funded via either bank wire transfers or standard debit & credit cards (Visa, MasterCard, and China UnionPay), as well as the usual selection of e-wallet services. We also appreciate the fact that this broker accepts cryptocurrency deposits in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and even with the stablecoin Tether (USDT).

In conclusion, we are of the impression that TenkoFX in fact offers many of the features typically found only from large and regulated brokerages, despite being unregulated and based offshore. While we generally urge some caution when it comes to trading with unregulated forex brokers, they do also have certain benefits such as a hassle-free sign-up process and the ability to fund trading accounts using cryptocurrency. This certainly also applies to TenkoFX.

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