TenTrade

TenTrade is a forex and CFD broker headquartered in Seychelles, having been founded in 2010. The company operates under the legal name Evalanch Ltd and is registered at CT House, Office No. 9A, Providence, Mahe, Seychelles. It positions itself as a broker that provides trading services to retail and professional clients globally, with a particular focus on African markets.

According to the company, TenTrade is licensed and regulated by the Seychelles Financial Services Authority (FSA) under a Derivatives Trading License (EP). The broker offers a range of account types tailored to different trading styles and experience levels, from low-minimum accounts for beginners to high-volume accounts for professional traders. TenTrade also operates an educational academy, which it promotes as a way to help traders improve their skills.

TenTrade holds a regulatory license from the Seychelles Financial Services Authority (FSA). The FSA is the financial regulator for non-bank financial services in Seychelles, and its oversight is considered offshore regulation. The broker's license type is a Derivatives Trading License (EP), though the specific license number has not been disclosed in the available data. It is important for traders to understand that Seychelles regulation may not offer the same level of investor protection as regulators in major financial hubs like the EU or US.

Industry databases have flagged TenTrade as a suspicious clone by the Cyprus Stock Exchange (CySEC) and other authorities. This indicates that there may be entities impersonating TenTrade, or that the broker itself has been noted for regulatory controversy. Prospective clients should verify the broker's credentials directly with the Seychelles FSA and exercise caution when dealing with unregulated entities.

TenTrade offers seven distinct account types, each designed for different trading needs. The VIP Bonus account requires a $1,000 minimum deposit and offers leverage up to 1:500 with spreads from 1.2 pips and zero commission. The Gold Bonus account has a $500 minimum deposit, leverage up to 1:500, spreads from 1.8 pips, and no commission. The Silver Bonus account has a $50 minimum deposit, leverage up to 1:500, spreads from 2.2 pips, and zero commission.

For traders seeking variable leverage, the Dynamic Leverage account provides up to 1:2000 leverage and spreads from 1.1 pips with no commission, though its minimum deposit is not disclosed. The ECN account offers raw spreads from 0 pips with a $3 per lot per side commission and a $25 minimum deposit, leverage up to 1:500. The PRO PLUS account requires a $20,000 minimum deposit, offers spreads from 0.5 pips, leverage up to 1:500, and zero commission. The PRO account has no disclosed minimum deposit, spreads from 1.1 pips, leverage up to 1:500, and zero commission.

TenTrade supports the MetaTrader 5 (MT5) platform, a widely used trading platform known for its advanced charting tools, multiple timeframes, and support for automated trading via Expert Advisors. MT5 allows traders to access forex, commodities, indices, and other CFD instruments. The broker does not specify whether it offers additional platforms like cTrader or proprietary solutions.

The range of tradable instruments is not explicitly listed in the provided data, but based on user reviews and common offerings, it likely includes major and minor forex pairs, precious metals such as gold and silver, indices, and possibly cryptocurrency CFDs. Traders should confirm the full list of instruments with the broker before opening an account.

TenTrade does not disclose its deposit and withdrawal methods in the available data. However, user reviews indicate that Nigerian traders can deposit in naira and withdraw in dollars, often through microfinance banks or direct bank transfers. Many reviewers report fast processing times, with withdrawals completed within 24 hours. Positive reviews frequently highlight the broker's quick payment system as a key strength.

On the other hand, negative reviews mention delays in withdrawals and unclear policies regarding profit withdrawals on funded accounts. Some users report that they were only able to withdraw their initial deposit but not profits, or that the broker imposed unexpected rules at the time of withdrawal. Prospective traders should verify the withdrawal process and any associated fees directly with TenTrade before depositing funds.

TenTrade advertises dedicated customer support and account managers for its clients. User reviews are mixed on this point: positive reviews praise the support team for being responsive and providing personal follow-ups, while negative reviews complain about unavailability of live chat and slow responses to issues. The broker also offers an educational academy, which some users find valuable for learning trading strategies.

Given the mixed feedback, potential clients should test customer support responsiveness before committing significant funds. The broker's willingness to resolve issues, as mentioned in some negative reviews where users were asked to delete complaints before action was taken, should also be considered carefully.

TenTrade is a Seychelles-regulated broker that has built a reputation for fast withdrawals and tight spreads among many users, but it also faces serious allegations of account seizures and unclear rules. The broker caters to a diverse range of traders with multiple account types and high leverage options. However, the offshore regulatory status and reports of scam-like behavior from a minority of clients make it essential for traders to approach with caution. Thorough due diligence, including verifying the broker's license and reading independent reviews, is strongly recommended before opening an account.