10CryptoMarket Review

10CryptoMarket is a brokerage platform founded in 2005 that offers access to 1,500 assets, including currency pairs, commodities, indices, cryptocurrencies, and stocks. This an offshore broker and is not regulated, and does not disclose corporate information, which renders its webpage anonymous.

Is 10CryptoMarket Legit?

No, this broker is not legit and here are the reasons why.

For starters, 10CryptoMarket is an anonymous, unregulated broker that is on the warning list of the Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator. This is a clear sign to avoid dealing with this broker because you can be at risk of a scam.

Moreover, findings from a reliable domain register, whois.net, revealed that 10CryptoMarket’s website was launched on May 2018. This means that this broker has only been in the industry for two years and not fifteen years just like what they claimed on their About Us page.

As we’ve said earlier, the broker’s website is anonymous. If you explore the website, you will not be able to find any company name, nor an address, or contact information anywhere on the platform. Anonymous website can disappear at any time without notice.

This is another red flag, because traders of 10CryptoMarket don’t have an idea who they are trusting their money with. Clients are unable to guarantee that their funds will be safe with this broker.

Should I Register with 10CryptoMarket?

With 10CryptoMarket being offshore and having such lack of information and transparency, the opportunity to earn money with this broker is close to none. Dealing with an unregulated broker means traders will be not be able to receive any compensation in case of insolvency.

The minimum deposit to open an account with this broker is €250. Note that there are other trusted and legit brokerages that will allow you to start with $100 or even $5.

As regards, leverage, there is also not much information disclosed about it.

To answer the title question, no, we do not recommend opening an account with 10CryptoMarket, considering the information mentioned above.

10CryptoMarket: Deposit and Withdrawal

10CryptoMarket’s way of charging fees is a matter concern, especially when withdrawing funds come into play. Several feedback from clients have focused on the platform’s lack of withdrawals. This is a major issue with unregulated online trading platforms.

According to its terms and conditions, clients who are looking to withdraw funds must first send a withdrawal request via email. This shouldn’t be the case for investors. Traders should be able to withdraw their money without the need to notify the broker.

In addition to the withdrawal policy, there is also a rule stating that withdrawals will be charged a levy of 10% of the withdrawal amount if the trader has not carried out more 200 in turnover. Such condition seemed excessive and a deliberate move to keep investors from receiving their funds.

Keep in mind that regulated brokerages will not refuse you of your right to withdraw your own money whenever you please by applying such trading volume requirements.

Part of its deposit policy also stated that if users are unable to log in and trade from their accounts, their Dormant Accounts will be subjected to a 10% monthly fee.

Bottom Line – Is 10CryptoMarket Legit or Scam?

Looking at all the details found, evidences are clearly pointing to 10CryptoMarket being a scam. From the lack of corporate information to offering unlicensed services, to excessive withdrawal conditions, traders should watch out.

Several traders have also expressed their disapproval and warning others not to trade with this broker. The broker is unable to make sure the safety of funds deposited by its members. Segregation of funds appeared to be not in place as well.