10Markets (No Binary Options) Review
As of March 5, 2017, 10Markets is no longer offering binary options, operating solely as a Forex/CFD broker. The review presented below is no longer applicable and is presented for archive purpose only.
10Markets is an Edinburgh-based broker owned by a company called Whitestone IP Europe Ltd. 10Markets also holds a license of dealers in securities from the Vanuatu International Financial Services Commission through Whitestone Securities Limited. When you visit the website, you will see that the company actually offers two distinct types of trading: binary options and Forex. You can sign up for an account to trade either or both right there on the site. 10Markets also partners with MetaTrader 4 to offer FX trading directly through the MT4 platform.
If you are only interested in binary options trading, a lot of this may seem off the point, but it is actually quite relevant. Forex trading in general is a safer and more established world than binary options trading. FX brokers tend to urge smarter trading practices and encourage their customers to manage their money and their trades with care. As a broker that offers both types of trading, 10Markets does this by offering a no-strings-attached demo account. This is a really outstanding feature that you won’t find just anywhere!
Opening Your 10Markets Account
You will see a big green button which says “Open Account” on the homepage for 10Markets. Click it and you will have the opportunity to open either a real account or a demo account (it doesn’t matter which you choose, as you can always open the other type afterward if you change your mind).
Here are the live account types you can choose from based on how much you deposit:
- Classic: $250 minimum deposit.
- Standard: $2,500 minimum deposit.
- Premium: $20,000 minimum deposit.
- Tailor-made: Speak to a customer service agent.
No bonuses are specifically discussed on this page. When I browsed the site, a pop-up on one of the pages informed me that I could get a $100 deposit bonus. There is a turnover requirement to withdraw the bonus.
What about deposit and withdrawal terms and methods? You can only trade in US Dollar or Euro. Credit or debit card or wire transfers are the only methods available to deposit and withdraw, so there is not a lot of flexibility here. On the bright side, however, the website mentions zero fees for depositing or withdrawing, and no minimum withdrawal thresholds. These are really nice terms that make it easy for you to access your money at any time.
Trading on 10Markets
If you decide to trade Forex on 10Markets, I highly recommend you download MT4. It is awesome that 10Markets allows you to trade through MT4, as it is a free platform which gives you absolutely amazing technical features to plan your trades. In fact, I recommend using it to plan your binary options trades as well, even though you cannot trade binary options directly through it.
To trade binary options on 10Markets, you need to use the platform which is available on the site. This platform is powered by Panda TS. While that may sound rather obscure compared to more common platforms like SpotOption, it works about the same way, displays nicely, and is easy to use. You can use it on your desktop or laptop, or on your Android or iOS mobile device.
One cool thing that 10Markets is developing is their “Shared Wallet.” This is a feature you can use if you decide to do both binary options and FX trading. Through the Shared Wallet, you can manage your investments on both your accounts, and even move funds from one to the other with ease.
Types of trades you can take on 10Markets include High/Low, One Touch, Range, and Hyper. “Hyper” trades are just short-term High/Low trades. It is great that 10Markets offers Range trading, because Range trading is one of the unique advantages of binary options. It is a type of trading where you can profit when the market isn’t moving. Not all binary options brokers offer it, even though it is a relatively common trade type.
Assets include currencies, commodities, indices, and stocks. The types of assets you can trade and the number of instruments available to you however depends on your account tier. At the lowest tier, you can only trade the base currencies. At the next level up, you can trade gold, silver, and oil. At the Premium tier, you can trade all of the currencies, indices, CFDs, and shares on the site (10Markets also offers a couple of other types of trading beyond their main products of binary options and Forex). At the highest level with the tailored account, you can trade all the instruments.
Resources, Tools, and Customer Service
10Markets provides a large library of learning materials for traders, including an eBook, comprehensive glossary, and a number of articles and videos. These resources are available both for FX and binary options. Trading tools offered include financial calendars and calculators and social trading. You can control your trades using rollover and early close, but double up does not appear to be available.
You can reach customer service through live chat, telephone, web form, email, and paper mail. The live chat desk was not staffed when I checked it, but this was on a weekend. The company does offer 24/7 service, however, so presumably they can be reached anytime using the phone.
Conclusion: An Exciting Broker with Unique Products
All in all, 10Markets seems to be an impressive broker. While they are not regulated by any serious government institution and do not accept traders from the USA, they offer a lot of great trading products. The fact that they specialize in both Forex and binary options trading is excellent, as is the fact that they are developing tools like the Shared Wallet to help traders to manage multiple types of trading accounts simultaneously. The inclusion of a demo account is excellent as well.
With so many cool and innovative features, it is easy to give 10Markets a recommendation, especially to traders who are interested in both binary options and Forex trading. Even if all you are interested in right now is binary options, take a look at what they have to offer. Many traders who start with binary options end up trying FX later or vice versa.
On March 22, 2017, British regulatory authority FCA has warned investors and traders that 10Markets.com is offering financial services to UK clients without being authorized by the Financial Conduct Authority, which is mandatory for the kind of services offered by 10Markes.com.