TenTrade Review

Reputation & Trust - 4/10

TenTrade is high-risk broker because they do not have a global presence. However, Evalanch LTD trading as "TenTrade" have their activities in Nigeria overseen/regulated by the Financial Services Authority (FSA), Seychelles.

TenTrade also operates in Europe but even there, their operations are not directly regulated by the government. Instead they appointed another company to act as their representatives.

Account Types - 5/10

TenTrade offers you five standard accounts and 1 raw spread account.

The standard accounts charge spread as the only trading fee, and they are the Pro, Pro PLUS, Dynamic Leverage, Swap-Free and Bonus account types. The raw spread account is called the ECN and it charges lower spread plus a compulsory commission on every trade.

A closer look showed us that most TenTrade account types are not really unique. The Pro & Dynamic leverage offer similar pricing, the only difference is in their leverage.

The TenTrade 50% bonus account sounds great but it has a $50 minimum deposit, which is high. Most rival brokers don't even require a minimum deposit to get a bonus.

The swap-free account sounds good but why create a separate account for swap-free trading? Why not just embed zero-swaps into the other accounts?

TenTrade does not have naira account currency, so any trading account you open will come in a default USD account currency.

Payment Channels - 4/10

TenTrade minimum deposit is N 14,150 which is approximately $10. Now, this contradicts what we saw on their website, where they falsely claimed the standard accounts had no minimum deposit.

The payment channels are limited to Nigerian bank transfer, debit cards & bank wire. To make a deposit, you must select the KoraPay method as this is where you will see the local Nigerian payment options.

We like than TenTrade creates an online wallet to warehouse your deposits and keep them safe from any trading related activity. When you want to trade, you simply perform an internal transfer from your wallet to your trading account.

Risk Management - 6.8/10

TenTrade allows you access up to 1:2000 leverage which can be risky for inexperienced traders because it encourages gambling.

But to be fair to them, they actually limit the leverage on some account types to 1:500.

You will receive a margin call when your margin level falls to 100%, and you will be stopped out of your trades if it further falls to 50%; which is good. Unlike some closest rivals, TenTrade does not keep their stop out level at 0% reducng the chance of you blowing your account.

In the event that your trading account balance becomes negative, TenTrade will not require you to offset the debit balance upon your next deposit. Their Negative Balance Protection ensures your account balance is restored to zero.

Range of Markets - 4.5/10

TenTrade does not offer some popular products like natural gas, ETFs, bonds and agricultural commodities. However, they offer all the relevant currency pairs, all major indices, gold , oil, shares and crypto.

Trading Software & Apps - 4/10

We were disappointed in the trading platforms offered as TenTrade only provides MT5 for trading activities. There is no TradingView, cTrader or even MT4.

Customer Support - 4/10

TenTrade assigns a Personal Account Manager to every Nigerian trader and you can access their contact from your personal area.

Their live chat service also works pretty well and you get connected to a live agent in a few seconds. However, the live agents are not very helpful as it takes them several minutes to answer questions.

TenTrade does not provide localized telephone support to Nigeran traders, the only phone contact on their website is an international one and it rarely connects.

Final Verdict - 4/10

TenTrade may have bitten off more than they can chew being involved in the brokerage and prop firm businesses at the same time.

This may have affected the quality of service they provide. TenTrade scored below pass mark in this review and hence we don't recommend them for serious trading.