TenX Prime is a forex broker that was established on September 8, 2021, in Saint Vincent & the Grenadines, primarily offering foreign exchange investment trading services to investors. The company headquarters is located in Waterloo, Australia. The official website of the broker is https://tenxprime.com/, and the website only supports English services. TenX Prime does not provide services to countries and regions such as Australia, Canada, Ethiopia, Gibraltar, Israel, New Zealand, North Korea, the Philippines, Poland, Singapore, the United Kingdom, and the United States.
Company background and regulatory status:
The corporate entity of TenX Prime registered in Saint Vincent and the Grenadines is TenX Prime Ltd, with its registered address at Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent and the Grenadines. TenX Prime Ltd is a member of the TenX Prime Pty Ltd group of companies. This entity is authorized and regulated by the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), with the license number 26449 BC.
However, SVGFSA does not engage in "regulation, supervision, or licensing" of business companies (BC) involved in forex trading or broker services. The regulatory scope is limited to ensuring that BCs comply with the obligations set forth in Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines, the Business Companies (Amendment and Consolidation) Act of 2009. This means the forex trading and brokerage business conducted by TenX Prime Ltd is without effective regulation.
The corporate entity of TenX Prime registered in Australia is TenX Prime Pty Ltd, with the registration date being September 9, 2022, and the registered address at ALEXANDRIA NSW 2015, with the business registration number 662551153. This entity is authorized by STAR FUNDS MANAGEMENT PTY LTD, with the authorization date being December 5, 2022, and the authorization number being 001300934, regulated by the Australian Securities and Investments Commission (ASIC). The authorization of this entity expires on August 15, 2023, and as of October 10, 2023, it has been nearly two months expired, and the entity is currently in the process of being deregistered.
The registered entity of TenX Prime in South Africa is TenX Prime Pty Ltd, registered in 2021, with the company registration address at J331 Bhasini Road Umlazi, KWA-Zulu Natal 4066, with the business registration number 2021/906851/07. This entity was granted the right to operate derivative instruments on February 10, 2022, authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, with the license number 52035.
The official website of TenX Prime indicates that it is operated by TenX Prime Ltd, and users who register on the website will open accounts under TenX Prime Ltd. According to information searched by Whois, the domain name of this broker's official website was registered on September 4, 2021.
Account types:
TenX Prime provides users with trading accounts that support floating spreads starting from 0.1 pips and adopt a zero-commission spread markup model. The minimum deposit requirement for the account is $25, and supports trading in 35 currency pairs, precious metals, 3 types of energy, etc. The maximum leverage for currency pair trading is 1:500 (for ZARJPY it's 1:100), the maximum leverage for metals is 1:200, and the maximum leverage for energy is 1:100. The minimum trade volume is 0.01 lots, and the maximum trade volume is 200 lots. Transactions use market execution, the best level setting is at 25%, the stop-out level is set at 15%, and supports hedging, scalping, and CFD trading; moreover, a swap-free option is available.
Trading platform:
TenX Prime offers users the MT4 trading platform, with the servers provided by TenX Prime Ltd.
Deposit and withdrawal:
TenX Prime supports multiple deposit and withdrawal methods. Users can proceed with deposits through instant bank transfers, bank wire transfers, credit cards, etc. To make a deposit, users need to log in to the client area, then go to "New Deposit," select the trading account they wish to fund, and choose from the various available payment methods. However, the specific operations for withdrawals are not clearly stated on the official website.
Customer support:
Investors can contact TenX Prime by phone at +61731033723 or by email at support@tenxprime.com.
Summary:
Among the three companies registered under TenX Prime, only the South African entity, TenX Prime Pty Ltd, is authorized to deal in derivative instruments. However, the oversight provided by South Africa's Financial Sector Conduct Authority (FSCA) is relatively weak. Additionally, TenX Prime Ltd, the entity offering services, lacks a legitimate license for forex trading and brokerage, and is not effectively regulated.
Currently, TenX Prime is marked as "suspected fraud" on Traderknows.
