Reason to avoid: No license
Listed Date: November 15, 2018
Top 3 Regulated Forex Brokers
Beware 10Brokers is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Euro Wealth OÜ
- Registration/license: None
- Registration/license requirement: –
10Brokers is a broker that offers to trade with such assets as Forex, CFD, commodities, indices, and cryptocurrencies. The company is owned and operated by Euro Wealth OÜ that claims to be based and registered in Tallinn, Estonia. However, we didn’t find any records about 10Brokers being regulated by the Estonian Financial Supervision Authority (EFSA). Although, the broker has actually been mentioned in the regulator’s records, unfortunately, those are the broker alerts and warnings:
“Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that Euro Wealth OÜ (previous business names AllProTech OÜ and Nostro Technology OÜ; registry code 14183116) does not hold an activity licence for the provision of investment services in Estonia and therefore AllProTech OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://10brokers.com/.”
There is a big confusion with the names of the owner-companies of the 10Brokers, as we found at least 5 names that were associated with the broker this year. EFSA has already stated that Euro Wealth OÜ was previously named as AllProTech OÜ and Nostro Technology OÜ and these two companies were blacklisted as well. Also, KHO TEHCH Ltd. and FGM Technology Ltd were appearing next to the broker’s name. In addition, FGM Technology Ltd. (trading as 10Brokers) have been blacklisted by the UK’s FCA in June 2018:
“FGM Technology Ltd trading as 10 Brokers is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
Considering all the cons of the broker, we don’t recommend trading with 10Brokers. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).