10X Partners Club Ltd review Is 10xpartnersclub.com A Scam

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10X Partners Club Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Startup $2500 1:400 from 0.7 pips
Standard $5500 1:400 from 0.3 pips + $3 /lot

10X Partners Club is a MT4 forex broker registered on the Cook Islands. While their trading conditions are not bad, and they’re also a FinaCom member, we have serious concerns regarding this brokerage.

Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this low score.

10X Partners Club Advantages

A FinaCom member

The Financial Commission (FinaCom) is an external dispute resolution (EDR) organization based in Hong Kong. While this also cannot be defined as decent forex broker regulation, the FinaCom membership provides a certain level of security and reliability, as clients of member brokers are supported by Commission’s Compensation Fund for up to $20,000 per case.

MT4 available, seemingly attractive trading conditions

As was mentioned above, 10X Partners Club offers trading on a MetaTrader4 (MT4). This platform hardly needs and introduction, as most traders know it and praise it for its ease of use, reliability, and advanced functionality. It is very popular for its top-notch charting and automated trading bots, called Expert Advisors.

As advertised on 10X Partners Club’s website, the broker offers leverage up to 1:400 and spreads as low as 0.7 pips on EUR/USD. Such spreads are really attractive and the leverage ratios provided are more than enough for any trading strategy.

Speaking about margin trading, we would like to remind traders that leverage is a double-sided coin: it may multiply your profits, as well as your losses, so be careful when using high ratios.

10X Partners Club Disadvantages

No credible financial regulation

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According to the information on the broker’s website, 10X Partners Club Ltd. is authorized and regulated by the Financial Supervisory Commission (‘FSC’) in the Cook Islands.

The FSC of this small island in the South Pacific is supposed to carry out regular audits of registered companies, including the entities operating under the Money-changing & Remittance Businesses Act, such as 10X Partners Club. It is also in charge of monitoring compliance with KYC and AML regulations. Nonetheless, a money-changing and remittance license with the Cook Islands’ FSC cannot be compared to a financial services provider license issued by ASIC in Australia or CySEC in Cyprus.

We also have to point out that 10X Partners Club’s registration on the Cook Islands or FinaCom membership do not authorize the broker to operate on any regulated financial market, and that their clients are open to all kinds of risks.

No free testing service, excessive initial deposit required

Another major red flag regarding 10X Partners Club is the fact that one cannot try out their services for free. A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its service and trading conditions.

We also should note that this broker has very high entry threshold – $2500. This is around 10 times higher than what most brokerages require as an initial deposit.

Conclusion

Although we listed a few potential benefits of the broker, we wouldn’t recommend this forex broker for for one single reason – lack of credible regulation.

If you are looking for a reliable forex broker in Australia, check out the below link:

To sum up the above:

Pros Cons
FinaCom membership Limited company info, no financial regulation
Seemingly good trading conditions Excessive initial deposit
MT4 available No free testing
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

SCAM WATCH

My story

I was contacted over the phone by an online trader who specialised in binary options, cryptocurrency and forex trading. He said his company was on the cutting edge and used the latest technology and could offer guaranteed returns. I invested a few thousand and used their online platform, which seemed to work very well. I could see my trades were resulting in good profits. I invested more at their insistence and they promised I would earn even more.

When I wanted to withdraw my money I was told I would need to pay taxes on my profits before I could access it. I was never warned about this but they insisted I needed to pay taxes before I could get my money back. After I asked for my money, my trades started to fail and my accumulated profits were starting to decrease. They pressured me to invest more so that I could reverse the situation by increasing my ‘trades volume’. They said I would lose everything unless I invested more as an emergency.

I feel very embarrassed by this scam — they were very convincing and professional. They stated I would be ‘kicked off the market’ because my trades were failing and I was reduced to three per cent of my initial investment but by that point I knew it was all fake.

Signs this was a scam

  • phoned out of the blue by a stranger offering unsolicited advice on investments
  • told he had to pay additional fees (taxes in this case) to access his money, though he was not informed of this earlier
  • offered ‘guaranteed returns’
  • encouraged to invest more by being promised higher returns, and then pressured to do so or risk of losing all of his money.

Avoid this type of scam

  • Hang up on the caller and taken some time to think about it. Do research and seek trusted or independent financial or legal advice.
  • Check on the ASIC website to ensure the business is a registered financial advisor. Any business or person that offers or advises you about financial products must be an Australian Financial Services licence holder. Check ASIC’s list of companies you should not deal with.

*The story above is based on one or more real scam reports received by the ACCC. For privacy purposes the names and images of victims have not been used.

Have you been scammed?

If you think you’ve been scammed or know someone who has, report it to the ACCC using our report a scam page.

Report a scam

If you have lost money, contact your bank or financial institution immediately.

SCAM WATCH

Investment schemes involve getting you or your business to part with money on the promise of a questionable financial opportunity.

Common types of investment scams

Investment cold calls

A scammer claiming to be a stock broker or portfolio manager calls you and offers financial or investments advice. They will claim what they are offering is low-risk and will provide you with quick and high returns, or encourage you to invest in overseas companies. The scammer’s offer will sound legitimate and they may have resources to back up their claims. They will be persistent, and may keep calling you back.

The scammer may claim that they do not need an Australian Financial Services licence, or that that they are approved by a real government regulator or affiliated with a genuine company.

The investments offered in these type of cold calls are usually share, mortgage, or real estate high-return schemes, options trading or foreign currency trading. The scammer is operating from overseas, and will not have an Australian Financial Services licence.

Share promotions and hot tips

The scammer encourages you to buy shares in a company that they predict is about to increase in value. You may be contacted by email or the message will be posted in a forum. The message will seem like an inside tip and stress that you need to act quickly. The scammer is trying to boost the price of stock so they can sell shares they have already bought, and make a huge profit. The share value will then go down dramatically.

If you invest you will be left with large losses or shares that are virtually worthless.

Investment seminars

Investment seminars are promoted by promising motivational speakers, investment experts, or self-made millionaires who will give you expert advice on investing. They are designed to convince you into following high risk investment strategies such as borrowing large sums of money to buy property, or investments that involve lending money on a no security basis or other risky terms.

Promoters make money by charging you an attendance fee, selling overpriced reports or books, and by selling investments and property without letting you get independent advice. The investments on offer are generally overvalued and you may end up having to pay fees and commissions that the promoters did not tell you about. High pressure sales tactics or false and misleading claims are often used to pressure you into investing, such as guaranteed rent or discounts for buying off the plan.

If you invest there is a high chance you will lose money.

Visit ASIC’s MoneySmart for more information about investment seminar scams.

Superannuation

Superannuation scams offer to give you early access to your super fund, often through a self-managed super fund or for a fee. The offer may come from a financial adviser, or a scammer posing as one. The scammer may ask you to agree to a story to ensure the early release of your money and then, acting as your financial adviser, they will deceive your superannuation company into paying out your super benefits directly to them. Once they have your money, the scammer may take large ‘fees’ out of the released fund or leave you with nothing at all.

You cannot legally access the preserved part of your super until you are between 55 and 60, depending what year you were born. There are certain exceptions such as severe financial hardship or compassionate grounds – but anyone who otherwise offers early access to your super is acting illegally.

Visit ASIC’s MoneySmart for more information about how super works.

Warning signs

  • You receive a call, or repeated calls, from someone offering unsolicited advice on investments. They may try to keep you on the phone for a long time, or try and transfer you to a more senior person. You are told that you need to act quickly and invest or you will miss out.
  • You receive an email from a stranger offering advice on the share price of a particular company. It may not be addressed to you personally, and may even give the impression it was sent to you by mistake.
  • An advertisement or seminar makes claims such as ‘risk-free investment’, ‘be a millionaire in three years’, or ‘get-rich quick’.
  • You are invited to attend a free seminar, but there are high fees to attend any further sessions. The scammer, posing as the promoter, may offer you a loan to cover both the cost of your attendance at the additional seminars and investments.
  • You see an advertisement promising a quick and easy way to ‘unlock’ your superannuation early.

Protect yourself

  • Do not give your details to an unsolicited caller or reply to emails offering financial advice or investment opportunities – just hang up or delete the email.
  • Be suspicious of investment opportunities that promise a high return with little or no risk.
  • Check if a financial advisor is registered via the ASIC website. Any business or person that offers or advises you about financial products must be an Australian Financial Services (AFS) licence holder.
  • Check ASIC’s list of companies you should not deal with. If the company that called you is on the list – do not deal with them.
  • Do not let anyone pressure you into making decisions about your money or investments and never commit to any investment at a seminar – always get independent legal or financial advice.
  • Do not respond to emails from strangers offering predictions on shares, investment tips, or investment advice.
  • If you feel an offer to buy shares might be legitimate, always check the company’s listing on the stock exchange for its current value and recent shares performance. Some offers to buy your shares may be well below market value.
  • Never commit to any investment at a seminar – always take time to consider the opportunity and seek independent financial advice.
  • If you are under 55, watch out for offers promoting easy access to your preserved superannuation benefits. If you illegally access your super early, you may face penalties under taxation law.

Have you been scammed?

If you think you have provided your account details to a scammer, contact your bank or financial institution immediately.

We encourage you to report scams to the ACCC via the report a scam page. This helps us to warn people about current scams, monitor trends and disrupt scams where possible. Please include details of the scam contact you received, for example, email or screenshot.

Scams that relate to financial services can also be reported to ASIC.

Spread the word to your friends and family to protect them.

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