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10Brokers: typical scammer with greed for money

More and more people are getting interested in trading. Before entering the market, professional traders and newbies surf the internet in the search of a reliable broker. However, they are usually puzzled by a tsunami of offers from different brokerage firms. Sometimes traders come across some brokers that are little known among market participants as they do not attract the target audience through contextual advertising as well as other well-known commercial tricks. Such brokers have their own methods that quite often work even better. They come up with other advertising tricks– simple but appealing. As a rule, in their arsenal they have employees with the gift of persuasion and sweet-talking. Their websites contain a minimum of information about trading conditions and etc. but they are full of luring and mind-boggling promises. They guarantee instant success and a big profit. Naturally, there is no information about the license. 10Brokers is exactly that type of a broker.

About company

10 Brokers is a relatively young company founded in 2017. It is mainly focused on trading with the world`s major financial floors. Its website is translated into several languages, including Arabic. According to some sources, the company’s head office is located in Estonia. However, the company does not provide any information about its location in the contacts section. The broker also omitted information about its licensee. It seems that 10 Brokers is an unauthorized broker that cannot prove the reliability and quality of its services. Besides, the fact that the company is not controlled by any financial regulator should worry potential clients. Thus, it is safe to say that this broker is another scammer that gives empty promises.

Clients can only contact the broker by phone (the phone number is specified on the website).There are no other contacts. So, traders should take it into account if they want to cooperate with 10Brokers.

Curiously enough, in the "why us" section the broker guarantees security, reliability, and stability of the company. However, there is no supporting documentation, only worlds. The risk warranty section raises even more questions.

"You acknowledge and agree that in case you cause us Damage* by any action on your part, you will be obliged to pay us a penalty(in addition to the damage without further proof) in the amount of $5,000. Moreover, you should note that you may be subject to legal action and possibly liable for any damages incurred by us and by any other third party due to such actions".

*Damage – any kind of damage, including, direct and indirect damages, loss of profits, and damages due to falsely applying for a refund (i.e. in cases where we were not in fault that should have entitled you to a refund).

Judging by these conditions, any action of a trader with an aim to make a profit by trading with the broker may be interpreted as damage to 10Brokers.

The broker offers advanced trading tools, a lot of popular assets, useful Internet resources, and attractive trading conditions, including low spreads, flexible leverage, and no commissions.

Trading conditions

After logging in to the personal account, clients are indeed offered beneficial conditions for trading: the initial deposit from $50, unlimited orders starting from zero pips. Nevertheless, the website lacks any detailed information about trading conditions. Before trading, it is advisable to contact the support service and clarify the details.

In the "accounts" section, the broker provides comprehensive information on each account type. The standard account can be opened with any initial deposit. Clients get access to the standard account if they have personal account and risk managers.

10Brokers` scam scheme

Someone from of 10 Brokers staff members calls a trader who has been fooled out of money and offers her/him help allegedly to return the stolen money. They also ask a symbolic payment for their work – a 10% commission. Usually, traders or potential victims agree to the offer without any suspicion.

Next, traders will receive a package of documents required for signing. When everything is done, clients wait for the return of their lost funds to the specified credit card’s requisites. Imagine how buffed traders are when the funds from their credit card have been withdrawn by 10Brokers.

The so-called lawyer of the company stays in touch with the client and explains that such a measure is necessary. The withdrawn money and the deposit will be returned after the refund procedure is completed. Naturally, traders receive nothing. Funds taken from the credit card disappeared along with the deposit. After that, traders cannot contact any staff member.

Notably, this fraudulent scheme is fairly popular among scammers. Swindlers such as 10Brokers make money on traders whom they or other similar fraudlers have already deceived once.

Natalia Nevskaya, 25.10.2018
I was cheated by 10Brokers twice. I was not going to trade. I was told to open an account and transfer money to it and then they promised to return my missing deposit. However, the money I replenished was somehow transferred directly to the 10Broker.com. I managed to get back half of my deposit. A little bit later my account was hacked. I received an email about changing my password. The broker did not stop on that. This fraudulent enterprise opened deals from my account, took loans. The support service doesn`t reply to my emails. I do not know what to do. I dread to think about the consequences.

Polites, 19.04.2018
Where could I find the phone number and contacts of 10Brokers? I have already been waiting for a call back for two months.

Helen, 03.05.2019
You will never get an answer from these scammers.

How do the so-called lawyers find deceived traders?

As a rule, scammers know well the company the deceived traders worked with, how much money was stolen from them, and they also have their contact details. The most staggering thing is that 10Brokers can pull off a con not only with its own duped clients but also with clients of other similar companies. Quite often such dubious enterprises exchange with each other their clients’ personal data and contacts. Traders should be aware that they have the right to contact law enforcement agencies if something similar happens to them.

Scammers offer their help to refund the deposit on websites where there are a lot of negative traders’ reviews. They leave their contact details and offer legal assistance. However, in reality, they prepare another well-planned trap for once fooled and desperate traders.

Leonid, 12.12.2018
10 Brokers is a scam broker that workers with other fraudsters like Della registered in Cyprus. Employees of both companies work together in the same office. When 10Brokers informs you that it will return your money soon, it actually means that the broker will transfer your deposit to Della. Your personal manager will spill on you an ocean of comforting words why your money cannot be transferred directly to your credit card or bank account. Then, you receive a call from Della. Its "lawyers" offer you aid to return your money back for a modest 10% commission from the fund. If you eat the bait, they get your money and disappear. They change their contact numbers and the support service will ignore you.

Helen, 15.10.2019
I don`t know what to do! I lost more than $1,300. I did everything in my power to bring to justice this scammer. I contacted the police, used a chargeback, and hired an attorney. However, I achieved nothing. I only lost even more. At the moment, I am writing exposing articles about these scammers. However, they do not care about it and continue with their shenanigans. I suspect that banks might be also involved in its schemes. I have three loans and a mortgage on my house because of this knave. I hope they will get what they deserve.

Svetlana, 10.11.2019
Could you tell me please where exactly did you go after being cheated? I contacted the police immediately. However, it has been a year and the investigation did not budge an inch. I gave the officers the screenshots, contact numbers, emails, voice messages and even the phone number these rascals used to plunged the Any desk program. Still, the police officers did nothing. Maybe we should work together. We could contact the TV or demand more actions from the police. No man is an island.

Hica, 7.06.2019
10Brokers scams traders out of a large amount of money and even ask them to take loans for that. To lull traders’ vigilance, the broker allows to withdrawing a small sum of money from the account. When the deposit starts to increase, traders cannot take back their deposit due to the problems with the website connection and other various reasons. The support service does not answer. Its staff members may offer traders help with money withdrawal and ask for personal data such as credit cards or e-wallets. As a result, they get money from traders’ credit cards and naturally do not return money from the trading account.

Iniz 10.06.2019
10Brokers is a sham company similar to Trade5000. I deposited €6,000 to my trading account. When my deposit rose to €15,000, the broker simply withdrew money from my account as I allegedly refused to pay off commission. This is how these scammers work!

Conclusion

10Brokers is a scam broker greedy for easy financial gain. Trading with this broker may lead not only to the deposit loss but also to other financial problems. Do not let luring but dubious promises cloud your mind. All this broker wants is your money.

The majority of people who had "pleasure" to cooperate with this broker call it a crooked enterprise. They warn traders to stay away from the broker and not repeat their mistakes. After making a deposit, traders will never get it back. Victims of this broker also notice that it is a stroke of a pure luck if a trader has just lost the deposit and no money has been withdrawn from the credit card. Therefore, under no circumstances should you sign any documents received from a lawyer.

This document gives fraudsters legal permission to withdraw money from the credit card bypassing 3D SECURE and without any notification.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Michael | Date 2020-05-26
10Brokers had an impressive website. It looked professional and the content is comprehensive. When I contacted them through live chat to inquire, they promptly answered. It was immediately a plus point for the company. A responsive support team is a good sign. However, everything was only a facade. They had a great customer relation because they wanted to attract clients. The reality is this is a fraud broker and they will stop responding to you once you deposited your money. This is what they did to me as well.
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Author: Mieze | Date 2020-05-18
The next time I deal with a financial company, I will make sure to verify their license and to visit every website possible to see if the company could be trusted. How I wish I have done this before doing business with 10Brokers. I wish I was wiser and I wish I was not very easy to deceive. Now, I have lost a total of $600 and the owners of this broker don't even seem to be feeling sorry about what they did.
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Author: Junrie | Date 2020-05-12
From now on, I would become more skeptical with the companies that are approaching me. I have learned my lesson and I learned it the hard way. 10Brokers contacted me first proposing an investment plan. I was actively looking for a Forex broker and that is probably how they got my contact details. Long story short, I opened an account and deposited my capital. I was able to trade for a couple of months until I suddenly lost access to my account. Moreover, I also couldn't contact the company anymore. Some time later, complaints against the company started emerging and that is when I realized I dealt with the wrong broker.
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Author: Callie | Date 2020-04-27
My cousin just got out of a fraud broker when 10Brokers contacted him. It was very suspicious because they knew that he was recently fooled by another broker. They offered help and promised that they would retrieve the lost fund. My cousin was honestly about to bite into the trap. Thankfully he consulted me first about what he was going to do. I stopped him and told him that it could be another ill scheme. In the end, he ignored the offer and now, we found out that this broker really was another fraud. So disgusting!
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Author: Yulyant | Date 2020-04-21
My friend has been working with 10Brokers for almost a year. She used to tell me about her trading experience. She even tried to convince me to start my own account which I politely declined because I don't really know much about this market. She still kept sharing her experiences with me and she seemed really happy. However, last year, her story was no longer positive. She now came crying to me because this broker didn't want to release her fund.
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Author: Elone | Date 2020-04-14
As a novice in Forex trading, I did not have a grip hold of what usually happens in the industry. And since I am an investor aspiring to have good earnings, I was easily swayed by grands offerings. 10Brokers promised huge returns at every end of trading season and they promised to provide stable platforms. Indeed, their platform was working well. I had no issue about it. However, the problem is that this broker never intended to return the funds of their clients. The platform and the other tools were mere instruments to cover the real color of this broker.
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Author: Teofila | Date 2020-04-07
I started at 10Brokers with a 50-dollar capital. I remained skeptical despite all their interesting offers. After opening an account, I was assigned with an account manager and this manager started to encourage me to add more money in my trading account. She said that it would be easier to earn if the capital is higher. At first I refused but my manager was persistent so I just did what she is asking so she would stop. Not I regret following her. I should have become firm with my decision. I should have waited until I confirm that this broker could be trusted. Now after depositing a total of $150, my account manager abandoned me.
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Author: Bhavani | Date 2020-03-30
I don't want to generalize all the young and starting Forex companies but this is the very reason why I prefer not to trade with brokers that have only started. Most of them end up to be a scam. As I check 10Brokers, they seemed normal. It didn't seem like they would do something like this and that is what makes it scarier to trust new brokers. There is no way to know if they are a fraud unless you have already suffered the loss. I still prefer dealing with brokers that are long established.
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Author of 10brokers_typical_scammer_with_greed_for_money: Rhomina | Date 2020-05-04
Same here. There are some good perks when you trade with a young broker (if you manage to deal with an honest one). Specifically, they offer lower trading fees unlike with the popular brokers whose trading costs are too high as well as their starting capital. Sadly, there is the risk that you could be scammed. Especially if the broker is not yet regulated.
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Author: Tashfia | Date 2020-03-23
Somehow, I am also at fault for not fully reading their terms and conditions. It was only now that the word "damage" seemed really strange and suspicious. These fraudsters are really cunning, aren't they? They made this so that they could easily suspend their traders' accounts just like what they did to me. I have already been losing so much because of their shaky platform and they even suspended my account simply because I wanted to withdraw my money.
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Author: Kanjana | Date 2020-03-20
It was too late already when I found out that 10Brokers has already lost their license at FSPC. When I opened an account here, I was informed that they are well-regulated. I didn't know that they have already lost their license long before I even started an account. I invested a total of $1100 on this broker and I traded for almost a year before I realize that this broker had only been lying to me. I tried to withdraw my profit and my account was immediately suspended. Didn't get to access it again after that.
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