Caution! 10xtrade is an offshore company! Your funds may be at risk.
10xtrade Key Features
🔴 10xtrade’s services are questionable – a warning sign!
🔴 10xtrade isn’t licensed – a red flag!
🔴 10xtrade isn’t transparent – a red flag!
🔴 10xtrade creates unrealistic expectations – a red flag!
10xtrade Products and Services
10xtrade is a trading and investment scheme which suggests that it can offer get-rich-quick schemes, so it deserves a review. They share little to nothing about their particular services, but there are indications that they provide signals and guidance for traders, helping them quick a lot of money. So, based on the promises of risk-free trading and guaranteed earnings, we can easily classify 10xtrade as an HYIP scheme. It’s not a typical high-yield programme, but the implications are the same – customers are reassured that they can earn money quickly with no risks involved! Beware!
HYIPs are unregulated investment schemes offering questionable opportunities, to put it mildly. The promised ROI (Return in Investment) is just too good to consider trustworthy- at times, customers are reassured that they can make 100% or more per day, which can’t happen in any possible way. To put it into perspective, even the largest investment funds can’t secure more than 10% per year, let alone per day or week. So, given the products and services offered, we can decisively say that the service reviewed is highly suspicious and most likely fraudulent.
With that being said, you’d better stay away and have a look at other reliable opportunities, such as Forex brokers PAMM managed accounts, social trading platforms or regulated crypto providers. For example, many crypto exchanges are presently offering BTC and ETH staking that can bring a decent passive income on reduced investment risk. But in any case, make sure to trust your money to transparent and adequately regulated financial companies because markets are currently plagued by anonymous investment schemes, most of which are pure scams.
10xtrade Company and Regulation
Under this section, you’ll see solid evidence of a scam. The screenshot below shows 10xtrade claiming to be licensed and regulated in Europe, but that’s a big fat lie! In truth, 10xtrade is either illegal (we could link it to no registered company) or a trading name of an international entity that’s impossible to unearth. And both cases have the same implications – 10xtrade is unregulated and risky for all traders and investors!
The lack of regulation implies that the people operating the scheme are not supervised while working, meaning that clients’ money will always be exposed to risks. To put things into perspective, duly licensed and adequately regulated financial firms are forced by the authorities to comply with many standards designed to guarantee customers’ safety. For instance, to obtain a license, a company must meet minimum capital requirements that vary by country and depend on product specification or other factors. The condition is set to guarantee that firms should have enough money at their disposal to survive unforeseen events, remain stable and continue operations, inflicting no harm to customers.
The US minimum capital requirement is 20 million USD, which is actually one of the biggest among all. In addition, US financial firms should also keep customers’ accounts segregated, ensuring that deposits won’t be misused or misappropriated. However, we should note that the US regulatory framework is quite complex as there isn’t a single financial authority, but many. The list includes NFA, CFTC and SEC, to name a few, and each of the mentioned control companies in one way or another. Additionally, each state usually has its own independent authority, making the US market significantly more complex than others. Regardless, the scheme reviewed isn’t regulated by any authority anywhere in the world, so make sure to avoid it as it may as well be a pure scam.
10xtrade Address and Contacts
|Address:||San Francisco, California, United States of America|
|Phone number:||+1 919 769-4443|
10xtrade provides no trustworthy contact information. On the contact page, they claim to be located in San Francisco but fail to give an exact location. Also, this is a piece of terribly conflicting information – if you recall, in the previous section, we discussed their claims to be EU regulated. Companies headquartered in San Francisco can’t be licensed in the EU; if they want to obtain authorisation, they need to register a separate entity in the Union, but 10xtrade fails to provide proof of it! Anyway, the absence of an address means there is a lack of transparency that triggers a major red flag! That’s the biggest problem, and you should beware of 10xtrade!
Transparency is essential when it comes to investing because you should always know who is making the investment in your name and where your money really is. Legit businesses always operate transparently and are required by law to provide the public with their basic corporate information – addresses, phone numbers, e-mails, legal documentation outlining service provisions and so forth. It’s very likely that you are dealing with scammers if you cannot independently verify the contact information given, and it’s even a more treacherous sign if you come across an entity that doesn’t even provide these crucial details!
10xtrade.io Website Info
|SimilarWeb Ranking||9,696,533 at the time of writing|
|WHOIS Reg. Date||2021-10-18|
|Owner||Redacted for Privacy|
|Administrator||Redacted for Privacy|
Is 10xtrade Safe?
10xtrade is not safe! It’s an anonymous, illegal and unregulated trading and investment scheme that provides false corporate information and pretends to be regulated! That’s evidence of a scam, and you should avoid it. However, 10xtrade may be much more dangerous than you think – as seen below, they accept only cryptos, which means that no chargebacks will be possible if things go wrong. Crypto deposits are final, and once you send money, you can consider it gone forever! Stay away!
For various reasons, depositing with HYIPs and other unregulated investment schemes is highly not recommended. Above all, the lack of regulation strongly suggests a scam, as only regulated firms can offer investment services to the public. As you might expect, scams cannot thrive in a robust regulatory environment, where numerous customer protection rules are imposed, all of which are designed to make markets safer by actively preventing fraud.
Authorisation by regulators is only granted if the firm meets the standards governing how the entities should treat you as a customer and what kind of information they should provide. Each country’s regulator keeps a register of licensed firms and the products and services each licensee is permitted to offer. Unauthorised firms, on the other hand, seek to avoid the controls that legal, authorised entities are subject to, thus leaving investors unprotected. Scammers, of course, want customers to be completely unprotected, which significantly facilitates fraud, and that’s why they always work without a license.
The HYIPs, in particular, are usually operated as a Ponzi because many investors can withdraw initially, but sooner or later, the service will inevitably close. HYIPs usually target traders and investors with little or no experience by promising fictitious investment opportunities, allegedly delivering unrealistically lucrative gains. 10% or 100% per day certainly isn’t a legit offer – that’s a scam, and you’d better stay far away from entities promising get-rich-quick schemes.