TenX Prime

Introduction

TenX Prime emerged in 2020 as a promising forex broker, aiming to cater to retail traders with a diverse portfolio of trading instruments and competitive conditions. Notably, it offered Sharia-compliant Islamic accounts, appealing to traders seeking ethical trading aligned with Islamic finance principles.

However, despite its initial appeal and broad offerings, TenX Prime’s journey has been marred by significant regulatory setbacks and operational controversies.

Background and History

TenX Prime was established in 2020, headquartered at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines. The broker initially positioned itself as a competitive player in the retail forex market, targeting traders worldwide, including those interested in Islamic finance-compliant accounts.

In its early years, TenX Prime operated as an authorized representative under the Australian Securities and Investments Commission (ASIC) and claimed licensing from the Financial Sector Conduct Authority (FSCA) in South Africa. However, by 2023, both these regulatory authorizations were revoked, significantly affecting the broker’s credibility and operational legitimacy.

Key Features and Offerings

Trading Instruments

TenX Prime offered a wide range of trading instruments, catering to diverse trader preferences. These included over 40 forex currency pairs, major indices, commodities such as gold, silver, and oil, as well as an extensive selection of cryptocurrencies. The crypto portfolio featured popular assets like Bitcoin, Ethereum, and Litecoin, reflecting the broker’s attempt to tap into the growing digital asset market.

Account Types and Conditions of Trading

The broker provided several account types, including Islamic accounts designed to comply with Sharia law by eliminating swap fees and overnight interest. This feature was particularly attractive to traders seeking ethical trading options. TenX Prime also supported trading strategies such as Expert Advisors (EAs), scalping, and news trading, offering flexibility to both novice and experienced traders.

Deposit and Withdrawal Methods

Clients could fund their accounts through various channels, including bank wire transfers, VISA and MasterCard payments, Bitcoin, Tether (USDT), and local bank transfers. However, withdrawal processes reportedly faced delays and complications, which have been a source of concern among users.

Feature

Information

Forex pairs

40+

Indices & Commodities

Gold, Silver, Oil, Major Indices

Cryptocurrencies

30+, including Bitcoin, Ethereum, Litecoin

Account types

Conventional, Islamic Sharia-compliant

Minimum Deposit

$25

Minimum Lot Size

0.01 lots

Leverage

Up to 1:500 (Forex), 1:200 (Metals), 1:100 (Energies), 1:25 (Crypto)

Supported Trading Strategies

EAs, Scalping, News Trading

Deposit/Withdrawal Methods

Bank Wire, VISA, MasterCard, Bitcoin, Tether, Local Bank Transfers

Licensing and Regulatory Compliance

Regulatory oversight is a critical factor in assessing the trustworthiness and safety of a forex broker. TenX Prime’s regulatory history is complex and concerning. Initially, the broker operated under ASIC authorization in Australia and claimed FSCA licensing in South Africa. However, both licenses were revoked by 2023, leaving the broker without any valid regulatory approval.

This lack of regulation exposes traders to significant risks, including the absence of investor protection schemes and limited recourse in case of disputes or fund misappropriation. Furthermore, TenX Prime has been accused of fabricating compliance credentials by misusing information from legitimate companies, further undermining its credibility.

Regulator

License Number

Status

ASIC Australia

Authorized Representative Revoked

Revoked August 2023

FSCA (South Africa)

Claimed License (Revoked)

Revoked by 2023

Current Regulatory Status

None

Unregulated

Trading Conditions and Platform Technology

Trading Conditions

TenX Prime offered competitive trading conditions, including spreads starting from as low as 0.1 pips on major currency pairs, which is significantly tighter than the industry average of approximately 1.0 pip. The broker did not charge commissions, relying instead on spreads, although the sustainability of this low-cost model remains questionable.

Leverage was generous, with up to 1:500 available on forex pairs, allowing traders to amplify their positions. The minimum deposit requirement was set at $25, making the broker accessible to traders with limited capital. Additionally, the broker offered no swap fees or overnight interest, aligning with its Islamic account offerings.

Platform Technology

TenX Prime utilized the widely popular MetaTrader 4 (MT4) platform across desktop, web, and mobile applications. This platform supports automated trading through Expert Advisors (EAs), scalping strategies, and news trading, providing a flexible environment for various trading styles. However, there was no information on proprietary tools or advanced analytics, which some competitors offer to enhance trading insights.

Trading Terms

Specification

Spreads

From 0.1 pips (Major Forex Pairs)

Leverage

Up to 1:500 (Forex), 1:200 (Metals), 1:100 (Energies), 1:25 (Cryptocurrencies)

Deposit Minimum

$25

Minimum Lot Size

0.01 lots

Commission

None

Overnight Interest

No swap fees for Islamic accounts

Trading Platforms

MT4 Desktop, MT4 WebTrader, MT4 Mobile

Supported Trading Strategies

EAs, Scalping, News Trading

Fee Structure

Transparency in fees is essential for traders to understand the true cost of trading. TenX Prime’s fee structure, however, lacks clarity. While deposits via bank wire, cards, and cryptocurrencies are accepted, explicit deposit fees are not clearly stated. Withdrawal fees are also not well-documented, with multiple user complaints highlighting delays and difficulties in processing withdrawals.

There is no available information on inactivity fees or other miscellaneous charges, raising concerns about potential hidden costs. The absence of clear fee disclosures combined with reported withdrawal issues suggests that traders should approach this broker with caution.

Fee Type

Information

Deposit Fees

Not explicitly stated; multiple methods accepted

Withdrawal Fees

Not clearly detailed; reports of delays and problems

Commission

None

Inactivity Fees

No data reported/effect quantified

Other Charges

Potential hidden fees suspected

User Experience and Market Reputation

TenX Prime’s user experience is a mixed picture. On one hand, the broker’s offering of a wide range of instruments, low spreads, and Islamic accounts attracted a segment of traders. On the other hand, the lack of regulatory oversight, withdrawal difficulties, and allegations of fraudulent behavior have severely damaged its reputation.

Customer reviews are scarce, with no ratings available on major platforms like Forex Peace Army as of April 2025. However, numerous complaints have surfaced, particularly concerning the broker’s PAMM system, which went offline in October 2025. This event affected over 1,200 traders, many of whom reported significant losses and inability to withdraw funds.

Overall, the broker is widely regarded as high-risk, with many sources labeling it a scam. Traders are advised to exercise extreme caution and thoroughly research before engaging with TenX Prime.

Recent Developments

TenX Prime’s trajectory took a sharp downturn starting in 2023. The revocation of ASIC authorization and FSCA license in August 2023 marked a critical blow to its legitimacy. Subsequently, in October 2025, the broker’s PAMM system ceased functioning, leaving many traders unable to access their funds and triggering widespread complaints.

Following these events, the broker’s website reportedly shut down, and client funds disappeared, causing panic among users. These developments have led to multiple warnings from regulatory bodies and financial watchdogs, firmly categorizing TenX Prime as a broker to avoid. Conclusion

TenX Prime began as a promising forex broker with competitive trading conditions, a broad range of instruments, and Sharia-compliant accounts. However, its failure to maintain regulatory compliance, coupled with operational failures and allegations of fraudulent conduct, have severely undermined its standing in the forex community. Traders considering TenX Prime should be aware of the high risks involved, including the absence of regulatory protection and documented withdrawal issues. In the highly competitive and often volatile forex market, choosing a well-regulated and transparent broker remains paramount for safeguarding investments and ensuring a reliable trading experience.