A relative newcomer to the world of binary options trading, 10Markets is a binary options broker which was established under UK jurisdiction in 2014 and which offers a user friendly and innovative way to access the financial markets. With several account options to suit the needs of a range of investors, 10Markets is a reputable and reliable choice for novices and experienced traders alike. If you are looking for your first binary options broker or are hoping to make a change, this 10Markets binary options broker review will help you to make an informed choice when it comes to selecting a broker that can meet all of your requirements.
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10Markets Account Types and Trading Options
10Markets offer three different account types to cater for the needs of a broad spectrum of investors. Their Classic account is ideal for newcomers, requiring only a $200 minimum deposit. This account type also brings with it the benefit of an account manager as well as limited access to the site’s tutorial videos. Those who are ready to make a larger financial commitment can open a Standard account with a deposit of $2500. This will allow access to additional assets as well as a dedicated account manager and unrestricted access to 10Markets’ educational resources and videos. The Premium account with its minimum deposit requirement of $20,000 gives all of the advantages of the other two accounts together with full access to all of the broker’s tradable assets. There is also the option of opening a Tailor Made account which is geared to the individual specifications of each customer. There are several different option types including traditional High/Low options, One Touch, Range Options and 60 Second options for those who enjoy fast paced trading. Early close of options is allowed in order to limit risk and there are plenty of expiry time options to select from, from as little as 30 or 60 seconds right up to End of Week. Those who wish to try out the 10Markets trading platform can also access a free demonstration account.
10Markets Trading Platform
The 10Markets trading platform is extremely diverse and able to cater to the individual needs of customers. Traders choosing this broker have access to Forex and CFDs trading as well as binary options through the multi-tiered unique trading platform and there is also the possibility of using the broker through mobile devices. The control panel is well designed and intuitive, having been provided by Panda TS, and has a user friendly and clear layout with graphs displayed centrally on the page. Options can be chosen from the list on the left of the homepage and at the bottom of the page, latest trades and current gains are displayed. There are 6 different stocks, a choice of 6 indices, four commodities and 24 different currency pairs to select from on the trading platform, giving enough choice for even an experienced trader. The trading platform also offers a good range of financial analytical tools including an economic and financial calculator. There are also excellent advanced tools for the management of portfolios and a current market clock.
10Markets Customer Support and Deposit and Withdrawal Options
10Markets offer a range of support methods by which traders can contact the customer services team, however the hours are limited to weekdays and office hours between 10am and 6pm London time. This leaves customers unable to access support at the weekends or evenings, which is not ideal when compared to many of this broker’s rivals. There is, however, a choice of contact methods including an online webform and email address, a customer service telephone hotline and a convenient online live chat facility for rapid responses. Three languages are available on the website – English, Arabic and Russian.
When compared to some rival binary options brokers, 10Markets does have a more limited range of ways in which deposits can be made. This broker only accepts deposits through the more traditional banking methods such as bank wire transfer and classic MasterCards and Visas and do not yet accept the popular modern e-Wallet methods, which could be a drawback for those who favour these options. Minimum trade values are set at $10, with a minimum deposit amount set at $200. This makes this broker a good choice for novices as the amounts are among the lowest in the industry. The withdrawal procedure with 10Markets is a little more complicated than that required by several other binary options brokers as the form must be completed and scanned before being submitted with the specified documents. This means that the process can take between two and five days to reach completion. There is also a minimum deposit amount which is set at $100, however there are no fees charged for withdrawals. 10Markets accounts are accessible in a choice of currencies – Euros, US Dollars and Pounds Sterling.
Overall, 10Markets have a lot to offer both experienced and novice traders thanks to their choice of account types catering to the needs of a range of investors. There are however some drawbacks to choosing this broker, not the least of which being their limited customer service support hours and the lack of choice in deposit and withdrawal methods. The limits imposed upon withdrawals may also be a drawback, especially for those who are newcomers to trading and who are only trading small sums in order to gain a greater understanding of the markets.