TenkoFX is a forex broker scheme that has been around for more than ten years. Until 2018, TenkoFX was an offshore broker regulated by the FSC Belize. Currently, the brokerage scheme is operated through a legal entity in Nevis. However, the broker’s websites are now showing hardly any visitors. Traders can only deposit via crypto or vouchers. Stay far away from this unauthorized broker; we have put TenkoFX on our black compliance list.
Key Data
| Trading name | TenkoFX |
| Business activity | Multi-asset brokerage platform |
| Domains | www.orbex.com.cy www.orbex.com https://orbexforex.com https://my.iorbex.com https://assets.iorbex.com |
| Social media | Facebook, Twitter, VK |
| Legal entities | Tenko Systems Limited |
| Contact data | +44 114 463 0905 |
| Jurisdiction | Nevis |
| Authorization | No FSC Belize until 2015 |
| Related individuals | Not disclosed |
| Leverage | up to 1:500 |
| Payment options | crypto |
| Payment processors | Not disclosed |
| Trustpilot | 4.0-star rating with a “Great” trust level |
| Warnings | FSC Belize |
| Compliance rating | Orange |
Compliance Check
TenkoFX is an unauthorized offshore broker that started in 2012 through a legal entity in New Zealand, then moved to Belize where it had a license from FSC Belize. Since 2018, the broker has been operating through Tenko Systems Limited in Nevis.
In our compliance check on 16 July 2023, the following findings were made:
- The Client Agreement is concluded by the trader on the offshore platform with Tenko Systems Limited, registered in Nevis.
- We could register with the TenkoFX as EEA residents without any problems, even though the broker does not have regulatory permission for these jurisdictions.
- We could have made theoretically unlimited pre-KYC deposits via crypto.
- The broker offers maximum leverage of 1:500, which is against the regulatory requirements of most Western countries.
Due to the lack of regulatory permission, the ability to conduct unlimited pre-KYC, and the high leverage not allowed in most jurisdictions, we have placed TenkoFX on our Black Compliance list.
Share Information
We recommend staying away from this unregulated offshore broker scheme. If you have any information about the scam operators or supporting partners, we would be happy if you share it with us.
