Verdict: Treat 10Markets as high risk and do not deposit. The UK Financial Conduct Authority (FCA) warned that 10 Markets.com was unauthorised in the UK, and Austria’s Financial Market Authority (FMA) warned that 10 Markets was not entitled to carry out specified licensed activity there. These warnings and reported withdrawal complaints are serious grounds for caution, but they are not a court judgment that the company is legally a scam.
Forex Peace Army reported that the broker’s website said it had terminated operations and labels it out of business. That is a secondary-source report, not proof of legal dissolution or of who controls the domain today. Check official regulator records and warnings independently, and do not send money based on a claimed licence, branding, or salesperson’s assurances.
What is 10markets?
10Markets presented itself as a forex and CFD trading service. The available evidence includes official warnings in the UK and Austria and a secondary-source report that operations through the broker’s website had ended. The evidence reviewed does not establish the current status of every associated legal entity or who may control the domain today.
A broker’s claimed address, company name, or licence should be checked against the relevant regulator’s own register and warning list. A trading name is not a legal identity, and a company-registration entry does not by itself authorise a firm to provide forex or CFD services.
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What do the warnings and reports say?
| Source | What it says | Evidence limit |
|---|---|---|
| UK Financial Conduct Authority | The FCA warning, first published and last updated March 23, 2017, says 10 Markets.com was not authorised by the FCA and was targeting people in the UK. It states: “This firm is not authorised by us and is targeting people in the UK.” | This is an official warning about UK authorisation and activity; it does not settle the firm’s status in every jurisdiction or establish a court finding of fraud. |
| Austrian Financial Market Authority | The FMA warning, released August 4, 2016, says 10 Markets was not entitled to carry out specified licensed activity in Austria, including specified futures and options business. | Keep the finding specific to the activity and Austrian jurisdiction described in the notice. |
| Forex Peace Army | Its page, updated April 13, 2022, reports that the 10Markets website said operations had terminated and labels the broker out of business. It also displays user reports of delayed or unpaid withdrawals and warns about suspicious positive reviews. | This is secondary reporting. Customer reports are allegations, not independently verified findings or a court ruling; the status note does not prove legal dissolution or establish who controls the domain now. |
| Trustpilot | The page accessed for this review showed two reviews, a 2.9 score, and no reviews in the preceding 12 months. | This is a very small, stale sample and should not be treated as representative or conclusive. |
The FCA advises checking its register when a firm claims UK authorisation. Verify a claimed legal entity, licence, contact details, and domain through official sources rather than relying on a regulator logo or a number shown on a broker website.
Is 10markets regulated?
The FCA’s warning says 10 Markets.com was not authorised by the FCA as of the warning dated March 23, 2017. The Austrian FMA’s notice addresses specified activity in Austria. These are significant jurisdiction-specific warnings; they do not establish the status of every related entity or the firm in every country today.
How to check the main registers
- United Kingdom: Search the FCA Financial Services Register and consult the FCA’s 10 Markets.com warning. Match the exact legal entity, services, contact details, and website domain.
- United States: Search NFA BASIC and the CFTC registration database for a firm soliciting U.S. retail forex customers.
- Australia: Use ASIC’s Professional Registers. Check that the licence holder, business name, and website match.
- Cyprus and the European Union: Search the CySEC investment-firm register. Confirm that authorisation covers the relevant services and country.
- South Africa: Search the FSCA FSP search. Company registration alone is not a financial-services licence.
If a firm claims an offshore licence, check the jurisdiction’s official register independently. A licence in one jurisdiction does not necessarily provide the same protections as authorisation where you live. Recheck official registers and warnings before publication or making a decision, because status can change.
Why regulation matters
Authorisation does not make forex trading safe or prevent losses from leverage. It can provide a way to verify a firm and may bring rules for capital, reporting, complaints, marketing, client money, and conflicts of interest. The FCA warning says customers dealing with the unauthorised firm would not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme through that firm, subject to the FCA’s qualifications about protections available through authorised or registered firms.
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Protection varies by jurisdiction and product. Depending on the circumstances, a customer may or may not receive:
- segregation of client money;
- negative-balance protection;
- limits on retail leverage;
- access to an ombudsman or formal complaints process;
- an investor-compensation scheme; or
- supervision of trade execution and liquidity arrangements.
Do not assume that high leverage, bonuses, or an offshore account structure provides safeguards equivalent to those available from a regulated retail broker in your home country.
Trading conditions to check before opening an account
The evidence reviewed does not establish reliable current 10Markets trading terms. Before considering any broker, check its published terms and verify that the legal entity and licence cover the products and services offered.
| Item | What to verify | Why it matters |
|---|---|---|
| Minimum deposit | Whether it differs by account type, payment method, or salesperson | A low advertised minimum can conceal a larger deposit request. |
| Spread and commission | Whether spreads are fixed, variable, or marked “from”; commission per side or round turn | The cheapest advertised spread may apply only briefly or to one currency pair. |
| Leverage | Maximum leverage, margin-call level, and stop-out level | High leverage can liquidate an account after a small market move. |
| Swap and inactivity fees | Overnight financing, conversion charges, and dormant-account fees | These can reduce a balance even when no trade is opened. |
| Execution | Execution model, slippage rules, requotes, and trading hours | Execution terms affect price and the ability to exit. |
| Withdrawals | Processing time, identity checks, payment-method restrictions, and fees | Withdrawal rules matter more than a deposit bonus. |
Confirm whether a product is a CFD rather than ownership of an underlying asset. A forex or crypto CFD is a leveraged contract; it does not give the customer ownership of the currency or token.
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Withdrawal warnings
Forex Peace Army displays user reports of delayed or unpaid withdrawals. These are customer allegations, not independently verified findings. Treat them as a reason for caution, not proof of what happened in any particular case.
Identity verification and anti-money-laundering checks can be normal. A broker may request identity documents, proof of address, and confirmation that a payment account belongs to the customer. The following are materially different and should be treated as advance-fee warning signs:
- being told to deposit more money before an existing balance can be withdrawn;
- being asked to pay a “tax,” “insurance,” “security deposit,” or “release fee” to the broker;
- being required to upgrade to VIP status before withdrawal;
- being told a profitable account must first reach a turnover target;
- being directed to send money to a personal account, crypto wallet, or unrelated company; or
- being asked to install remote-access software so an agent can “process” a withdrawal.
A genuine tax obligation is normally handled with the relevant tax authority, not by paying a broker in advance to access a trading balance. Stop communicating with anyone demanding such a payment and preserve messages, invoices, transaction records, bank details, and account statements.
How to assess 10markets without risking a deposit
- Read the FCA and FMA warnings and save copies of relevant legal documents or communications.
- Match any claimed company name, licence number, telephone number, and domain against an official regulator’s register and warning list.
- Ask support, in writing, for the exact withdrawal procedure and every applicable fee; do not treat an answer as proof of safety.
- Read any client agreement for governing law, dispute forum, client-money provisions, and account-closure rights.
- Do not deposit while the legal entity and authorisation remain unverified. The evidence reviewed supports avoiding a deposit.
No checklist or test can make an unauthorised or otherwise unverified broker safe.
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What to do if you already deposited
- Do not send additional money to unlock an account or satisfy a supposed tax or verification requirement.
- Request a withdrawal through the broker’s official portal and keep the request confirmation.
- Contact your bank, card issuer, or payment provider promptly using independently verified contact details. Ask what dispute or recovery process may apply; recovery is not guaranteed.
- Change passwords, enable two-factor authentication, and remove remote-access software if a representative installed it.
- Report suspected fraud to your national financial regulator, consumer-protection agency, and police or cybercrime reporting service.
- Keep a dated file of emails, chat logs, phone numbers, wallet addresses, receipts, and account statements. Do not pay a recovery company that promises guaranteed retrieval for an upfront fee.
Final assessment of 10markets
| Question | Assessment |
|---|---|
| Is 10Markets proven to be a scam by a court? | No such finding is established by the evidence reviewed. |
| Are there serious reasons for concern? | Yes. The FCA warned that 10 Markets.com was unauthorised in the UK, the Austrian FMA issued a jurisdiction-specific warning, and secondary sources report terminated operations and withdrawal complaints. |
| Should a new trader deposit? | No. Treat 10Markets as high risk and do not deposit. |
| What should a demand for extra money before withdrawal mean? | Treat it as a major advance-fee warning sign and do not pay. |
The evidence supports a strong avoid-deposit recommendation, without stating that “scam” is a judicially established legal finding. Check official regulator records and warnings for your jurisdiction, and do not rely on unverified claims about the firm’s current status.
FAQ
Is 10Markets a scam?
The evidence reviewed does not establish a court finding that 10Markets is legally a scam. However, official warnings in the UK and Austria, along with secondary reports of terminated operations and withdrawal complaints, are serious reasons to treat it as high risk and avoid depositing.
Is 10Markets regulated?
The FCA warning says 10 Markets.com was not authorised by the FCA as of its March 23, 2017 warning. Austria’s FMA issued a warning about specified activity in Austria. These notices do not settle every jurisdiction or the current status of every associated entity; check the relevant regulator’s official register and warning list.
Can I withdraw money from 10Markets?
Forex Peace Army displays user reports of delayed or unpaid withdrawals, but those reports are allegations, not independently verified findings. If you already have funds there, submit a withdrawal request, preserve the record, and contact your bank or payment provider promptly if you encounter a problem.
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Should I pay a fee to withdraw money from 10Markets?
Do not pay a new deposit, advance tax, security deposit, insurance charge, or VIP upgrade fee to release an existing balance. These are advance-fee warning signs.
What if 10Markets asks for more money before processing my withdrawal?
Do not send more money. Save all communications, make a formal withdrawal request, and promptly ask your bank or payment provider what dispute options may apply.
Is forex trading safe if the broker is regulated?
No. Regulation may improve oversight and customer protections, but leveraged forex and CFDs remain high-risk products. You can lose money through market moves, spreads, financing charges, or forced liquidation.
The Bottom Line
Bottom line: Treat 10Markets as high risk and do not deposit. The FCA warned that 10 Markets.com was unauthorised in the UK, and Austria’s FMA issued a warning about specified activity there. Secondary sources report that operations were terminated and publish withdrawal complaints, but those reports are not a court finding of fraud. Do not pay extra money to release funds, and contact your bank or payment provider promptly if you already sent money.
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