10Markets Binary Broker Review
10Markets has been designed to offer a wide and varied array of trading opportunities to investors all under one roof, with a focus on customer service and usability. They are the perfect choice for any trader that is looking to get involved with not just binary options, but also Forex and other common online trading methods. In order to allow our readers to make a fair comparison between this brand and the others featured here on the site, we have opted to look primarily at the options trading element of the brokerage, although it is certainly worth bearing in mind that those that favour a more varied experience may well have even more to explore.
There are three different standard accounts on offer at 10Markets, including one premium account and, in line with most other brokerages, the account type assigned to any given trader will depend on the value of their first deposit. As explained in the introduction, there are other account types on offer to those that are looking to make use of additional trading functionality on the site, but we are primarily concerned with options and those are the account types that our readers will find being discussed here.
The Classic Account
A deposit of $200 will see traders entering the 10Markets platform at the lowest level and gaining access to an account manager, together with somewhat restricted access to 10Markets’ training videos.
The Standard Account
The next account tier is actually quite a long way off the Classic Account in terms of the deposit amount required, with traders looking to add $2,500 to their account in order to reach it. The Standard Account comes with an account manager once again, while traders of this level will have access to a wider range of training materials and will also find additional tradeable assets on the platform.
The Premium Account
The top account tier at 10Markets is reserved for traders that make an initial deposit of $20,000 or more. The account manager is a given at any level of trading, but this one will also ensure that traders have full access to all of the educational resources on offer at 10Markets together with every asset that their platform supports.
While these account types cover just about everything that most traders will be looking for, it is also possible to approach 10Markets with specific requirements, something that can lead to the creation of a Tailor Made account. These are provided on an individual basis and will see 10Markets doing their best to meet the needs and requirements of each of their traders – although it can take a reasonably hefty deposit in order to gain all of the features and functionality that any given trader may be looking for.
The 10Markets Platform
Each trading opportunity at 10Markets is offered through a different platform, although they are all brought together under a single account type thanks to the unique control panel system that can be found within each and every account. The system has been designed to be compatible with both online and mobile devices, so there are no problems when it comes to gaining access to your account no matter where you happen to be at the time.
The options trading platform is the Panda TS system and while it is fair to say that this is not the best known system in the industry, it certainly still has plenty to offer traders by way of functionality. The platform can be set to operate in full screen mode for the best access to the available data and even those that are new to the platform will see that there are plenty of familiar features built in. there are plenty of trade types built in too, with traders able to take advantage of High/Low options, One Touch options and all of the other most common trades. This selection is backed up by plenty of timing options too, so traders can look to place their trades for as little as sixty seconds, or leave them to resolve at the end of the month or even longer.
Something that we did notice about the platform is that even though the number of assets is limited at lower account tiers, even those with access to everything will find that 10Markets offers far from the most assets of any online brokerage that we have reviewed. There are only a handful of stocks, indices and commodities on offer, although the currency numbers are pretty reasonable. We’re not sure whether this is intentional or simply an extension of the fact that 10Markets can also be used for Forex. Either way, it does bump up the number of available assets significantly.
While the assets may not necessarily be a strong point of the platform, there are plenty of tools that will suit traders of every level. Whether you’re looking for economic calendars, calculators or some of the most advanced portfolio management functionality around, this is one brokerage that definitely will not disappoint.
10Markets Customer Service
Traders with support enquiries can contact 10Markets support through email, phone and live chat. You’ll have noticed that all account types come with an account manager and traders are more than welcome to get in touch either with the support team or their manager when they have a query. The website is actually a little misleading when it comes to the availability of support as it claims that they are available 24/7. However, this is contradicted within the support section itself, which states that the opening hours are 10am to 6pm GMT Monday to Friday and we found this to be the most accurate representation of their hours.
Managing Your Money
10Markets relies on the standard pairing of credit cards and wire transfers for account deposits. The minimum deposit at all times is $200 and the minimum trade value throughout is $10 each. Accounts are available in USD, GBP and Euros denominations and the currency equivalents for these limits are the same values.
10Markets employs identity verification steps in order to protect themselves and their clients and this took a couple of days to be completed. After that, withdrawals can be made as normal and they are free of charge. The minimum withdrawal amount is $100 or your currency equivalent and they can take up to five days to be processed.
10Markets Review in Summary
10Markets proved to be more than capable of meeting our needs and we wouldn’t hesitate to assume that the other elements of the platform are every bit as good. We were pleased by the banking facilities in particular although we would prefer support that was always available and a wider range of assets within the platform. That said, if you’re a midrange trader then 10Markets will have everything you need in order to carry out a wide and varied selection of trades in comfort.