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eXcentral Review: Is Eu.excentral.com A Scam Broker?
Eu.excentral.com Review: this is the official website of a Forex broker this based in Cyprus. Is eXcentral a legit broker? It is important that traders know if their invested funds are safe with a broker. Read the details of what we found out about this broker.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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eXcentral mentions that it is a brand name of Mount Nico Corp Ltd, an investment firm in Cyprus. Forex trading in this region is under the regulation of the Cyprus Securities and Exchange Commission (CySEC). When we checked the online register, we found that Mount Nico Corp is truly licensed by it and the broker is listed as one of its arms.
This is a major advantage for the brokerage because trading with a Forex broker that is licensed reduces many dangers to traders’ funds. Misappropriated funds can be recoverable by the government as well. Licensed brokerages are under many rules of trade and this gives traders a level of assurance.
Advantages of eXcentral
Some of the advantages mentioned on the website are not unique but we found it important to mention them. Lots of trading assets and CFDs are available especially the major ones. Further, trading tools that allow traders to make the most profits are provided.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
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However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Educational Resources in the form of training, guidance and insightful webinars are offered to clients.
eXcentral Trading Platform
The trading platform that eXcentral makes available for its clients is the MT4. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are forex, CFDs on indices, commodities, precious metals, stocks, cryptocurrencies, and shares. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads used are about 1.7 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on eXcentral
There are only two means of making deposits and withdrawals mentioned on the website, they are VISA and MasterCard. This is not encouraging because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit that eXcentral requires is $250 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is eXcentral Licensed?
Yes. eXcentral is a properly licensed and registered Forex brokerage. It is authorized to trade by the Cyprus Securities and Exchange Commission (CySEC) under the company name, Mount Nico Corp Ltd.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with an agent of the customer service, dial +357 24 024022 or email at [email protected] You can also request a call back by using the link on the page.
eXcentral I licensed and thus gets a high rating. Further, we find that it allows the use of the MetaTrader platform and affordable minimum deposit. Its spreads are a bit high but manageable and we only find its limited transaction means discouraging. If you have anything to say about this broker, do so in the comment section.
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eXcentral Review – is eu.excentral.com scam or good forex broker?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
eXcentral is a Cypriot broker that seems to offer a single account and access to the MT4 platform. In our thorough and unbiased review of this brokerage we will highlight both its strong and weak sides, so make sure you read it before you invest any money.
Regulated in Cyprus (EU)
When we weighted the advantages of eXcentral, one that stands out is the fact that the broker is regulated in Cyprus and across EU and the EEA. The brand is owned by Mount Nico Corp Ltd., which also operates NICOFX.
Cyprus is one of the most popular forex broker destinations as regulation there is well-balanced and sound. Generally speaking, a broker holding a license with CySEC provides traders with sufficient security about their investment. Now that the UK is in the process of exiting of the EU, a lot of brokers eye the Cyprus as the best alternative.
MT4 available, up to 1:400 in leverage
The presence of the MT4 is always considered as plus of any broker, as the platform provides a full spectrum of trading tools and features: a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs), extensive back-testing environment, as well as other perks. Besides, the MT4 is available as a desktop download, web-based platform and mobile apps
Another thing that could be viewed as an advantage of eXcentral, is that the broker offers leverage up to 1:400, at least on demo accounts. We suppose that such leverage ratios are only extended to professional clients in live trading environment, as per ESMA’s guidelines. As most of you probably know, leverage is capped throughout the EU for investor protection concerns.
Diversified product portfolio
Another possible advantage of eXcentral is the rich and diversified product portfolio of the broker. It offers trading in forex, CFDs on indices, commodities, precious metals, stocks, and some of the most popular cryptocurrencies.
In case you are a crypto trading enthusiast, you might also take a look at our list of reliable brokers offering trading in such as CFDs.
Spreads not specified, demo ones rather high
There is no information to be found on eXcentral’s website regarding the costs of trading, nor the maximum leverage levels provided. This leaves a bad impression, especially on the part of a regulated broker.
Click on the image to view larger.
Fortunately, the broker offers free demo accounts, so we saw that the spread for the EUR/USD pair is floating around 1.7 – 1.8 pips. This is slightly above the average in the sector. While the spread shouldn’t be your main concern, other brokers offer much better trading conditions. Check out our dedicated spread comparison platform for the full picture.
Overall, eXcentral appears like a reliable and well-regulated forex broker, whoso offer is not bad. On the negative side we should note that its spreads aren’t very attractive. Yet, eXcentral’s most important advantage is the CySEC license.
The Cypriot financial watchdog applies certain rules and requirements to license holders. For instance, client funds must be held in segregated accounts, brokers should hold at least €730 000 as a proof of financial stability, to regularly report transactions, and meet all requirements set on a EU level. The latter include provision of negative balance protection, disclosing the percentage of clients who lose money with the broker, a leverage cap of 1:30, and more.
Besides, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR.
Finally, here are the highlights of our review on eXcentral:
|CySEC license||Trading conditions not fully disclosed|
|MT4 available, generous leverage|
|Wide range of assets available|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for eXcentral
Don’t trust this company
Don’t trust this company. I was scammed.
I Lost My Money without knowing the reason,Just in a Blink of an Eye?
I Just have my very bad experience with them today & lost ВЈ1,100,i have no experience in trading & was assigned Claudio who who carried out all of the trades for me via teamViewer.He actually showed me what to do on the screen & what buttons to click. At no point did he discuss the danger or the amount of trades carried out.I was very concerned but he stated that i will be able to take my money out on And also let me relax cause i’m not in any danger of losing my money i deposited.When i checked there was only ВЈ2.41 left in the account.Been trying to call me for three day’s now with the number he used to called me,but I cannot have the line,I need help to get my money back or to know what’s the reason i lost my money within a blink of an eye without even a reason cause i made a profit already,so i cannot lose my own money if there is a profit on top of my money i deposited,When he use to phone me it is Italian number which was not in service if you tried to ring back.This seems to be a very sophisticated scam operating from abroad with all the right credentials in place.
Lost my 250$ within 5 min. Jane wants me to ad more money in my acc. Lucky I did’nt
I have had a very bad experience with them & lost ВЈ43900 i have no experience in trading & was assigned John Toby who who carried out all of the trades for me. He actually showed me what to do on the screen & what buttons to click. At no point did he discuss the danger or the amount of trades carried out. I was very concerned but he stated that i will be able to take my money out on. When i checked there was only ВЈ1093 left in the account. I have reported them to Action fraud I am still awaiting a response about the way i have been scammed. I spoke to his manager & even he stated too many trades were carried out & he was the senior accounts manager. When he use to phone me it was a London number which was not in service if you tried to ring back. This seems to be a very sophisticated scam operating from abroad with all the right credentials in place.
Hi all excentral is very bad guys trust me I have lost alot of money through them first you’ll make a minimum deposit and once you’re in the will ask you to make more deposit and that’s how they milk people money stat way from. Excentral.
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