FXCentrum Review 2022 - Verified Customer Reviews

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FXCentrum Review

Updated June 01, 2022
2.5
Score breakdown
Pricing: 4.7
Regulation: 2
Popularity: 3.4
User Rating: 0 (0)

FXCentrum overall score rank: 20 out of 59

FXCentrum forex broker review

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Bearing this in mind, you should not invest more than you can afford to lose.


KEY TAKEAWAYS

  • Zero fees on deposits and for the first monthly withdrawal
  • Low spreads and no trading commissions
  • Regulated by Seychelles FSA
  • 100% first deposit bonus and other attractive promotions

Regulations and Money Protection

2.0  


Entity Name Licence & Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
WTG Ltd Syechelles FSA Licence ✔️
segregated client money
✔️

Entity/Regulation

  • Seychelles regulation: WTG Ltd is a financial services company with a registered address at Office 5B, HIS Building, Providence, Mahe, Seychelles. This entity is supervised and regulated by the Seychelles Financial Services Authority (FSA) with a Securities Dealer Licence.

Client Money Protection

  • FXCentrum complies with the highest safety standards for clients' funds. For this reason, FXCentrum clients' funds are kept in top-tier international banks, fully segregated from the company's funds.

  • FXCentrum also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FXCentrum does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

  • WTG Ltd is not a member of any Investor Compensation Fund, as it is not a requirement by the Seychelles Financial Services Authority for authorised brokerage services firms. In the unlikely event that WTG Ltd becomes insolvent, or is unable to pay claims against it if the firm has stopped trading, clients might not be entitled to compensation.

Negative Balance Protection

For accounts opened with WTG Ltd, there is a default Negative Balance Protection mechanism in place, for the sake of no negative balance. With NBP, FXCentrum customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️Standard ZERO
✔️Standard ZERO MT5
✔️Retention Special ZERO
✔️Retention Special ZERO MT5
✔️Micro ZERO MT5
❌PAMM
✔️Islamic Accounts
✔️Forex
✔️Indices
✔️Stocks
❌Futures
✔️ETFs
❌Bonds
✔️Commodities
❌Cryptos
❌MT 4
✔️MT 5
❌cTrader
✔️FXC Trader
1000:1 globally

Account Types and Currencies

  • FXCentrum has up to three types of trading accounts available; Standard, Retention Special and Micro, all with floating spreads and STP execution. FXCentrum's accounts are ideal for traders looking to trade just with the bid/ask prices, without commissions. The Standard accounts, with a low deposit of just $10, are recommended for testing the broker's pricing. FXCentrum's Retention Special accounts require a larger deposit (from $1,000) but are offered with slightly lower pricing. FXCentrum also offers swap-free accounts for traders of Islamic beliefs.

  • Currently, FXCentrum does not offer any social trading, including copy trading, alternatives.

  • FXCentrum does not offer PAMM account alternatives for money managers.

  • FXCentrum maximum leverage is up to 1000:1 globally.

  • Currently, FXCentrum trading accounts are only available in EUR and USD.

Financial instruments

Trading with FXCentrum can be done via the FXC Trader and Metatrader 5, with both platforms available as web trader versions, for desktop terminals and complemented with mobile versions for Android and iOS devices. FXCentrum offers a great selection of 3,000+ assets to trade, including forex, indices, stocks, cryptos and commodities.

  • FX market - 50+ currency pairs (including Major, Minor and Exotic crosses).

  • Indices - 13 global and very liquid indices including the AUS200, ITA40, CAC40, UK100, HK50 and JP225.

  • Stocks - MT5 accounts are offered with 400+ stocks CFDs and FXC Trader accounts are offered with 2500+ CFDs.

  • Commodities - 18 CFDs available for trading; 7 metals (including XAU and XAG), 3 energies, with the UK Oil, Nat Gas and US Oil, and 7 soft (including Cotton, Cocoa and Sugar).

  • Cryptocurrencies - 5 CFDs on MT5 accounts and 25 on FXC Trader accounts.

Pricing

4.8  


Pricing/
Account
Standard FXC Standard MT5 Retention Special FXC Retention Special MT5 Micro MT5
Spread EUR/USD from 0.3 pip from 0.3 pip from 0.2 pip from 0.2 pip from 2.0 pip
Commissions (1 lot)
Minimum Deposit from $10 from $10 from $1,000 from $1,000 from $10

Spreads

FXCentrum pricing is quite competitive in this industry, even for the Standard accounts. For example, for the most traded pair, the EUR/USD, the spread starts at 0.3 pip (average 0.6 pip) with no trading commissions, on the FXC Trader platform. If we calculate that most brokers charge a variable spread of 0.2 pip on average, plus 0.6 pip as a trading commission ($6 per round lot), FXCentrum is slightly below the industry average of 0.8 pip per 1 lot of EUR/USD.

Pricing improves even slightly with the Retention Special accounts. Spreads for the EUR/USD are also variable, starting at 0.2 pip (average 0.6 pip) with the FXC Trader platform. Nevertheless, the FXCentrum pricing model can represent the ideal solution for investors looking to trade just with the bid and ask prices, and without any added costs/commissions.

Rollover Rates

FXCentrum swap rates, as of 31-05-2022, for 1 lot EUR/USD (100,000 units) stand at an average of 20 points for holding overnight a long 1 lot contract and also at 20 points for holding overnight a short 1 lot contract. We consider these swap rates to be slightly higher when compared with the rollover rates offered by other top forex brokers.

Traders of Islamic belief can apply for an FXCentrum swap-free account, available with zero commissions & no hidden fees.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in just 2 different currencies, but maintained via 9 different funding methods, including bank transfers, cards and e-payments solutions such as Astropay, Perfectmoney and Ozow. Deposit times are variable, but most methods provide instant funding. FXCentrum does not charge any fees for deposits.

  • Withdrawals fees - FXCentrum does not charge fees for the first monthly withdrawal. The second withdrawal in one month is charged with 10 USD and the third withdrawal in one month, and any further withdrawals in one month, are charged with a 2,50% commission. For more information, please visit the FXCentrum FAQs web page > Deposits & Withdrawals.

  • Inactivity fee - Currently, FXCentrum does not charge any maintenance, or, inactivity fees.

Popularity

3.0  


Forex Education Deposit Options Deposit/Withdrawals Fees Non-expiring demo account Multi-language customer
support
Webinars
Fundamental & technical analysis
Market reports
Trading signals
Cards
Bank Wire
E-payments
❌/✔️ ❌- 90 days Mon-Friday
Live chat
Email
Telegram
WeChat

Established in 2019, FXCentrum is still a relatively new broker and is still undiscovered by many investors and the general trading community. But FXCentrum has several ingredients and key features to boost its popularity to higher levels.

Of the many features offered by this CFDs broker, the highlight goes to a 100% deposit bonus, leverage up to 1000:1, a personal trading expert to talk to, weekly webinars, trading signals, competitive pricing with zero commissions, 0 fees on deposits and withdrawals, and ultra-fast execution speeds with an STP trading environment.

  • Trading accounts - The FXCentrum Retention Special accounts are a popular choice with traders looking to save on trading costs, with low spreads and zero trading commissions.

  • Forex education - FXCentrum offers a relatively good range of forex education materials, available through the Analysis & Education tab. FXCentrum clients can participate in curated webinars by market experts, check out the markets with articles, make informed decisions with FXCentrum market insights, and receive trading signals.

Funding Methods Bank Wire, Credit and Debit Cards, QR, Crypto, AstroPay, Perfect Money, Ozow, Korapay, Zotapay, Scardu
Support Languages English, Russian, Ukrainian,  Turkish, Azerbaijani, Thai, Czech


  • Minimum deposit - Opening a trading account with FXCentrum is fast and the whole process can be done online, taking around 5 minutes to complete the required forms. The minimum deposit to open a Standard account is €/$10. The Retention Special accounts require a minimum deposit of €/$1,000.

  • Customer support - FXCentrum's multi-language customer support service is available Monday to Friday, in 7 languages. FXCentrum support is available via email, Telegram, Wechat and live chat directly from the broker's website.

Broker Profile

FXCentrum, as a regulated and licensed broker, was created by people with many years of experience and founded on listening to what are the basic and special clients' needs, to trade comfortably, easily, and profitably. As a client, you can always rely on zero trading commissions, low spreads, and leverage up to 1:1000.

FXCentrum adheres strictly to good work ethics and employees are well trained by the Customer Service Ethics Guidelines. The broker cares about its reputation, assuming full responsibility for its offers. This ensures that FXCentrum's high standards are not in jeopardy.

Customers can take advantage of FXCentrum's diverse range of financial instruments, with the company offering competitive pricing and great STP trading conditions. FXCentrum offers trading via the classic MetaTrader 4 and the in-house developed FXC Trader platform, with both platforms available for desktops, tablets and smartphones running iOS and/or Android systems.

FXCentrum offers multilingual customer support which recognizes the individual needs of each customer and strives to be always available, prompt and coming up with the right solution to any problem.

Overall, on our FXCentrum review, the broker scores an average of 2.5 out of 5 as it is a good choice for traders looking for a broker with good trading conditions and above all competitive pricing, including free deposits and withdrawals. On the downside, the choice of the regulator (the tier-4 Seychelles FSA), and the relatively new presence of this broker merged with the lack of feedback from the trading community might scare off some traders.


Data supplied in partnership with CashBackForex - Forex Rebates places FXCentrum on the top 20 brokers for popularity with traders opening an account in 2022.

Regional Restrictions
: WTG Ltd. does not offer its services to the residents of certain jurisdictions such as the USA, Afghanistan, Cuba, Crimea, Israel, Sudan, North Korea, Iraq, Lao People’s Democratic Republic, Syria, Vanuatu, Yemen, Ethiopia, Iran, Bosna and Herzegovina. We reserve the right to not accept clients, or ask for additional documents for activating FXCentrum trading accounts of clients from the EU, Russian Federation, and also Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Ghana, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Turkey, Uganda and United Arab Emirates due to The Financial Action Task Force (FATF) list of high-risk countries.


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