Overview of FXCentrum
FXCentrum, established in Seychelles in 2021, offers a wide array of trading assets, including Forex, commodities, metals, indices, and stocks & ETFs.
Advantages include competitive spreads starting from 0.3 pips, various payment methods, user-friendly platforms accessible via web and mobile, no deposit fees, low minimum deposit of 10 USD, and leverage up to 1:1000.
However, some users have reported difficulties with withdrawals, and the platform lacks support for MT4/MT5. Regulated by the Seychelles Financial Services Authority (FSA), FXCentrum provides a regulated trading environment.
Regulatory Status
FXCentrum is regulated by the Seychelles Financial Services Authority under a Retail Forex License (License No.: SD055).
This oversight framework provides traders on the platform with a level of assurance regarding the adherence to financial regulations. Being regulated by the Seychelles Financial Services Authority signifies that FXCentrum operates within the legal framework set forth by the regulatory body, ensuring transparency and accountability in its operations.
Pros and Cons
Pros:
Competitive Spreads: FXCentrum offers competitive spreads for major currency pairs, starting from as low as 0.3 pips. This can potentially result in lower trading costs for users, allowing them to maximize their profits when trading forex.
Wide Range of Payment Methods: The platform provides users with a wide range of payment methods to choose from. This includes options such as Visa, Mastercard, cryptocurrencies like Bitcoin, and e-payment solutions like AstroPay and Perfect Money. This variety ensures convenience and accessibility for traders worldwide.
User-Friendly Trading Platform: FXCentrum offers a user-friendly trading platform that is accessible via web browsers, desktop applications, and mobile devices. This multi-platform accessibility allows traders to manage their accounts and execute trades conveniently from anywhere with an internet connection, enhancing flexibility and efficiency in trading.
No Deposit Fees: FXCentrum does not charge any deposit fees, meaning traders can fund their accounts without incurring additional costs. This fee-free deposit policy can be advantageous for users, especially those making frequent deposits or trading with smaller amounts, as it helps to minimize their overall trading expenses.
Low Minimum Deposit Requirement: The platform maintains a low minimum deposit requirement of 10 USD for USD-denominated accounts, making it accessible to traders with varying budget sizes.
Regulated by the FSA: FXCentrum is regulated by the Financial Services Authority (FSA), providing a level of oversight and accountability. Regulatory compliance can instill confidence in traders regarding the platform's integrity and adherence to industry standards, contributing to a safer trading environment.
High Leverage: FXCentrum offers leverage of up to 1:1000 for eligible traders, allowing them to amplify their trading positions and potentially enhance their profit potential.
Cons:
Some Users Report Withdrawal Difficulties: Some users have reported difficulties in withdrawing their funds from the platform.
MT4/5 Not Available: FXCentrum does not support the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms. These platforms are widely used by traders for their advanced features, customizable interface, and extensive library of trading tools and indicators.
Market Instruments
FXCentrum provides a wide range of trading assets to its users, including Forex, Commodities, Metals, Indices, and Stocks & ETFs.
Forex trading involves currency pairs, commodities encompass precious metals and energy resources, while indices represent baskets of stocks from specific regions or industries.
Additionally, the platform offers access to individual stocks and exchange-traded funds (ETFs), enabling traders to capitalize on specific companies or sectors.
Account Types
FXCentrum offers three distinct account types: Floating Bonus, Margin Bonus, and Scalping Margin Bonus.
The Floating Bonus account features a 50% bonus on all deposits with no upper limit. With a minimum deposit requirement of 10 USD and leverage of 1:1000, this account might suit beginners or those looking for flexible trading conditions. However, scalping is strictly prohibited, making it less suitable for high-frequency traders.
In contrast, the Margin Bonus account provides a 100% bonus, up to 100,000 USD, attracting traders interested in maximizing their initial investment. With similar deposit and leverage requirements as the Floating Bonus account, it appeals to a broad range of traders.
Additionally, the Scalping Margin Bonus account, with its 50% bonus, up to 10,000 USD, targets traders who prefer unrestricted scalping strategies. The higher minimum deposit of 1000 USD reflects its focus on more experienced traders with larger capital.
Despite the differing bonus structures, all accounts offer similar withdrawal processing times and VIP withdrawal options, ensuring convenience for users across the board. Additionally, the Margin Bonus and Scalping Margin Bonus accounts feature cashback incentives based on trading volume, further enhancing their attractiveness to active traders.
How to Open an Account？
Visit the FXCentrum website: Go to the official FXCentrum website to begin the account opening process.
Choose account type: Select the type of account you wish to open, such as Floating Bonus, Margin Bonus, or Scalping Margin Bonus.
Complete registration: Fill out the required registration form with your personal details, including name, email address, and phone number. You also need to provide identification documents for verification purposes.
Fund your account: Once your registration is complete and verified, fund your account with the minimum deposit requirement of 10 USD for USD-denominated accounts. You can choose from a variety of payment methods offered by FXCentrum.
Leverage
FXCentrum offers varying maximum leverage across its account types.
The Floating Bonus and Margin Bonus accounts both provide a maximum leverage of 1:1000, allowing traders to potentially amplify their positions by a thousand times relative to their initial investment.
In contrast, the Scalping Margin Bonus account offers a maximum leverage of 1:200, which is comparatively lower but still provides ample opportunity for traders to capitalize on market movements.
Spreads & Commissions
FXCentrum offers competitive spreads, with starting spreads as low as 0.3 pips for major currency pairs like EUR/USD and GBP/USD, making it an attractive option for traders looking to minimize trading costs.
Compared to other popular brokers, FXCentrum's spreads are in line with industry standards and, in some cases, even lower, which can potentially result in cost savings for traders. These tight spreads make the platform suitable for active traders and scalpers who aim to capitalize on small price movements and require low trading costs to maximize profitability.
Trading Platform
FXCentrum offers its proprietary trading platform called FXC TRADER, available for download on Google Play and the App Store, as well as accessible via web and desktop.
The platform is suitable for traders of all levels, boasting a user-friendly interface for both beginners and experienced traders. With over 20,000 traders already using the platform, FXC TRADER provides access to a wide range of features, including copy trading, a popular strategy in the forex and cryptocurrency markets.
One notable feature is its synchronization of data across all devices in real-time, ensuring consistency and accessibility regardless of the device being used.
Deposit & Withdrawal
FXCentrum offers a wide range of payment methods. These methods include Visa, Mastercard, AstroPay, USDT TRC20 Tether, Korapay, Help2Pay, BTC, Thunder X Pay, UPI (India), Online Naira, Ozow, NetBanking (India), MoonPay, Perfect Money, PIX (Brazil), and Prompt Pay QR. This extensive selection ensures accessibility and convenience for traders around the world, whether they prefer traditional payment methods like credit/debit cards or digital currencies like Bitcoin and Tether.
The minimum deposit and withdrawal amounts on FXCentrum are standardized, with a minimum deposit requirement of 10 USD for USD accounts and 10 EUR for EUR accounts. The low minimum deposit threshold ensures that traders can start trading with a relatively small initial investment, making the platform accessible to a wide range of individuals, including those with limited capital.
In terms of fees, FXCentrum imposes no deposit fees, allowing users to fund their accounts without incurring additional charges.
For withdrawals, the platform offers a favorable fee structure, with no withdrawal fees for the first withdrawal in a month. However, subsequent withdrawals within the same month are subject to fees: the second withdrawal incurs a fee of 10 USD, while from the third withdrawal onwards, a fixed fee of 2.5% is applied.
Customer Support
FXCentrum provides customer support through several channels.
For assistance, users can contact them at (+248) 263-0501 or reach out via email at support@fxcentrum.com for general inquiries andpartners@fxcentrum.comfor partnership-related matters. Their dedicated team addresses customer queries promptly and efficiently.
Educational Resources
FXCentrum offers a variety of educational resources to support traders at all levels.
From articles covering basic terminology to more advanced topics tailored for professionals, the platform serves various learning needs. Additionally, daily news updates keep traders informed about market developments. The inclusion of ebooks and webinars provides comprehensive learning opportunities, covering various asset classes such as Forex, Metals, Commodities, and Stocks & ETFs.
Exposure
FXCentrum has faced four instances of user exposure, including complaints related to pyramid schemes, withdrawal difficulties, and allegations of scams.
These incidents can undermine trust and confidence among traders, potentially influencing their trading decisions and overall experience on the platform. Traders become wary of depositing funds or engaging in transactions, fearing similar issues.
Conclusion
In conclusion, FXCentrum offers traders a competitive trading environment with advantages such as competitive spreads, a wide range of payment methods, user-friendly platforms, no deposit fees, and high leverage.
However, it's not without its drawbacks, including reported withdrawal difficulties and the absence of support for popular trading platforms like MT4/MT5.
Despite these challenges, FXCentrum's regulation by the Seychelles Financial Services Authority (FSA) provides a level of oversight and accountability.
FAQs
Question: What is the minimum deposit required to open an account with FXCentrum？
Answer: The minimum deposit is 10 USD for USD-denominated accounts.
Question: Does FXCentrum charge any deposit fees？
Answer: No, FXCentrum does not charge any deposit fees.
Question: What types of trading instruments are available on FXCentrum？
Answer: FXCentrum offers a range of instruments including Forex, commodities, metals, indices, and stocks & ETFs.
Question: What is the maximum leverage offered by FXCentrum？
Answer: The maximum leverage offered by FXCentrum is up to 1:1000.
Question: Is FXCentrum regulated？
Answer: Yes, FXCentrum is regulated by the Seychelles Financial Services Authority (FSA).
2024-07-17 17:32
2024-06-03 15:09
