CentFX Information
CentFX, a trading name of CentFX Ltd, presents itself as an international brokerage firm that has been providing services for trading and investment in currency and derivatives markets since 2022.
It is registered in ARCA of ANGUILLA and works in the financial market retail industry. The broker says it provides private clients all around the world with over 400 tradable financial instruments with flexible leverage up to 1:1000 and variable spreads from 0 pips on the MT5 for desktop, mobile and web trading platforms, as well as a choice of four different live account types.
Here is the home page of this brokers official site:
Is Cent FX Legit？
Currently, CentFX is offshore regulated in Mauritius, authorized by the the Financial Services Commission (FSC), holding a Retail Forex License under license no. GB23201644.
Pros & Cons
On the bright side, CentFX offers impressively over 400+ trading instruments. Besides, they provide flexible account options, tailored for various levels of trading experience. Not to mention, generous leverage of up to 1:1000 allows for robust trading potential. The firm also offers tight spreads which can greatly enhance profit possibilities. The popular MT5 trading platform they use is well-regarded in the industry for its user-friendly features. Lastly, the availability of live chat guarantees prompt customer service.
However, as CentFX is relatively young, it still needs time to further establish its credibility and reputation in the competitive trading landscape. Besides, it is only offshore regulated.
Market Instruments
CentFX offers access to more than 400 trading instruments in financial markets, covering CFDs on forex, indices, metals, and cryptocurrency.
Their Forex trading platform boasts an impressive range of up to 400+ forex pairs, offering the privilege of trading with zero spreads, the flexibility of customizable strategies, and the assurance of swift withdrawals for a truly rewarding trading experience.
For crypto enthusiasts, CentFX Limited's crypto platform promises 100+ trading options paired with user-friendly operations, low costs, and fast access to funds. This platform takes pride in its advanced risk management system and ultra-fast execution rates.
Lastly, their Indices trading platform ensures the success of traders with its easy account opening process, a diverse selection of indices, low costs, swift fund access, and meticulous risk management. At CentFX Limited, there is a suitable trading solution for every investor.
Account Types
The Micro account requires a minimum deposit of $10 and offers spreads from 1.5 pips. The trade size starts from 1.0 lot with a maximum leverage of 1:800.
The Standard account necessitates a minimum deposit of $500 with spreads starting from 1.2 pips. Here, the minimum trade size is 0.01 lots and provides a maximum leverage of 1:1000.
The ECN account asks for a minimum deposit of $5000 and presents spreads from 0 pips. The minimum trade size is also 0.01 lots, but the maximum leverage is slightly smaller at 1:200.
Finally, the Customize account requires a high minimum deposit of $10,000, offering customizable spreads from 0 pips. The minimum trade size is 0.10 lots, and it grants leverage up to 1:1000.
In addition to these four types of accounts, they also offer a demo account that beginners can start with for free. Traders who are not very proficient in trading skills can start practicing with a demo account, which can reduce the risk of trading losses.
How to Open an Account of CentFX？
Opening an account with CENTFX is a straightforward process:
- Register: To begin with, you need to register for an account with CENTFX.
- Verify: Upon registration, you then log in to your Client Portal.
- Deposit: Once your account has been verified, you'll need to top up your account.
- Trade: Now, you're all set! Open your trading platform, and place your trades with CENTFX.
By following these five simple steps, you can easily start trading with CENTFX.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Cent, Micro and Standard accounts can enjoy the maximum leverage of 1:1000, the Premium account has a leverage of 1:800, the Islamic account has a leverage of 1:500, the Pamm and ECN accounts have a leverage of 1:300 and the Elite ECN account has a leverage of 1:200.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
CentFX offers competitive spreads according to the account type.
Specifically, the Micro account initiates spreads from 1.5 pips, while the Standard account presents reduced spreads starting from 1.2 pips.
The ECN account goes further to offer as low as 0 pips. The Customize account, on the other hand, provides scalable spreads which start from a minimum of 0 pips.
Trading Platform
Platforms available for trading at CentFX are MT5 for desktop, mobile and web terminals. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform.
Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Trading Tools
As for trading tools, obviously, Centfx has a lot of room to improve It only provides the Economic Calendar Analysis.
Deposit & Withdrawal
The minimum initial deposit requirement at CentFX is reportedly only $10. However, the broker has not explicitly mentioned the acceptable methods for deposit and withdrawal.
Nevertheless, based on the banks and electronic wallets displayed as partners on their official website, we can deduce that the deposit and withdrawal methods are probably associated with them. These partners include entities like Maybank, PermataBank, bKash, and others.
Customer Support
CentFXs customer support can be reached by WhatsApp +18447788372, email: support@centfx.com or live chat.
Their support team, fluent in 16 languages, is constantly ready to assist their clients and communicate effectively to understand and meet their needs.
They offer 24/7 support to ensure that assistance is available anytime their clients might need it, be it day or night. Their capability to communicate in various languages including English, Chinese, Thai, Vietnamese, and Malaysian further personalizes their care to provide a comfortable atmosphere for all their clients.
Conclusion
Overall, CentFX is an international brokerage that provides professional trading and investment services. Despite being relatively newly established, it presents solid advantages including various tradable instruments, flexible account types, generous leverage, tight spreads, use of the popular MT5 trading platform, and the availability of 24/7 customer service in multiple languages. However, as with any financial decision, potential clients should consider their individual financial situation or seek independent advice before trading.
FAQs
Is CentFX legit？
Yes, CentFX operates legally, offshore regulated in Mauritius.
Is demo trading available at CentFX？
Yes. It offers risk-free demo accounts.
Does CentFX offer MT4/5？
Yes. It offers MT5 for desktop, mobile and web.
What's the minimum deposit required by CentFX？
$10.
Is CentFX a good broker for beginners？
No. It offers demo accounts and the minimum deposit requirement is also quite low, but it is offshore regulated. We advise beginners had better choose regulated brokers to trade.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
2024-07-09 19:47
2024-05-29 11:41
