Centrummarkets.com Review Is Centrum Markets A Scam

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Centrummarkets.com Review: Is Centrum Markets A Scam?

Centrum Markets Review: this is the name of Forex broker that is located in the offshore region of Mauritius. Is Centrummarkets.com safe or a scam? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.

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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Centrum Markets mentions at the tail bottom of the page that it is located in Mauritius which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Centrum Markets

Some of the advantages of these broker as found on the website are: segregated funds, full regulation, low spreads, negative balance protection, and 100+ trading instruments. They also claim to be reliable, customer oriented and offer many transaction means.

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.

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.

Centrum Markets Trading Platform

Centrum Markets offers traders the MT5 trading platform. 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.

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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 system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes 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: currency pairs and CFDs on commodities. Although it is stated that the number amounts to an unimpressive 100+, they are not mentioned. We find no cryptocurrency offer. 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.

Maximum leverage offered to clients is 1:300 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads is 1 pip on the EURUSD pairs.

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 Centrum Markets

The means that traders are to use to make deposits and withdrawals are: Bank wire transfer, VISA, MasterCard, Neteller, Skrill, and VLoad. The fact that some e-wallets are allowed is encouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $5 and this is within the obtainable of average of $100 to $250 that is common among legit 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 Centrum Markets Licensed?

No. Centrum Markets is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

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.

Support

In order to get in touch with the brokers or speak to a customer care agent, use the number: +2304898987 or email at: [email protected]

Conclusion

Centrum Markets is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. Further, it is not advisable to believe conditions offered by these kind of brokerages. Its trading assets portfolio is limited and small. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Centrum Markets Review – is centrummarkets.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Cent $5 1:300 From 1 pip
Standard $50 1:300 From 0.8 pips
Pro $1 000 1:300 From 0.1 pips + $2.5 /lot

Centrum Markets is and forex and CFD brokerage that provides access to the MT5 platform and the trading conditions seem good. Yet, our main concern with this broker is the lack of legit license – they are registered offshore, which automatically lowers their credibility level. Below, you may read both the advantages and the disadvantages of this brokerage

Centrum Markets Advantages

Access to MetaTrader 5

As we mentioned in the beginning, Centrum Markets uses the MetaTrader5 (MT5). This is the latest platform MetaQuotes’ platform and it enjoys increasing popularity among both brokers and traders lately. The MT5 has kept most of MetaTrader 4’s valued tools and features, and on top of that allows trading in exchange-traded stocks. The charting of the MT5 is almost the same as that of its predecessor, and it also provides Expert Advisors for automated trading.

Seemingly good trading conditions

If the broker’s spreads are really as announced on their website, the offer seems good. Centrum Markets has indicated that the benchmark EUR/USD spread on the most basic account starts from 1 pips. This is in line with the average in the industry.

Centrum Markets Disadvantages

An offshore broker

Centrum Markets is owned and operated by Centrum Capital Ltd., an offshore company based on Mauritius. And as we already noted, they are not licensed and authorized to provide financial services on regulated markets like the European Union, the US, Canada, Australia or Japan.

In other words, offshore forex brokers are not subjected to any oversight on the part of a governmental agency, nor have to follow any stringent rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc. This means that their clients’ funds, accounts and interests are not protected as they should.

No free testing service

Although Centrum Markets claims to offer free demo accounts, we couldn’t test its services for free, which is another worrisome sign. A test-drive of a broker’s trading platform is a great advantage and shows that the company is transparent with its trading conditions.

Conclusion

Although Centrum Markets’ offer might seem attractive to some investors, we wouldn’t recommend it – mainly because they are not regulated. As we keep reiterating in our reviews, doing business with offshore brokers involves a lot of risks.

As always, we advise our readers to minimize the risk of foul play in forex trading by dealing only with well-regulated and established brokers. The most respected and reliable ones in Europe are UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

Broker Advantages

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.

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.

Centrum Markets Review

Centrum Markets is an unlicensed Forex and CFD broker owned and operated by the Centrum Capital Ltd, an offshore company based on Mauritius.

Centrum Markets is considered not safe, as it is not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA and the Australian ASIC.

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Centrum Markets Review

Centrum Markets is and forex and CFD brokerage that provides access to the MT5 platform and the trading conditions seem good. If the broker’s spreads are really as announced on their website, the offer seems good. Centrum Markets has indicated that the benchmark EUR/USD spread on the most basic account starts from 1 pips. This is in line with the average in the industry.

Although Centrum Markets claims to offer free demo accounts, we couldn’t test its services for free, which is another worrisome sign. A test-drive of a broker’s trading platform is a great advantage and shows that the company is transparent with its trading conditions.

Trading Platform

During our review of Centrum Markets, we saw that the offer the Metatrader5 platform. This is the latest platform MetaQuotes’ platform and it enjoys increasing popularity among both brokers and traders lately. The MT5 has kept most of MetaTrader 4’s valued tools and features, and on top of that allows trading in exchange-traded stocks. The charting of the MT5 is almost the same as that of its predecessor, and it also provides Expert Advisors for automated trading.

Centrum Markets License

Here at the Scam Expert Advisor, we have reviews of many Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a valid license.

The reason smart people online invest with a licensed broker, is because there are many investment scams online. By using a licensed and regulated broker, you know your money is safe, and the company is monitored by the governments regulators.

Centrum Markets is an offshore broker owned and operated by Centrum Capital Limited in Mauritius.

Offshore forex brokers are not subjected to any oversight on the part of a governmental agency, nor have to follow any stringent rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc. This means that their clients’ funds, accounts and interests are not protected as they should.

Faithful and professional brokers are a gem to have by your side. Improve your trading immensely with brokers who have a strong reputation. Sign up with brokers who are amicable and sufficient to ensure you trade safely. A sure way of trading and getting real results is having a trustworthy partner by your side. With years of trading experience, brokers will create a better chance for you to make profits.

Review Verdict: Centrum Markets is a Scam!!

Our best advise for you

Although Centrum Markets’ offer might seem attractive to some investors, we wouldn’t recommend it – mainly because they are not regulated. As we keep reiterating in our reviews, doing business with offshore brokers involves a lot of risks. As always, we advise our readers to minimize the risk of foul play in forex trading by dealing only with well-regulated and established brokers. The most respected and reliable ones in Europe are UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

You can also opt to trade Forex with top rated Forex trading robots. Dealing with comfortable and user friendly trading robots gives you an edge in trading. What are you waiting for?

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