|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spreads|
|Classic||$100||0.01||1:400||1.6 pips, fixed|
This broker offers a single account type with market execution, commission-free trading, leverage up to 1:400 and fixed spreads on the MetaTrader 5 trading platform. Micro lots are available for trade and there are swap-free (Islamic) accounts upon request.
Unlike most brokers, however, CentroFX does not provide Managed accounts.
CentroFX is a relatively young forex and CFD brokerage, based in Limassol, Cyprus. It provides pure STP trading environment through the MT5 platform.
In fact, CentroFX is one of the brands operated by R Capital Solutions Ltd., a CySEC-regulated company, offering trading in forex, CFDs, and metals. Other brands of the company include Axiory and TradeBerry.
CySEC applies certain rules to license holders, one of them being the requirement to hold a minimum of €730 000 in order to prove their financial stability. Furthermore, the commission requires client funds to be kept separately from the company’s operational assets, and licensed companies should regularly report to the Commission.
In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
Furthermore, CySEC-regulated companies are authorized to provide its services across the EU under the MiFID regulations.
Minimum Initial Deposit
CentroFX accounts require a minimum deposit of $100, which is average. In comparison, leading EU broker XM requires only $5 from traders to start with.
Average Spreads & Commissions
This broker says on its website that its fixed spreads amount to 1.6 pips on EUR/USD, which is a quite competitive pricing. However, when we tried out CentroFX’s demo account, the MT5 spreads were 2.0 pips for the EUR/USD pair – the average for fixed-spread forex brokers.
In comparison, XM offers average spread of 0.1 pips on EUR/USD + commission $5 per standard lot (per side) on its Zero account. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage with this broker is considered high, reaching 1:400. Higher leverage levels may not only multiply traders` earnings on a small deposit, but also lead to heavy losses in excess of the initial deposit. Nonetheless, if you are willing to take the risk, many Cyprus-based brokers offer even higher leverage ratios: XM – up to 1:888, FXTM and - up to 1:1000.
You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
CentroFX provides its clients with the MT5, a member of the industry’s leading MetaTrader Family. MT5 is a versatile and powerful trading platform that gains popularity lately, as the hedging option was finally added to it. With this broker, its is available as a PC, web and mobile versions.
CentroFX's MT5 oplatform. Click to enlarge.
The platform features all types of trading orders, 30 technical indicators and 20 analytical tools, 9 chart timeframes, financial news and Expert Advisors (EAs). Furthermore, the MT5 now features Built-in Virtual Hosting, so trading robots and signals are now working 24/7, even if your PC is switched off.
Besides, the MQL5 development environment allows traders to create trading robots & analytical indicators of their own in addition to the ready-made ones.
Trading Signals and Copy Trading are available directly from the MT5 terminal.
CentroFX looks like a generous broker. At the time of writing of this review, it offers 30% on deposit tradeable bonus (up to $3,000) for all live account holders with deposits of at least $500, as well as cashback rebates of $3 per lot traded up to $2000. In order to be eligible to receive the rebates, CentroFX ‘s clients must complete 100 lots and should not participate in any other promotions of the company.
CentroFX offers its clients wide range of payment methods: bank wire, credit/debit cards and a number of e-wallets – Skrill, Neteller, SafeCharge, WebMoney, Qiwi, Przelewy, China UnionPay and PayPal. The broker says it covers all fees and charges on payment methods.
The withdrawal/deposit process can take up to 48 hours. Keep in mind that actual bank wire transfer of funds may take up to 5 working days.
The account currencies available are the following: USD, EUR, GBP, JPY and CHF.
CentroFX is a well-regulated STP FX and CFD broker, offering the basic trading services on the MT5, however some rather important features are missing, such as managed accounts. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:
|Well-regulated||Relatively new broker|
|MT5 available||No choice of trading platforms & accounts|
|Pure STP broker||No managed accounts|
|Bonus and rebates available|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
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.
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.
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.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
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.
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.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|