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CentroBanc Review - is it scam or safe?

CentroBanc review - Is centrobancit.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz CentroBanc
CentroBanc is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


CentroBanc is a unregulated, offshore forex and CFD broker which recently was blacklisted by the financial authorities in Italy and Austria for targeting EU citizens without authorization.

 

Account type Min. deposit Max. leverage Spreads
Gold/ECN Account $5000

1:100

3 pips, fixed
Platinum Account $20 000

n/a

n/a
VIP Account $25 000 n/a n/a
Pamm Account $100 000

1:1000

n/a

 

CentroBanc Advantages:

 

Various asset classes available

 

It is hard to come up with any advantages, when a broker is under a scam investigation, and yet CentroBanc do offer a wide variety of trading instruments, including 54 currency pairs, some of which minor or exotic like USDINR, USDZAR, USDSGD, USDRUB, USDPLN, USDMXN, USDHUF, USDTRY, USDSEK, USDNOK, USDHKD and USDDKK, as well as CFDs on oil, natural gas, gold, silver, agricultural commodities, stocks, 23 indices and even a handful of crypto coins - Bitcoin, Litecoin, Dash, Ethereum, Ripple, Ethereum Classic, Bitcoin Gold, Monero, Verge, Swisscoin, Stellar, NEM, Qtum and Lisk. In any case, if you like the idea of trading crypto assets here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:1000

 

Depending on the account type CentroBanc offers leverage of between 1:100 and 1:1000. Actually, after the regulators in Europe caped the maximum leverage allowed with forex transactions at 1:30 in August 2018, following similar steps by their colleagues in the US, Canada and Japan, traders can still enjoy unrestricted high margin trading only with brokers regulated in Australia. So here you may also check our list of brokers with licenses form the Australian Securities and Investments Commission (ASIC): 

 

>>Brokers regulated in Australia<<

 

Good variety payment methods

 

CentroBanc accepts payments with basically all major e-wallets like PaySafe, NetellerSkrill, WebMoney, QIWI Wallet, Yandex Money and AstroPay, credit cards like VISA and MasterCard, as well as bank wire. However, as we did not see the option to pay with crypto coins here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

CentroBanc Disadvantages:

 

No license, recent warnings

 

As we noted CentroBanc and the Marshall Islands based company Sucaba Enterprise Ltd, which operates the website, have been blacklisted by the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy and the The Austrian Financial Market Authority (FMA) for targeting EU citizens without proper authorization. 

 

Bear in mind that any contact with unregulated brokers is a sure recipe to get scammed. Unregulated brokers are basically unaccountable for the way they handle your money and when they are based offshore it is extremely difficult to initiate any legal action against them.

 

Your money are basically safe only with brokers holding legit licenses by respectable institutions such as the Financial Conduct Authrity in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). With a FCA broker you even get an insurance for up to 50 000 GBP so here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unusual withdraw conditions 

 

This is a highly controversial practice, which has been banned in Europe and other regulated markets. The problem with all trading bonuses is that they are always linked to some minimum trade volume requirement. For example with CentroBanc you will have to trade your deposit plus your bonus at least 30 times before you will be able to withdraw. 

 

Besides all withdrawals are subject to processing and managing withdrawal fees and additional fees can be applied on credit cards.

 

Managed accounts 

 

This is another controversial issue. CentroBanc offers what they call a Pamm Account, which is basically a managed account. The trouble here is that  CentroBanc is also a market maker and that means they profit, when their clients lose money. That is why legit brokers never offer managed accounts.

 

Excessive minimum deposit requirement

 

The minimum deposit requirement to start trading with CentroBanc is as high as 5000 USD and that is simply unacceptable. Have in mind that with most brokers you can start trading with as little as 250 USD, while with some big well established names like FBS and IG you do not have a minimum deposit requirement at all.

 

MetaTrader4 not supported

 

CentroBanc offers a web based trading platform that lacks many of the standard features readily available with classic trading solutions like the MetaTrader4.

 

 

For example we miss the option to run automated trading sessions so here you may also check our list of brokers offering the MetaTrader4:

 

>>MT4 Brokers<<

 

High spreads

 

When we tasted the CentroBanc trading platform the benchmark EURUSD spread was fixed at 3 pips, which is basically twice higher than the spread traders would usually consider attractive, so here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

CentroBanc is a unregulated, offshore website which is investigated by the authorities in Italy and Austria and most probably is involved in scam. As always in such cases our general advise is to trade only with legit brokers, regulated by FCA in the UK, ASIC in Australia or CySEC in Cyprus.

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Traders` reviews for CentroBanc

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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no puedo retirar el capital

mi agente no coge el telefono y tampoco puedo contactar por email.

Translated by Google:

i can't withdraw capital
My agent doesn't pick up the phone and I can't contact by email either.

Eduardo Señer Garces 08/02/2019
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