CentroFX Review - Is it scam or safe?

CentroFX Review - is centrofx.com a good forex broker or a scam?
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19 REVIEWS

Trading Accounts

 

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.

 

The Company. Security of Funds

 

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.

 

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.

 

Trading Conditions

 

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.

 

Maximum Leverage

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.

 

Trading Platform

 

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.

 

Promotions

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.

 

Methods of Payment

 

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.

 

Conclusion

 

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:

 

Pros Cons
Well-regulated Relatively new broker 
MT5 available  No choice of trading platforms & accounts
Pure STP broker No managed accounts
Bonus and rebates available   

 

Latest news about CentroFX
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
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NinjaTrader
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UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
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UK, Cyprus FCA, CySec MT4 $5 Review Website
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cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
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
Belize IFSC MT4, Web $500 Review Website

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

Pros

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Traders` reviews for CentroFX Add review

Хорошая компания

Достойный брокер. Нравится что есть индексы.торгую в основном дакс и снп500. Отличное исполнение .брокер работает честно. Поддержка на уровне,работаю с ними 5 месяцев до этого в альпари торговал .Условия тут нравятся больше ,рекомендую оценить их условия

Roker1 02/06/2017

useful Broker

I have always been wary of different inline brokerage sites as I found them very cumbersome to navigate. One of friends recommended CentroFX to me. Believe me, this website is very user friendly with well defined tabs and sections.

grace 01/11/2017

gain more income

Known for its better service and different types of innovative trading platforms, CentroFX has gained a lot of popularity among many traders. Traders can gain different methods and tricks of forex trading in this website.

abu 12/30/2016

Regulated and licensed by Cyprus Securities and Exchange Commission, centroFX is able to provide the traders with the best available security for their funds. After the segregation is done, these funds are deposited with reputed banks of the world, which ensures total security.

toshio 12/22/2016

easy trading with mt5

When it comes to trading in the forex market, every trader needs to have depth insight into the economic process is different. Usage is available in centroFX with MT5 platform that will help traders to learning to be able to trade throughout the world. And easily speculate these events and trade according to the predictions in the forex market.

dani 12/16/2016

Trade with

For any trader, it is important to know the different regulations of the forex market. But sometimes it becomes really difficult to find the various regulatory measures as they are not listed properly. On centroFX, you will find different types of platform that they use is mt5 and good regulations

deaco 12/16/2016

Высокий уровень брокера

Всем привет! Уже пол года работаю с компанией Centrofix, за это время с уверенностью могу сказать, что компания зарекомендовала себя на высоком уровне. Отличная служба поддержки, стабильная работа платформы и самое главное для меня - моментальный вывод средств, больше часа ждать не приходиться. В общем если у вас есть какие- то сомнения еще по работе с центро, то смело можете их отбросить и открывать счет. Если у вас есть хорошее понимание, как работает рынок, то CentroFX это ваш хороший шанс заработать

Stanislav 12/13/2016

increase our skill trade

While trading in multiple currencies can reap huge profits, it can also ensure huge stop loses. Hence, it becomes imperative for any trader to analyze every situation in the market before opening any position. CentroFX with its real time updates on different currencies from around the world helps the trader to analyze the market situation before he sets foot in it.

soo yung 12/12/2016

broker are regulated

Regulated and licensed by Cyprus Securities and Exchange Commission, centroFX is able to provide the traders with the best available security for their funds. After the segregation is done, these funds are deposited with reputed banks of the world, which ensures total security.

adiman 12/09/2016

Брокер на уровне

Всем привет, работаю с Centrofix не так давно(к сожалению), потому что если бы я знал еще 2 года назад, что есть такие компании, то ни за что бы не выбрал других горе-брокеров... Отличное исполнение, Метатрейдер 5, моментальный вывод средств, отличный сервис. Звучит, как реклама, но ставлю твердую 5. Была бы возмможность поставил бы все 20))

Владислав 12/08/2016

Easy for deposit and withdrawal with many methods of payment

Many things that I want to share about this broker due to I was very satisfied to use this broker. one of those is I feel easy to make deposit, because CentroFx provide me many methods of payment. so I can chose whice one that I have. I'm sure everyones feel the same, because of many methods of payment and that's all are popular in forex trader. it's so helpful. thank you CentroFx.

Resmana 12/08/2016

Perfect Execution

Всем привет. Вот читаю ваши отзывы и думаю насколько это все правда? Ну по крайней мере я знаю одно - уже почти год работаю с этой компанией и на самом деле никаких серьезных недостатков не обнаружил и очень прошу, пока не убедитесь о брокере, не пишите всякую ерунду. Ставлю брокеру твердую 4-ку. Побольше бы таких компаний.

Дмитрий Крылов 12/08/2016

Надежная технология MT5

Хорошего брокера найти очень сложно. Эту компанию посоветовали друзья, убедился на своём опыте, что хороших брокеров мало, но они есть. Centrofx - один из них, так держать!

RussianTrader 12/08/2016

Отличная компания

Присоединяюсь к отзывам выше: нормальный брокер, этого не отнять. Я может быть и не самый большой спец в этих вещах, но в центро нашел надежного партнера. Для меня главное, чтоб вывод был шустрым и платформа работала без сбоев. Пока все идет просто отлично, поэтому и отзыв решил написать. Всем удачи!

Кирилл 12/08/2016

Reliable!

Most traders look for direct access to different live prices and a better customer support. CentroFX has provided me both. Today when I place my trades and orders in the forex market, I feel confident about the decisions I make as they are based on the data provided by the website.

Pepen supendi 12/02/2016

Надежный Брокер

Присоединяюсь к отзывам выше: нормальный брокер, этого не отнять. Я может быть и не самый большой спец в этих вещах, но в центро нашел надежного партнера. Для меня главное, чтоб вывод был шустрым и платформа работала без сбоев. Пока все идет просто отлично, поэтому и отзыв решил написать. Всем удачи!

Алексей 11/29/2016

Ставлю брокеру твердую 5-ку

Компании centrofx можно доверять на все 100% в плане сохранности и вывода средств! После того как перевел 4000$ , с помощью советника собственной разработки удвоил депозит за неделю, думал не дадут вывести, но нет. Отправил заявку на вывод 7872$ (все средства,что были на счету), деньги пришли за 15 минут на скрилл после того, как отправил запрос в личном кабинете. друзьям посоветовал открыть счет в компании и получил приглашение на партнерскую программу(т.к. Менеджер знал,что это мои друзья)
Теперь еще получаю комиссию за торговлю моих друзей. Так что всем доволен

Сергей 11/29/2016

The different types of mobile applications available on CentroFx

No trader in today’s world would sit in front of the screen to analyze and check his trades. Every trader needs to have some applications with him to ensure the tracking of his open trades in the forex market. The different types of mobile applications available on CentroFx provide the trader to keep an eye on all his trading activities while on the go.

Hani Ristia 11/29/2016

Different tool from the best available trading platforms (MT5)

Trading in the forex market was always a challenge for me as undoubtedly I had to speculate different currencies against each other. Hence, I needed tools (in mt5) that would give me access to different economic indicators in the market.
CentroFx provided me with the best available trading platforms (MT5) and tools that gave me the much needed support for trading in the forex market.

Nurjaeni 11/22/2016