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CentroBanc Review - is it scam or safe?

CentroBanc Review - Is centrobanc.com scam or good forex broker?

RATING: 1 / 14 REVIEWS CentroBanc
CentroBanc is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


CentroBanc is a forex and CFD broker offering a variety of currency pairs on the MetaTrader4 platform. If you are about to start trading with them make sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Islamic Account n/a 1:200 1,8 pips*
ECN Account $5000 1:200 n/a
VIP Account $20 000 1:200 n/a
PAMM Account $100 000 1:200 n/a

*commission

 

CentroBanc Advantages:

 

Good variety of forex pairs, including some exotic currencies

 

CentroBanc offers its clients 49 forex pairs, including a variety of exotic currencies like Israeli Shekel, Indian Rupee, South African Rand, Turkish Lira, Singapore Dollar, Russian Rubla, Polish Zloty, Mexican Peso, Hong Kong Dollar, Hungarian Forint, Swedish Krona, Norwegian Krone and Danish Krone. The brokers also offers CFDs on spot metals - gold, silver, copper, platinum and palladium, commodities like sugar, cotton, orange juice, cocoa, coffee, corn, soybean and wheat, oil, natural gas, stocks and some 20 indices. The only trade instrument that we miss are the crypto CFDs, so here you may check our list of brokers, offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Maximum leverage of up to 1:200

 

Leverage of up to 1:200 is more than enough to accommodate any trading style. Have in mind that professional traders very rarely use leverage over 1:100, as they are well aware that higher leverage comes with a tangible risk of loosing your money much faster. 

 

Various payment methods, including popular e-wallets

 

With CentroBanc you can deposit or withdraw founds with all major credit or debit cards like Visa and MasterCard, e-wallets including Neteller, Skrill, WebMoney, YandexMoney, AstroPay, QIWI Wallet, Comodo and PaySafe, as well as with a bank transfer. Still as payments with crypto currencies are getting more and more popular, here you may check our list of brokers where you can pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

A choice between a web based platform and MetaTrader4

 

The presence of MetaTrader4 has always been good news as the platform is used by more than 80% of traders around the globe. Its popularity steams from its state of the art charting tools, intuitive interface and the option to run algorithmic trading sessions with the help of Expert Advisor trading bots, which you can customize on a proprietary scripting language – the MQL4. 

 

We should note that CentroBanc offers a web based platform as well. It has a simplified interface and clean, nicely designed graphics.

 

 

The platform however lacks a lot of the functionalities we are used to, when trading with the MetaTrader4. We do not see market indicators for example, while with MT4 there are more than 50 in-build. There is no automated trading option as well. Here you can check our list of brokers also offering MetaTrader4: 

 

>>Find other MT4 brokers here<<

 

Islamic account offered

 

CentroBanc offers an Islamic account, which is especially designed for Muslim traders, who under the Sharia Law are forbidden to take or receive interest. With an Islamic account you do not pay interest on positions left open overnight, but you pay instead with a commission, fee or higher spreads. Here you can check our list of brokers also offering Islamic, swap-free accounts:

 

>>Islamic Forex Broker<<

 

CentroBanc Disadvantages:

 

Lack of regulation

 

CentroBanc is based in Liechtenstein – a country with an estimated population of 37,000, situated on the border between Austria and Switzerland. Liechtenstein is not part of the EU and basically is one of the few remaining offshore zones in Europe. 

 

CentroBanc does not say anything about its regulatory status and that is unfortunate as unregulated brokers, by definition, have very limited credibility and most often than not are involved in scam.

 

Properly licensed brokers on the other hand do provide sufficient security to investors. Well respected financial authorities such as  the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) require all licensed brokers to abide by a number of fiscal and ethical rules, among which to maintain good fiscal discipline and to keep all clients funds in a segregated, protected from creditors account.

 

In addition FCA and CySEC regulated brokers have to participate in clients money insurance schemes. The FCA backed Financial Services Compensation Scheme for example insures up to 50 000 GBP of the traders' capital, while a similar CySEC backed scheme guarantees up to 20 000 EUR in case a broker goes insolvent. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unreasonably high spreads

 

 

CentroBanc says it is offering its clients four account types – Islamic, ECN, VIP and PAMM. However, the broker provides information about the trading conditions only for its Islamic account. They say the spreads start at 1,8 pips, but with a 14 USD commission per lot. 

 

Have in mind that the commission adds another 1,4 pips to the spread, if you are trading a standard lot of 100 000 base currency units and the second currency in your pair is USD. This basically means we end up with an actual spread of 3,2 pips and that is more than twice the acceptable levels. 

 

Besides, when we tested a demo account the EURUSD spread was fixed at 3 pips and if you add the 14 USD commission the spread soars to 4,4 pips, which is absurdly high. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement

 

CentroBanc says you can open an ECN Account with 5000 USD, a VIP Account with 20 000 USD, a PAMM Account with 100 000 USD, but does not specify the minimum deposit requirement for its base Islamic Account. Have in mind that with most brokers you can open an account with a 100 USD, while with some well established ones such as XMFXTM and IG you can start trading with just 5 USD or even less. 

 

Unusual withdraw conditions

 

“A Customer who wishes to close his account and withdraw the total amount of funds on his account balance in excess of 1,000 (Euros, US Dollars, GB Pounds) will receive the withdrawal in installments on a monthly basis.” This is what we read in the Terms and Conditions section of the broker and we find it highly unusual.  

 

 

On top of that you have a Management Fee on your deposit of 3.25% per 6 months and a Quarterly Trading Commission – 1.50% of trade volume for the quarter.

 

Finally, if a client wants to withdraw funds after the first month of inactivity there is a 25% of deposited capital service fee on top of any inactivity fees already incurred.

 

Conclusion:

 

CentroBanc is an unregulated offshore broker with very limited credibility, which on top of that offers absurdly high spreads and has some very unusual withdraw conditions. As we already discussed, traders can trust only licensed brokers, overseen by respected financial authorities such as FCA, CySEC or ASIC.

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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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Centro Banc disconnected me from the access to my account

Centro Bac Has stolen my money and when i request to withdraw they disconnected me from the access to my account they are thieves. Don't trust them.

Maritza Pomare G 04/11/2019

centrobanc is scam

centro banc is a scam rob me with $500 not refund me they close the login system not paying me out

DAKSHA MISTRY 04/06/2019

non si può prelevare

stò aspettando che mi restituiscano i mio capitale rimasto se non lo fanno e perchè sono truffatori

Translated by Google:

it cannot be withdrawn
I am waiting for them to return my remaining capital if they do not and because they are scammers

guzzetta luciano 03/21/2019

Scam - do not do business with them

I invested 140,200.00 eur. The mediator talked me very sincerely about investing a lot of money and making a lot of money. We have contacted a lot and the amount has risen to 190,000.00 eur. When it was time to return the money, the saying was started so that they could not send it to me. And now this money is not. Of course, my naivety. They scoffed a lot and I think I'm not the last. DO NOT BUSINESS with them.

Andrej 01/28/2019

Cugini di CMB

Mi hanno fatto prima perdere sulla capmbit po mi volevano far ritirare mettendo altra moneta su centro. Meno male che adesso con un agenzia estera sto provando a recuperare qualcosa pagando un avvocato, hanno gia ritirato qualche ultimo versamento con chargeback o come cavolo si chiama

Translated by Google:

They made me lose first on the capmbit and they wanted me to withdraw by putting more money on the center. Good thing that now with a foreign agency I'm trying to recover something by paying a lawyer, have already withdrawn some last payment with chargeback or what the hell is called

Rodolfo 01/23/2019

CentroBanc = CMB! Matilde Minardi = Truffatrice!

la mia consulente in CMB MATILDE MINARDI dopo avermi fatto versare piu di 100000€ in CMB la quale e' risultata una societa' truffatrice, mi dice che se avrei voluto riavere i miei soldi avrei dovuto spostarli in CENTROBANC la sua nuova societa' per quale lavora, ma prima avrei dovuto versare altri 10000€, al mio rifiuto e' sparita come tutti i responsabili di CMB ad iniziare da MARCO KRUEGER.

Quindi per quanto mi riguarda la CENTROBANC=TRUFFA essendo correlata a MATILDE MINARDI e CMB



Translated by Google:

my consultant in CMB MATILDE MINARDI after making me pay more than 100,000 € in CMB which turned out to be a scammer company, tells me that if I wanted to get my money back I would have to move it to CENTROBANC its new company for which it works , but first I would have to pay another € 10,000, to my refusal and 'disappeared as all managers of CMB to start with MARCO KRUEGER.

So for me the CENTROBANC = SCAM is related to MATILDE MINARDI and CMB

guido 12/13/2018

Centrobanc ritirare

Centrobanc non mi permette di ritirare il mio capitale di 250 euro. Sono spariti e non riesco più ad accedere al sito, è una truffa !!!

Translated by Google:

Centrobanc do not allow me to withdraw my capital of 250 euros. They have disappeared and I can no longer access the site, it is a scam !!!

Luisa 12/10/2018

CentroBanc Betrug-Einzahlung wird nicht zurückerstattet. Finger weg.

Nachdem ich eine Einzahlung von 250€ vorgenommen hatte, wurde ich von „Beratern“ aus aller Herren Länder kontaktiert, die mir weiterhelfen sollten. Nachdem ich mich selbst auf der Plattform schlau gemacht hatte, habe ich festgestellt, dass das offensichtlich dauerhaft ein Verlustgeschäft für mich ist. Habe daraufhin eine Anweisung zur Auszahlung im Konto bei der centrobanc erstellt. Diese sollte spätestens nach sieben Tagen ausgeführt sein. Auch nach einem Monat hatte sich nichts getan. Ich habe sämtliche Kontakte im Vorfeld und bei der absank genutzt, um Licht in das Dunkel zu bringen. Keine Reaktionen mehr.

Das Geld ist wohl weg. Im Schlund der centrobanc.

Ich kann jedem nur abraten, sich hier zu versuchen. Außer er hat zuviel Geld.


Translated from German:

After making a deposit of € 250, I was contacted by "consultants" from all over the world who would help me. After making myself smart on the platform, I realized that this is obviously a permanent loss business for me. Have thereupon an instruction for the disbursement in the account with the centrobanc created. This should be done at the latest after seven days. Even after a month, nothing had changed. I used all the contacts in advance and during the sinking to bring light into the darkness. No more reactions.

The money is probably gone. In the throat of the centrobanc.

I can only advise everyone to try here. Unless he has too much money.

Werner Pahlavi 12/05/2018

Lost money

Lost 250 Euro. No chance to get money back.

Martin Faller 11/15/2018

a sure scam and a criminal organization

Opened an algo account with Centrobanc.Was assigned Alex Douglas,a trader as support.He convinced me to shift my account from algo for his management promising superior results.In theory for two months we accumulated a hefty profit but when i asked to withdraw my profits he said that i had to pony up more money if i wanted to withdraw some because he had produced incredible results and would not let money flow away .I protested severely and stated that his pretension was inmoral,unethical and unprofessional.He responded by stating that if i didnt deposit m0re money i would never see a penny because as he had been abe to produce superior results he could also start managing trades in a wreckless way and make me loose all my money.And so he did.We had us60.000 and in two hours of foul play he managed to reduce the balance to under us20.000 an i am sure all my money and profits will drift away and be stollen by this professional scammer with the complicity of its criminal co.Centrobanc.I asked the co for support but found that all their phones are dicconnected and nobody responds in the web .Please be very carefull this is clearly a scam but not only that it is a criminal bogus organization dedicated only to rob and openly steal money from clients accounts.

francisco castro 10/22/2018

Betrug einer nicht lizensierten Broker Mafia

Äußerst unseriöse Liechtensteiner Bank mit noch unseriöseren Methoden Kunden das Geld aus den Taschen zu ziehen(AGB). Jeden Tag ein neuer Broker einer schlimmer als der andere! Finger weg, nicht trauen, lieber in ein Casino gehen, da weiß man was man hat und erhält sein Geld sicher und sofort. Hier nicht, nach Rückerstattungsversuch stellen sich alle tot. Der Teufel soll sie holen! Wünsche allen die Krätze an den Hals!

Translated by Google:

Extremely dubious Liechtenstein bank with even more dubious methods of customers to pull the money out of their pockets (Terms). Every day a new broker one worse than the other! Stay away, do not dare, go to a casino, you know what you have and get your money safely and immediately. Not here, after reimbursement attempt, all are dead. The devil should get them! Wish everyone the scabies on the neck!

Reiner 10/18/2018

Truffa..

Truffatori non investite assolutamente non vi rispondono più dopo aver messo i soldi e non ve li manderanno più indietro...

Translated by Google:

Uninvested swindlers will no longer answer you after putting the money and will not send them back any more ...

Luigi 10/06/2018

Centrobanc a big Scam

Centrobanc a big Scam have deposited R250

Centrobanc - No respond if you want refund from them.

Vila 09/18/2018

Centrobanc - No responses!

I paid Centrobanc $250 to start trading with what I thought was SnapCashBinary. I got a call from Centrobanc to open an account and that my $250 had gone to them. Once I realised this was not SCB, I asked for a full refund (within the 7 days as noted on their website). I have not had any replies to my emails. As I'm totally new to all this, I got sucked into SCB as their system looked simple and ended up somewhere else. In my opinion. SCAMMERS!
Marg

Margaret Balogh 07/11/2018
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