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eXcentral Review - is it scam or safe?

eXcentral Review - is eu.excentral.com scam or good forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz eXcentral
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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard $250 1:400 1.7 pips

  

eXcentral is a Cypriot broker that seems to offer a single account and access to the MT4 platform. In our thorough and unbiased review of this brokerage we will highlight both its strong and weak sides, so make sure you read it before you invest any money.

 

 

eXcentral Advantages

 

Regulated in Cyprus (EU)

When we weighted the advantages of eXcentral, one that stands out is the fact that the broker is regulated in Cyprus and across EU and the EEA. The brand is owned by Mount Nico Corp Ltd., which also operates NICOFX.

 

 

Cyprus is one of the most popular forex broker destinations as regulation there is well-balanced and sound. Generally speaking, a broker holding a license with CySEC provides traders with sufficient security about their investment. Now that the UK is in the process of exiting of the EU, a lot of brokers eye the Cyprus as the best alternative.

 

MT4 available, up to 1:400 in leverage 

The presence of the MT4 is always considered as plus of any broker, as the platform provides a full spectrum of trading tools and features:  a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs), extensive back-testing environment, as well as other perks. Besides, the MT4 is available as a desktop download, web-based platform and mobile apps

 

 

>> Check out the best MT4 brokers <<

 

 

Another thing that could be viewed as an advantage of eXcentral, is that the broker offers leverage up to 1:400, at least on demo accounts. We suppose that such leverage ratios are only extended to professional clients in live trading environment, as per ESMA’s guidelines. As most of you probably know, leverage is capped throughout the EU for investor protection concerns.

 

Diversified product portfolio

Another possible advantage of eXcentral is the rich and diversified product portfolio of the broker. It offers trading in forex, CFDs on indices, commodities, precious metals, stocks, and some of the most popular cryptocurrencies.

 

In case you are a crypto trading enthusiast, you might also take a look at our list of reliable brokers offering trading in such as CFDs.

 

 

>> Licensed forex brokers offering Bitcoin <<

 

 

eXcentral Disadvantages

 

Spreads not specified, demo ones rather high

There is no information to be found on eXcentral’s website regarding the costs of trading, nor the maximum leverage levels provided. This leaves a bad impression, especially on the part of a regulated broker.

 

 

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Fortunately, the broker offers free demo accounts, so we saw that the spread for the EUR/USD pair is floating around 1.7 – 1.8 pips. This is slightly above the average in the sector. While the spread shouldn’t be your main concern, other brokers offer much better trading conditions. Check out our dedicated spread comparison platform for the full picture.

 


>> Compare the spreads of some top brokers here <<

 

 

Conclusion

 

Overall, eXcentral appears like a reliable and well-regulated forex broker, whoso offer is not bad. On the negative side we should note that its spreads aren’t very attractive. Yet, eXcentral’s most important advantage is the CySEC license.

 

The Cypriot financial watchdog applies certain rules and requirements to license holders. For instance, client funds must be held in segregated accounts, brokers should hold at least €730 000 as a proof of financial stability, to regularly report transactions, and meet all requirements set on a EU level. The latter include provision of negative balance protection, disclosing the percentage of clients who lose money with the broker, a leverage cap of 1:30, and more.

 

Besides, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR.

 

Finally, here are the highlights of our review on eXcentral:

 

Pros Cons
CySEC license Trading conditions not fully disclosed
MT4 available, generous leverage  
Wide range of assets available  

 

 

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Traders` reviews for eXcentral

Spread

Pros

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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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problem with account

The account dont take your password nor the email address after i paid my money in your account.Please pay back my 250$.thank you.We are from South Africa now the account say we do not trade with South Africa after you pay the Money in.

johan 11/13/2019
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