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FreshCent Review - is it scam or safe?

FreshCent Review - is fxprocent.com scam or good forex broker?

RATING: 1.7 / 0 REVIEWS FreshCent
FreshCent is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Standard  $20  1:1000 2 pips fixed

 

FreshCent appears to offer a single (cent) account type. Its clients can choose from trading on MT4 or MT5 and are able to use very high leverage ratios.

 

This review will shade some light on the broker's service and corporate background, so make sure you read it prior to investimng.

 

 

FreshCent Advantages

 

Part of the FreshForex group

In fact, FreshCent is a trademark of the company behind FreshForex, and if you try to register an account, you are directly transferred to FreshForex’ website. Although it is an offshore broker, FreshForex has more than 14 years of experience on Forex market and has established a rather favorable reputation within the forex community.

 

Both MT4 and MT5 supported

As we already mentioned, FreshCent is the offering trading on both MetaTrader4 and MetaTrader5, which are two of the most popular forex platforms.

 

MT4 provides all a trader needs: secure trading environment, a number of technical indicators, sophisticated charting system, a wide range of Expert Advisors (EAs) for automated trading and extensive back-testing options.

 

MetaTrader 5 platform supports most of MT4’s features, and provides more timeframes, advanced inbuilt events management and improved debugging tools. It also allows users to deal in derivatives and exchange-traded stocks from one and the same account.

 

>> More MT5 brokers <<

 

 

High leverage, low initial deposit

Clients of FreshCent are not required to deposit any certain minimum amount as a start, yet, the recommended initial investment is $20 – a sum anyone can afford to spend. Besides, they are offered pretty high leverage ratios. Actually, professional traders rarely use leverage over 1:100, and even that is sometimes considered a high risk investment. Nonetheless, a leverage as high as 1:1000 is deemed as a plus, as it will suffice the needs of all types of traders.

 

The downside of using high leverage is that it can be risky and if you are not experienced in trading, you could lose your investments in a matter of seconds.

 

 

FreshCent Disadvantages

 

Registered offshore

FreshCent is owned and operated by Riston Capital Ltd., a St. Vincent International Business Companies (IBC). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the FSA, which has explicitly stated that there is no licensing regime for financial services providers. This means that SVG-registered forex brokers are not overseen by any financial authority and that their clients are subjected to all kind of risks.

 

By comparison, the brokers regulated by respected financial authorities (in the EU, Australia, or the US) are obliged to follow strict financial and ethical discipline and to keep a transparent account of all transactions involving clients’ funds. That is why we advise our readers to do business only with duly licensed companies

 

Only cent accounts available

It seems that FreshCent is Riston Capital’s brand specializing in cent accounts. Simply put, these are accounts where the deposit, profit and loss are measured in cents, instead of dollars. Such accounts are most suitable for traders exploring automatic trading by using systems from MyFXbook and MetaTrader market or such traders that are coding bots themselves. 

 

Spreads a bit high

Spreads with FreshCent are fixed at 2 pips on majors, which is a little on the high side for anyone depositing a four-figure sum or greater. By comparison, most forex brokers offer spreads within the range of 1.0 – 1.5 pips on the most liquid pair, EUR/USD. Here you can check our list of brokers offering tighter spreads:

 

 

>> Lowest spread forex brokers<<

 

 

Conclusion

 

FreshCent is an offshore forex broker specializing in cent accounts that is a part of the FreshForex group that is mostly active in Russia and Asia.  Although FreshForex is a well-known name in the trading world, we advise traders to be extremely cautious when dealing with offshore brokers as a general rule. Clients of such brokers basically have no protection in case something goes wrong.

 

All in all, it would be best if traders direct themselves to better trading options. For example, there are plenty of brokers duly licensed in Australia or Cyprus, who offer even better trading conditions.

 

 

>> Wanna trade with a broker regulated in Cyprus? <<

 

 

And finally, let’s sum up the strong and weak sides of FreshCent in a few words:

 

Pros Cons
Part of the FreshForex group Registered offshore
Supports the MT4 & MT5 Only cent accounts available
Up to 1:1000 in leverage, low initial deposit Spreads a bit high

 

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Traders` reviews for FreshCent

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