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TradeCentrum Review - is it scam or safe?

TradeCentrum review - is tradecentrum.com scam or good forex broker?

RATING: 2.6 / 0 REVIEWS TradeCentrum
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $100 0.01 1:200 3 pips, fixed

 

TradeCentrum is does not offer different trading account options, however its clients may choose from two trading platforms. Micro tradeable lots are available only on MetaTrader 4.

 

The broker’s website available in English, Spanish, Polish, Czech, Slovenian, Hungarian, German and Russian.

 

The Company. Security of Funds

 

Company

Country

Regulation

TradeCentrum Ltd.

Cyprus

CySEC

 

TradeCentrum offers wide variety of instruments to trade, such as forex, precious metals and various CFDs, including on trading Bitcoin (with leverage up to 1:10) on bioth MT4 and xStation trading platforms.

 

TradeCentrum is one of the several brands of Goldenburg Group Limited, which also operates eTrader, FxGlobal, Topforex and binary options brand Topbinary. The company is a fully licensed and regulated firm by the Cyprus Securities and Exchange Commission (“CySEC”), which is authorized to offer its investment services in all EEA countries under MiFID rules.

 

To date, Cyprus is some of the most popular destinations for forex and binary options brokers. You may take a look at the list of forex brokers under its supervision here. First of all, regulation on this sunny island is not as stringent as those in the UK, and besides the destiny of FCA-regulated brokers is unclear after Brexit, while Cyprus is an EU Member State. This means that companies registered and licensed in any Member State are entitled to offer their services in all other EU countries under the MiFID passporting rules.

 

Another great advantage of CySEC-regulated brokers is the compensation scheme – in case a licensed broker becomes insolvent, the Investor Compensation Fund may cover a maximum of 20,000 EUR per person.

 

Of course, brokers licensed in Cyprus are required to meet certain requirements, such as to hold at least €730 000 as a proof of their financial stability, to keep client funds in segregated accounts, to report to the Commission on a regular basis, etc.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with TradeCentrum, traders have to invest a minimum of $100, which is not a high initial amount. Yet, other CySEC-regulated brokers require less. With FXTM, for example, one has to deposit just $5.

 

Spreads & Commissions

Although it claims to offer floating spreads, TradeCentrum in fact provides fixed ones. We discovered this when testing its demo xStation platform and saw that the spread on EUR/USD is fixed at 3.0 pips, which is almost twice more than the offerings of most brokerages

 

By comparison, most fixed-spread brokers offer a spread of 2 pips for the EUR/USD pair, which is also the case with HYCM (on Micro accounts). The latter offers tighter fixed spreads on its Standard and VIP accounts, but one has to make a larger initial investment.

 

Leverage

The maximum leverage level offered by TradeCentrum is 1:200. Such ratio is common for the FX market, although the Cypriot Financial Watchdog advises brokers to provide 1:50 as a default leverage level. Indeed, excessive leverage can cause more problems to retail investors than to do them good.

 

In spite of the above said, many Cyprus-based brokers still provide leverage levels, higher than this - for example, HYCM offers leverage up to 1:400.

 

Trading Platforms

 

As it already became clear, TradeCentrum uses both the common MetaTrader 4 and xStation.

 

Developed by X Open Hub, xStation is an intuitive multi-functional platform that is equipped with good charting and analytical tools and also features one-click dealing and the ability to deal straight from the charts. This platform is based on open-API XOH Trader and supports many languages. With TradeCentrum it is available as desktop, web, mobile and tablet versions.

 

 

TradeCentrum’s xStation. Click for a larger image.

 

The MT4 hardly needs presentation to anyone who has the slightest idea about forex trading. The platform has been launched more than 10 years ago, but is still preferred by most traders and forex brokers. Probably it is because its great charting package and wide range of EAs for trade automatization. Besides, those who have some coding skills can create Eas and indicators of their own.

 

Methods of Payment

 

TradeCentrum supports the following payment methods: credit/debit cards, bank wire transfer, and popular e-wallets Skrill and DotPay.

 

Keep in mind that the minimum initial investment with bank wire is $250.

 

Conclusion

 

TradeCentrum is one of the brands of CySEC-regulated Goldenburg Group Ltd, which offers wide range of forex and CFD instruments on two trading platforms. Despite its solid regulation, we consider its spreads too high. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros Cons
Strong regulation High fixed spreads
MT4 available, as well as xStation  
Rich product portfolio  

 

Latest news about TradeCentrum
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Traders` reviews for TradeCentrum

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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