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TradeFXCenter Review - is it scam or safe?

TradeFXCenter Review - is tradefxcenter.com scam or good forex broker?

RATING: 1 / 0 REVIEWS TradeFXCenter
TradeFXCenter is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size Max. leverage Spread
Micro $5000 0.5 N/A 3 pips
Standard $5000 0.5 1:100 N/A
Golden $5000 0.5 1:200 N/A
Platinum $10000 1 1:400 N/A

 

TradeFXCenter is an offshore forex broker that offers a choice of 4 account types, plus an Islamic (swap-free one). The broker has failed to provide information on essential parts of its offer, such as the spreads, but we discovered they are not that attractive anyway. More importantly, TradeFXCenter does not hold a legit forex broker license, which is the main reason why we don’t recommend it.

 

 

TradeFXCenter Advantages

 

Solid leverage, good selection of assets

It is not easy to highlight any strong sides of TradeFXCenter, but we decided to mention the solid leverage levels provided, as well as the decent product portfolio. The broker claims to offer more than 200 tradeable instruments, but demo account holders are offered around 30 currency pairs, CFD on precious metals and several indices, which is not bad either.

 

Note that it’s not a good idea to use leverage to the full, especially if you are a newbie. Higher leverage brings along greater risk, so be careful and make sure you understand how margin trading works.

 

 

TradeFXCenter Disadvantages

 

Registered offshore

TradeFXCenter is owned by S.R Capital Group ltd., a company registered in Saint Vincent & the Grenadines (SVG). Companies in this offshore zone have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA). More importantly, the FSA has explicitly stated that it does nor license, nor oversee financial services providers.  This means that clients of TradeFXCenter don’t have any assurance for the safety of their investment, and no guarantee that the broker will fulfill its part of the contract.

 

Besides, we won’t get tired of repeating that dealing with offshore brokers is risky in general, and most of them are pure scammers.

 

MetaTrader not supported

TradeFXCenter offers its services on a platform called Veta Trader, available as desktop download, web version and mobile apps. It appears similar to the industry leading MetaTrader 4 (MT4), but it is far too unclear who are its developers, which makes it unreliable. Most traders will probably prefer the good old MT4 or its successor, the MetaTrader5.

 

The MT4 is praised for its top-notch charting with many technical analysis indicators. Support for automated trading via Expert Advisors (EAs), customization options and more.

 

 

>> Looking for a MT4 broker? <<

 

 

High demo spreads

As we mentioned in the beginning, this broker has not announced any reference spreads on its website, which leaves a very bad impression. When we tested TradeFXCenter’ Veta Tradert in demo environment, we found the benchmark EUR/USD spread was fixed at 3 pips, which is significantly higher than the industry’s average.

 

 

Click on the image to zoom in.

 

Most fixed-spread brokers offer a spread of 2 pips on EUR/USD, and some even less – easyMarkets for example provides a spread fixed at 1 pips for this pair. 

 

$500 minimum deposit

Although the minimum deposit for TradeFXCenter’s mini account is as high as $5 000, the broker’s website says that actually the minimum deposit amount is $500. The latter is also higher than those most brokers ask for, including legit and reliable ones. For example, major forex broker FxPro requires $100 from traders as a start for all account types.

 

 

Conclusion

 

Overall, TradeFXCenter is an unregulated, offshore broker with rather limited credibility, whose ofer is not very tempting.

 

It is always best to choose among forex brokers that are duly regulated by reputable financial agencies, such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). They are obliged to follow strict financial and ethical discipline and to keep a transparent account of all transactions involving clients’ funds.

 

Below, you can find more information about regulation in Cyprus as well as a list of brokers licensed there

 

 

>> Brokers regulated in Cyprus <<

 

 

 

Let’s sum up the most important things about

 

Pros Cons
Solid leverage, good selection of assets Registered offshore
  No access to MetaTrader4
  High demo spreads
  High initial deposit

 

Latest news about TradeFXCenter
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Traders` reviews for TradeFXCenter

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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