April 05, 2021
FXCentrum is a multi-asset online brokerage, founded in 2019 and based in Mahé in the Seychelles. The firm is part of WTG Ltd, which is registered in the Seychelles and licensed by the local Financial Services Authority (FSA Seychelles). Further licensing in other jurisdictions is currently pending. The brokerage caters to clients around the globe, though there are several countries that it does not cover, including the US.
There is an exclusive 100% deposit bonus available for users from non-restricted countries, and account holders can access an account manager to help with trading.
With a choice of platforms and a wide range of trading tools, FXCentrum is a broker worth considering for traders at all levels.
Offering of Financial Investments
FXCentrum is particularly attractive to traders who are looking for a reliable offshore brokerage where they can trade a range of assets. The firm offers several types of financial instruments and products, including forex, stocks, indices, commodities and cryptocurrencies.
FXCentrum Trading Account Types
FXCentrum offers live accounts and a demo account. All FXCentrum live accounts come with a variety of features, including low spreads, up to 1:1000 leverage, award-winning platforms, and access to worldwide markets and more than 3,000 tradeable instruments.
The broker provides two different accounts for traders to choose from. These are the Standard ZERO and Retention Special ZERO accounts ? for those using the FXC Trader platform.
Accounts can be funded with a variety of payment methods. These include but are not limited to credit card, wire transfer, TX Pay, Perfect Money, AstroPay, Scardu, RupeePays, Ozow, and Online Naira. It’s also possible to fund accounts using cryptocurrencies and accounts can be set up in a choice of two base currencies, USD, or EUR.
There are no deposit fees. Payment methods may depend on what is available in the trader’s location. There is a minimum deposit of just $10.
It is possible to open a risk-free demo account that includes $100,000 of virtual money to practise trading. Opening a demo account is quick and easy, as is opening a live account. All live account holders are assigned an account manager, who you can approach with any questions or issues you may have.
FXCentrum Commission and Fees
The broker offers a 0% commission trading model on many instruments, including forex, CFDs, indices and commodities. This means, of course, that the broker’s profits are taken from the spreads when trading these instruments.
Spreads are variable, but start at a very competitive level, with spreads from as low as 0.1 pips available on some instruments. Average spreads on USD/EUR are around 2.0 pips. When trading stocks, there is a small commission charge levied on each trade, as well as swap fees for positions held open overnight.
As is often the case, there are a few extra fees to be aware of. For example, an inactivity fee of ?10 a month can be charged on dormant accounts. More details of fees and charges can be found in the terms and conditions and other documentation, all of which can be easily accessed from the links in the footer of the homepage at the FXCentrum website. Be aware that with any brokerage, fees can change at any time, sometimes without notice, so it is possible that there will be other fees that apply to an account that are not mentioned in this FXCentrum review.
FXCentrum Platforms and Tools
At FXCentrum, there is a range of platforms to choose from, including the FXC proprietary platform, also known as XOH. Depending on the platform chosen, traders will have access to up to 64 built-in technical indicators and up to 14 timeframes, as well as various charting options, and access to options for social trading and automated trading.
The platform you select will mainly come down to personal preferences. However, the main FXC platform has its own advantages and will be a best-fit for many traders.
The FXC platform includes comprehensive charts and reports. and a very intuitive design that boasts excellent order execution speed. It can also be downloaded for Windows, Mac, and iOS and Android devices.
The popularity of copy and social trading has also led to FXCentrum introducing the services of renowned copy trading platform Zulutrade. Copy trading is an ideal way for beginners and traders to follow a more hands-off approach to trading. They can sign up to apply the trading ideas of more experienced traders to their own account. With more than 100,000 talented traders to choose from, there is sure to be a best-fit partnership for everyone and following signals is free of charge.
The broker provides research and analytical tools to help traders at all levels to make the most of the markets and trade in a potentially profitable way. Under the ‘Market Analysis’ tab in the top menu of the main website, there are some very useful resources, including the live prices of interesting instruments to trade, and the percentage movements of the most popular instruments on FXCentrum, by trade volume, on any given day.
There is also an economic calendar that shows the scheduled dates of significant releases and other events that tend to impact the price movements of individual securities or influence the market as a whole. For those traders new to trading, a free of charge account manager can teach you more about how the platform works and help clients make better trading decisions.
In addition, there is a blog where regular market news and updates are published. Daily updates on the blog give a general overview of the financial markets and highlight world news and issues that could affect trading throughout the day.
The trade signals service is a standout feature of the FXC platform. It is designed to help traders pinpoint optimal trade entry points and is free to clients who have made a deposit, but non-clients will need to pay $99 per month to use this. In addition, a range of web-based tutorials, educational videos and trading ideas are available to traders.
FXCentrum Mobile Trading App
The broker provides mobile trading apps that are available free for both iOS and Android devices, and can be easily downloaded from the App Store or from Google Play. There are links on the FXCentrum website that take users to the page where they can download each app.
The apps are easy to use and allow for one-click trading, bulk order closing, advanced technical analysis, and real-time market news and commentary. Indeed, most of the features available on the desktop platform can also be accessed via the apps. The apps have secure protocol and auto login enabled.
Should I trade with FXCentrum?
As our FXCentrum review has shown, there are many reasons to trade with this broker. The firm offers a good choice of platforms and a wide range of instruments. On signing up with FXCentrum, you will have access to exchanges around the world, daily market news, a variety of trading tools and technical indicators, and your own account manager.
A low minimum deposit and an easy sign-up process means that getting started is easy and quick. It is up to the individual to decide whether FXCentrum is the best broker for them, but there are certainly plenty of advantages to opening an account with this broker.
- Excellent choice of platforms
- Zero commissions on most instruments
- Accepts clients from most countries
- Low minimum deposit
- Does not accept US clients
- Not all clients are eligible for bonus offers
Does FXCentrum offer a bonus?
Yes! Users can sign up with FXCentrum and open a live account today to get a 100% bonus on their first deposit. A referral bonus scheme is also available to clients ? by introducing three friends, traders can be eligible to receive a $100 bonus once the new clients themselves deposit $100. FXCentrum also provides a ‘Partners’ affiliate program, which includes a high CPA and 50% revenue share.
How do I contact FXCentrum?
Just navigate to the contact page on the main website. You will find various ways to contact the brokerage. You can call the firm on +447520642602, email support staff at [email protected], or fill in a handy web form stating your query. There is also a live chat facility.
Is FXCentrum safe?
While trading of any kind carries inherent risk, FXCentrum is generally considered a safe and reliable brokerage. It is licensed under the name of its parent company, WTG Ltd, with the FSA Seychelles, holding the licence number SD055. The firm is also planning to be regulated within the EU very soon.
Is trading with FXCentrum risky?
All trading carries risk, especially trading CFDs with leverage. FXCentrum carries the following risk warning on its website:
“CFDs, which are leveraged products, incur a high level of risk and as a result it is possible the loss to exceed the client’s invested capital and as a result you may be required to make further payments. As a result, CFDs may not be suitable for all individuals. The client should not risk more than he/she is prepared to lose. Before deciding to trade, the client shall ensure that he/she understands the risks involved and take into account his/her level of experience. The client may seek independent advice, if necessary.”
Is FXCentrum a scam?
FXCentrum is not a scam. The firm is a registered broker with a wide range of documentation available for clients. Sometimes, when a broker is accused of being a scam, it is because clients do not fully familiarise themselves with all the terms and conditions, risk warnings and client agreements. We advise all traders to study these carefully before opening an account with any broker.