eXcentral Review (2022): Should You Trust This Forex Broker?
Have you invested money with an online broker and lost it? Scammers are increasingly becoming a problem in the forex trading business. Is eXcentral one of them? Can you trust the company with your hard-earned cash? Read this in-depth eXcentral review to know more about its legitimacy.
If you invested with eXcentral and lost your money, we can help you recover it. Schedule a free consultation with us today. Our team of professionals will help you get back the lost money.
But first, here’s the truth about eXcentral.
eXcentral Review: An Honest Look At eXcentral
At a glance, eXcentral looks like a perfect company for investors to trade in CFD assets, commodities, indices, currencies and stocks.
Having started operations in 2019, the firm is pretty new in the market. However, it was founded off a different platform that was established in 2014.
On top of this, there’s no clarity on the ownership of the company. While it claims that it’s owned by a Cyprus-based firm in the EU, it also has an international base in South Africa.
Should you invest in a company that appears confused? Is this a sign that it could be a scam?
Is eXcentral a Legitimate Trading Company?
While most brokerage companies claim to be regulated to show they are legitimate, you need to keep in mind that even regulated companies can be a scam.
Scammers have become so sophisticated that even veteran traders fall into the trap. Therefore, to determine the legitimacy of eXcentral, we will examine all the company’s operations and services. And whether any reputable financial authority regulates it. We’ll use this data to come up with a verdict.
What is eXcentral?
eXcentral is a firm that deals in over 160 CFD assets. The company claims to offer the lowest spreads in the industry and the best trading platforms.
The company is operated by OM BRIDGE (PTY) LTD, a South African investment firm, for its international operations. On the other hand, the eXcentral European Union chapter is owned by a Cyprus Investment Firm, Mount Nico Corp Ltd.
Therefore, the company has registered arms in Sandton, Gauteng and Limassol, Cyprus.
Is eXcentral Regulated?
eXcentral International, under OM BRIDGE (PTY) LTD, is regulated by the FSCA (Financial Sector Conduct Authority of South Africa) under license number 48296.
The EU brand under the company Mount Nico Corp Ltd is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC), license number 226/14 and the registration number is HE307717.
With this regulation, the firm can operate within the EEA member states.
Is eXcentral Regulated in the UK?
Under the company OM BRIDGE (PTY) LTD, eXcentral does not offer its services to some EU member states.
While the company claims it reserves the right to decline registration from some regions, countries, and high-risk jurisdictions subject to sanctions, it’s not regulated by The Financial Conduct Authority (FCA).
Is eXcentral Regulated in the US?
The parent company, OM BRIDGE (PTY) Ltd, is not authorized to provide services to clients within the USA, Canada, Turkey, Australia, and Israel.
The Bait: What are the Good Features of eXcentral?
If you are a first-time investor considering eXcentral, here are some features the company is using to make the firm look legit:
- It is registered and regulated by CySEC and FSCA
- Traders on the platform can use MT4, Trader, or the mobile app when investing in the different assets available.
- It has different leverage levels that can go up to 1:400 for professional accounts.
- Investors can fund their accounts via different deposit methods from Visa, Skrill, Neteller, and Wire Transfer.
However, some major red flags indicate that eXcentral is a scam. Here are some of them.
eXcentral Scam Signals
Let’s take a closer look at why this trading platform looks like a scam.
Negative Customer Reviews
A quick look at Trustpilot shows that eXcentral is not known for its excellence.
With a poor rating of 2.5/5, this site has several complaints about customers losing money and being scammed.
However, this is not the only site with customer complaints; other platforms have similar negative reviews.
The firm puts a disclaimer on its website as a risk warning to customers that they might lose their entire balance when trading in CFDs. While trading is risky, there’s overwhelming feedback about the company being a scam.
The Different Locations
Most scammers will either have a location that doesn’t exist or provide no location at all. But with eXcentral, they go a step further and provide two separate addresses for two entities.
Its international headquarters is in South Africa, whereas the EU chapter is in Cyprus. While both entities are regulated, it still presents confusion on which address and location is the right one.
By having two distinct addresses, it becomes easy to frustrate investors when they need to follow up on issues.
Additionally, Cyprus is a hideout for some scammers. Therefore, eXcentral could be using this as a diversion to scam its clients.
No Clear Ownership
eXcentral operates under two different companies, claiming one covers the EU region while the other one is international.
A legitimate company should have a clear and open structure about who owns the business. However, the way this company operates is extremely suspicious.
eXcentral Review Conclusion: Is eXcentral scamming people, or it’s legit?
If you are not too keen, eXcentral appears legit on the surface. The company has packaged its products properly to entice traders.
However, if you dig in deeper, you’ll notice red flags that may make you lose your money.
eXcentral is a scam and should not be trusted.
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