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FX Central is a broker offering Forex Trading services on the MetaTrader 4 platform.
About company. Fund security
Who owns the brand and where the company is registered, there is no information. The broker did not publish this information on its website, as well as there are no documents on cooperation. On third-party resources, the data regarding the country where the company is registered varies, but on most sites New Zealand is found. Regarding the regulation, the broker also decided to remain silent, but we tend to think that he does not have a license.
FX Central has offices in New York and Dubai. Although it officially states that it does not accept US traders.
At first glance, the company looks more like a scam, so we advise you not to invest large sums in this company.
Trading conditions
Available assets: only currency pairs, while the company emphasizes that it supports various trading strategies, including scalping and hedging. Scalping is suitable for short-term traders who trade large volumes on a daily basis. Hedging can attract long term investors.
FX Central claims to operate on the ECN model. Its partners are banks such as Citi, Barclays Capital, JP Morgan, Deutsche Bank. The technology used should ensure market transparency, best prices and instant order execution due to direct entry of transactions to the interbank market.
The broker provides the trader with the opportunity to choose the amount with which he will start working. So, you can open an account with just $ 1.
Swap-free accounts are available for clients who practice Islam. There is also a demo account and a MAM account from which you can manage multiple accounts. We were unable to open a standard account for trading. Perhaps these are just temporary technical problems, but many traders complain that they have not been able to enter their office for a long time.
Spreads
On average, spreads are 2 pips per EUR / USD pair. This is not the highest offer, however there are brokers that offer much less and are licensed by the regulatory authorities.
Leverage
The leverage depends on the amount in the account. When the capital is less than $ 10,000, the maximum leverage is 1: 100. With a deposit of $ 10,000 - $ 50,000, the maximum leverage is 1: 200. For investments over $ 50,000, the leverage is 1: 100.
Trading platforms
Supports the popular MetaTrader4 terminal, although we were unable to go to the page where it can be downloaded. The platform contains useful functions for analysis that allow you to track the dynamics of prices for currency pairs, use experts (advisors) for automatic trading.
affiliate program
Also, a client can become a partner and receive monthly income from attracting new customers. The broker does not disclose the details of cooperation, offering to contact him by the specified phone numbers.
Support service
You can order a call back, call the indicated numbers to the offices in the USA or the UAE, and also send an e-mail. The trader does not advise clients via skype or online chat, which is quite popular today.
Ways of payment
Credit / debit cards and bank transfers are available from the payment methods available. Withdrawal requests are processed within 3 days. The money is credited to the account within 7 days.
Pros:
low minimum deposit; MT4; supports scalping and hedging.
Minuses:
not regulated; it looks like this broker is a scam.
FXCENTRAL is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FXCENTRAL profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. FXCENTRAL received a score of 1 of 5 on our resource.