FX Central review

On-line since: 2007
Country of origin: -
Regulation: -
Payment options: bank wire, bank cards
Minimum account size: $1
Minimum lot size: 0.01 lot
Leverage: up to 1:200
Spreads: floating

About the company:

FXCentral is a brokerage company which offers its clients to trade Forex on the MetaTrader 4 platform.

About company. Safety of funds

There is no information which company owns the brand and where the broker is registered. The broker does not post these details on the website. Besides, documents about cooperation between the broker and a client are not provided. On other web resources, one can find different information about the country of jurisdiction. Most resources point out New Zealand. The broker prefers to avoid the subject of regulation. So we draw a conclusion that the broker operates without a license.

FXCentral has offices in New York and Dubai, though it states publicly that it does not work with traders from the US.

At first glance, the broker looks like a fraud company. Therefore, you are strongly recommended to avoid investing huge money into this company.

Trading conditions

As for trading instruments, only currency pairs are available to clients. The company stresses that it supports various trading strategies, including scalping and hedging. Scalping suits better short-term traders who operate huge volumes on a daily basis. Hedging appeals to long-term investors.

FXCentral claims that it follows an ECN scheme. Its partners are allegedly influential global banks such as Citi, Barclays Capital, J.P. Morgan, and Deutsche Bank. The broker operates on the principle which aims to ensure transparency, the best market quotes, and instant order execution. As a result, clients’ deals are brought directly to the interbank market.

A client can choose how much to invest for a start on Forex. So, a trader can open an account, depositing just $1.

Swap-free accounts are available to clients who follow Islam. Besides, the broker offers demo accounts and MAM accounts. The latter supports an unlimited number of trading accounts. We did not manage to open a live trading account that is perhaps due to a technical glitch. Moreover, a lot of traders complain that they are not able to enter their Client Cabinet for a long time.

Spread

On average, spreads vary from 2 pips for the EUR/USD pair. This is not the highest spread compared to other brokers. However, some companies offer much lower spreads and hold licenses from watchdog agencies.

Leverage

A leverage size depends on a deposit amount. If a deposit is below $10,000, a trader can set leverage up to 1:100. In case $10,000-$50,000 is deposited to an account, leverage of up to 1:200 is available. If a trader invests more than $50,000, leverage is 1:100.

Trading platforms

The broker provides access to Forex via the most popular MetaTrader 4 platform, though we failed to enter the webpage where a trading platform could be downloaded. MT4 contains useful tools for the market analysis. Traders can monitor market quotes of popular currencies pairs and use expert advisors for automated trading.

Affiliate program

A client is invited to participate in the affiliate program and earn monthly income, referring new clients. The broker does not set out details of the partnership and offers clients to contact managers by phone.

Customer support

A client can request a callback or contact a support manager in the US or the UAE, using phone numbers provided on the website or by email. The broker does not hold skype consultation and does not arrange an online chat though a lot of brokers widely use such communication technologies nowadays.

Means of depositing/withdrawal

A client can make a deposit through credit/debit cards and bank wire. A withdrawal request is processed within 3 days. Money is credited to an account within 7 days.

Advantages:

• A small minimum deposit;
• MT4;
• Scalping and hedging;

Disadvantages:

• The broker does not hold a license;
• It looks like a fraud company.