The online forex and also CFD broker eXcentral is one of several brokers that the company Mount Nico Corp Ltd operates. They have offices in Cyprus, where they also maintain registration with CySEC. Along with eXcentral, the company also offers financial services as NicoFX and GreatSky. Despite their registration, the broker seems to be providing leverage above the mandated limits.
|Regulated by:||FSCA, CySEC|
|Owned by:||Mount Nico Corp Ltd|
|Supported Platforms:||MT4, web trader|
|Cryptocurrencies:||Yes – BTC, ETH, XRP – total 6|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
|Site grid:||www.nicofx.com www.excentral.com www.mtnico.com|
Trading with eXcentral
eXcentral has a diverse portfolio of assets to choose from. There are many different currency pairs and also an above-average selection of CFDs. Their CFD offerings cover stocks, commodities, indices, and also several cryptocurrency options. The spreads aren’t great at this broker. Their EUR/USD spread is about 1.8 pips. This pair can reveal the general quality of a broker’s offerings. However, a savvy investor would be hoping for much closer to the 1.0 pip.
The broker gives traders access to the standard MetaTrader 4 platform. The advanced trading tools offered by this platform are useful to experienced traders. The charting and analytical tools allow traders to develop a better understanding of the markets and their positions. The broker has demo accounts available for any traders that would like to try them out before putting down a deposit.
eXcentral Trading Conditions
The minimum deposit to open an account with eXcentral is $250. The broker discloses very little about their trading conditions. Most of the information available is through their demo accounts. At least within the demo account, the broker offers leverage up to 1:400. If this is available in real positions, the broker is offering dangerously high leverage. The ESMA regulation on leverage caps it at 1:30 and most CySEC brokers, like PatronFX, abide by that limit.
Family of Brokers Largely the Same
Our eXcentral review uncovered two other brokers from the same company, NicoFX and GreatSky, have almost identical offerings. GreatSky has about the same spreads as eXcentral, along with offering high leverage. NicoFX has even higher spreads, with the EUR/USD pair at 2.6 pips. There isn’t anything unique between the three brokers. It seems like the parent company is simply trying to cast their net as wide as possible.
Problem with withdrawing funds
Considering the confusion related to the eXcental broker and the company owner, we are not surprised to see withdrawal issues. If you don’t know where to ask for a withdrawal, there are low chances you will get it. The broker is owned by a company from Cyprus and has an international entity in South Africa. In total, there are 4 companies somehow related to the eXcentral brand.
We had a chance to hear from clients that the company is making a hard time withdrawing funds. For example, you are asked to submit new documents and to email another entity constantly.
All this sounds like the broker is conducting a well-thought scam. Beware!
How does online trading scam work?
Do not be surprised to know that even regulated brokers are running schemes. Most likely, they have one regulated entity and some sort of international or an offshore entity they use for scamming clients. For example, in the case of an eXcentral broker, this entity is in South Africa.
Usually, clients are misled to believe they are investing in a regulated company. Once they deposit a significant amount of funds, the access to their trading account is blocked, and there is no response from the broker again. Watch out for an eXcentral scam.
Fight to Get Your Money Back Today
Even registered brokers can act against their clients’ best interests. When you find yourself unable to withdraw your funds from your broker, don’t wait another moment. As time passes, your refund chances are shrinking. Contact us today to get the chargeback process started and recover your money sooner.
What is eXcentral?
EXcentral is an online trading brokerage owned by Mount Nico Corp Ltd from Cyprus.
Is eXcentral a scam?
The broker has several entities and many bad reviews related to withdrawal issues.
Is eXcentral trustworthy?
Based on many eXcentral reviews by investors, the broker cannot be trusted.