The Financial Centre Review: Why Avoid this Offshore Broker
There are plenty of reasons why people tend to avoid offshore brokers. For instance, they’re usually unregulated, while they also offer less fund safety.
However, our unbiased The Financial Centre review will elaborate on this specific firm and its bad sides. Don’t miss out!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA, ASC, CSA, OSC, AMF|
|Owned by:||Financial Centre Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Cryptocurrencies:||Available – BTC, XRP, ETH|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is The Financial Centre an Unregulated Forex Scam?
The Financial Centre is allegedly a brand of Financial Centre Ltd. The company listed the laws of Saint Vincent and the Grenadines as governing laws for all the issues.
Now, here’s the thing. First of all, SVG has no regulator for the Forex market. Instead, companies must get a license in the country of service. Second, the country has a register of companies, FSA. Once we searched through its database, we found no trace of The Financial Centre or the alleged owner.
All this leads us to believe that The Financial Centre is just another bogus scam lurking for clients. And the following regulatory warnings will prove it to you.
Warnings Issued by Financial Authorities
In July 2022, several Canadian regulators exposed The Financial Centre, a.k.a. TheFinancialCentre, as trading fraud. Namely officials of the provinces of Quebec, Alberta, and Ontario all raised their concerns regarding this virtually anonymous fraudulent entity. The Canadian Securities Administrators then raised the notice on a national level.
In October of the same year, the UK FCA issued its own warning regarding the brokerage. According to it, customers involved with the fraudulent firm cannot count on the assistance of the Financial Ombudsman or request a reimbursement from the FSCS compensation scheme.
Countries Of Service
Scammers like The Financial Centre lure customers through fraudulent social media and Google ads. They promise large profits from no investment.
This broker is mainly advertising in the following countries:
Wherever you reside, note that The Financial Centre is nothing but an offshore scheme.
The Financial Centre Software Comparison
The Financial Centre definitely didn’t wow us with its choice of trading platform. The company offers a basic WebTrader we’ve seen so many times before with scammers such as Glenrocks.
In the left corner, you can choose the asset, deposit more money and check your trading history. On the right side, you can choose between several charts and apply fundamental indicators. You won’t, however, get a chance to use in-depth analytical tools or advanced features such as EAs or social trading.
This software is relatively poor compared to third-party terminals such as MT4, MT5, or cTrader. Besides add-ons, these platforms have mobile apps, which you won’t find with a browser-based cheap solution.
What Trading Instruments Are Offered?
There’s a standard range of tradable assets, including:
- Currency pairs – EUR/USD, GBP/SEK, AUD/NOK
- Commodities – gold, natural gas, silver
- Indices – DAX30, CAC40, FTSE100
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, BCH, USDT
As you can tell, nothing impresses us and makes us pay the money to the unlicensed firm.
Leverage, Spreads, and Fees
The leverage isn’t specified, which is a significant omission from the broker side. Fees and spreads are, of course, advertised as low, but we cannot confirm without a Demo account. All in all, the safest bet is to avoid this investment company and find a regulated broker that is fully transparent about the terms.
The Financial Centre Account Types
We have no list of available account types, so we cannot tell much. The company listed a minimum deposit of $250 in their FAQ section without elaborating on the perks you will get.
Furthermore, they offer bonuses, but with malicious terms. Namely, you have to reach a trading volume of 20,000 times the given bonus, to be able to submit a withdrawal request. This is outrageous and shows that they’ll do anything in their power to prevent you from withdrawals.
Can a Trader Use a Demo Account?
As we already mentioned, there’s no risk-free Demo account. It’s another drawback of unregulated brokers and lousy trading software.
On the other hand, regulated brokers mainly offer a trial account along with better software, such as MetaTrader or cTrader. You can practice your strategies risk-free while enjoying all the perks of sophisticated platforms.
Withdrawal Process with The Financial Centre
The company allows two payment options:
- Debit/credit card,
- Wire transfer
According to their FAQs, you must use the same method as for the deposit. The minimum withdrawal amount is $100, which is slightly limiting. This means that if you have any lower amount, you must deposit first before being able to get the money out of the account.
The reviews we found don’t sound promising. In fact, many customers reported issues with withdrawals. Therefore, be ready to start legal action for your money.
I Was Scammed by The Financial Centre, What Should I Do?
If you were scammed or unable to get a payout, you can always request a chargeback. Note that the process is time-limited, and you have to do it promptly. In case you’re unsure where to begin, our chargeback experts are at your disposal.
Contact us right away, and we’ll be sure to evaluate your case on the shortest notice. Book a free consultation today!
What Is The Financial Centre?
The Financial Centre is an unregulated scam broker you should avoid.
Is The Financial Centre Available in the United States or the UK?
The Financial Centre offers its services to the residents of both countries.
What is The Financial Centre’s Minimum Deposit?
The company requires a minimum deposit of $250.