This broker offers a single account type with market execution, commission-free trading, leverage up to 1:400 and fixed spreads on the MetaTrader 5 trading platform. Micro lots are available for trade and there are swap-free (Islamic) accounts upon request.
Unlike most brokers, however, CentroFX does not provide Managed accounts.
The Company. Security of Funds
In fact, CentroFX is one of the brands operated by R Capital Solutions Ltd., a CySEC-regulated company, offering trading in forex, CFDs, and metals.
CySEC applies certain rules to license holders, one of them being the requirement to hold a minimum of €730 000 in order to prove their financial stability. Furthermore, the commission requires client funds to be kept separately from the company’s operational assets, and licensed companies should regularly report to the Commission.
In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
Furthermore, CySEC-regulated companies are authorized to provide its services across the EU under the MiFID regulations.
Minimum Initial Deposit
CentroFX accounts require a minimum deposit of $100, which is average. In comparison, leading EU broker XM requires only $5 from traders to start with.
Average Spreads & Commissions
This broker says on its website that its fixed spreads amount to 1.6 pips on EUR/USD, which is a quite competitive pricing. However, when we tried out CentroFX’s demo account, the MT5 spreads were 2.0 pips for the EUR/USD pair – the average for fixed-spread forex brokers.
In comparison, XM offers average spread of 0.1 pips on EUR/USD + commission $5 per standard lot (per side) on its Zero account. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage with this broker is considered high, reaching 1:400. Higher leverage levels may not only multiply traders` earnings on a small deposit, but also lead to heavy losses in excess of the initial deposit. Nonetheless, if you are willing to take the risk, many Cyprus-based brokers offer even higher leverage ratios: XM – up to 1:888, FXTM and – up to 1:1000.
You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
CentroFX provides its clients with the MT5, a member of the industry’s leading MetaTrader Family. MT5 is a versatile and powerful trading platform that gains popularity lately, as the hedging option was finally added to it. With this broker, its is available as a PC, web and mobile versions.
The platform features all types of trading orders, 30 technical indicators and 20 analytical tools, 9 chart timeframes, financial news and Expert Advisors (EAs). Furthermore, the MT5 now features Built-in Virtual Hosting, so trading robots and signals are now working 24/7, even if your PC is switched off.
Besides, the MQL5 development environment allows traders to create trading robots & analytical indicators of their own in addition to the ready-made ones.
Trading Signals and Copy Trading are available directly from the MT5 terminal.
CentroFX looks like a generous broker. At the time of writing of this review, it offers 30% on deposit tradeable bonus (up to $3,000) for all live account holders with deposits of at least $500, as well as cashback rebates of $3 per lot traded up to $2000. In order to be eligible to receive the rebates, CentroFX ‘s clients must complete 100 lots and should not participate in any other promotions of the company.
Methods of Payment
CentroFX offers its clients wide range of payment methods: bank wire, credit/debit cards and a number of e-wallets – Skrill, Neteller, SafeCharge, WebMoney, Qiwi, Przelewy, China UnionPay and PayPal. The broker says it covers all fees and charges on payment methods.
The withdrawal/deposit process can take up to 48 hours. Keep in mind that actual bank wire transfer of funds may take up to 5 working days.
The account currencies available are the following: USD, EUR, GBP, JPY and CHF.
CentroFX is a well-regulated STP FX and CFD broker, offering the basic trading services on the MT5, however some rather important features are missing, such as managed accounts.
CentroFX Review Conclusion
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