CentrisFX is already on the Financial Markets Authority’s warning list. Here’s more in our exclusive centrisfx.com review.
We have a trading platform promising investors a chance to earn with over 1000+ trading instruments. Centris FX claims to be an internationally recognized broker offering tradeable assets to both institutional and retail clients.
Our review of CentrisFX exposes the dark side of trading with a high-risk broker facing regulatory issues. We see a broker claiming to offer enticing features such as being fully regulated and offering negative balance protection.
Once you sign up and deposit funds though, that’s not what you get. There are a handful of investors who have already sued the broker for fraud. It’s emerging the broker blocks withdrawals of over $1,000.
Learn more in our clear Centris FX Review.
We see a broker boasting of being regulated by three of Europe’s leading regulators. With this statement alone, the broker manages to convince investors of a working platform offering fully regulated services.
Investors and traders alike don’t bother confirming whether these claims are legit. All they see is a licensed badge from the three regulators without license details. More on their license and regulation on this post.
The broker strictly doesn’t allow traders from the United States except as permitted under Rule 15a-16. Information on the parent company behind this project remains unknown. And this is another reason why we’ve got to expose the brokerage firm for failure to comply.
Lack of accountability and transparency has led many to lose a large chunk of their investment. With no one to point blame to, Centris FX is taking most of the members for a ride. And withdrawing from this liquidity provider is not the only issue.
CentrisFX offers five different account types each targeting a different demographic of investors. The entry-level account goes for a minimum of $200 with the large account which targets institutional investors going for $250,000.
Let’s take a closer look at the available accounts centrisfx.com
This is the most basic account type with spreads starting from 2.2 pips. Members can only use three base currencies on all of the accounts which include USD, EUR, and GBP. Members incur other charges not listed on the account.
Leverage on this account remain unknown with investors having to change know depending on the asset traded. The number of available trading assets also changes with the broker refusing access to all trading instruments.
There’s a minimum acceptable deposit of $2,500 with this platform. Spreads are set at a minimum of 1.5 with commission $0.7 per lot traded. Information on available leverage is also hidden from investors.
Whether this account holder gets favorable leverage remains unknown. There’s limited access to favorable trading tools with EAs not allowed. We see a broker looking for ways to get more deposits thanks to the commissions promised.
For premium account holders, there’s a minimum investment amount of $25,000 acceptable. It’s a high deposit considering members fail to get reasonable trading features or advantages. Members don’t even get access to live market signals.
Commissions are $0.3 per lot traded with the minimum spreads starting from 1 pips. Assets such as crypto pairs are limited to this account holder with managed account a thing of the past. The account also fails to offer a world-class trading terminal.
It’s the fourth account tier set for the more skilled trader. There’s a minimum acceptable deposit of $100,000 with spreads starting from 0.5 pips. Traders don’t incur any commissions per lot on traded assets.
This account is primarily for skilled traders as the broker promises a personal account manager. Trading signals are received weekly with withdrawals incurring a larger commission than other previous accounts.
It’s the most advanced account which targets the very best of traders. Investors must deposit a whopping $250,000 to get started. Minimum spreads also start from 0 pips with no other charged incurred.
There are also no commissions per lot with this account with a personal manager available. Users also get a promise of weekly trading sessions with analyst and a one-time trading insurance cover.
We saw seven different account types on offer with this platform giving traders a chance to spread their risks. Despite having these assets, the pairing on some of the more volatile assets is not favorable to traders.
The available assets include commodities, cryptos, energies, forex, indices, metals, and stocks. Stocks of these companies come with an odd pairing depending on the location of the company. If a company has its address in Russia, the Ruble is the main currency of choice.
We see the broker failing to offer an advantage to traders when it comes to crypto trading. The broker ought to have offered a wide range of crypto pairs paired against leading major currencies which is not the case.
There’s been a chilling encounter of events from members demanding their funds back. The broker has been blocking large withdrawals claiming an influx in withdrawal request. The broker is poorly rated and has a 2/10 score in the trading world.
Centris FX started out offering legit services before greed got the better of them. This is where investor numbers grew and the deposits also increased. Releasing payouts became a problem and this is where complaints started trickling in.
Before investing in any project, the best way forward is to do due diligence on a broker. Try and find out what other members have faced with the platform. Those who read this review will know exactly what to expect if they make the mistake of signing up.
Don’t expect any customer support from any of Centris FX traders. The broker fails to offer much in terms of authenticity and reliability. What we’ve got is a broker failing to even offer live agent support.
Even the contact us page has no forwarding address such as an email address. The platform even fails to offer live phone support which goes to show they don’t mind much about the clients. Avoid brokers who fail to offer direct access to their support.
There are several deposit methods available with all having one thing in common. All these are FIAT deposit options with no crypto payments or wallets available. This means the broker is not crypto-friendly.
As listed above, receiving payouts from the broker is the biggest obstacle facing investors. And this is why you’ve got to steer clear from this platform or risk losing it all. The platform doesn’t want to have a zero balance during the entire session.
The Finance Markets Authority has already issued a warning to members of the public. It all started with most of the authorities in Austria noticing money laundry activities from the user. And this is why you’ve got to steer clear.
With a warning out, it signals the risks anyone who invests and trades faces on the platform. A warning from such a reputable regulator is enough to warrant us to review CentrisFX and warn our readers.
Please stay away from CentrisFX.
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