CentFX

General Information & Regulation

CentFX, a trading name of CentFX Ltd, presents itself as an international brokerage firm that has been providing services for trading and investment in currency and derivatives markets since 2019. It is registered in Saint Vincent and the Grenadines and works in the financial market retail industry. The broker says it provides private clients all around the world with over 500 tradable financial instruments with flexible leverage up to 1:1000 and variable spreads from 0 pips on the MT5 for desktop, mobile and web trading platforms, as well as a choice of eight different live account types. Here is the home page of this brokers official site:

As for regulation, it has been verified that CentFX does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.14/10. Please be aware of the risk.

Market Instruments

CentFX advertises that it offers access to more than 500 trading instruments in financial markets, covering CFDs on stocks, indices, metals, commodities, currency pairs and cryptocurrency.

Account Types

Apart from demo accounts, CentFX claims to offer eight types of real trading accounts, namely Cent, Micro, Standard, Premium, Islamic, Pamm, ECN and Elite ECN. The minimum initial deposit is only $50 for the Cent account, $200 for the Micro account, $500 for the Standard, Islamic, ECN and Elite ECN accounts, and $2,000 for the Premium and Pamm accounts.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Cent, Micro and Standard accounts can enjoy the maximum leverage of 1:1000, the Premium account has a leverage of 1:800, the Islamic account has a leverage of 1:500, the Pamm and ECN accounts have a leverage of 1:300 and the Elite ECN account has a leverage of 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

CentFX claims that different account types can enjoy quite different spreads and commissions. Specifically, the spread on the Cent account starts from 1.8 pips, while 1.5 pips on the Micro and Islamic accounts, 1.2 pips on the Standard accounts, 1 pip on the Premium and Pamm accounts, and 0 pips on the ECN and Elite ECN accounts. As for commissions, there is no commission charged on the Cent, Micro, Standard, Premium and Islamic accounts, while the commission on the Pamm, ECN and Elite ECN accounts is $5, $10 and $6 separately.

Trading Platform Available

Platforms available for trading at CentFX are MT5 for desktop, mobile and web terminals. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

The minimum initial deposit requirement at CentFX is said to be only $50. However, the broker says nothing about the acceptable deposit and withdrawal methods.

Customer Support

CentFXs customer support can be reached by WhatsApp +18447788372, email: support@centfx.com or live chat. You can also follow this broker on social networks such as Twitter, Facebook and Instagram. Company address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.