eXcentral Review 2021: Are They a Reputable Broker?

eXcentral

The online forex and CFD broker eXcentral has little to offer most traders. They have a fine selection of assets and maintain their registration with CySEC. Aside from these two good points, their spreads aren’t very good, and there have been numerous online reviews claiming bad experiences with the broker.

eXcentral
Founded 2019
Headquarters Cyprus
Registrations CySEC
Platforms MT4, WebTrader
Assets 160+

About eXcentral

Mount Nico Corp Ltd is the company that operates eXcentral. The company bases its operations in Cyprus. They have registration with CySEC, the financial regulator for Cyprus, license number 226/14. Passporting rights allow brokers who register with CySEC to offer financial services across the European Union to citizens of any nation within the European Economic Area. The company also operates another broker, NicoFX.

NicoFX is mainly comparable to eXcentral, with a few minor differences. Our eXcentral review found that NicoFX offers a lower minimum deposit but worse spreads. They don’t offer such high leverage as eXcentral does, which is good because new traders can’t put themselves at as much risk.

While Mount Nico Corp Ltd handles its operations within Europe, the broker provides global services through another part of their group of companies, OM Bridge (PTY) Ltd. This company operates eXcentral International, providing financial services to those outside the EU. Their registration is with the South African FSCA, license number 48296. Between the two companies, eXcentral can offer financial services to most clients around the world. These countries do not include the USA, Canada, Japan, Israel, and Australia.

Online User Reviews About eXcentral

User reviews across the web for eXcentral are mainly negative. Our eXcentral review found that the most common complaint was making withdrawals. Many former clients advise strongly against placing deposits with the broker. They say that once they made their initial deposits, they faced significant pressure from the broker’s representatives to deposit further funds. These reviews say that the former clients could not withdraw their funds once they decided to part ways with the broker.

A significant portion of customer reviews with withdrawal problems cite difficulties with the broker’s verification process. This process involves sharing some form of photo identification, like a passport. Users say that eXcentral had unreasonable demands during the verification process. The broker often rejected identification for what their clients called arbitrary reasons.

eXcentral Review 2020

eXcentral Account Types

eXcentral requires an initial deposit of $250 to get started. Traders do have the option of opening a demo account before making their deposit to better get to know the broker with $100,000 in virtual funds to trade. Many traders have said online that they faced pressure from representatives to increase their deposit well beyond the stated minimum.

There are four account types available with eXcentral. The $250 minimum deposit gets users a Classic account, with higher deposits netting the Silver, Gold, and VIP accounts. Better accounts offer better spreads, with only Gold and onward providing even remotely competitive spreads. The two highest tiers of accounts also feature a dedicated account manager and access to VIP educational resources such as webinars.


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Available Assets

eXcentral is a broker that specializes in both forex and CFDs. Their available assets are somewhat diverse compared to comparable brokers. Overall, they have at least 160 available assets. Our eXcentral review showed us the breadth of this selection, with a healthy gathering of forex pairs and CFDs on standard fare like commodities, stocks, indices, and cryptocurrencies. There are 49 forex pairs in total. One thing to note is that the broker only features three cryptocurrency options for CFDs, much less than some brokers that have multiple coins available.

Trading Platforms

Anyone trading with this broker can do so using the MetaTrader 4 platform. This is the industry standard trading platform that is used by almost every online Forex and CFD broker. The widespread adoption of the platform allows investors to feel at home with any broker that offers MetaTrader 4. There are numerous automating trading options to implement complex investment strategies. Users also enjoy some of the finest charting tools in the industry today, getting all the information they need to make the right moves

The broker also has a proprietary WebTrader platform for its users. Their platform features some useful features, including one-click trading and asset alerts. There are a variety of analyses available through risk management tools and the platform’s popularity bar. The platform is available in the browser and app form on both iOS and Android devices.

The charting tools included with eXcentral’s platform are from TradingView, a company that provides real-time price information for various broker developed platforms. These charts include over 100 indicators are available in seven different chart styles. The platform includes all account management features, including setting up demo accounts and the account verification process.

The Mobile Version

The mobile version of the platform is free to all users and has most of the web version features. There are real-time charts on all assets and the same order execution options as the web version. Users can view the same charting and technical indicators, along with accessing their entire transaction history.

eXcentral’s platform features a number of key features for users to analyze the markets. Their market summary section has many trading signals on forex pairs. As with any online broker, forex signals are often more of a curse than a blessing, as traders put too much faith in this speculative advice. Inhouse analysts at eXcentral provide daily analysis of selected assets that can be accessed by all clients.

The platform prominently features market news provided by MTE Media, a provider of trading education content. Users also have access to an economic calendar. The calendar shows upcoming economic events that are likely to impact markets. Along with the dates, the calendar shows the estimated impact that the event will have. Users can also see past events to compare their anticipated impacts alongside the actual results.

Largely Mediocre Offerings From eXcentral

The broker isn’t very transparent when it comes to educating potential clients. Their spreads and even leverage information aren’t readily available through their website, requiring users to set up a demo account to get a peak.

The spreads our eXcentral review discovered weren’t much to write home about. Traders often use the EUR/USD currency pair to gauge the overall quality of a broker’s offerings, and eXcentral had a spread of 1.8 pips at the time of this review. There are many factors that go into choosing a broker, but anyone evaluating a broker based on the EUR/USD spread would be looking for something closer to 1.0 pips. What’s more, the spreads shown in the demo account appear to be those for a Gold account, meaning Classic and Silver account holders will have even worse spreads at their disposal.

The Shocking Leverage

Our eXcentral review discovered that the broker is offering traders leverage of up to 1:400. This is genuinely shocking, as the ESMA mandates that brokers shall not offer leverage any higher than 1:30. These rules apply to all brokers within the European Union, casting serious doubt on this broker’s intentions. Higher leverages increase the risk that traders can take on with any given position. 1:400 is far too high for all but the most seasoned investors. Any new traders toying with this much risk are likely to lose everything in a flash without ever knowing what happened.

Beyond their spreads, the broker also takes in revenue through several different fees on their users. After two months of inactivity, the broker charges the account a fee of $80 each month. Even more outrageous, every account faces a charge of $10 every single month for the broker’s maintenance fee. These are only the fees that the broker openly admits. There could still be unannounced fees for users to pay.

Support

eXcentral has an account manager onboard every new account. This sounds great, but many users report the experience as being unpleasant. They say that these managers aggressively push them to increase their deposits. Clients can contact the broker through phone, email, or live chat on their website. The website also has a contact form to arrange a callback. The broker has a strong social media presence, with accounts on Facebook, Twitter, Instagram, and YouTube.

Deposits and Withdrawals

The broker supports most of the typical deposit methods for online forex and CFD brokers. These include credit and debit cards, bank wire transfers, along with the online payment processors Skrill and Neteller. They support the same methods for making withdrawals.

To make a withdrawal, traders have to verify their accounts. The verification process entails providing eXcentral with government-issued identification, proof of address, payment process, and an “assessment of appropriateness.” Many former users who have left online reviews say that they had significant problems going through the verification process and were often unable to make withdrawals.

Educational Resources

eXcentral provides educational resources for their users to better understand their investments. These resources take several different forms. Interactive courses teach trading strategy and technical analysis. There are currently ten of these video lessons available. The broker has four of what they call eBooks. At 20 pages in length, they are more like long brochures. The eBooks cover the basics of forex and CFD trading, the psychology behind trading, and CFDs on cryptocurrencies. They feature illustrations as well.

Over 40 video lessons are available through eXcentral’s media center. These brief animations cover a variety of topics on different assets and using the two platforms that the broker offers. Traders can also watch a live webinar each week from the broker’s in-house analysts. Beyond these resources, eXcentral also maintains a daily blog where they highlight recent events and post editorials on investing.

Our eXcentral Review Findings

During our eXcentral review, we haven’t found many reasons to go with this broker aside from their CySEC registration. Their custom platform leaves a lot to be desired. The broker already offers MetaTrader 4, and it isn’t apparent why any trader wouldn’t just go with that. $250 is a bit high for opening an account, but no unheard of. The selection of currency pairs is alright, while the choice of cryptocurrency CFDs is severely lacking.

The most prominent points against this broker are their account fees and their online reputation. An inactivity fee of $80 after two months of inactivity is unacceptable. Their so-called “maintenance fee” is a blatant cash grab from their clients. Many past clients have come forward online to say they’ve been unable to withdraw their funds from this broker. These reviews highlight issues with the verification process for withdrawals. When eXcentral accepted their funds, they made no such reservations about taking the money. Anyone considering this broker should take these reviews into account.

Start Your Chargeback Today

Most of the people who invest in forex and CFDs online are daring and ambitious. They want to try their stuff and see what they can achieve. This drives them to take risks, often when they shouldn’t. Many of these investors find that they can’t withdraw their funds after having invested with a suspicious online broker. If you’re having this problem, you can contact us today for a free consultation. Our dedicated team is ready to explore your options for recovering your funds in a timely and efficient manner.

Do all eXcentral's accounts offer the same spreads?

No, spreads improve as users put down the higher deposits needed for higher accounts. The basic accounts feature spreads that are highly uncompetitive.

How much do I need to deposit to open an account?

The Classic account only requires $250 to open but is lacking many of the features of the higher accounts. Classic users will be limited to subpar spreads. They will not have access to some of the educational resources that the broker provides.

I'm in the USA or Canada - can I invest with eXcentral?

No, they do not have the authorization to provide financial services to residents of the USA or Canada.

Do I have to pay a monthly fee to trade with eXcentral?

Yes, the broker charges a monthly maintenance fee of $10. Users who do not maintain account activity will face an inactivity fee of $80 per month after two months.