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eXcentral Review 2020 – Bland Offerings from this Broker

eXcentral Review

eXcentral is a relatively new online CFD broker. They started operating in June 2019. Mount Nico Corp Ltd is the company that owns and operates this broker. CySEC regulates this broker, which has previously operated under the name Nico Financial NF Ltd. eXcentral users can trade using the MetaTrader 4 platform. eXcentral doesn’t have any history of noncompliance with any regulatory bodies. Still, they don’t really have anything to offer compared with other brokers.

Details on Trading with eXcentral

eXcentral offers EU citizens the maximum leverage the regulators allow, 1:30. For clients outside of the EU, they offer leverage of up to 1:400. While they are obeying the letter of the law, allowing higher leverages outside of the EU shows that they don’t necessarily agree with the EU’s views on investor protections.

The selection of assets that eXcentral offers have a good spread of options. The broker offers both forex pairs and CFDs. Their CFD options include commodities, precious metals, indices, stocks, and a variety of cryptocurrencies. They have about 30 forex pairs available and over 300 assets available for CFDs. Their selection is above average but falls short of some brokers like UProFX.

Their website doesn’t have information about the costs of trading with eXcentral. They do have a free demo account for users to try out, but it’s a lot of work to go through just to find their spreads. Most of their forex spreads are higher than average, so most traders would be better off with other brokers.

eXcentral Account Types and Account Fees

eXcentral Account Types and Account Fees

There four different account types available with eXcentral, Classic, Silver, Gold, and VIP. The higher accounts offer higher leverages, at least outside of the EU, and more favorable spreads. Higher account levels require higher deposits.

eXcentral also charges its users a variety of fees. Inactivity fees start at £80 after two months of inactivity and climb to £200 after six months. eXcentral also charges a maintenance fee of £10 per month to all users. They charge commissions of 0.8% on some trades. This fee structure is very unattractive compared to many other brokers.

Deposit Bonuses Often Too Good to Be True

eXcentral offers bonuses of up to 50 percent on new deposits. This sounds great, but this kind of offer is often a warning sign. Bonuses like this have numerous conditions when investors try to withdraw any profits later on.

If You Need Help, We’re Here

If you feel that eXcentral or other brokers pressured you into making trades that you didn’t fully understand with, you could have recourses to recover your funds. CFDs are incredibly complicated assets that aren’t for beginners, and any broker that hasn’t made this abundantly clear could be held accountable. Contact us today to find the best options for your case.