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eXcentral Review

AN OVERVIEW OF eXcentral

 

Finding a reputable eXcentral review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding eXcentral to help you make an informed decision before opening your account or trading on their platform.

 

 

INTRODUCTION

eXcentral is a forex broker company situated in Cyprus.

A Forex broker like eXcentral provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

HISTORY AND HEADQUARTERS OF EXCENTRAL

eXcentral is a broker that was founded in 2019 in Cyprus. This relatively new broker focuses a lot of prominence on Forex education including webinars where traders get that one on one training sessions with their market analyst, as well as trading videos and ebooks.

eXcentral is owned by OM BRIDGE (PTY) LTD, a successful investment firm, which has masses and masses of experience when it comes to the financial markets. Traders that are  from the United States, Canada, Japan, Australia and Israel are not allowed to use eXcentral.

 

AWARDS AND RECOGNITION

In the world of forex broker companies being honoured with awards from esteemed organisations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.

Although eXcentral is rated highly by some customers in personal reviews on review websites, there is no information available on the eXcentral homepage or elsewhere about any awards received by them.

 

EXCENTRAL ACCOUNTS

A forex account is a trading account held by a trader with a company like eXcentral that is issued with the primary purpose of trading through its platforms. Usually the number and type of accounts that a trader can open with a broker company differs according to the country in which the brokerage operates, the country of residence of the trader and the regulation authorities under whose jurisdiction it operates.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, that is swap free accounts, are offered that mirror the other account types, but which operate in accordance to Shariah law.

 

TYPES OF ACCOUNTS AND ITS FEATURES

eXcentral offers the following account types: There are four account types offered at eXcentral: Classic, Silver, Gold, and VIP.

The Classic Account, Silver, Gold, and VIP Account actually don’t have a charge to open an account, but to start trading eXcentral insists on a minimum deposit of $250.

Apart having more competitive spreads with a VIP account, the only other benefits between the accounts is the addition of tools like webinars, account managers, and trading signals.

When it comes to the Classic and Silver accounts, they are practically the same, with just the addition of educational videos with the Silver.

Seeing that the minimum deposit is actually for all their accounts they offer, the best choice would be to take the VIP account to benefit from the competitive spreads.

DEPOSIT AND WITHDRAWALS

To deposit and withdraw you can use the following for eXcentral:

The currency which you use is USD, GBP, or EUR

The methods are via a credit/ debit card, bank wire transfer, Skrill and Neteller.

The minimum deposit for all the accounts they offer is $ 250.

eXcentral does not charge any deposit fees.

To withdraw from your eXcentral account the following applies:

The methods are via a credit/ debit card, bank wire transfer, Skrill and Neteller.

The minimum withdrawal amounts are $100 for bank wire and $10 credit and debit cards. There is no minimum withdrawal for e-wallets, but it must cover the transfer cost.

As per the withdrawal policy, fees are charged at 3.5% for cards and Neteller, $30 for wire transfer, and 2% for Skrill.

Bank transfers generally take three to five working days once all the steps are processed, whilst cards take five to seven business days.

 

COST AND FEES, COMMISSIONS AND SPREADS

Cost of trading depends on different factors like commissions, spread and margins.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission. CFD trades on other markets has no commission but do wrap a spread around the market price of a certain instrument.

The following costs pertain to trading with eXcentral:

Spreads

Spreads are around 2.5 pips for EUR/USD in the Classic account and $0.10 for crude oil. Spreads plummet to around 0.9 pips with the VIP account.

Commission

Commissions are integrated in the spread at eXcentral, apart from equities and cryptocurrencies, which are charged at 0.8% of the asset’s estimated value.

Deposit and withdrawal fees

eXcentral does not charge any deposit fees. As per the withdrawal policy, fees are charged at 3.5% for cards and Neteller, $30 for wire transfer, and 2% for Skrill.

Inactivity fees

There is an $80 inactivity fee if an account is left dormant for over two months with eXcentral.

 

LEVERAGE

Leveraged product trading magnifies a trader’s potential profit – but of course also increase the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that a trader has $1000 in a trading account and the trading ticket sizes of 100000 USD/JPY, that leverage will equate to 100:1.

Traders should always keep in mind that, although a high leverage offered may be a plus point for the brokerage, but trading at such a high leverage should only be attempted by experienced traders that know how to prevent big losses.

eXcentral allows its traders to use a maximum leverage ratio of up to 1:400.

 

BONUSES

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, thus ruling out the offering of such bonuses.

According to the company website and other sources eXcentral does not offer any bonus or rewards currently at the time of writing this article.

 

TRADING PLATFORMS,SOFTWARE AND ITS FEATURES

The forex trading software, also called the platform,provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide an own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested through time. If there is a choice, the trader should keep in mind what he would like to trade and find the platform that suits his needs best.

eXcentral offers two trading platforms, the eXcentral Web Platform and the world famous Metatrader 4.

eXcentral Web Platform

eXcentral’s proprietary trading platform was constructed with simplicity and being user-friendly in mind, presenting web-browser compatibility and no download constraints. The platform provides the full range of trading assets on a user-friendly dashboard. Features include:

Stop-loss and take profit functions

Over 100 technical indicators and drawing tools

Trade directly from the chart

Seven different chart types to choose from

Nine different time frames, from one minute to one month

MetaTrader 4

This is your preferred trading platform for many traders globally as it provides for those who wish to employ automated trading strategies. The platform supports personalised Expert Advisors (robots) and strategy testing. Traders also enjoy 30 indicators, nine time frames, three execution modes and the list goes on.

 

MARKETS, PRODUCTS AND INSTRUMENTS

Most brokers offer all or some of the following market instruments for trading:

Forex:

Forex trading, or currency or FX trading,involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities:

As with all currency exchange markets, commodity markets, they offer trading in contract-based tradable goods.

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.

Precious metals:

This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.

Energy:

The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.

Cryptocurrencies:

Tradable cryptocurrencies include the following:

Bitcoin (BTC)is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

eXcentral offers Commodities, Shares, Indices and Cryptos.

 

 

SAFETY AND REGULATION

Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like eXcentral is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

In general, a so-called “offshore” broker tends to have a less favourable reputation and potential traders should think carefully before investing with them.

Secondly, the safety or clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sorts would come in handy to prevent customers of taking more losses.

eXcentral is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.

 

CUSTOMER SUPPORT

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it. The ease, with which such support teams can be contacted, may also play a role when choosing a broker.

The customer support team of eXcentral can be reached via the contact number, an email address, or via the live chat option on their website.

 

EDUCATION AND TRAINING

Before starting to trade, potential eXcentral clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If eXcentral’s website itself does not provide enough means, a trader should explore other informative sources to obtain that skills and knowledge.

eXcentral does provide a comprehensive collection of educational sources. The major forex courses that beginner traders can interact with contain informative videos covering various levels of forex approaches.

 

RESEARCH

Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

eXcentral offers research options like economic calendar on the main website page is also a useful tool for keeping up with the latest global events.

 

SUMMARY

eXcentral offers their traders  some decent trading instruments with a good choice of web or desktop trading platforms with the popular Metatrader 4. They also provide an all round education for new traders such as their video tutorials.  They do however, have unnecessary account types and the other downsize to them is the lack of a demo account plus no bonus options or rewards for loyal traders. Nevertheless this broker is a good well-regulated choice.

 

DISCLAIMER

eXcentral warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by eXcentral, they are advised to contemplate their investment objectives, financial situation, needs and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use eXcentral’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While eXcentral promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

EXCENTRAL AT A GLANCE

Broker’s name eXcentral
Headquarters Cyprus
Year founded 2019
Regulating authorities FSCA
Countries not accepted for trade United States, Canada, Japan, Australia, Israel.
Demo account No
Islamic account (swap free) No
Institutional accounts Yes
Managed accounts Yes
Maximum leverage 1:400
Minimum deposit $250
Deposit options Credit/ debit card, bank wire transfer, Skrill and Neteller.
Withdrawal options Credit/ debit card, bank wire transfer, Skrill and Neteller.
Platform(s) provided Metatrader 4, eXcentral web platform
OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Commodities, Shares, Indices, Cryptos
Customer support languages English, Italian, German, Dutch, Spanish, Czech
Customer service hours 24/5

 

FAQs

 

TRADING ENVIRONMENT

  1. How many instruments can I trade with eXcentral ?

You can trade several different instruments with eXcentral, which include the following:

  • Commodities
  • Shares
  • Indices
  • Cryptos
  1. Which platforms are supported by eXcentral?

eXcentral provides the following popular trading platforms:

  • MetaTrader 4
  • eXcentral Web Platform
  1. Does eXcentral offer leverage?

Yes, eXcentral offers a maximum leverage of up to 1: 400

  1. What spreads can I expect with eXcentral?

eXcentral spreads are around 2.5 pips for EUR/USD in the Classic account and $0.10 for crude oil. Spreads plummet to around 0.9 pips with the VIP account.

Since details on the website are not clearly enough stipulated, more information should be obtained from the customer support service in order to make an informed choice.

  1. Does eXcentral charge commission?

Commissions are integrated in the spread at eXcentral, apart from equities and cryptocurrencies, which are charged at 0.8% of the asset’s estimated value.

More information on commissions may become available after opening an account, or can be obtained from the customer support service.

  1. Is eXcentral regulated and by whom?

eXcentral is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.

  1. Is eXcentral a recommended forex trading broker for experts and beginners?

eXcentral offers a fair trading environment for most types of traders.

  1. What is the overall rating out of 10 for eXcentral?

7/10

 

ACCOUNTS

  1. What is the difference between a demo and live trading account?

A demo account is offered by broker companies and is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.

Does eXentral offer a demo account?

No

  1. Can I convert my demo account to a live trading account with eXcentral?

This is not done as eXcentral does not have the option of a demo account.

  1. Which live trading accounts does eXcentral offer?
  • Classic, Silver, Gold, and the VIP account
  1. What are the available deposit currencies for a live trading account?

USD, GBP, or EUR

DEPOSITS AND WITHDRAWALS

  1. What is the minimum deposit required to open an account with eXcentral?

$250

  1. How do you make a deposit and withdraw money with eXcentral?

eXcentral offers the following deposit and withdrawal methods:

Credit/ debit card, bank wire transfer, Skrill and Neteller.

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

  1. Does eXcentral charge withdrawal fees?

As per the withdrawal policy, fees are charged at 3.5% for cards and Neteller, $30 for wire transfer, and 2% for Skrill.

Fees from financial institutions may be applicable and more information about applicable costs can be obtained from the company’s customer service team.

  1. How long does it take to make a withdrawal?

Withdrawals by means of certain methods may be processed within a shorter period than others. Usually withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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