Online CFD and forex trading can be tricky for beginners. As a result of this, it is necessary to partner with a broker who offers all the tools, services and features required to trade accurately and profitably. This includes extensive educational resources, powerful trading tools, a user-friendly trading platform, secure banking options, responsive customer support and strict adherence to the regulatory framework.
This is where the eXcentral broker takes center stage.
eXcentral is a well-known CFD and forex broker that has become a leading service provider by providing best-class service to its users. The firm is owned and operated by a successful investment firm, Om Bridge Ltd, a legally regulated company in South Africa.
eXcentral is a South African CFD broker with its headquarters located in Limassol, Cyprus. The CFD broker allows trading in multiple asset classes that includes forex, commodities, indices, stocks, and even selected cryptocurrencies. The diversified offerings are supported by extensive knowledge base tutorials and guides that eXcentral provides to its users. Additionally, its advanced and versatile platform combined with the free educational materials is a complete package for both new and advanced traders.
With the wide choice of over 300 assets to trade as well as customized trading accounts, eXcentral should be your first choice when you step into the trading arena.
eXcentral License and Regulation
It is a necessity to sign up with a regulated broker as this will ensure the protection of your funds and trading activities at all time. eXcentral is legally regulated and compliant with the regulations and policies laid out by the regulatory body. That is, the operations of eXcentral are managed by Om Bridge Ltd. This investment firm is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, under License Number FSCA/48296. The forex and CFD broker eXcentral is also regulated by CySEC (Cyprus Securities and Exchange Commission) under license number 226/14. The operations of CySEC, the financial regulatory authority for Cyprus, are in compliance with the European MiFID laws. Since Cyprus is an EU member state, eXcentral is allowed to extend its services on a cross border basis to the European Economic Area (EEA) countries as well as Switzerland.
In addition to this, the exchange broker is also associated with the Investor Compensation Fund, which serves to protect retail traders. This gives an extra layer of protection to the clients of this top broker. Furthermore, eXcentral is also in regulatory compliance with ESMA (European Securities and Markets Authority), which contributes to protecting investors and to promoting stable financial markets. What this all means is that when you sign up with eXcentral, you can have full peace of mind that you are partnering with a regulated broker that complies with international financial laws
eXcentral Review – Is This Broker a Scam?
Though it is a relatively new forex and CFD broker firm, eXcentral has covered all the important aspects starting from legal to educational resources. In addition, it is a legit broker and not a scam. It is regulated under CySEC and the firm that operates this broker is also legally regulated by the regulatory body in South Africa. Additionally, it has also gone a step ahead and added the relevant educational materials on its platform to ensure that all of its clients have effective tools to boost their trading success. eXcentral is recognized as a quality broker in the industry
eXcentral offers a number of features on its platform. One of these features include a choice of account types to cater to the different trading needs of its clients. These accounts include – Classic, Silver, Gold, and VIP.
The most basic features of each account type include leveraged trading, a choice of asset types, margin calls, and minimum and maximum volume per trade which remain common across the 4 account types. Further, narrowing down the only difference between a Silver and the Gold account is that of access to educational webinars. In addition, other conditions of maximum leverage of 1:30 and starting spread in EUR/ USD at 2.5 pips remain common across both these account types.
Now, as compared to Classic and Silver accounts, the Gold and VIP account types include increased benefits such as access to a dedicated account manager, VIP webinars, and account review. Moreover, one of the most significant differences is the spreads offered in both these accounts. In the case of the Gold account, the spread is 1.8 EUR/ USD, while for the VIP account type it is at 0.9 pips.
eXcentral offers the option of two trading platforms. One is the standard and widely used MT4 (MetaTrader) trading platform. The other is the WebTrader platform which does not require any download.
First, focusing on the MT4 trading platform, it offers a range of benefits that includes built-in technical indicators, user-friendly interface, compatibility with EA’s, a wide choice of indicators and much more. The propriety design of this innovative platform offers a wide range of benefits to its users. In addition, the user-interface is simple and can be easily understood even by a beginner. Moreover, it includes additional options of multi-view, setting a stop loss or margin prior to entering a trade, and a non-cluttered list of all the assets on the eXcentral platform.
The options for trading platforms can be accessed from the main menu option on the broker’s, under the tab of ‘Platform’.
eXcentral Trading Instruments
As mentioned before, eXcentral offers trading instruments like forex, shares, indices, commodities, and cryptocurrencies. On the broker’s site, they provide a details assets table. This table provides information on the instrument, the minimum trade size, the maximum trade size, as well as the contract size.
The broker firm supports 48 currency conversions in the forex class, 12 indices, 8 commodities, 56 shares, and 3 cryptocurrencies. A user can also get the opportunity to trade prominent shares like Apple, Alibaba, Bank of America, Intel, Coca-Cola, etc.
It is important to note that spreads are not provided alongside the assets table, however, any information you require can easily be obtained from the customer support team on the site.
Traders also get the chance to choose their preferred broker from a choice of well-established and highly reputable firms. All the brokerage firms that support Algo Signals allow users to use the software in demo mode, but with real market simulation. You can test and verify the real time performance of the software without putting a single dime on the line.
While eXcentral provides a list of assets in a table, there is no mention of any fees associated with each asset on its trading platform. It is basically a CFD broker and hence much of its revenue is generated through the spreads. That is, the difference between the buy and sell prices of assets. As far as incentives or spreads are concerned, leaving the VIP trading account, Silver, Classic and Gold accounts also have attractive spreads as compared to other CFD brokers.
eXcentral offers a wide range of educational resources on its platform. From videos to guides and tutorials, and even live trading webinars, everything you need to trade effectively can be found on the eXcentral site. In addition, the broker provides trading resources suited for both beginner and expert traders. The broker also offers a choice of videos which are designed by MTE media, which itself is a leading name in the field of financial education and research.
Furthermore, under the Trading Analysis tab on the site, it provides a range of resources for understanding market analysis. This includes segments for market news and even an economic calendar to give insight into major events in the financial markets. Additionally, specialized tutorials are also provided in order to help understand and read different kinds of trading charts.
Deposit and Withdrawal Methods
There are 4 kinds of deposit options offered by the platform. This includes VISA credit and debit card, Skrill, Wire transfer, and Neteller. In addition, out of the euro, US dollar, and British pound, one option can be chosen as your account currency.
Before initiating a withdrawal, there are a few things that you would need to submit to eXcentral. These are ID proof, residential proof, payment method verification. This is inline with the requirements of the regulatory bodies.
The customer support team, as claimed by eXcentral, is equipped with friendly and knowledgeable individuals. An account manager and a support team representative ensure that all your questions are answered and your account is properly set up. The customer support can be accessed through phone, email, and also by ‘Request a call back’ service.
Is eXcentral the Right Broker For You?
Although comparatively new, eXcentral is secure with all the regulations and legalities in place. The platform offers a wide range of videos and webinars that can extend familiarity to any beginner in trading. The broker also offers a wealth of effective trading tools to ensure trading accuracy. If you are looking for a regulated, reliable and efficient broker to partner with, then eXcentral should be your first choice.
Overall Rating: 8.5/10
Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on CoinRevolution and across the web.