Regulators: –
Cryptocurrencies: YES
Minimum Deposit: n/a
Maximum Leverage: 1:1000
Spreads: Medium
My Score: 0.7
CentroBanc is an online forex broker based in Liechtenstein. Founded in 2018, the broker succeeded in attracting attention in a short time. However, when you enter the website you will see that it has a very amateur design.
Typically investors’ expectation from a reliable broker is transparency. Investors want to access the information they seek about the broker in a short time. Reputable brokers offer this to their clients. However, Centro Banc is pretty weak in this regard.
The official website,www.ecntrobanc. com, is quite useless. There is a lag problem on the website and some pages do not open sometimes.
In addition, there is insufficient information about account types and the trading conditions of these accounts. Normally, brokers have a comparison table about account types on the website. However, no information was provided about the types of accounts offered by Centro Banc.
After all, let’s come to the most curious topic, is Centro Banc scam or a reliable broker? What are the trading conditions offered by this broker such as account types, spreads, and leverage ratios? Do not open an account without reading this Centro banc review.
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Centro Banc Regulation
Regulation is one of the most important issues for a forex broker. Because the criterion that gives us the most information, at first sight, is the regulation. In addition, regulation is a major problem for newly established forex brokers.
CentroBanc is a forex broker based in Liechtenstein. Liechtenstein is not part of the European Union and is one of the few off-shore regions in Europe.
There is no information on regulatory and licensing on CentroBanc’s website. So I can clearly state that Centro Banc is an unregulated and unlicensed broker. Under normal circumstances, brokers clearly specify their licenses and the number of these licenses and regulatory information on their websites.
It is very difficult for a newly established broker to obtain licenses from reputable regulators such as FCA and ASIC. This is why it is normal for them to choose to obtain licenses from relatively less reputable regulators. However, it is not acceptable to offer online forex trading as an unlicensed broker. Because if you have any problems with the broker, you can contact the regulators to look up your rights.
Brokers with appropriate licenses provide their clients with a safe trade. Well-respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) require all licensed brokers to abide by some fiscal and ethical rules. The brokers must keep all their clients’ funds separate from the creditors’ accounts.
Account Types Offered by CentroBanc
CentroBanc is not very transparent about informing about account types. However, in this CentroBank review, I still tried to collect as much information as possible.
The broker offers 4 different account types: Islamic, ECN, VIP, and PAMM. As you can see from the names of the account types, different account types are presented according to their characteristics.
Islamic account type is preferred by Muslim investors who do not want to earn or pay the interest due to religious reasons. You can trade with very low spreads in the ECN account type. However, some commission is charged. As CentroBanc does not provide information on this issue, we do not know the spread of the ECN account. The minimum deposit for this account type is $ 5,000. This minimum deposit is very high compared to competitors. You can check the list to see which brokers accept lower minimum deposits.
Trading Platforms
Centro Banc offers the MetaTrader4 platform. This is good news for a broker because MT4 is used by more than 80% of traders around the globe. CentroBanc offers a web-based platform as well. It has an easy-to-use interface and clean, well-designed graphics.
The platform does not have functions as much as MetaTrader4. For example, there is no market indicators, while with MT4 there are more than 50 in-build.
Trading Instruments
Let’s look at Centro Banc trading instruments. The broker offers its clients 49 fx pairs, including a wide range of exotic currencies like the Israeli Shekel, Indian Rupee, South African Rand, Turkish Lira, Singapore Dollar, Russian Ruble, Polish Zloty, Mexican Peso, Hong Kong Dollar, Hungarian Forint, Swedish Krona, Norwegian Krone and Danish Krone. Centro Banc also offers CFDs on spot metals such as gold, silver, copper, platinum and palladium. Commodities like sugar, cotton, orange juice, cocoa, coffee, corn, soybean and wheat, oil, natural gas, stocks and some 20 indices. There are also crypts, but there is no information on which ones are supported.
Customer Service
Unfortunately, The broker doesn’t have live chat. Their website, centrobanc.com supports English, German, Spanish and Italian languages. Centro Banc support & contact in the same languages too.
Payment Methods
There are plenty of deposit and withdrawal methods offered by CentroBanc. Wire transfer and credit/debit cards are available as payment methods. But of course, I would recommend the credit card as the quickest method. In addition to these, Neteller, Skrill, WebMoney, AstroPay, QIWI Wallet, YandexMoney, PaySafe and Comodo can be available from popular e-wallet systems.
There are some unusual withdrawal conditions in Centro Banc. One of them is “A Customer who wishes to close his account and withdraw the total amount of funds on his account balance in excess of 1,000 (Euros, US Dollars, GB Pounds) will receive the withdrawal in instalments on a monthly basis.” This is an unacceptable condition.
Conclusion
Centro Banc is an unregulated broker. The broker offers quite high spreads and has some very unusual withdrawal conditions. As I always say, you should trust only licensed brokers. I recommend trading with brokers who are regulated by a respected financial authority such as ASIC, FCA or CySEC.
