Is eXcentral Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with eXcentral try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether eXcentral is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker eXcentral
One of the leading CFD and Forex brokers is eXcentral. It has been operating since 2011. The broker provides access to six classes of trading instruments, including currency pairs and contracts for difference (CFDs) on stocks, stock indices, commodities, futures, and cryptocurrencies. The eXcentral broker is registered in Cyprus and operates under the licenses of the Cyprus Securities and Exchange Commission (CySec, 226/14).
💰 Account currency: | USD, EUR, GBP |
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🚀 Minimum deposit: | from 250 USD |
⚖️ Leverage: | up to 1:30 |
💱 Spread: | from 2.5 pips (Classic, Silver); from 1.5 pips (Gold); and from 0.9 pips (VIP) |
🔧 Instruments: | Currency pairs (47), CFD on stocks (88), indices (12), commodities (19), futures (4), cryptocurrencies (7) |
💹 Margin Call / Stop Out: | 100% / 50% |
Pros and cons of eXcentral
👍 Advantages of trading with eXcentral:
•170+ trading instruments.
•Spreads from 0.9 pips.
•Withdrawal fee of 0% for verified users.
•Access to Trading Central.
•Minimum deposit starts at USD 250.
👎 Disadvantages of eXcentral:
•There are no tools for passive investments.
•The bank transfer withdrawal requests process period can take up to 10 business days.
•Support works only 24/5.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is eXcentral Regulated? Broker’s license
Security (Protection for Investors)
The eXcentral broker has two offices. The broker’s central office is located in Cyprus, the second office of the company is located in the Republic of South Africa.
The broker has two licenses to carry out financial activities. It provides services in Switzerland and the European Union on the basis of the Cyprus license. The document number is CySec No. 226/14. Also, eXcentral provides negative balance protection for clients, regardless of the type of trading account.
👍 Advantages
- Client funds are segregated from eXcentral capital and are kept in segregated bank accounts
- There is negative balance protection
- In case of violations of the obligations prescribed in the offer by the broker, the client can file a complaint with the regulator
👎 Disadvantages
- To open an account, you must provide detailed financial information
- Without verification, account funding and withdrawal are available only for 7 days
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by eXcentral, which you can see below.
Traders Union’s specialists have analyzed the commissions policy of eXcentral. For trading currency pairs, CFDs on stocks, stock indices, and cryptocurrencies, the commission is charged in the form of a spread. It differs depending on the type of trading account. The minimum spread for the EUR/USD pair is provided for traders who have opened a VIP account. It is 0.9 pips. For clients working on a Classic or Silver account, the minimum spread is 2.5 pips. A fixed commission per trade is applied to trading commodities. Also, eXcentral has a commission for inactivity. It is 80 USD per month and is triggered after two months of no open transactions on the account.
Account type | Spread (minimum value) | Withdrawal commission |
Classic | from $25 | No |
Silver | from $25 | No |
Gold | from $15 | No |
VIP | from $9 | No |
Brokers that are similar to eXcentral
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of eXcentral conditions with its closest competitors.
Comparison of eXcentral with other Brokers
eXcentral | RoboForex | Pocket Option | Exness | TeleTrade | IC Markets | |
---|---|---|---|---|---|---|
Trading platform |
eXcentral Trader, MT4 |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, cTrader, MT5, TradingView |
Min deposit |
$250 |
$10 |
$5 |
$10 |
$1 |
$200 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 2.5 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.8 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
The eXcentral broker targets traders within the European Union.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.
Conclusions
- Is Libertex Regulated? Is it safe?
- Is VT Markets Regulated? Is it safe?
- Is ZFX Broker Regulated? Is it safe?
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- Is Skilling Regulated? Is it safe?
- Is Interactive Brokers Regulated? Is it safe?
- Is iFOREX Regulated? Is it safe?
- Is FP Markets Regulated? Is it safe?
- Is Deriv Regulated? Is it safe?
- Is Saxo Bank Regulated? Is it safe?
- Is JustForex Regulated? Is it safe?
- Is IFC Markets Regulated? Is it safe?
- Is IG Markets Regulated? Is it safe?
- Is TeleTrade Regulated? Is it safe?
- Is FOREX.com Regulated? Is it safe?
- Is Fidelity Regulated? Is it safe?
- Is BlackStone Futures Regulated? Is it safe?
- Is CapTrader Regulated? Is it safe?
- Is TriumphFX Regulated? Is it safe?
- Is GO Markets Regulated? Is it safe?
- Is Fullerton Markets Regulated? Is it safe?
- Is FXChoice Regulated? Is it safe?
- Is Tradeo Regulated? Is it safe?
- Is HFM Regulated? Is it safe?
- Is LegacyFX Regulated? Is it safe?
- Is ActivTrades Regulated? Is it safe?
- Is AximTrade Regulated? Is it safe?
- Is Markets.com Regulated? Is it safe?
- Is Exinity Regulated? Is it safe?
- Is ADSS Regulated? Is it safe?
FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.