FXCentrum Review 2022

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FXCentrum offers welcome deposit bonuses plus STP and ECN trade execution. Three trading platforms, mobile apps and copy trading are also available.

Current Promotions

Earn $160 In The FXCentrum No Deposit Bonus

FXCentrum: 100% First Deposit Bonus

Bonus$160 no deposit bonus
InstrumentsCFD, Forex, Stocks
Demo AccountYes
Min. Deposit$10
Payment Methods
Min. Trade0.1 lots
Regulated BySFSA
MetaTrader 4No
MetaTrader 5Yes
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralNo
AutochartistNo
eSignalNo
STP AccountYes
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexYes
Spot TradingYes
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingNo
TournamentsYes
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingYes - EAs
Social TradingYes
Copy TradingYes
Trade SignalsYes
Islamic AccountYes
Account Currencies
  • USD
  • EUR
Guaranteed Stop LossNo
Stock Exchanges
CFD TradingLeveraged CFD trading with a choice of floating or fixed spread accounts
CFD FTSE Spread2.0
CFD GBPUSD Spread0.4
CFD Oil Spread0.05
CFD Stocks SpreadVariable
CFD Leverage1:1000
Forex TradingSpeculate on major, minor and exotic currency pairs with leverage up to 1:000
Forex GBPUSD Spread0.4
Forex EURUSD Spread0.2
Forex EURGBP Spread0.5
Forex Assets50+
Risk Warning – Your capital is at risk

FXCentrum, also known as FXC, is a Seychelles-based multi-asset trading broker. Investors can trade 3000+ instruments including forex, stocks and indices. The brokerage offers a bespoke platform plus access to the industry-renowned MetaTrader 5 and ZuluTrade terminals. This review will cover the registration and login process, live account options, trading fees, scam warnings, and more. Find out if it’s safe to sign up with FXCentrum.

FXCentrum Headlines

FXCentrum was established in 2019 and is owned by its parent company, WTG Ltd. The broker is licensed to operate out of the Seychelles where it is regulated by the Financial Services Authority (FSA).

Created by experts from technology and finance, the brand boasts over 15,000+ successful withdrawals and more than $500,000 paid out in bonuses to new or existing users.

But while the company aims to provide a secure investing environment with reliable customer support, there have been negative user reviews. In addition, the broker’s basic investing tools may not suit experienced traders.

Platforms

FXCentrum offers its proprietary FXC Trader platform, plus access to the popular MetaTrader 5 (MT5) and ZuluTrade terminals. All platforms are available via web browsers or can be downloaded to desktop devices, compatible with Windows or Mac. The broker’s website provides download links for each platform.

We outline the functionality of each terminal below.

FXC Trader

FXCentrum’s in-house terminal was created for beginners and provides access to the full suite of global trading markets. The platform offers simple controls, market monitoring, plus live reports with real-time data and analysis. The solution also features comprehensive charts and graphs.

The search and filter navigation is user-friendly and can help investors find suitable assets. There is a useful information section that details market opening times, minimum and maximum lot sizes, available leverage and more. International day traders can benefit from local language settings, with platform compatibility in 20+ languages.

Integrated video content is also available to help traders get started, including an introduction to the platform and details of how to set up trades.

FXCentrum platform reviews and ratings
FXC Trader

MetaTrader 5

FXCentrum provides access to the well-known MetaTrader 5 (MT5) platform. MT5 is aimed at seasoned traders and provides a string of advanced investing tools and analysis features. Users benefit from professional technical and fundamental analysis, live signals and copy trading, plus a built-in news feed. Algorithmic trading capabilities and backtesting are also available.

MetaTrader 5 provides two position accounting systems, advanced Market Depth, two market orders, six pending orders, two stop orders, and a trailing stop. 38 technical indicators, 44 analytical objects, 21 timeframes, and support for an unlimited number of charts are also available.

FXC trading platforms and yield
MetaTrader 5

MT5 is compatible with desktop and mobile devices. A download link can be found on the FXC website.

ZuluTrade

FXCentrum recently introduced the popular copy trading platform, ZuluTrade. The terminal is ideal for those looking for a more hands-off approach to investing. You can learn trading concepts from more than 100,000 registered investors, allowing you to trade with limited market knowledge.

Features include:

FXCentrum broker reviews
ZuluTrade

Products & Markets

FXCentrum offers 3000+ global instruments:

Trades are executed via STP and ECN solutions, creating a reliable and low-cost investing environment. Retail clients have access to large liquidity pools with no dealing desk delays.

Spreads & Fees

FXCentrum provides commission-free trading under all account profiles. Instead, fixed or floating spreads are charged, which vary by account type but start from 0.2 pips. Below is a cost comparison across popular assets:

Dormant accounts are also liable for a $10 monthly charge. A swap fee of $0.14 is applied to trades held overnight.

FXCentrum Leverage

As an overseas company, FXCentrum can offer substantial margin trading opportunities due to limited regulatory restrictions. Investors can select a leverage ratio when registering for a new account. The maximum margin available across all accounts is 1:1000. This means a $10 deposit would provide traders with $10,000 in purchasing power.

Although high leverage can increase profit potential, it also magnifies losses. With that in mind, ensure you have appropriate risk management strategies in place.

Mobile App

The FXC platform is available as a mobile app. Accessible on both Apple and Android devices, the mobile application features all the functionality of the desktop terminal on a nifty interface designed for use on smaller screens. Clients can execute trades in one click.

The MT5 terminal also offers mobile compatibility. Traders can access several analytical tools, powerful forex trading functionality, interactive charts, historical price data and more. The MT5 app also features real-time quotes, financial news, customizable graphs and technical analysis.

FXCentrum mobile trading
MetaTrader 5 Mobile App

Payment Methods

Deposits

Starting deposit requirements vary by account type, the minimum being $10 or equivalent currency. Other accounts are subject to an initial funding value of $1000. The broker accepts several deposit options with USD and EUR available as account denominations.

Fees do not apply, although there may be third-party charges. Payment processing times vary but FXC assures fast-tracking and instant fund availability after confirmation.

Payment methods include:

Deposits can be made via the client zone. Simply select your chosen finance method within your profile interface.

Note, exchange rates may apply if you are depositing outside of a local currency.

Withdrawals

Minimum withdrawal limits of $10 or €10 apply. Processing times vary by method, however, the broker aims to process all requests within 24 hours. Weekend dates and public holidays may cause delays.

There are no withdrawal charges for the first payment each calendar month, but a second withdrawal will incur a $10 fee. Any further withdrawals come with a 2.5% fee. This is a real drawback versus competitors.

FXCentrum Demo Account

A demo account is available to new or existing FXCentrum clients. Paper trading accounts are a great way to practice strategies risk-free and learn platform features and tools. Users can access up to $100,000 in virtual funds within a simulated environment.

On the downside, the demo account is only available for forex trading – clients cannot practice investing in other instruments.

Deals & Promotions

At the time of writing, FXCentrum offered several promotions and incentives, including an ‘up to 100% deposit bonus’. But while appealing, upon review there were stringent withdrawal requirements (total bonus / 2). So if you deposit $1000 and select the 100% bonus offer, you will need to trade 500 lots before you can withdraw any profits from the bonus ($1000 / 2 = 500 lots).

The broker also regularly offers no deposit bonuses and live competitions. This allows investors to play against like-minded day traders with a chance to win USD account credit prizes.

SFSA regulatory guidelines do not impose restrictions on bonuses or financial incentives. However, always review terms and conditions as there may be unrealistic thresholds and trading requirements.

Regulation & Licensing

FXCentrum is a registered entity of WTG Ltd. The broker is licensed and regulated by the Seychelles Financial Services Authority (SFSA), under license number SD055. Although good to see some retail trader protection in the event of broker malpractice or insolvency, plus negative balance protection, the watchdog is not a top-tier regulator.

It is unlikely that traders will receive the levels of support and protection provided by brokers that hold a license with the Cyprus Securities & Exchange Commission (CySEC) or the UK Financial Conduct Authority (FCA).

Additional Features

FXCentrum offers free educational content for retail traders. But while 10,000 hours of training materials are available, they are mostly aimed at beginners with limited access to advanced strategy builders and market analysis.

Traders can, however, access the latest global financial news, basic terminology, and online investing guides. YouTube webinars can also be found directly via the website. Topics include trading psychology, the fundamentals of investing, utilizing a trading journal and how to trade forex pairs. An economic calendar is also available on the website but is not populated with relevant information.

It would be good to see content developed further, including via alternative mediums like podcasts, quizzes or peer forums.

FXCentrum Amsterdam office

FXCentrum Accounts

FXC offers several live account types. These are organized by platform, making it easy to find a profile suited to your experience level and financial goals. All profile types can also be converted into Islamic trading accounts.

Starting deposit requirements start from $10 or equivalent currency. Minimum and maximum spreads vary by instrument. Accounts can be opened in USD or EUR base currencies.

FXC Proprietary Accounts

Standard Zero

Retention Special Zero

MetaTrader 5 Accounts

Micro Zero

Standard Zero

Retention Special Zero

Note, a personal retention manager is an FXC-certified account manager, supporting retail investors with platform features and trading basics. Additional support is also provided during the initial account setup, as well as ongoing trade execution guidance. Communication channels include telephone, email, WhatsApp, Telegram, and Viber.

How To Open An Account

It is quick and easy to register and open a new live account. All registration details must be completed via the FXCentrum client zone. This includes submitting the online registration form, identity verification documents and providing proof of residency. Here you can also select leverage, bonus size, and account denomination.

Verification must be completed via a registered email address. Once details have been approved, you can log in, make a deposit and start trading immediately. A useful step-by-step video guide is also available on the official website.

Benefits

Drawbacks

Opening Hours

Trading hours vary by instrument. Typically, the forex market is available to trade 24 hours per day between Sunday to Friday.

It was disappointing to see no session timetable available on the broker’s website. This is particularly useful to stay up to date with upcoming public holidays, daily break sessions and market closures.

Customer Service

FXCentrum offers limited customer support options. Up to 24-hour response times are promoted on the website so bear this in mind if you have an urgent query. There is, however, a fairly decent FAQ section, with several useful self-help topics including details on investor relations, how to verify your identity online and minimum deposit requirements.

Contact details:

Security

FXC provides a relatively safe and transparent investing environment. This includes negative balance protection and password-protected member areas. It is not clear whether the broker segregates client funds, however, all payments are protected with 3D Secure.

We would also advise implementing additional platform security features, such as two-factor authentication (2FA). This added layer of security uses a verification code every time you log in to your account via an authenticator app or email address prompt.

FXCentrum Verdict

This FXCentrum review has highlighted the pros and cons of trading with the online broker. We were pleased with the low minimum deposit requirements, range of account types, choice of terminals, and demo account solution. However, the official website is basic, some services are limited, and there is minimal regulatory oversight, which highlights concerns around transparency and legitimacy. Monthly withdrawal charges plus the lack of crypto trading or MetaTrader 4 access also means FXCentrum doesn’t compare with alternatives.

Accepted Countries

FXCentrum accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use FXCentrum from United States, Afghanistan, Cuba, Israel, Sudan, Korea, Iran, Laos, Syria, Vanuatu, Yemen, Ethiopia, Iraq, Bosnia And Herzegovina.

Alternatives to FXCentrum

If you are looking for alternatives to FXCentrum we have compiled a list of the top 5 brokers that are similar to FXCentrum below. This list of brokers like FXCentrum is in order of similarity and only includes companies that accept traders from your location.

  1. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  2. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  3. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  4. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
  5. Pocket Option – Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.

FAQ

Does FXCentrum Have A Mobile App?

Customers have access to the FXC Trader proprietary application plus the MT5 mobile app. Both solutions provide access to all the features and functionality found on the respective desktop platforms. Deposits, withdrawals and bonuses can also be managed from mobile trading applications.

What Is The Minimum Deposit Requirement For An FXCentrum.com Account?

Starting deposit requirements vary by account type. Nevertheless, some accounts have initial funding requirements of just $10 or equivalent currency.

Is FXCentrum A Scam?

In our opinion, FXCentrum is not a scam. With high leverage opportunities, low minimum deposits and competitive fees, it could be a good starting place for some new traders. And although regulated offshore, the broker does provide negative balance protection. Keep an eye on peer review sites such as Trustpilot for the latest feedback.

Does FXCentrum Have A Demo Account?

FXC offers a paper trading account to new or existing customers. Access up to $100,000 in virtual funds to practice investing risk-free. A simple sign-up form can be found on the broker’s website.

Is FXCentrum Regulated?

FXC is regulated and licensed by the Seychelles Financial Services Authority (SFSA). This is an offshore authority and may not provide the levels of protection provided by trusted agencies like the Cyprus Securities & Exchange Commission (CySEC), the UK Financial Conduct Authority (FCA), or the Australian Securities & Investments Commission (ASIC).

FXCentrum offers welcome deposit bonuses plus STP and ECN trade execution. Three trading platforms, mobile apps and copy trading are also available.

FXCentrum vs Other Brokers

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FXCentrum vs