CentFx

CentFX Review: Is CentFX a Good Broker?

Broker overview and general information

CentFX is the trading name of CentFX Limited, established in 2022 with its headquarters at No. 8 Cassius Webster Building, Grace Complex, The Valley, Anguilla. The company is regulated and licensed by the Financial Services Commission (FSC) of Mauritius. The broker offers trading in a wide range of assets including Forex, Indices and Cryptocurrencies via the MetaTrader 5 (MT5) platform. The company is committed to providing a quality and secure service to investors around the world.

Broker Licensing and Regulation

If you ask whether CentFX is good or not, you should start by considering the license and registration factors first, which are detailed as follows:

1. Registration in Anguilla

• Company Name:CentFX Limited

• Register:Registered in the Anguilla Registry of (ARCA) License Number A000000971

• Address:No. 8 Cassius Webster Building, Grace Complex, The Valley, 1330, Anguilla

• Objective:Provides financial services including brokerage, training and account management across a wide range of assets including Forex, Commodities, Indices, CFDs and leveraged financial instruments.

2. FSC Supervision in Mauritius

• Company Name:Cent Market Limited (trading as CentFX)

• License:Approved by Financial Services Commission (FSC)In Mauritius

• License Type:Investment Dealer (Full Service Dealer, Excluding Underwriting)

• License Number: GB23201644

• Related laws:

• Section 29 of the Securities Act 2005

• Rule 4 of Securities (Licensing) Rule 2007

• Financial Services (Consolidated Licensing and Fees) Rule 2008

• Scope:The Company has obtained a Global Business License under Section 72(6) of the Financial Services Act, subject to the condition that the majority of its business must be conducted outside Mauritius.

⚠️Warning:The broker falsely claims to be licensed by FSC with license number GB23201644 under the company CentFX Limited.

But from checking this license belongs to CENT MARKETS LIMITED and is not related to the broker. Since CentMarkets is a software development company and does not provide investment or brokerage services, you should be careful when investing with CentFX broker.

Broker Products and Services

Trading products

• Forex:Over 400 currency pairs with competitive spreads

• index:Providing trading services for leading indices from global markets.

• Cryptocurrency:Supports trading of many popular cryptocurrencies
  

Trading Platform

The broker uses the MetaTrader 5 (MT5) platform, which is popular among traders all over the world. The platform is available on various devices, including computers, laptops, and mobile phones, to provide users with convenient access to trading.

CentFX Review: Account Types

There are 4 types of trading accounts:

Micro Account

• Spread: Starting at 1.5 pips

• Commission: None

• Minimum deposit: 10 USD

• Minimum lot: 0.01

• Maximum leverage: 1:1000

Standard Account

• Spread: Starting at 1.2 pips

• Commission: None

• Minimum deposit: 500 USD

• Minimum lot: 0.01

• Maximum leverage: 1:800

ECN Account

• Spread: Starting at 0.0 pips

• Commission: None

• Minimum deposit: 5000 USD

• Minimum lot: 0.1

• Maximum leverage: 1:200

Customize Account

• Spread: Starting at 0.0 pips

• Commission: None

• Minimum deposit: 10,000 USD

• Minimum lot: 1

• Maximum leverage: 1:1000

note

• Deposit Fees: There are no fees for deposits on any account type.

• Withdrawal Fees: Up to 2.5% withdrawal fees may apply for all account types.

• (Islamic) Swap Free: All account types support Swap Free, an important feature for investors who wish to adhere to Islamic religious principles.

Deposit and Withdrawal Review

Deposit

1. Banking Channels

   • Supports CIMB, Bangkok Bank, Kasikorn Bank, Mandiri, and Permata Bank.

   • Currency: THB (Thai Baht) and IDR (Indonesian Rupiah)

   • Processing time: within 15 minutes

   • Fee: No fee

2. Electronic wallet channels

   • Supports PromptPay (up to 3 days), Shopee Pay (up to 3 days), Perfect Money (15 minutes), and SticPay (15 minutes).

   • Fees: PromptPay, Shopee Pay, and Perfect Money are free of charge; SticPay is a 1% fee.

   • Currency: THB, MYR (Malaysian Ringgit), and IDR

3. Cryptocurrency

   • Supports Bitcoin, Ethereum, Bitcoin Cash, and Zcash

   • Processing time: within 15 minutes

   • Fee: No fee

Withdrawal

1. Banking Channels

   • Supports CIMB, Bangkok Bank, Kasikorn Bank, Mandiri, and Permata Bank.

   • Currency: THB, MYR, and IDR

   • Processing time: Up to 3 days

   • Fee: Withdrawal charge 2.5%

2. Electronic wallet channels

   • Supports PromptPay (up to 3 days), Shopee Pay (up to 3 days), Perfect Money (up to 3 days), and SticPay (15 minutes).

   • Fee: 2.5%; SticPay up to 5%

   • Currency: THB, MYR, and IDR

3. Cryptocurrency

   • Supports Bitcoin, Ethereum, Bitcoin Cash, and Zcash

   • Processing time: Up to 3 days

   • Fees: Network fee + 2.5% service fee

Customer Service

• WhatsApp: +18447788372

• Email: [email protected]

• Live Chat: Via website

Broker Review Overview Summary

CentFX may initially seem like an interesting broker with its cutting-edge MT5 trading platform and convenient deposit and withdrawal methods, but upon closer inspection, there are several drawbacks that you should be aware of before using it. The broker has been suspected of falsely claiming to be licensed by the FSC, which could indicate a lack of credibility.

In addition, there are no attractive promotions or bonuses for traders, the lack of a demo account means that traders cannot practice before investing real money, and there are also withdrawal fees that may be an additional burden. In addition, the broker's security measures are not strict enough, which puts users at risk of personal data and assets being breached. In addition, there are only 3 types of trading instruments, which may not meet the needs of some traders.

Frequently Asked Questions about CentFX

Q -  How long can I keep my position open?

A -  You can hold an open position as long as the balance is available.

Q -  What lot sizes can I trade?

A -  Trading volume is 1,000 units (0.01 lot) or more, in 0.01 lot increments. For example, 0.02 lots can be traded. The minimum lot size when trading gold or silver is 0.01 lot, in 0.01 lot increments.

Q - Margin Call / Stop Out Level?

A - Margin Call occurs at 100%. If the Margin Level drops to or below 50%, the system will start closing open positions starting with the smallest profit.

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