Centrum Markets is an unlicensed Forex and CFD broker owned and operated by the Centrum Capital Ltd, an offshore company based on Mauritius.
Centrum Markets is considered not safe, as it is not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA and the Australian ASIC.
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Centrum Markets Review
Centrum Markets is and forex and CFD brokerage that provides access to the MT5 platform and the trading conditions seem good. If the broker’s spreads are really as announced on their website, the offer seems good. Centrum Markets has indicated that the benchmark EUR/USD spread on the most basic account starts from 1 pips. This is in line with the average in the industry.
Although Centrum Markets claims to offer free demo accounts, we couldn’t test its services for free, which is another worrisome sign. A test-drive of a broker’s trading platform is a great advantage and shows that the company is transparent with its trading conditions.
Trading Platform
During our review of Centrum Markets, we saw that the offer the Metatrader5 platform. This is the latest platform MetaQuotes’ platform and it enjoys increasing popularity among both brokers and traders lately. The MT5 has kept most of MetaTrader 4’s valued tools and features, and on top of that allows trading in exchange-traded stocks. The charting of the MT5 is almost the same as that of its predecessor, and it also provides Expert Advisors for automated trading.
Centrum Markets License
Here at the Scam Expert Advisor, we have reviews of many Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a valid license.
The reason smart people online invest with a licensed broker, is because there are many investment scams online. By using a licensed and regulated broker, you know your money is safe, and the company is monitored by the governments regulators.
Centrum Markets is an offshore broker owned and operated by Centrum Capital Limited in Mauritius.
Offshore forex brokers are not subjected to any oversight on the part of a governmental agency, nor have to follow any stringent rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc. This means that their clients’ funds, accounts and interests are not protected as they should.
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Review Verdict: Centrum Markets is a Scam!!
Our best advise for you
Although Centrum Markets’ offer might seem attractive to some investors, we wouldn’t recommend it – mainly because they are not regulated. As we keep reiterating in our reviews, doing business with offshore brokers involves a lot of risks. As always, we advise our readers to minimize the risk of foul play in forex trading by dealing only with well-regulated and established brokers. The most respected and reliable ones in Europe are UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.
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