CentrisFX Review: Is It Safe to Trade With Them?
Thinking about investing with CentrisFX? Before you pull the trigger, read this comprehensive review to uncover the truth behind their claims. This analysis will expose CentrisFX’s red flags and equip you with the knowledge to make an informed decision about your hard-earned money.
Is CentrisFX Legit or Scam?
The verdict: CentrisFX is a scam broker. While their website boasts several regulatory licenses, a thorough investigation reveals they are completely unlicensed and unregulated. This means your funds are at significant risk, and you have no legal recourse if things go wrong. Steer clear of CentrisFX and choose a licensed broker for secure trading.
Company Overview
Feature | Details |
Company Name | CentrisFX |
Headquarters | Allegedly UK (unverified) |
Founded | 2023 |
Regulated | Unlicensed (fake claims of FCA, BaFin, CONSOB, CySEC) |
Minimum Deposit | $250 |
Trading Platform | WebTrader (no MT4, MT5, cTrader) |
Mobile App | No |
Asset Classes | Forex, commodities, indices, shares, cryptocurrencies |
Services or Products
CentrisFX.com claims to offer Forex and CFD trading on various asset classes. However, the legitimacy of these services is questionable due to their lack of licensing.
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Trading Platform & Leverages
CentrisFX offers a basic web-based platform called WebTrader. This platform lacks advanced features like Expert Advisors (EAs) and social trading, but more importantly, it raises concerns about potential manipulation since trades are conducted entirely online. Leverage details are also unavailable, making it impossible to assess risk accurately.
Spreads and Cost of Trading
CentrisFX advertises spreads ranging from 2.2 to 0 pips, with commissions decreasing from $1 per lot to zero depending on the account type. However, the lack of transparency and potential for manipulation make these figures unreliable.
License and Regulations
CentrisFX is not licensed by any reputable financial authority. Their claims of being regulated by the UK Financial Conduct Authority (FCA), German BaFin, Italian CONSOB, and CySEC are demonstrably false. Official warnings have been issued by the FCA against CentrisFX, further solidifying their status as an illegal operation.
Deposit and Withdrawal Methods
CentrisFX accepts deposits via debit/credit cards, e-wallets, and wire transfers. While the minimum deposit is $250 and there are no deposit fees, withdrawals incur charges ranging from 1% to 3% depending on the chosen method. Reviews suggest withdrawals are often delayed, and the company may invent fees or simply ignore requests.
CentrisFX Pros and Cons
Pros | Cons |
Low minimum deposit | Unlicensed and unregulated |
Various asset classes | Fake regulatory claims |
WebTrader platform | No MT4, MT5, cTrader |
No mobile app | Potential for platform manipulation |
Advertised competitive spreads | Unreliable information |
Why Dealing With An Unlicensed Broker Is Risky
Trading with an unlicensed broker like CentrisFX exposes you to numerous risks:
- No legal protection: If things go wrong, you have no legal recourse to recover your funds.
- Potential for fraud: Unlicensed brokers can manipulate trades, steal your money, and disappear without consequences.
- Lack of transparency: Unregulated platforms may not disclose important information about fees, spreads, and risks.
- Security concerns: Unlicensed brokers may have weak security measures, jeopardizing your personal and financial data.
Client Feedback
Reviews from users who have dealt with CentrisFX are overwhelmingly negative. Clients report withdrawal issues, unresponsive customer support, and suspicions of manipulation.
How Can “Reviewsadvice” Help You If You Get Scammed?
If you suspect you have been scammed by CentrisFX, it’s crucial to act swiftly. Consider these steps:
- Contact the local authorities and your bank to report the scam.
- Seek legal advice to understand your options.
- Explore chargeback possibilities with your bank or credit card company.
- Be wary of companies claiming to recover lost funds; many are scams themselves, or you can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
CentrisFX’s lack of licensing, fake regulatory claims, and negative reviews paint a clear picture: this is a scam broker to avoid at all costs. Protect your hard-earned money and choose a licensed, regulated broker for safe and secure trading. Remember, if it sounds too good to be true, it probably is. Do your research and only trust reputable, transparent companies with your financial well-being.
