The sheer number of online brokerages can often leave people confused and unsure of how to proceed when it comes to choosing one for trading in the financial markets. Every company you check out will make some impressive promises and it can be difficult to resist, until you move onto the next and on and on it goes. It is not possible to open an account with all of them, so you have to sort through them to pick one. Bear in mind that some of these brokerages may be scams, even though they do not appear to be one on the surface. This Trade Centrix review highlights how these companies may try to hide the truth.
The tricks they use have been around for quite some time, but they always work because most people do not look very closely at online brokerages beyond what they claim. Not doing your homework can come back to haunt you if you end up with a fraudulent company. Your hard-earned money will go down the drain and it can also be extremely demotivating. The important thing to remember is that these fraudsters go to great lengths to hide the truth, so all you have to do is uncover it.
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This is not as hard as it sounds, as you only have to take apart their claims, which is quite simple. You should take everything a brokerage is offering with a grain of salt and verify that these are not just promises to lure you in. If they are leading you on, it will become apparent quickly, as it does in the case of Trade Centrix. The forex and CFD brokerage is presented as a UK-regulated brokerage that offers the MT5 trading platform and access to more than 500 trading instruments.
It also advertises excellent trading conditions and an array of payment methods that make Trade Centrix sound like just the brokerage every trader needs. But, when you try to verify its claims, you will find that nothing it says is close to the truth. You can find more details here.
The regulation
When you begin verifying the claims of a brokerage, you need to start with its regulation. It is of the utmost importance to choose a licensed company for minimizing the risk of ending up with a scam brokerage. Moreover, opting for a regulated one can ensure that you get quality trading services, combined with security and transparency. These companies have their activities monitored by a regulatory body, so they can also be held accountable. Also, they are compliant with laws and rules that are meant to ensure safety for everyone involved.
The most prominent claim of Trade Centrix is that it is regulated in the United Kingdom, which is quite impressive because it is considered a highly regulated jurisdiction. Brokerages operating in the jurisdiction comply with strict rules and regulations, so you can rest assured that you will receive great services. They are under the oversight of the Financial Conduct Authority (FCA), which is considered one of the top regulatory bodies in the world.
But, when you look for Trade Centrix in the online register of the FCA, you are going to turn up empty. The broker is nowhere to be found, which means that it is not regulated in the country. This means that either it is lying about where it is based, or it is operating illegally from the UK. None of these scenarios give any credibility to the brokerage and only indicate that it is not one to be trusted.
The trading platform
You should never forget to check the trading platform that a broker is offering you because it is what you use for the entire trading process. Therefore, you need a platform that can offer you the best technology for executing your trades and the tools for making well-informed decision. The MT5 platform has been advertised at Trade Centrix and this is extremely appealing, given that the platform is known as the industry standard.
But, when you try to access the MT5 platform at Trade Centrix, you will be in for disappointment because you will not find it anywhere. The only platform is an oversimplified and rudimentary web based one that has nothing more than the basic tools that are a far cry from what the MT5 is capable of offering.
The trading conditions
The next step should be to take a look at the trading conditions that an online broker can provide because these directly affect the profits you make at the end of the day. You want to enjoy high returns and this will depend on the kind of spreads and leverage you are provided. Like every brokerage, Trade Centrix claims to offer excellent trading conditions, but this remains to be seen.
You will find that the spreads at Trade Centrix start at 3 pips, which are not considered tight by any definition. In fact, they are quite high, given that most competitive brokers offer spreads start at 0.3 pips. The leverage ratios that you will have access to when trading at Trade Centrix start at 1:200. These seem attractive, but such high leverage is dangerous and UK-regulated brokers cannot offer them because the FCA has imposed a cap on leverage of 1:30.
The payment methods
As mentioned earlier, a variety of payment methods has been promised at Trade Centrix for making your deposits and withdrawals. You want to be able to make your payments quickly and securely, but this does not seem to be possible here. Why? This is because the only payment method that Trade Centrix does offer is that of cryptocurrencies.
It has a horde of cryptocurrencies it supports like Bitcoin, Litecoin, Ripple and Tether. But, the fact remains that crypto payments come with no chargebacks. This means the payments are irreversible and you will not get a refund. The payments are also anonymous and this helps scammers in getting away with your money.
The Conclusion
When you take apart the offerings at Trade Centrix, you can learn the truth about it being another well-dressed forex scam that is trying to fool you.