eXcentral Review 2020
eXcentral is a regulated broker that offers its online brokerage services to a global clientele. Over 120 forex and CFDs are available for trading on its proprietary web trading platform as well as on the ever-popular MT4 trading platform. eXcentral also provides traders with educational resources, market news and analysis, trading signals and a host of other brokerage services.
eXcentral Review 2020, Pros & Cons
- Regulated brokerage firm
- Choice of two platforms; MT4 & eXcentral’s proprietary web trading platform
- Comprehensive training academy
- Trading signal service
- Market news & daily analysis are provided
- High inactivity fees of $80 per month after two months
- Monthly maintenance fee of $10
- Minimum trading capital of $250
- Residents of USA, Canada, Japan, Australia & Israel are not allowed to register
In this detailed eXcentral review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
eXcentral is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including eXcentral.
eXcentral Review: Summary
eXcentral describes itself as a friendly and supportive trading broker and it has lived up to that assertion. Founded in Cyprus in 2017, the broker has gradually expanded out of Europe with its international arm anchored from South Africa. eXcentral believes in training before trading, so, it provides various training resources to assist its clients especially beginner traders.
The broker states that it has no conflict of interest when executing client’s orders. eXcentral EU routes all its client orders to ‘OM BRIDGE (PTY) LTD’ only. It should be noted that ‘OM BRIDGE (PTY) LTD’ is the company that operates the international arm of eXcentral while eXcentral EU is operated by another company but both companies are members of the same Group of Companies. So, we can say the eXcentral is a market maker.
eXcentral provides up to 4 account types and multiple payment options which includes credit cards, bank transfer and modern e-wallets. Trader educational resources, market analysis and trading signals are available to support traders with their daily trading activities.
eXcentral Review: Regulation
eXcentral International is operated by OM BRIDGE (PTY) LTD; an investment firm, licensed and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa with FSP License Number 48296.
The European arm of eXcentra is operated by Mount Nico Corp Ltd, a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 226/14.
In compliance with the stringent rules of the regulators, clients’ funds are kept in segregated bank accounts. These accounts should not be used by eXcentral for its operations but only to fund client’s trade positions. The accounts must be properly audited and regularly submitted to the regulators.
eXcentral Review: Countries
eXcentral does not offer its services within USA, Canada, Japan, Australia, Israel and certain EU member states.
Some eXcentral broker features and products mentioned within this eXcentral review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
eXcentral Review: Trading Platforms
Web Trading Platform
This is a proprietary trading platform built by eXcentral for trading all the available trading instruments. It is web-based, so does not require any downloads or installations. The platform presents an intuitive interface with multi-view options.
Here are some of the eXcentral web platform features:
- Runs on any device that has a web browser. No restrictions on operating systems.
- Powerful charting package powered by ‘TradingView’.
- Integrates account management options which includes account deposits, demo account, account verification, etc.
- Features up to 7 chart styles displayable over 9 timeframes.
- Over 100 technical indicators.
- Supports one-click trading.
MetaTrader 4 (MT4)
The MT4 platform has established itself as an industry standard in the field of online forex and CFD trading. It is a renowned trading platform used all over the world, primarily because of its intuitive interface, exhaustive features and capabilities. eXcentral offers the MT4 platform as a desktop application and mobile apps developed for iOS and Android devices.
Here are some features of the MT4 platform:
- Real time bid/ask price quotes via the market watch window.
- It displays live charts of all trading instruments on up to 9 timeframes and 3 chart types.
- Its features can be expanded using plugin apps built with the MQL4 programming language.
- It has 3 order execution modes and 4 pending order types.
- Supports automated trading using software robots known as Expert Advisors (EAs).
- Comes preloaded with 30 technical indicators but can be expanded to thousands through plugin apps.
- Support price alert notifications via email, SMS and platform pop-ups
eXcentral Mobile Trader
This is the proprietary mobile trading app from eXcentral which supports trading on the go. It is developed for Android and iOS devices and can be downloaded from the respective app stores free of charge. The app is user friendly, fast and loaded with tools for online trading and market analysis.
Here are some of eXcentral mobile trading app features:
- Real-time quotes on all instruments.
- Instant market executions on all orders.
- Complete transaction history.
- Full charting and technical analysis tools.
eXcentral Review: Trading Tools
This section features trading signals on selected currency pairs, stocks, indices and commodities. The signals are divided into daily, weekly and monthly signals. You can directly link to the trading platform from the ‘trade’ button.
Live Market Summary
This section features live trading signals on selected trading instruments.
Daily Chart Analysis
This is daily video analysis presented by the brokers in-house analysts. The presentation analyzes the charts of selected instruments to give traders insights and trading ideas.
This comprises of daily market news on a wide range of trading instruments. It is powered by MTE Media; a leading financial education provider that also supply trading signals and market research tools.
This all important fundamental analysis tool is provided on eXcentral’s website. The calendar shows the dates and the estimated impact levels of economic activities in different countries. Clicking on any event brings up its detailed analysis and forecasts. The ‘trade’ button on the calendar links to the trading platform, so that the trade can be placed immediately.
eXcentral Review: Education
This consists of 10 video lessons on different trading strategies which are all based on technical analysis methods. The videos are clear and precise. It is only accessible to the brokers registered clients.
This section contains 4 eBooks that focus on forex/CFD trading, trading psychology and crypto CFDs. The books are concise, well illustrated and short; less than 20 pages each.
eXcentral Media Centre
This section contains about 45 video lessons grouped into social trading, MetaTrader, CFDs and stocks, Forex and trading tools. Each video is short and fully animated with high quality audio.
Trading webinars are scheduled almost every week. The webinars are facilitated by Michalis; eXcentral’s in-house market analyst.
This blog is updated almost every day. It contains daily market news, analysis and opinions.
eXcentral Review: Trading Instruments
eXcentral offers the following instruments for trading on its platforms:
- 49 currency pairs
- 32 indices
- 15 commodities
- 56 stock CFDs
- 3 cryptocurrencies
eXcentral Review: Trading Accounts & Fees
eXcentral account types are broadly divided into retail and professional accounts. Professional accounts are for highly experienced traders with a large portfolio or trading capital whilst retail accounts are for anyone who wishes to partake in forex trading online.
The major difference between the two account groups is the leverage. For EU retail clients, the leverage is capped at 1:30 while professional account holders and non-EU clients get a maximum leverage of 1:400.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund and recourse to the Financial Ombudsman Service is removed should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
The following account types are available for both retail and professional clients:
- Classic account: The benchmark EURUSD spread starts from 2.5 pips.
- Silver account: Education webinars are available to account holders. Spreads start from 2.5 pips.
- Gold account: The EURUSD spread starts from 1.8 pips and clients are eligible for VIP webinars and dedicated account managers.
- VIP account: EURUSD spread starts from 0.9 pips and account holders are assigned dedicated senior account managers.
Demo accounts are automatically created upon registration. It is incorporated in the web trading platform and it is preloaded with $100,000 in virtual trading funds.
A monthly inactivity fee of $80 is charged from dormant accounts after two months. Every month, a maintenance fee of $10 is charged from every account irrespective of trading activities.
As broker fees can vary and change, there may be additional fees that are not listed in this eXcentral review. It is imperative to ensure that you check and understand all of the latest information before you open an eXcentral broker account for online trading.
eXcentral Review: Customer Service
Once you register a new account with eXcentral, you are assigned an account manager who helps you get started. To reach the client support desk, you can call them via telephone, send an email or chat with them using the instant web chat feature on the website. You can also request a ‘call back’ by filling the form which is available on the website. On social media, eXcentral is on Facebook, YouTube, Twitter and Instagram.
eXcentral Review: Deposit & Withdrawal
Deposits can only be completed if the same name that appears on the trading account matches the name on the payment source. Before requesting for withdrawals, the trading account must be completely verified. The minimum deposit is $250/€250/£250.
The following are the payment options currently accepted by the broker:
This method is the slowest as it takes 3-5 working days to complete the process. There is no limit or restriction to bank transfers. Withdrawals fees of $30/€30/£30 apply; depending on account currency.
Card payments are processed instantly. The major credit and debit cards are accepted. Payments are capped at $40,000 per month. For withdrawals, a commission of 3.5% is charged.
The e-wallets accepted are Skrill and Neteller. The minimum deposit is $250 while there is no maximum. Payments are processed instantly. Commissions of 3.5% and 2% are charged on Neteller and Skrill withdrawals respectively.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. eXcentral strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your eXcentral trading account.
eXcentral: Account Opening
If you want to create a new account, visit the relevant eXcentral website and click on ‘Sign up’ to display the form below.
Enter your name, country, phone number, email, account currency, choose a password and then click on ‘sign up’. Immediately, your account is created you are directed to the payment page. You can also visit the trading room, where you are logged onto the trading platform.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
eXcentral Review: Conclusion
eXcentral is a regulated broker that provides a vast range of educational materials and trading tools which help show they support informed trading in the very competitive brokerage industry. The broker offers frequent webinars, comprehensive training suite, market news and analysis.
The proprietary eXcentral web trading platform is intuitive, fast and has adequate charting tools. The MT4 trading platform has become the industry standard primarily due to its ease of use, wide range of trading tools, functionality and versatility. The broker also has a decent selection of trading instruments across multiple asset classes.
However, the minimum deposit requirement is higher than many other brokers and there are monthly maintenance fees, inactivity fees and high withdrawal fees. The broker could also benefit by expanding the available payment options to allow cryptocurrencies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.