Are you worried about the money you have invested with an online broker? Are you sure this company can be trusted? There has been an increase in scams for Forex trading businesses, such as eXcentral. At Wealth Recovery Solicitors, our expert teams work with you to make sure your money is reclaimed and returned back to you safe and sound. We do this by using our expert knowledge, along with the latest technology, to determine exactly where your money went and how to most speedily get it back.
The level of sophistication of Forex scams, these days, has skyrocketed, so much so that even those who have been trading for years can fall into these traps. This is why it is important to understand what to look for when researching the best and most reliable online trading platforms to use. To help steer you in the right direction, we have done a mini deep-dive into eXcentral to determine if they are a legitimate company.
Who are eXcentral?
eXcentral is an organisation that claims to have the creme de la creme of trading platforms and the lowest spreads within the industry. They appear to specialise in Contract for Difference (CFD) trades, which, in theory, can be used in a range of markets, such as Forex and cryptocurrency, and should allow traders to have earnings without needing to own the asset.
eXcentral is registered in Sandton, Gauteng, and Cyprus. The South African investment firm, OM Bridge (PYT) LTD, runs eXcentral’s international operations outside of Europe, while the Cyprus investment firm, Mount Nico Corp LTD, owns the European union arm of the company.
Mount Nico Corp LTD is regulated by the Cyprus Securities and Exchange Commission (CySEC), which enables eXcentral to trade within the European Economic Area member states. However, in accordance with the Financial Conduct Authority website, they only have temporary permissions, which means they are unable to market to UK consumers.
OM Bridge (PYT) LTD, on the other hand, is regulated by the Financial Sector Conduct Authority of South Africa (FSCA). They are not FCA regulated, which means they are unable to trade in Europe and the UK, as well as the US, and Canada.
It appears that traders using the platform are able to use, MT4, Trader with different leverage levels depending on the account held with eXcentral. An MT4 Trader is also known as a MetaTrader 4 which was developed in 2005. It is one of the popular online trading platforms with a simple interface. While it is mostly used by forex traders, it can also be used in a range of other trading markets.
Is eXcentral a scam?
The eXcentral website has a warning at the bottom reminding users to make sure they do their own research into how online trading works. It also states that 80.06% of retail investor accounts lose money when trading Contract for Differences (CFD) using eXcentral. If this doesn’t raise alarm bells, a quick glance at their Trustpilot reviews indicates a plethora of negative reviews. Here, many people have claimed that they were scammed by eXcentral with comments such as ‘Please run from this company’, and others stating the company stopped responding to them, causing them to go into debt.
By operating in two locations (eXcentral has one location in South Africa and another in Cyprus), traders are also finding them difficult to trace and reach out to. Choosing Cyprus as a location is interesting as Cyprus has become notorious as being a hideout for scammers, which is a sign the company may potentially be using the country as a base to scam their clients. While on the surface, eXcentral looks like it is a legitimate company, the more you research the more suspicious they appear.
Worried about being scammed?
Fallen victim to a broker like eXcentral? At Wealth Recovery Solicitors, we combine our years of expertise and knowledge with the latest technology to help you reclaim your money. Our experts work with you to create a bespoke recovery programme, taking into account the most cost-effective solution for you.
We are a boutique law firm regulated by the Bar Standards Board and are dedicated to assisting clients in reclaiming their wealth. Wealth Recovery Solicitors provides tracing services as well as assistance dealing with Forex trading scams, CFD tracing scams, and Cryptocurrency and Bitcoin trading losses. Our specialisms include but are not limited to, court injunctions, applications to the ombudsman, and complaints about brokers. To find out more, fill out the form on our website stating the best day and time to contact you, or alternatively call us on 0203 695 9239.