eXcentral Review – Trade CFDs with a Customer-Centric Broker
InvestorEducation / Learn to Trade Mar 31, 2021 - 12:46 PM GMTBy: Submissions
On top of regulation, asset diversity, and trusted trading software, a broker also needs to have a customer-centric approach, since this aspect will make a difference when markets are challenging and when a trading offer upgrade is required due to significant changes in the industry. Although there are so many different brokerages out there, today we want to focus on eXcentral, a brand looking promising at first glance.
About eXcentral
The first thing people need to know about the eXcentral brand is the multi-jurisdiction regulatory framework currently in place. eXcentral EU is owned by Mount Nico Corp Ltd, a Cyprus Investment Firm, regulated by CySEC and based in Limassol. This branch offers its services for customers in certain countries of the European Economic Area and Switzerland.
Secondly, there is eXcentral International, operated by OM Bridge (PTY) LTD, based in South Africa and regulated by the Financial Sector Conduct Authority (FSCA). This branch is available for customers outside the EEA, wanting to take advantage of all the benefits now included in the trading offer, without having to comply with tight restrictions in terms of margin requirements.
eXcentral Products Specifications
To ensure ample diversification when getting involved in the markets, eXcentral is a place where customers can trade a variety of CFDs. At the time of writing, the broker’s offer includes CFDs based on Forex, indices, commodities, shares, and cryptocurrencies. The list of assets has been carefully picked to include just some of the most heavily-traded instruments.
For traders in the EEA, maximum leverage will be different for retail and professional customers. However, the good news is that both traders with little funding and those with larger accounts will be able to trade the desired volumes since the minimum trade size is 0.01 (lots) and the max trade size is 50.
Forex and shares CFDs cover the largest share of the offer, but since there are indices, commodities, and crypto, it is possible to build a properly diversified portfolio.
eXcentral Trading Software
eXcentral MT4 is a tailored version of the popular software developed by MetaQuotes, still considered to be the number 1 platform in the world. Multi-device compatibility, EA support, price indicators, and drawing tools are some of the reasons why MT4 continues to be a suited platform for CFD trading, especially now when financial markets are more volatile than usual.
On the other hand, eXcentral WebTrader moves away from the traditional MT4 and offers a personalized trading experience. The interface has been optimized so traders with different backgrounds will be able to use it easily, without advanced knowledge. It is also lightweight and flexible, able to operate on any device via a browser.
The broker did not forget the importance of mobile trading capabilities and offers two options:
- eXcentral Mobile Trader
- MetaTrader 4 mobile app.
eXcentral Account Types
The main differences between Classic, Silver, Gold, and VIP accounts can be spotted in terms of spreads, and access to other features. Although all customers get free support and educational resources, only large account holders can take advantage of VIP webinars, dedicated account managers, and trading signals via SMS from Trading Central.
More details are being shared by the broker on its website. There you can see the differences between approximate spreads on some of the leading trading instruments like EURUSD, GBPUSD, USDJPY, or crude oil. Retail traders in the EEA will need to use a maximum leverage of 1:30 for FX and benefit from a 50% stop out level. For those that qualify as professionals, there are special conditions provided. All of these features are not applicable for global customers living outside Europe.
eXcentral Professional Account
It is possible to become a professional trader with eXcentral as the company deems it appropriate to allow any customer to enjoy a higher leverage. Retail traders in the EEA now benefit from the protection of the MiFID II directive which limits the maximum leverage available for those with little or no experience. To show that its offer is intended for professionals as well, eXcentral has updated its offer and now has attractive conditions.
eXcentral Education and Customer Support
Trading education is a real challenge, especially for those that are just getting started. This broker offers access to interactive courses, trading eBooks, trading video tutorials, and live webinars. This creates a place where anybody willing to allocate the time can learn how the markets function and how to properly find trading opportunities live.
At the same time, the eXcentral customer care service is benefiting from good feedback, given the company stands by 24/7 via a dedicated team of representatives. The live chat feature is the fastest alternative, but email and phone don’t fall far behind.
eXcentral Funding Methods
Affordability is the keyword describing the trading offer made available by eXcentral since the minimum initial deposit required is 250 USD/EUR/GBP. When it comes to the funding methods supported, the brand accepts payments via credit card, wire transfer, or popular e-wallets like Skrill and Neteller.
For withdrawals, there are several requirements that need to be met, all transparently shared on the broker’s website. Traders will need to verify their account by submitting several identification documents.
Pros and Cons
- Asset diversification features
- Affordability in terms of deposit required
- Professional customer care via multiple channels
- eXcentral EU is only for customers in the EEA
- Crypto payments not accepted
- MetaTrader 5 not available
The Bottom Line
eXcentral is a trusted brand offering a very competitive and updated trading offer, at a time when there is increased interest in CFDs and short-term market opportunities. Via two branches, this broker addresses people all around the world wanting to be part of the fascinating financial markets. The trading instruments now available, combined with all the resources associated with each account type, make trading via eXcentral an optimal and enriching activity. Since it is regulated across multiple jurisdictions, there are no questions about its reliability.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.15% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
By S N Chatterjee
Copyright 2021 © S N Chatterjee - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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