Independent Review - EXcentral
We checked out eXcentral, a brand that was launched in 2019, but is part of an experienced trading group, and found their offerings and terms to be quite good. They have over 160 CFDs on offer, plus forex and cryptocurrencies. Sure there are brokers with a wider offering, but looking through the eXcentral assets showed us there’s enough there for nearly any trader.
The brand is owned and operated by Mount Nico Corp Ltd., a Cyprus-based financial services company. Traders all across the European Union and European Economic Area (EEA) are able to benefit from the availability of this broker. It’s a strong contender, with a good reputation in the trading community, and the benefit of regulation by the Cyprus Securities and Exchange Commission (CySEC).
As you’ll see from the following review, when taken all together the broker provides a trustworthy and reliable platform for traders of all experience levels.
Traders based in the EU and EEA, including those in Switzerland, will appreciate having eXcentral as a broker option for trading forex and CFDs. You’ll quickly see once you land on their website that the broker has pretty much all the popular assets most traders are looking for. That includes forex, stocks, indices, commodities, and cryptocurrencies.
The broker also goes somewhat over and above in offering two trading platforms. They have a proprietary platform for web and mobile, but they also offer the popular MetaTrader 4 platform in its desktop and mobile versions.
Added to that is a selection of four account levels, ranging from the Classic account best suited for beginning traders, all the way up to the VIP account that provides the best trading conditions and services. All these accounts adhere to European MiFID and ESMA regulations in terms of leverage and negative balance protections.
Funding is also easy, with clients able to choose between all the usual means such as credit/debit cards, bank wires, and the popular online wallets like Neteller and Skrill. There’s a $250 minimum deposit to get started, and a demo account to test the platform first.
Rounding things out is an extensive selection of educational materials, webinars, and market analysis.
The parent company of Mount Nico Corp Ltd., is located in Cyprus, and eXcentral is fully licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). It holds license number 226/14.
Being domiciled in Cyprus and falling under CySEC regulations also means the broker follows all MiFID and ESMA regulations, and they are able to offer their services to residents all across the European Union and European Economic Area.
eXcentral clearly lists their business address and phone number on their website, and this transparency is very welcome. Also welcome to traders are all the protections that come with CySEC regulation. These include Negative balance Protection and inclusion in the Investor Compensation Fund. In addition, client funds are all held in segregated accounts and the broker must hold €730,000 in external accounts to ensure there is always sufficient operating capital.
eXcentral offers its clients a choice of four account tiers: Classic, Silver, Gold, and VIP. The minimum deposit for trading is $250 and anyone can take advantage of the free demo accounts that are offered by the broker.
The accounts do not feature huge differences. The most notable is the tighter spreads enjoyed at the gold and VIP levels. In addition, any client in the silver level and above can access weekly webinars. At the Gold and VIP levels there are additional advanced trading strategy webinars, access to a senior account manager, and Trading Central analysis tools and SMS signals.
We are not sure all these account levels are necessary, especially since the broker website does not specify that larger deposits are needed for the higher account tiers. In essence this means everyone should opt for the VIP level to get access to all the features.
There are over 160 CFDs on offer at eXcentral, including 50 forex pairs and 5 cryptocurrency pairs. Traders can also take advantage of more than 75 individual company shares and a dozen global indices, as well as a selection of nearly 20 commodities. We were pretty impressed to see that the commodity offerings were expanded beyond gold, silver, and crude oil to include agricultural commodities such as corn, wheat, cocoa, and coffee.
eXcentral is generous in offering their clients a choice between two different platforms, which we found refreshing with so many brokers out there only offering a single platform these days.
In the case of eXcentral clients can choose between the highly popular MetaTrader 4 platform, which is excellent for forex trading, or a proprietary platform developed in-house. In either case we think traders will be pleased as both platforms are very powerful, and both also some with plugins that allow for SMS signal services and custom indicators from Trading Central.
The MT4 platform is available as a downloaded desktop platform or as a mobile platform, and the proprietary platform is available as a WebTrader or as a mobile platform.
Banking follows the usual European broker conventions, with deposits and withdrawals available via credit/debit cards, bank transfers, and services like Skrill and Neteller. There is a minimum deposit of $250 and there are no broker fees associated with deposits or withdrawals, although the payment services could charge their own fees.
The broker does require a minimum withdrawal of $35 for cards and $100 for bank transfers, but there are no minimums for ewallets.
The only thing that might be added to the payment methods at this point is cryptocurrency deposits and withdrawals.
Customer service is provided through several contact methods 24/5 throughout the business week. There is an online chat option, or clients can use a webform or email for online contact. In addition, there is a support phone number that can be called, or a callback service lets the client contact support and specify a time for support to call them back, thus avoiding long-distance phone charges.
Most of the account tiers also have a dedicated account manager, so for most traders this will be the primary contact for any questions or issues.
Unlike many other brokers the FAQ section on the eXcentral website is quite sparse, which may simply be a reflection that the broker prefers clients to contact them directly rather than forcing them to find their own answers online.
Phone: +357 24024022
Webform: Contact Us Form
Everyone will appreciate that eXcentral is regulated, and that they have a solid reputation. The protections offered by regulation are undeniable.
Besides that, the broker offers good trading terms, loads of education and analysis, two different trading platforms, and a nice selection of assets.
In our eyes eXcentral is a solid broker worth anyone’s consideration. Whether you are a new trader looking for your first broker, or an experienced professional trying out the 20th broker, you should be pleased with the service offered by eXcentral.