Centiger Limited Review
With the number of scam broker stories increasing with each passing day, people have been forced to ask this question about every brokerage they come across; is it legitimate or a scam? You will find yourself doing the same when you are exploring the numerous options at your disposal because no one wants to become a scam victim and lose their hard-earned money. When you decide to trade in the financial markets, it is with the sole purpose of making profits and that can only happen with the right broker. Hence, checking out this Centiger Limited review is a must in order to make up your mind about this platform.
Your search for a brokerage for online trading will bring you to Centiger Limited that offers you trading in forex, commodities, indices as well as stocks on the MT5 trading platform, along with some high leverage levels. Indeed, such offerings can often draw the attention of traders and convince them into opening a trading account with such a platform. It is a common practice of scam brokers and people end up learning a lesson the hard way. You definitely want to avoid such a scenario and this means taking a look at Centiger Limited’s offerings.
It is a good thing you decide to do so because the following review will reveal the truth about the company. What is it? Take a look:
Licensing and regulation
If there is one way for you to establish the credibility and authenticity of a brokerage, it is through their licensing and regulatory status. A company that is licensed and regulated by a renowned authority can be trusted because they comply with strict rules and policies. Therefore, the fact that Centiger Limited has made some very lofty claims when it comes to licensing and regulation can often reassure people. It states that the platform is overseen by regulatory authorities in Australia, Hong Kong and Saint Vincent and the Grenadines.
Multiple licenses and regulation is bound to impress, but it shouldn’t because Centiger Limited is lying about all of it. First off, you should note that there is no contact information available on their website; you will not find an email address, a contact number or a physical address. This is alarming because such anonymity is common in scam companies that are not regulated.
Despite being anonymous, you will find that Centiger Limited claims to be licensed by the Australian Securities and Investment Commission (ASIC), the Financial Services Authority (FSA) in Saint Vincent and the Grenadines and the Financial Transactions and Reports Analysis Centre (FINTRAC) in Hong Kong. There are a lot of problems with these claims. To begin with FINTRAC is actually a Canadian financial intelligence agency and has nothing to do with Hong Kong. Plus, it doesn’t have any connection to the forex market at all.
Secondly, Saint Vincent and the Grenadines is an offshore destination, so any regulation there is worthless because the authorities do not oversee brokerages. As far as ASIC regulation is concerned, you can check their registers and you will not find Centiger Limited mentioned anywhere. In other words, the broker is lying about its licensing and regulatory status, which only proves that it is a scam.
Online brokers are known for offering leverage to their clients because it can help them during trading. But, leverage is not without its risks, due to which regulatory authorities have imposed limits on the amount of leverage that can be offered. Thus, the leverage available at Centiger Limited is further confirmation that it is not a regulated platform. They are offering their clients leverage as high as 1:400 and this is not permitted in most regulated jurisdictions, including Australia, where the brokerage claims to be regulated. This further confirms that the broker is not who it claims to be.
Asking for a minimum deposit is a common practice of most brokers, so the fact that Centiger Limited also asks you the same is not that surprising. However, it is important to note that the amount of minimum deposit is certainly relevant because you will find that they are asking for a very high amount. Many brokerages now permit their clients to open micro accounts for as low as $10.
Nonetheless, the standard minimum deposit requirement is usually between $200 and $250. The problem is that Centiger Limited is asking for a whopping $1,000 as minimum deposit, which is more than four to five times of what is regarded as standard. This undoubtedly makes it a red flag.
It is a must to know what payment methods are available at a broker because you want to be able to make your payments safely, quickly and conveniently. You will encounter problems with Centiger Limited in this regard as well. A look at their website will show that they are advertising various methods, including debit/credit cards, bank wire transfers, Poli, Skrill and cryptocurrencies.
The fact that credit and debit cards are supported is reassuring because this method is eligible for a chargeback, which means that you will be able to get your funds back in case there is any issue. The trouble is you find out soon enough that Centiger Limited is only misleading you; the only payment method they accept on their platform is cryptocurrency.
This method is preferred by scam brokers because cryptocurrencies like Bitcoin are known for their anonymity. No one will know where the money went and they will not be able to trace it. In addition, crypto transactions are also permanent, so there can be no refunds, which means your funds will be lost.
It is true that Centiger Limited does offer its clients the MT5 trading platform, which is considered the best trading solution in the market due to its powerful technology and advanced features. However, this doesn’t mean that you should ignore all the other issues highlighted above about Centiger Limited because this proves that the brokerage is a scam and not legitimate at all.