The selection of a broker is one of the most important decisions that a trader has to take during their journey. There is no denying that your success will heavily depend on your skills, experience and knowledge, but none of these will be able to help you if you don’t have the right broker to use. Your expertise and trading skills cannot save you from getting scammed. After you have invested your money with a broker, getting it back is nearly impossible if it is a scam because they plan things out. They will close all possible doors and leave you empty-handed. This is where Centogx review can help you make the right decision.
How? This is because you can use the review for making the best decision for yourself and stay safe from a scam. It is important to remember that you need to go beyond the surface when you are looking for a brokerage. Hence, you have to dig deep because scammers deliberately offer you a sophisticated front to trick you and make claims that later turn out to be false. It is exactly what you will discover in the case of Centogx, which is a forex broker that you will come across during your search for a trading solution.
The fact that this brokerage has a sleek website often causes confusion because it is very easy to fall for their claims. It claims to provide a safe and profitable trading environment, but a close look at the company will reveal a truth that’s radically different. The problem is that people are unable to resist some of their features and offerings and this causes them to fall into Centogx trap. What are these? Let’s take a look at some of these features:
The fact that you can open a trading account on Centogx with just a minimum deposit of $250 often brings people in. After all, this is what plenty of other authentic brokers also ask for so it doesn’t seem too excessive. Plus, you expect a scam broker to ask for a higher minimum deposit because their goal is to scam you. However, it is important to understand that this is yet another trick by the brokerage. They deliberately set a low deposit requirement to be able to attract customers to their platform.
Anyone who has done any research into trading has heard about the MetaTrader5 (MT5) trading platform. After all, it is considered the best one in the market and is recommended by all skilled and professional traders because of its powerful technology and advanced features and tools. Therefore, when you find that Centogx offers you the MT5 trading platform for trading, it can be difficult to resist signing up with them.
You would expect only a legitimate brokerage to offer the best trading platform in the market and scammers wouldn’t obviously do so. Unfortunately, this is just one more ruse as when you sign up with Centogx, you don’t find the MT5 available at all. Instead, they are offering some web based platform that’s not even branded, so you don’t even know what platform you will be using.
Other than these red flags, there are some other notable problems that you will find with Centogx that are enough to run in the opposite direction. Check them out below:
If you check out the Centogx website, you will find that the broker is claiming to operate from the United Kingdom. It has given an office address that puts it in the UK, which means that in order to provide its services, the broker should have a license from the regulatory body in the country, which is the Financial Conduct Authority (FCA) in this case.
A brokerage that’s licensed by the FCA would undoubtedly be trustworthy because they are required to fulfill numerous requirements before they are authorized. In addition, they also have to follow a number of rules and regulations and they have to offer transparent and competitive services. The measures implemented by the FCA create a strong regulatory environment, which every savvy trader would want.
The problem is that while Centogx has claimed to have an office in the UK, it doesn’t have an FCA license. This means that if it is operating from the country, it is doing so illegally. Furthermore, you will discover that the broker has broken three of FCA’s rules; firstly, it is offering crypto derivatives that are banned by the FCA. Secondly, it is offering bonuses to clients, which is also not permitted and lastly, it is offering leverage that’s higher than what the FCA permits.
Terms & Conditions
As mentioned above, one of the rules of the FCA that Centogx has broken is offering trading bonuses to clients. The reason his was banned by the regulator was because these bonuses often have predatory clauses that result in traders’ exploitation. Before the ban, brokers use to set conditions and requirements associated with these bonuses that resulted in problems for traders.
You will find the same issues with Centogx bonus offerings if you go through their Terms & Conditions. It issues bonuses, but doesn’t permit its clients to withdraw them. The problem is that how will you distinguish between your own funds and the bonus? Since there is no way of doing so, your money will be trapped with Centogx and you will not be able to withdraw it.
A look at the payment methods provided by Centogx will show that you can either make wire transfers, or you can use Bitcoins for deposits and withdrawals. Both of these methods don’t give you the option of chargeback, which makes them very risky because you will not be able to recover your money when you are scammed.
At the end of the day, you should remember not to fall for all the claims that Centogx has made on their website. It may look sleek and professional, but there are holes in their story that you cannot deny.