Central Trades Group Review
Choosing the right brokerage for trading purposes can be extremely difficult because of the number of trading companies out there. The problem is that you need to be sure of the credibility of a company before deciding to commit to it because the wrong one can adversely affect your performance. Of course, this is an outcome you want to avoid because your goal is to earn maximum profits. Therefore, you need to find a platform that has a good reputation and credibility. The challenge is to figure out which brokerage is a sham and which one is genuine. You need to look for red flags in order to do so and this Central Trades Group can help you.
Even if it is a scam broker, you will discover that they have a neat and well-designed website that appears to tick all the right boxes. This gives rise to confusion because people are unsure of how to check its credibility. If you fall for its appearance, you could end up becoming trapped in a fraudulent scheme and it is not what you want. Hence, your goal should be to identify the red flags, if any, of the broker in question in order to make the best choice for your trading needs.
No, this does not mean that you have to spend days or weeks looking into a broker because despite having a great website, scams have some obvious indicators that reveal their true nature. As long as you are able to identify them, you can protect yourself from a disaster. This is also applicable in the case of Central Trades Group, which is portrayed as a fully authorized Forex and CFD trading platform. According to its website, it is a multi-asset broker that is growing quickly, is recognized by experts in the industry and is servicing clients all around the globe.
All of this makes Central Trades Group appear as the best trading package for you, but you will quickly learn that it is far from reality. There are some major red flags you will come across and these are:
Lack of license
When you go through the Central Trades Group website, you will discover that the brokerage claims to keep all of its clients’ funds in segregated accounts that are separate from the company’s own. This is exactly how regulated and licensed brokerages operate, so it should not be a surprise. The problem is that Central Trades Group is not a regulated and licensed broker, so you cannot believe anything they claim.
If they were really going to do so, why did they not get a license? Even though Central Trades Group calls itself a fully authorized platform, it does not provide any details about where it has gotten the license. Again, this is the opposite of what licensed companies usually do because they are fully transparent and also provide you with extensive licensing details like the number that you can use for verification.
No such detail is given on the Central Trades Group website and all they have mentioned is that it is owned and operated by a company called Tristan Invest LLC. Where is it based? It is located in the notorious jurisdiction of Saint Vincent and the Grenadines, which is recognized as an offshore zone. The Financial Services Authority (FSA) of the SVG does not regulate or license forex brokers, which has made it a hotspot for scammers and shady companies. This means that you cannot hold them accountable for anything and this is not the kind of broker you want to use.
It is offering trading bonuses
The fact that there are trading bonuses available at Central Trades Group can appeal to a lot of traders. After all, who does not want something for free? However, you should bear in mind that these bonuses have been banned in a number of jurisdictions by regulatory authorities and there is a reason for it. These bonuses come with malicious policies that are meant to exploit people and it prompted regulators to ban them altogether.
When you check out the Central Trades Group’s bonus policy, you will be able to understand just how malicious these policies can get. There is a minimum trading volume requirement that you have to fulfill before your withdrawal requests are approved. This is applicable when your account has been credited with a bonus. Thus, you will not be able to withdraw until you reach the minimum trading volume requirement, but it doesn’t end here.
You will also learn that Central Trades Group can change its bonus policy any time, which means that if you come close to achieving the minimum trading volume requirement, they are likely to change it, so you will not be able to make withdrawals at all.
It has excessive leverage
Another red flag that you will come across at Central Trades Group is the availability of high leverage. Again, some traders view this as a benefit because it offers them the ability of trading more than they have. However, you should bear in mind that excessive levels of leverage are also risky. Sure, there are chances of making high profits, but the chances of making high losses are equally high.
This is the reason why most regulatory authorities have imposed a cap on the amount of leverage that can be offered to traders. But, Central Trades Group has not paid heed to any restriction and is offering levels as high as 1:500.
It does not have a good trading platform
The MT4, MT5 and cTrader are some of the most renowned trading platforms in the market, but you will not find any of these available at Central Trades Group. They claim to be offering a WebTrader and some Android and iOS apps, but there is no way to check the platform beforehand, so you cannot know if it is available and what features it has.
These red flags are a clear indication that Central Trades Group is not a legitimate brokerage and should not be used for trading purposes.