Navigating the financial and investment world can often be difficult due to the increasing number and amount of fraudulent practices. The main point that every novice and advanced investor should navigate is to check the license of the company you are interested in investing in. If the platform does not have a valid license, it can mean a potential loss of financial assets for you. Today, we’re going to look specifically at FXCentrum, a company operating since 2021 with headquarters in: Office 5B, HIS Building, Providence Mahé, Seychelles.
About FXCentrum:
FXCentrum provides clients with trading instruments such as Forex, commodities, equities and ETFs. FXCentre provides trading services through the platform MetaTrader 5. The firm can be contacted via tel: (+248) 263-0501, email: support@fxcentrum.com or via the contact form. The website evokes a trustworthy view of the company and is available in up to 17 language modules.
FXCentrum license:
FXCentrum is licensed under number SD055 by the regulatory authority in Seychelles – FSA. This is an offshore regulation that often does not provide sufficient protection to clients as would be the case with a license from the CNB, which has the power to protect clients of domestic firms. At the same time, there can be high fees involved. When looking at reviews of the company, it is possible to find many positive ratings. Yet, negative feedbacks were found regarding the inability to withdraw funds to the account.
Conclusion and recommendations:
In conclusion, this is not a scam, but “only” a risky company, due to the license from Seychelles. The company does not provide services to a large number of countries (a list can be found in the contact tab of the website here: https://fxcentrum.com/contact/). Therefore, we recommend to Czech investors rather the Porto platform, which is regulated and transparent in its activities. We recommend to further educate yourself and find out the necessary information about the selected companies.
The following links can be used for this purpose:
ESMA: https://www.esma.europa.eu/investor-corner/is-the-firm-regulated;
CNB: https://jerrs.cnb.cz/apljerrsdad/JERRS.WEB07.INTRO_PAGE?p_lang=cz.
