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TradeCentrix (tradecentrix.net) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Trade Centrix scam works by getting you to believe you can become rich by trading with them.
The financial markets have always had heavy traffic, given that they offer opportunities that are very lucrative and profitable. But, it should also be noted that it has also drawn the attention of some bad characters. As online trading continues to be a strong trend, there has been a tenfold increase in the number of scam platforms that are aimed at stealing money from people. Thus, when you decide to dive into this space, you have to be extremely cautious. Going through this Trade Centrix review can be quite useful because it can help you distinguish between legitimate and scam brokers.
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Many of the online brokers that are offering their services in the financial markets can be hard to resist. They have appealing websites that advertise all the features and functionalities you are looking for. But, this is where you have to be cautious because scammers are also hiding amongst these legitimate companies. On the surface, they also seem to be just like the next broker because it is not that difficult to craft a website and making some big promises. You need to take a closer look to determine if the broker you are dealing with is legitimate, or just another scam.
Bear in mind that a false front is going to fall apart eventually when you take a closer look because they will not be able to live up to everything they claim and promise. The same is true for TradeCentrix that does a great job at convincing people that it is a dependable and legitimate brokerage that can offer you quality trading services. Headquartered in the UK, tradecentrix.net is offering good bonuses, a powerful trading platform and generous leverage that people will find appealing.
There are more than 200 trading instruments available, spread across different categories, and TradeCentrix also promises good security and support. This makes it sound like the ultimate package, but the ball starts unraveling when you take a closer look at tradecentrix.net because it is not what it claims. Take a look at the details below.
Absence of licensing
Online brokers have to get a license to provide their services and this is obtained from the regulatory body in the jurisdiction they operate in. While unregulated brokers also exist, you should take note that most of the fraudulent ones operate without a license. Therefore, it makes sense that you should give preference to licensed companies because their activities are subject to rules and regulations and they have to maintain standards and offer security and transparency to their clients.
In case of a dispute, the regulatory body can also be helpful. As far as Trade Centrix is concerned, it claims to have its headquarters in the United Kingdom. It is a well-regulated jurisdiction and its regulatory body is named the Financial Conduct Authority (FCA), which is one of the top financial authorities in the world. It has strict rules and requirements for online brokers, so its license is extremely valuable. But, you will be in for a shock when you check its online register and find that TradeCentrix is nowhere to be found.
This means that TradeCentrix is outright lying about being headquartered in the UK because it cannot be based there without a license. If it really does have an office there, then it is operating illegally. In addition, if you check out the other offerings at Trade Centrix, they will also show that it cannot operate in the UK because it is going against the regulatory framework. The bonuses and leverage it offers are not permitted by the FCA, which means you are dealing with a company that is lying. Does that sound legitimate?
Malicious bonus policy
As mentioned earlier, good trading bonuses are one of the primary offerings at TradeCentrix and many will be drawn to them. But, you should not forget that bonuses are no longer a popular practice in the financial markets. Regulatory bodies, such as the FCA, have actually prohibited them because they came with strings attached that were meant to take advantage of traders. Since they were not fair, they had to be eliminated.
Most brokers no longer offer trading bonuses, but scammers use them as an excuse for preventing withdrawals, which is exactly what TradeCentrix does. First off, it should not have trading bonuses available, given that it claims to be based in the UK where they are not permitted. Secondly, the bonus policy you will find on the tradecentrix.net is downright malicious because it dictates that you cannot withdraw your profits until you have achieved a minimum turnover, which is extremely high. It is unlikely for traders to be able to achieve such a turnover, which means Trade Centrix will keep your funds.
Demanding personal information
Another problem that you will come across at tradecentrix.net is when you check out its trading platform that it claims is quite powerful. When you try to access the said trading platform, you will not be able to do so because you are first required to provide personal information like your ID documents. While Know-Your-Customer (KYC) policies are usually implemented by brokers, they do not ask for it until much later.
No legitimate broker would ever coerce you into giving your personal information in order to access a feature, even before you begin trading as TradeCentrix does. This is yet another sign that you are not dealing with an authentic firm.
High spreads at leverage
The spreads that TradeCentrix is offering start at 2 pips, which is at least twice more than the average broker. Competitive ones, on the other hand, have even lower spreads. Moreover, the leverage ratios that tradecentrix.net is offering go as high as 1:100 and this is also evidence that it is not based in the UK. The FCA has limited leverage levels for retail traders at 1:30, so no broker should be offering more than that.
When you realize that nothing that TradeCentrix advertises is even close to the truth, you can determine that it is not legitimate and is yet another scam broker looking to steal your money.