Centrum foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://secure.centrummarkets.com/register, about the company's legal and temporary regulatory information, the company's address ENTRUM CAPITAL LTD Suite 602, 6th Floor, Hennessy Tower, Pope Hennessy Street, 11328, Port Louis, Mauritius.
Centrum Forex Broker
Basic Information
Mauritius
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskRating Index
Pros
Innovative 3-in-1 account that combines banking, demat, and trading services for convenience.
Strong customer support with quick response times, enhancing user experience.
Comprehensive financial planning and analysis tools available for investors.
Cons
Lack of proper regulation, which may raise concerns for potential investors.
Not offering popular trading platforms like MT4 or MT5, limiting options for experienced traders.
No bonuses or incentives provided, which could deter some clients looking for additional value.
Centrum Forex Broker - Complete Information Guide
1. Broker Overview
Centrum Broker, officially known as Centrum Capital Ltd., was established in 1977. The company is headquartered in Mumbai, India, specifically at Centrum House, CST Road, Vidya Nagari Marg, Kalina, Santa Cruz (E), Mumbai 400098. Centrum Capital Ltd. operates as a public limited company and is listed on the Bombay Stock Exchange (BSE) under the ticker symbol 501150.
Over the years, Centrum has developed a robust reputation in the financial services sector, catering primarily to retail and institutional clients. The company's journey began with a focus on investment banking and has since expanded to encompass a wide range of financial services, including equity broking, portfolio management, and mutual funds. Important milestones in its development include the launch of innovative financial products and services aimed at simplifying investment processes for its clients.
Centrum operates under the umbrella of the Centrum Group, which includes various financial services entities. The business model of Centrum is primarily centered around retail forex trading, providing clients with access to various financial instruments including forex, commodities, and indices.
2. Regulatory and Compliance Information
Centrum Capital Ltd. operates in a regulatory environment governed by several financial authorities. However, it is important to note that Centrum Broker has been identified as an unregulated entity in the forex and CFD trading space. The company does not hold a license from major regulatory bodies such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Board of India (SEBI).
Due to its unregulated status, Centrum Broker does not provide the same level of investor protections that regulated brokers do. This includes the absence of a client compensation scheme, which could protect investors in the event of insolvency. The company does not have a clear policy regarding the segregation of client funds, which raises concerns about the safety of deposits.
In terms of compliance, Centrum claims to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. However, specific details regarding these compliance measures are not publicly available.
3. Trading Products and Services
Centrum Broker offers a variety of trading products and services to its clients, primarily focusing on forex trading. The broker provides access to a broad range of currency pairs, including major, minor, and exotic pairs. In addition to forex, Centrum also offers Contracts for Difference (CFDs) on various asset classes such as:
- Indices: Access to major global indices.
- Commodities: Trading in oil, gold, and other commodities.
- Stocks: A selection of shares from prominent companies.
- Cryptocurrencies: Limited offerings in popular cryptocurrencies.
The platform frequently updates its product offerings, although specific details on the frequency and nature of these updates are not clearly outlined. Centrum Broker also provides retail trading services, catering to both novice and experienced traders, while institutional clients can access tailored services designed to meet their specific trading needs.
4. Trading Platforms and Technology
Centrum Broker does not support MetaTrader 4 or MetaTrader 5, which are the most popular trading platforms in the forex industry. Instead, it utilizes its own proprietary web-based trading platform. This platform includes standard trading features such as:
- Charting tools
- Technical indicators
- Order types including market and limit orders
For mobile trading, Centrum Broker offers an application compatible with both iOS and Android devices, allowing traders to manage their accounts on the go. The execution model employed by Centrum is primarily Market Making, which means that the broker acts as the counterparty to its clients' trades.
Centrum's technical infrastructure is based in India, and while specific server locations are not disclosed, the broker claims to provide a stable and efficient trading experience. There is no mention of support for API access or automated trading solutions.
5. Account Types and Trading Conditions
Centrum Broker offers several types of trading accounts to cater to different client needs. The standard account conditions typically include:
- Minimum Deposit: Varies by account type.
- Spread: Competitive spreads, though specifics are not disclosed.
- Commission: Details on commission fees are not readily available.
For advanced traders, Centrum may offer VIP or professional accounts, which come with additional benefits, though specifics are not outlined in the available information. The broker also provides Islamic accounts for clients who require them, ensuring compliance with Sharia law.
The leverage offered by Centrum Broker varies by product, with a maximum leverage ratio that can reach up to 1:1000. The minimum trade size is typically 0.01 lots, and the broker's policy on overnight fees is not explicitly stated.
6. Fund Management
Centrum Broker supports various deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- E-wallets
The minimum deposit requirements vary by account type, with details not specifically provided. Deposit processing times are generally quick, although exact durations are not mentioned. There are no stated fees for deposits, making it relatively cost-effective to fund accounts.
For withdrawals, Centrum Broker offers similar methods as deposits, but specific limitations and processing times are not clearly outlined. The fee structure for withdrawals is vague, with references to potential "reasonable charges" without clear definitions.
7. Customer Support and Educational Resources
Centrum Broker provides customer support through multiple channels, including:
- Phone
- Live Chat
- Social Media
The support team is available during standard business hours, though specific time zone coverage is not detailed. The broker offers multi-language support, which helps cater to a diverse clientele.
In terms of educational resources, Centrum provides various materials such as webinars, tutorials, and e-books. Market analysis services are available, including daily analysis and research reports, which can aid traders in making informed decisions. Additionally, the broker offers trading tools like calculators and economic calendars to enhance the trading experience.
8. Regional Coverage and Restrictions
Centrum Broker primarily serves clients in India and other regions, though specific details on regional offices are not clearly outlined. However, it is important to note that Centrum Broker does not accept clients from certain countries due to regulatory restrictions, although the exact list of restricted countries is not provided.
In summary, while Centrum Broker presents a wide array of services and trading options, potential clients should be cautious due to its unregulated status and the associated risks. The information provided is crucial for traders considering their options in the forex market.