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Central Margins Review – Find Out What This Broker Can Offer
Table of Content
Central Margins broker did a proper job with website creation. It is smoothly designed and you expect a lot from it. However, when you dig deeper you start recognizing all the flaws that Central Margins broker has.
Central Margins presents itself as a brokerage based in Switzerland. Switzerland has very strict regulations that the FINMA regulator set. All forex trading companies should opt for their license. But before we take a look at their register another flaw came up.
Central Margins not only that it’s not registered in Switzerland, but it’s from an offshore country. They are registered as Central Margins Trading Services LLC in St. Vincent and Grenadines.
|Headquarters||Switzerland (Allegedly) / St. Vincent and Grenadines|
|Review Rating||2.3 on Trustpilot|
|Broker Type||Offshore scam broker|
|Spread||From 0.3 pips|
How Are You Protected at Central Margins? Broker Regulation
Even though Central Margins is not registered in Switzerland we checked the FINMA register. As expected, they don’t have any records of Central Margins scam brokers having a license with them. On the contrary, they issued a warning to protect potential clients from Central Margins’ investment scams.
In addition to that, SVG doesn’t provide any licensing for trading purposes. Therefore, the last hope for this broker is Tier 1 regulators. Those are important because they provide transparent trading conditions and funds protection for clients. Namely, some of those are FCA, BaFin and ASIC. But our research was without any luck there as well. None of those heard of Central Margins broker.
To point out, regulations are all about protecting clients. Some brokers like Central Margins have done everything to present themselves as trusted. But if you don’t know where to look, you will end up scammed.
Available Trading Software
As per broker advertisements, their trading platform is an award-winning next-gen platform. But there is no wondering why we didn’t get surprised when we registered. This broker as expected provides only a basic Trading View chart with standard tools. If you were expecting social or copy trading, advanced charting, and indicator options you will leave the page disappointed.
Moreover, it is a web-based trading platform that doesn’t have a designated mobile app. Many experienced traders would quit looking into this broker at this point. In this case, the trading platform is not comparable in any section to Meta Trader or cTrader. Not only that it doesn’t provide main trading tools, but it can’t be trusted.
Web-based trading platforms have access through the back end. That way brokers control what traders can see on the platform. It is easy to mislead traders to believe something that is not true.
Account Types Offered by Central Margins
Central Margins scam broker shamelessly requires insane amounts of money for the initial deposit. Without any credibility, they require traders to deposit $10.000 for account activation. Nobody with common sense would do such a thing. Unless they play on the card where they make traders believe that it’s a Swiss-based broker.
Nevertheless, these account types are:
- Bronze $10.000
- Silver $25.000
- Gold $50.000
Other key points are trading conditions. None of these accounts bring you any specific trading benefits. All features that a higher deposit brings you are regarding education and broker assistance.
On the positive side, Central Margins offers quite solid leverage up to 1:20. Which is according to ESMA rules and goes in the client’s favor. But the only goal behind this was to look legitimate. Yet, they are not.
What Market Instrument Can Be Traded?
As we mentioned they try to look like a legitimate broker. That’s why they offer all 5 major instrument classes. Starting with:
- Forex – GBP/JPY, EUR/NZD, AUD/CAD
- Commodities – natural gas, cotton, palladium
- Indices – UK100, US500, AU200
- Shares – Apple, Starbucks, Cisco
- Cryptos – XRP, ADA, DOGE
All these would be solid options if the broker is legitimate. Even though they provide quite a competitive spread starting from 0.3 pips there is something behind it.
Since broker doesn’t reveal their commissions, we can assume that it’s quite expensive to open trades with Central Margins scam broker. Moreover, they don’t disclose anywhere overnight swaps and inactivity fees.
As can be seen, all signs lead to one conclusion. This broker is not there to help you make money, but to extract as much as possible from you. Better look for a licensed broker on time!
Deposit and Withdrawal Process
The minimum deposit requirement starts at $10.000. Considering the minimum requirement of $10 with some licensed brokers these amounts are bizarre. As for funding methods they accept:
- Credit/debit cards
- Wire transfers
Since all these brokers vanish very quickly from the market, their goal is to extract as much as possible.
Unlike some licensed brokers, broker doesn’t provide access to any trusted e-payment options. From the regulation standpoint, it is good. Because all transactions with cards bank can reverse.
Many customers from Central Margins reviews have pointed out that they faced issues with withdrawals. Broker has made up multiple reasons why not to proceed with the withdrawal.
Firstly, they require additional verification documentation. Secondly, they make up additional fees and taxes that clients have to pay. All of that is nonsense because if you fulfill all requirements your account will be frozen and you can forget about money.
How Do I Get My Money Back If Central Margins Scam Me?
Luckily our fund recovery team is there to assist you with the procedure. First, share your story with us. That way other traders can see what to expect. Afterward, you can contact our team for advice on your first steps in fund recovery.
Chargeback is a very powerful option, but it’s a time-limited procedure. Don’t waste any more time and get in touch today!
FAQs About Central Margins Broker
Is My Money Safe with Central Margins?
No. Central Margins broker doesn’t offer any protection to their clients. Primarily they don’t have any licenses for trading on the forex market.
How Long Does it Take to Withdraw From Central Margins?
The company doesn’t reveal precise withdrawal policies. Based on some Central Margins reviews we can see that some traders never got their withdrawal.
What Are The Funding Methods For Central Margins?
This broker accepts only transfers made with debit/credit cards and wire transfers. To point out, the minimum to start with is $10.000.