eXcentral (www.eu.excentral.com) is a brand name of the company Mount Nico Corp Ltd. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 226/14. Mount Nico Corp Ltd offers services within the European Economic Area and Switzerland. There is another website excentral-int.com that belongs to the eXcentral brand and is operated by OM BRIDGE (PTY) LTD. This company is authorised and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under license number 48296. You should be careful about which company you are dealing with.
The company offers over 120 trading assets distributed in currency pairs, commodities, indices, shares and cryptocurrencies.
There are four types of accounts that differ mainly in the spreads offered. The spread for the EUR/USD pair starts at 2.5 pips in the Classic account and narrows to 0.9 pips in the VIP account. Weird, there is no minimum deposit requirement shown. This is most likely to be clarified further with the compliance department. Accounts can be funded by credit/debit card, bank wires, Skrill and Neteller. The minimum deposit is EUR250.
Customers can deal through the most used trading terminal – MetaTrader 4 (MT4). eXcentral offers the platform with 30 built-in technical indicators and ready to use custom expert advisors. In addition, the company provides its own trading platform called Web Trader. It can be run on any major browser without downloading any software. Both terminals are available as a mobile app as well.
There is plenty of educational material in the Education section of the website including interactive courses, trading eBooks, video tutorials and live webinars. In addition, there is a Trading analysis section that gives access to market summaries, daily analysis, market news, economic calendar, and trading calculators. The economic calendar is updated, but market news is out of date.
The Client Agreement document confirms that the company guarantees “Negative Balance Protection” for the client. This means that the company ensures that losses/costs of the client will never exceed the total balance held in the client’s account. The same document reveals that in addition to ordinary stop loss (not guaranteed), the company may accept the client’s offer to place an order for a guaranteed stop loss at the exact price specified by the client. Guaranteed stop loss orders are only available on certain instruments, as specified in the details tab for these instruments. All other orders are subject to slippage. We also can find out the company does not execute the client orders as a principal to principal against the client, i.e. the company is not itself the Execution Venue for the execution of the client orders. That means eXcentral acts as a pure STP (Straight Through Processing) broker, not as a market maker. It transmits each order to the liquidity providers and benefits only from the spread markups.
Overall, this is a CySEC-regulated company that offers financial instruments through the most popular terminal worldwide – MetaTrader 4. There is negative balance protection and the company acts as an agent (STP model of order execution). In addition, guaranteed stop loss orders are offered. However, not all conditions are clearly stated on the website i.e. minimum deposit amounts for each account and fees.