Overview of eXcentral

eXcentral, founded in 2018 and based in South Africa, is a financial services company that has had its regulation revoked. The firm requires a minimum deposit of $1,000 and offers trading in Forex, commodities, and indices.

eXcentral provides various account types including Classic, VIP, and Gold, catering to different levels of traders. The company offers leverage of up to 1:30 and boasts competitive trading conditions with spreads ranging from 0.06 to 0.1 pip, without charging commissions.

Traders have access to both MT4 and MT5 platforms, popular choices for their robust features and user-friendliness. A demo account is also available for practice trading. Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.

For deposits and withdrawals, eXcentral accepts bank transfers, debit/credit cards, and third-party payments. However, the revocation of its regulation takes about its credibility and the safety of client funds.

Is eXcentral Limited Legit or a Scam？

eXcentral, operating under the licensed institution OM BRIDGE (PTY) LTD, had its regulatory status revoked by the Financial Sector Conduct Authority in South Africa.

The company, which held the license number 48296 since June 6, 2017, was categorized as a Financial Service Corporate. The revocation of its license raises significant concerns regarding its compliance with financial regulatory standards and the overall safety and legitimacy of its operations.

The licensed institution is located at UNIT 6C3, 159 Rivonia Road Sinosteel Plaza, Morningside Ext 39 Sandton, and can be contacted at the phone number 27072 216 2542. However, given the revocation of its regulatory status, caution is advised when considering any engagement with eXcentral.

The reason for the revocation and the current operational status of the company would require further investigation for anyone considering their services.

Pros and Cons

Pros:

1. Diverse Market Instruments: Offers trading in Forex, commodities, and indices, providing a range of options for traders.

2. Multiple Account Types: Availability of Classic, VIP, and Gold accounts caters to different levels of traders, offering flexibility and tailored trading experiences.

3. Competitive Spreads: Claims to offer low spreads ranging from 0.06 to 0.1 pip, which can be beneficial for cost-effective trading.

4. Access to MT4 and MT5 Platforms: Both platforms are well-regarded in the trading community for their advanced features and user-friendly interfaces.

5. Demo Account Availability: Provides a demo account, allowing new traders to practice and get acquainted with the platforms without financial risk.

Cons:

1. Regulation Revoked: The revocation of its regulatory status by the Financial Sector Conduct Authority in South Africa is a major red flag, indicating potential issues with compliance and reliability.

2. High Minimum Deposit: A minimum deposit of $1,000 might be relatively high for beginner traders or those looking to test the waters with smaller investments.

3. Uncertain Operational Status: The revocation of its license raises questions about the current operational status and the safety of client funds.

4. Limited Information on Licensed Institution: Lack of detailed information about the licensed institution OM BRIDGE (PTY) LTD, including its website and email address, hinders transparency.

5. Potential Risk to Investors: Given regulatory concerns, there is a heightened risk for anyone considering investing or trading with eXcentral.

Market Instruments

eXcentral offers trading in a range of market instruments, which include:

1. Forex: This includes a variety of currency pairs, allowing traders to speculate on the changing values of currencies against each other.

2. Commodities: These typically involve trading in natural resources such as gold, silver, oil, and agricultural products. Commodities trading can be a way to diversify a trading portfolio beyond forex and indices.

3. Indices: Trading in indices involves speculating on the price movements of index funds, which represent the aggregated performance of a selection of stocks. Indices usually reflect the performance of a particular sector or the broader market.

Account Types

Classic Trading Account:

The Classic Trading Account at eXcentral is designed for entry-level traders, offering leverage up to 1:30. It features a 2.5 spread on EUR/USD and a $0.10 spread on Crude Oil, catering to those who prefer trading in major forex pairs and commodities.

This account includes negative balance protection, which can be a safety net for traders against going into debt. Additionally, it comes with free trading education, providing resources for beginners to learn and develop their trading skills.

VIP Account:

eXcentral's VIP Account is tailored for more advanced traders, maintaining the same leverage of up to 1:30. It offers narrower spreads, with 0.9 on EUR/USD and $0.06 on Crude Oil, which can be appealing for more frequent or experienced traders.

This account enhances the trading experience with added features like educational webinars, SMS MTE trading signals for timely market insights, and weekly account overviews for a regular summary of trading performance.

The VIP Account is a step up for those seeking more in-depth market analysis and educational support.

Gold Account:

The Gold Account at eXcentral is geared towards serious, committed traders, providing leverage up to 1:30. It offers competitive spreads of 1.8 on EUR/USD and $0.08 on Crude Oil.

Alongside the benefits found in the VIP Account, the Gold Account introduces a monthly account overview for comprehensive performance tracking and the services of a dedicated senior account manager for personalized trading support.

Exclusive one-on-one sessions are a standout feature, offering bespoke guidance and strategy discussion, making this account suitable for those seeking a highly tailored trading experience.

How to Open an Account？

Opening an account with eXcentral typically involves the following four steps:

1. Account Selection:

   Begin by choosing the type of trading account that best suits your trading needs and experience level. eXcentral offers Classic, VIP, and Gold accounts, each with different features and spreads.

2. Registration Process:

   Complete the registration form on eXcentrals website. This process usually requires providing personal information such as your name, address, contact details, and possibly some financial information to assess your trading experience and risk tolerance.

3. Verification (KYC Process):

   As part of the Know Your Customer (KYC) process, submit the necessary documents for identity verification. This typically includes a government-issued ID (like a passport or drivers license), proof of residence (such as a utility bill or bank statement), and possibly additional financial documents.

4. Fund Your Account:

   Once your account is verified, deposit funds to meet the minimum deposit requirement, which is $1,000 for eXcentral. Choose a suitable deposit method from the options available, such as bank transfer, debit/credit card, or third-party payment methods.

After completing these steps, youll be able to access the trading platform (MT4 or MT5) provided by eXcentral and start trading with the chosen account type.

Leverage

eXcentral offers leverage of up to 1:30 across its trading accounts, which includes the Classic, VIP, and Gold account types. This level of leverage allows traders to control a larger position with a relatively smaller amount of capital.

For example, with a leverage of 1:30, a trader can hold a position worth up to 30 times their account balance. While this can amplify potential profits, it also significantly increases the risk of losses, especially in volatile market conditions.

Therefore, it's important for traders to use leverage cautiously and understand its implications fully. Leverage is a powerful tool in trading, but it requires a good understanding of risk management to use effectively, particularly for less experienced traders.

Spreads & Commissions

eXcentral offers trading conditions with competitive spreads and no commission fees. The specifics of their spreads and commissions are as follows:

• Spreads

eXcentral advertises spreads as low as 0.06 to 2.5 pip, which is quite tight and can be beneficial for traders looking to minimize their trading costs.

For example, the spread for EUR/USD ranges from 0.06 pip in the VIP account to 2.5 pips in the Classic account. Similarly, the spread for Crude Oil varies from $0.06 in the VIP account to $0.10 in the Classic account.

Such low spreads are particularly advantageous for high-frequency traders or those who trade large volumes.

• Commissions:

The company states that it charges no commissions on trades. This means that traders don't have to pay a separate fee for each trade they execute, which is a cost-effective feature for active traders.

While these trading conditions appear attractive, especially for those looking to keep their trading costs low, it is crucial for traders to consider the overall context of the brokerage, including its regulatory status and reliability.

Trading Platform

eXcentral offers its clients two well-regarded trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

1. MT4 Platform: MT4 is one of the most popular trading platforms in the forex and CFD trading community. It is known for its user-friendly interface, robust technical analysis tools, a wide array of charting options, and support for automated trading through Expert Advisors (EAs).

2. MT5 Platform: As the successor to MT4, the MT5 platform offers extended features and capabilities. It supports more types of trading orders and has additional timeframes for analysis. MT5 also provides access to more indicators and analytical tools, along with enhanced charting capabilities.

Both platforms offer mobile versions, allowing traders to manage their accounts and trade from anywhere. The choice between MT4 and MT5 typically depends on the trader's preference, trading style, and the specific instruments they wish to trade.

Deposit & Withdrawal

eXcentral offers various options for deposit and withdrawal, including a specific minimum deposit requirement:

1. Minimum Deposit: The minimum amount required to open an account with eXcentral is $1,000. This sets a relatively high entry barrier, especially for novice traders or those who prefer to start with a smaller capital investment.

2. Payment Methods:

1. Bank Transfer: Allows for direct transfer of funds from a trader's bank account to their trading account. This method is typically secure but may take several days to process.

2. Debit/Credit Card: Offers a quick and convenient way to deposit funds using widely accepted cards like Visa and MasterCard.

3. Third-Party Payment: Accepts deposits via various third-party payment systems, which could include digital wallets or online payment services. These methods often provide quick and easy transactions.

Customer Support

eXcentral provides customer support through multiple channels, aiming to assist clients with their queries and issues. Customers can reach out via email at inquiriesaexcentral-int.com, offering a direct line of communication for support, queries, or feedback.

Additionally, they provide phone support at +278 71 951005, which can be beneficial for immediate assistance or for discussing more complex issues. The availability of these support options suggests a commitment to maintaining accessible customer service.

Conclusion

In summary, eXcentral, based in South Africa and founded in 2018, offers Forex, commodities, and indices trading on both the MT4 and MT5 platforms, with account options including Classic, VIP, and Gold. They provide leverage up to 1:30 and competitive spreads with no commission fees.

However, a significant concern is their revoked regulatory status, which poses serious questions about the firm's credibility and the safety of client investments.

While they offer a minimum deposit of $1,000 and multiple channels for customer support, potential clients should approach with caution and thoroughly evaluate the risks due to the regulatory concerns.

FAQs

Q:What trading platforms does eXcentral offer？

A:eXcentral provides the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for trading.

Q:What is the minimum deposit required to open an account with eXcentral？

A:The minimum deposit required to open an account with eXcentral is $1,000.

Q:What types of trading accounts does eXcentral offer？

A:eXcentral offers three types of accounts: Classic, VIP, and Gold, each with different features and spreads.

Q:What leverage does eXcentral offer？

A:eXcentral offers leverage up to 1:30 across all its trading accounts.

Q:How can I deposit or withdraw funds from eXcentral？

A:Deposits and withdrawals can be made via bank transfer, debit/credit card, or third-party payment methods.

Q:How can I contact eXcentral's customer support？

A:Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.

Overview of Money Partners

Money Partners, headquartered in Japan, operates as a regulated forex and CFD broker under the Financial Services Agency (FSA). The company offers a selection of account types, including Standard, Raw ECN, MT4 ECN, and Islamic, each with specific minimum deposits and leverages. Traders can access a range of tradable assets encompassing forex, stocks, indices, commodities, and cryptocurrencies. Money Partners provides access to multiple trading platforms, including MetaTrader 4, MetaTrader 5, and its proprietary platform. They offer various deposit and withdrawal methods and extend customer support through various channels, including inquiries, chat, email, and phone. However, the company appears to exclusively conduct business in Japanese as per their website.

Regulation

The authorized status employed by Money Partners involves regulation by the Financial Services Agency (FSA) of Japan. Their license number 2028 signifies compliance with Japanese financial regulations pertaining to forex and CFD brokerage services. This regulatory authority oversees the financial activities of the company within Japan and enforces adherence to established financial laws and guidelines.

The FSA-regulated license status signifies that Money Partners operates under the supervision of the Japanese government's financial regulatory body. This type of regulation aims to maintain the financial stability and transparency of financial service providers, ensuring their compliance with legal and operational standards. Advantages associated with this regulation include increased oversight, which can contribute to investor confidence and the prevention of financial misconduct. It also aligns the brokerage with national financial regulations, providing a level of assurance to traders operating within the Japanese market.

Pros and Cons

Pros:

Regulated Brokerage: Money Partners operates as a regulated forex and CFD broker under the Financial Services Agency (FSA) of Japan, ensuring compliance with local financial regulations and enhancing trader confidence.

Multiple Account Types: The company offers various account types, including Standard, Raw ECN, MT4 ECN, and Islamic, accommodating different trading preferences and minimum deposit requirements.

Range of Tradable Assets: Money Partners provides access to a range of tradable assets, including forex, stocks, indices, commodities, and cryptocurrencies, allowing traders to diversify their portfolios.

Accessible Trading Platforms: Traders can choose from multiple trading platforms, including MetaTrader 4, MetaTrader 5, and Money Partners' proprietary platform, offering flexibility and choice.

Customer Support Options: The brokerage offers various customer support channels, such as inquiries, chat, email, and phone, ensuring accessibility for clients seeking assistance.

Cons:

Japanese-Language Only: Money Partners appears to exclusively conduct business in Japanese, potentially limiting accessibility for non-Japanese-speaking traders.

Limited Leverage for Cryptocurrencies: While the broker offers leverage for other assets, the maximum leverage for cryptocurrencies is relatively low at 1:2, potentially restricting trading opportunities for cryptocurrency enthusiasts.

Withdrawal Fees: Certain withdrawal methods incur fees, such as the ¥550 fee for withdrawing funds to a Japanese bank account via bank transfer, which could affect the cost-effectiveness of transactions.

Inactivity Fee: Money Partners imposes a ¥1,000 inactivity fee per month for accounts with no trading activity for six months or more, which may discourage occasional or inactive traders.

Monolinguistic Website/Services

Money Partners' website operates exclusively in the Japanese language, limiting access and usability for individuals who do not comprehend Japanese. The absence of multilingual support or translation options could pose a considerable barrier to international users seeking to navigate the platform effectively. This language restriction may hinder the accessibility of vital information and services, potentially deterring non-Japanese-speaking traders from utilizing Money Partners' offerings.

Market Instruments

Money Partners offers forex, stocks, indices, commodities, and cryptocurrencies for trading. Details are as follows:

Forex: Money Partners provides access to the forex market, allowing traders to engage in currency trading. This involves buying one currency while simultaneously selling another. Examples of forex products offered include major and minor currency pairs such as EUR/USD, USD/JPY, and GBP/USD.

Stocks: The brokerage offers trading in stocks, which are ownership shares of publicly-traded companies. Traders can invest in individual stocks, potentially benefiting from price fluctuations.

Indices: Money Partners enables trading on indices, which are a collection of stocks representing a particular market or sector. Traders can speculate on the performance of these indices, such as the Nikkei 225, S&P 500, or the DAX 30.

Commodities: Commodities trading allows users to speculate on the prices of raw materials like oil, gold, and agricultural products. Money Partners may offer access to various commodities.

Cryptocurrencies: Money Partners caters to cryptocurrency enthusiasts by facilitating trading in digital currencies like Bitcoin. However, the maximum leverage for cryptocurrencies is limited to 1:2, potentially affecting trading opportunities.

Here is a table comparing Money Partners to other brokers in this regard:

Account Types

Money Partners offers four account types: Standard, Raw ECN, MT4 ECN, and Islamic. Specifics are as follows:

Standard Account: The Standard Account offered by Money Partners is tailored to beginner traders with a minimum deposit requirement of ¥10,000. This account type features spreads of 1.5 pips or higher, offering favorable conditions for trading various assets.

Raw ECN Account: Money Partners' Raw ECN Account is designed for experienced traders seeking tight spreads. It necessitates a higher minimum deposit of ¥100,000 and offers spreads starting from 0 pips.

MT4 ECN Account: The MT4 ECN Account is aimed at traders who prefer the MetaTrader 4 platform and tight spreads. It requires a minimum deposit of ¥10,000 and offers spreads starting from 0 pips.

Islamic Account: Money Partners offers an Islamic Account designed for Muslim traders, providing a swap-free option. This account type shares a minimum deposit requirement of ¥10,000 and features spreads of 1.5 pips or higher.

How to open an account？

1. The first step would be to navigate to the red “Open Checking Account” button, which is located at the top right side of the screen.

2. After inputting personal information and contact information, there will be a verification of the phone number or email.

3. Last, in order to complete the accout creation process, the user is required to possess a Japanese ID, meaning that the services of Money Partners are not available to international customers.

4. Once Money Partners verifies the information, the account creation is completed.

Minimum Deposit

Money Partners offers varying minimum deposit rates across its account types to cater to different trading preferences. The Standard and MT4 ECN accounts have a minimum deposit requirement of ¥10,000, while the Raw ECN account demands a higher deposit of ¥100,000. The Islamic account also requires a ¥10,000 minimum deposit. These distinct deposit rates allow traders to choose an account type that aligns with their trading goals and financial capacity, promoting flexibility within the brokerage's offerings.

Leverage

Money Partners provides varying leverage options for different market instruments. The company offers a maximum leverage of up to 1:400 for forex trading, 1:20 for stocks, 1:100 for indices and commodities, and 1:2 for cryptocurrencies. This range of leverage ratios caters to traders with varying risk appetites and preferences, allowing for different levels of leverage depending on the asset class being traded.

The following table compares Money Partners to competing brokerages in terms of maximum leverage:

Spread

Money Partners provides spreads for its trading services that are determined by factors such as the currency pair and prevailing market conditions. In the case of the Raw ECN and MT4 ECN accounts, spreads commence at 0 pips, which can be appealing to traders looking for narrower spreads. Conversely, the Standard account offers spreads starting at 1.5 pips or higher, providing an option with wider spreads.

Deposit & Withdrawal

Money Partners offers a selection of deposit and withdrawal methods to facilitate transactions for its clients. These methods include bank transfers, credit/debit card payments, PayPal, Bitcoin, and various other e-wallet options. While the brokerage does not charge deposit fees, it is important to note that withdrawal fees may apply for certain methods, such as a ¥550 fee for withdrawing funds to a Japanese bank account via bank transfer. The availability of multiple payment options provides flexibility for clients to choose the most convenient method for their financial transactions, depending on their preferences and location.

Trading Platforms

Money Partners provides traders with access to multiple trading platforms, offering flexibility and choice. These platforms include MetaTrader 4, MetaTrader 5, and Money Partners' proprietary platform. MetaTrader 4 and MetaTrader 5 are widely recognized in the industry and favored for their comprehensive trading features and technical analysis tools. Money Partners' proprietary platform likely offers a unique trading experience.

The following table compares the trading platforms offered by Money Partners to those of other competing brokerages:

Customer Support

Money Partners offers multiple customer support options, including phone support, an inquiry form, and a chat feature, allowing clients to choose the most suitable channel for their inquiries and assistance needs.

Phone Support: Money Partners offers phone support through the number 0120-860-894, available during limited hours from Monday to Friday, 9:00 AM to 6:30 PM. This channel allows clients to make direct inquiries and receive assistance over the phone.

Inquiry Form: Clients can utilize an inquiry form on Money Partners' website to submit their queries or requests. This method provides a written channel for communication and is accessible for clients seeking assistance.

Chat Feature: Money Partners provides a chat service for clients to engage in real-time conversations with support representatives. This live chat feature is available during specified hours and offers a convenient way to receive immediate assistance.

Conclusion

Money Partners emerges as a regulated forex and CFD brokerage with a clear focus on providing financial services to a Japanese clientele. Founded over a decade ago, the company boasts a track record of compliance with the Financial Services Agency (FSA) of Japan, underscoring its commitment to adhering to stringent regulatory standards. Offering a range of trading platforms, including MetaTrader 4 and 5, as well as their proprietary platform, Money Partners caters to traders seeking various tools for their financial endeavors. Additionally, the broker extends multiple customer support options, enabling clients to access assistance through phone inquiries, inquiry forms, and live chat services during specified hours.

While their trading account options cater to a variety of trading preferences, the lack of website accessibility in languages other than Japanese and the requirement for a Japanese address during registration suggest a primary focus on serving domestic traders. This geographical limitation, coupled with potential language barriers, may deter international traders seeking their services.

FAQs

Q: What is Money Partners' main regulatory status？

A: Money Partners is regulated by the Financial Services Agency (FSA) of Japan.

Q: Can clients outside of Japan access Money Partners' services？

A: Money Partners appears to primarily serve a Japanese clientele, limiting accessibility for international traders.

Q: What are the available trading platforms at Money Partners？

A: Money Partners offers MetaTrader 4, MetaTrader 5, and its proprietary trading platform.

Q: How can clients contact Money Partners' customer support？

A: Clients can reach out through phone support, an inquiry form, or a live chat feature during specified hours.

Q: Are there deposit fees at Money Partners？

A: Money Partners does not charge deposit fees, but withdrawal fees may apply for certain methods.

Q: What are the minimum deposit rates for Money Partners' accounts？

A: Money Partners provides varying minimum deposit rates, starting at ¥10,000 for some account types and ¥100,000 for others.