Beware! FinancialCentre.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FinancialCentre.com opens with an attractive website that is enough to tempt many a novice trader. However, the core is rotten of this broker, for reasons that are always repeating themselves. The review will speak of these. There is no doubt that we will disappoint a few of you who had though FinancialCentre.com to be the next big thing in their life. It may become the next big problem in their life if they invest. Please read the review carefully before investing, because you will regret it.
Registering an account took us less that ten seconds, after which we were given access to a user area, which felt rather simplistic, but at least it did the job well. We proceeded to a web trader where we learn that the EUR/USD spread is 8.4 pips, and no, this is completely accurate. This is no way favorable to users, But, the broker can greatly profit from such a ridiculous cost of trade. The leverage was capped at 1:100. The financial instruments are forex currency pairs, cryptocurrencies, stocks, commodities, and indices.
The official website language is English.
FINANCIALCENTRE.COM REGULATION AND SAFETY OF FUNDS
There isn’t too much to work with here, not that we expected anything different.
The contact page gives us a number of phone number from all over the world, from some developed nations where FX trading is very expansive. However, these contact address are in no way proof that the broker is regulated in either of these jurisdictions. In fact, it isn’t. It’s a common to see false contact addresses with unlicensed brokers.
FinancialCentre.com offers no other registration information, not to mention absolutely no regulatory details.
So we can safely conclude that FinancialCentre.com is anonymous, making FinancialCentre.com especially dangerous. Such brokerages are free to do as they please because it is hard to trace them down and make them accountable for their actions.
FinancialCentre.com is anonymous, UNREGULATED, a risk to all, and most probably an investment scam. All capital and ID details are at a risk here!
Investing in unregulated brokers will always lead to you losing money. It’s the scammer’s only ambition; to steal from you. Always check to see of the broker is licensed, and only then should you consider investing. Otherwise, do not waste your time!
If you are unsure where to invest, we can recommend any FCA or CySEC brokers, as well as Australian ones, and even those based in the United States. All regulators apply a ton of specific frameworks for brokers to follow, and the firms set their entire conduct policies around these numerous rules and demands. If the broker deviates in any way, be sure that the regulators will not leave it unpunished in such a way that it will most probably never do something similar ever again.
Furthermore, the FCA and CySEC have compensation schemes for users that cannot get paid back by their brokers, usually due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FINANCIALCENTRE.COM TRADING SOFTWARE
What we have here is a decent looking, but ultimately lackluster trading software. We see these kinds of web traders all of the times, and the deal is almost always the same- a pretty interface and a complete lack of any depth, much like the broker itself.
The charts are what make this web trader. We have here the most common chart tools: time frames, chart indicators, price indicators, etc. Other than that, we have stop-loss, take-profit, and there really is nothing else on offer here.
FINANCIALCENTRE.COM DEPOSIT/WITHDRAW METHODS AND FEES
There is no way to directly deposit form the user area. Clients are, instead, asked to contact the support team. This would give the broker the client phone number ,which would mean that the scammer will get a hold of a direct contact number through which to solicit the user. From the withdrawal area the only thing we learn is that the minimum withdrawal amount is €50.
According to the website users can withdrawal by means of a credit cards, a bitcoin transfer, or a wire transfer. The withdrawal process takes around 7 to 10 days. There is an alleged 1% refund fee (min. $30).
In the Withdrawal, Refund & Cancellation Policy we find a provision worthy of our attention, not to mention our concern. It stares that all deposits are final and non-refundable. A scammer broker without a doubt.
However, we find other clauses claiming the user is able to withdrawal deposited funds. In the end we were left confused and concerned, but then we remembered that FinancialCentre.com is not worth wasting our energy on and so we moved on to better things.
How does the scam work?
Scammers can be traced all the way back to online ads. Online advertisement that seems to good are usually where the scammer broker hides- luxurious lifestyles and cars, beautiful women, glistening watches and other expensive items. It’s all a part of the allure that leads to the scam.
The ads lead to either an intermediary website or directly to the broker site itself. Users will be tempted to provide a phone number and an email address, that will be used to contact the client, and asking him or her to invest an initial sum.
The job falls to so-called first wave of scammers, whose job is to hook you to the scheme and convince you to invest just once.
The initial deposit will be followed by the introduction to the “account managers” or the expert scammers. Now. it’s their job to take over and keep the user invested into the scheme for as long as possible, all the while convincing the trader to invest more and large sums of money. They might even pay you back a fraction of what they owe you, just to build confidence in the dishonest relationship they have with the client.
It’s inevitable; at some point, the user will want to withdraw all her money, out of sheer need or suspicion. This moment has been anticipated by the fraudsters. They will do everything to prevent the user from withdrawing, like withholding the request, shutting down the account, ignoring the user’s pleas, and even shutting the entire website down. It will be hard to get you money back, but not impossible.
What to do if scammed?
Credit and debit card losses can be refunded by means of a chargeback, but it’s nor guaranteed that it will work 100% of the time. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers losses can also, potentially, be refunded. We encourage the user to contact the bank they used to fund the account and see if they can find a solution together. It’s also crucial to change the bank account username and password after being defrauded.
Money lost through crypto investments is close to impossible to recuperate. Never invest in unlicensed brokers with any sort of crypto gateways!
Recovery agents is what you might see as your last hope. Yet, these are also scammers. They will lie to users, and convince them they have what it takes return all lost funds. Once the user bites, these agents will ask for a service fee that they will take and permanently cease all contact with the user.