Cent Mark FX Review
Cent Mark FX Review
Like most forex brokers, Cent Mark FX offers its clients a choice of three basic account types in order to suit the needs of traders of all levels of experience.
What is more, swap-free (Islamic) accounts are offered to those clients who are not willing to earn interest for religious reasons. This Sharia Compliant account type incurs $ 10 maintenance charge and commission of $ 3 per lot.
The Company. Security of Funds
A newly-established offshore broker, CENT MARK FX offers NDD (No Dealing Desk) trading in 60 currency pairs and CFDs on indices, stocks and commodities through its proprietary platform and the popular MetaTrader 4.
Cent Mark FX is the trading name of Cent Mark Global Limited – a St. Vincent International Business Company (IBC), providing financial services under the laws of Saint Vincent and the Grenadines (SVG).
As a registered IBC, CENT MARK FX`s activity is supposed to be supervised by the Financial Services Authority (FSA), but practically the SVG regime is one of the most liberal ones. That is why this Caribbean island is a popular jurisdiction to start forex broker business. What is more, the registration procedure is easier and less costly.
SVG-based brokers don’t face any of the strict requirements UK or US-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; IBCs are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.
To put it simply, if you choose to open an account with a SVG-based broker, your funds are far from safe. So, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based ones or Swiss brokers, where the respective financial watchdogs are always on alert.
Minimum Initial Deposit
The minimal amount required to open an account with Cent Mark FX is $20, which is a reasonably low amount, considering the lack of regulation. In comparison, another offshore broker, Belize-based ForexBrokerInc, demands $100 from its clients as a minimum.
Average Spreads & Commissions
This broker offers variable spreads, amounting to an average of 1.3 pips on EUR/USD and says that it doesn’t charge any commission. In comparison, ForexBrokerInc offers spreads as low as 1 pips on EUR/USD for its commission-free accounts.
You may look up real-time spreads of 15 leading brokers here.
The maximum leverage rates at Cent Mark FX vary, depending on the client’s account balance. This broker offers leverage up to 1:300 and on Mini account – up to 1:400, which is on the upper end of average for the forex market. As regards CFDs, leverage is up to 1:100.
In comparison OctaFX, also SVG-based, provides similar maximum leverage levels – 1:500, while Exness offers leverage as high as 1:2000. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Traders, however, should be aware of all the risks associated with trading on margin – higher leverage levels may both multiply your profits on a small deposit and lead to heavy losses, exceeding initial investments.
This broker offers two trading platforms: its proprietary SoloTrader Trading Platform and the industry’s standard MetaTrader 4 (MT4).
SoloTrader offers user-friendly interface in a highly customizable trading environment. The platform provides one-click trading, smart charting and fast execution.
In fact, we tested Cent Mark FX’s in-house platform, currently available only as desktop version, and we found it to be quite cumbersome and unsatisfactory. We would recommend you to stick to the good old MT4.
Fortunately, this broker also supports the famous MetaTrader 4, offering all a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work
Here is a list of more forex brokers offering MT4 platform.
This broker offers a no deposit welcome bonus of $5 to anyone who opens a live account with them, refers at least one friend and likes and shares their Facebook page.
In addition, clients of Cent Mark FX are entitled to monthly Interest on usable margin at an annual rate of 6 %, if they have deposited at least $ 1000.
Methods of Payment
The following payment modes are available to clients of Cent Mark FX: Credit cards (Visa, MasterCard, UnionPay), bank transfer, internal transfer and the following e-wallets: Skrill, Neteller, Perfect Money.
The offerings of Cent Mark FX appear quite decent: reasonable conditions for trading in various currency pairs and CFDs, popular MT4 available. However, this broker is not regulated and its clients’ funds are far from being secure. What is more, we found out its customer support is far from being supportive.
Cent Mark FX Review Conclusion
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