Excentral Review

Review

eXcentral is a South African CFD broker owned and operated by the investment firm OM Bridge PTY. This brokerage is fairly new and claims to be “One of the friendliest online trading companies in town”. Education is cited as a key aspect of this broker’s philosophy and the eXcentral Academy is mentioned as taking new traders from “zero to hero”, while trading conditions are cited as “outstanding.” We’ve researched these claims thoroughly in the following eXcentral review.

The owner and operator of eXcentral, OM Bridge PTY was authorized on June 6th, 2017. An extensive search found no details on this investment firm besides that it is indeed authorized by the South African Financial Sector Conduct Authority (FSCA). A lack of information about the brokerage may not be ideal, but the lack of complaints about the company also indicates that there is no monkey business going on.

eXcentral Homepage

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Regulation and Security

As previously mentioned, OM Bridge PTY, the owner and operator of eXcentral, is authorized and regulated by the South African Financial Sector Conduct Authority (FSCA) under FSP license number 48296. The FSCA itself is a rather new regulator which was established on April 1st,2018, following the Financial Sector Regulation Act (FSR Act) which was signed into law on August 21st, 2017; its predecessor, the Financial Services Board (FSB), was split into the FSCA and the Prudential Authority (PA).

The FSB faced heavy criticism as it failed to prevent significant scandals and disasters in the South African pension sector. It was further accused of favoritism, harsh and bizarre interactions with financial services providers and excessive legal and administrative charges. It is fair to state that the now-dissolved FSB was a failure as a regulator, but traders and business owners remain optimistic that the newly-formed regulator will be more efficient and honest.

That being said, every trader needs to assess each regulator from their own perspective to ascertain whether they are comfortable with the regulation provided.

FSCA Regulation of OM Bridge PTY, owner and operator of eXcentral.

eXcentral regulation confirmation

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Fees

eXcentral provides a list of assets offered at the bottom of their website, but no mention is made in regards to the execution model or any other real information about their trading environment. This eXcentral review tried to piece together as much as possible with the little available information.

eXcentral is a market maker, offering CFD trading on the MT4 trading platform. Most of the revenues are therefore generated by spreads and client losses; a 0.8% commission of share trading also applies. Indicative spreads for four assets are once listed under account types and they are extremely high. The EUR/USD starts at 2.5 pips in their Classic account which is reduced to 0.9 pips in their VIP account; to put this into a better perspective, most great brokers start at 0.9 pips or below in their basic accounts.

Swap rates apply and MT4 traders can easily access them from their platform by following these steps:

1. Right-click on the desired symbol in the “Market Watch” window and select “Symbols”.

2. Select the desired currency and then click on “Properties” located on the right side.

3. Scroll down until you see “Swap Long” and “Swap Short”.

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What Can I Trade

eXcentral offers this information at the bottom of their website under “Product Specifications”. Spreads are not listed, only available assets, contract size, maximum leverage and margin requirement for 1 lot. 46 currency pairs are offered, 6 metals, 2 energies, 12 indices, and 56 shares and 3 cryptocurrencies. This constitutes a satisfactory asset selection, suitable for new traders who are starting in their first trading account.

Little information is provided regarding the trading condition, slippage, and spreads, so we couldn’t confirm any real time trading conditions.

Here is an example of available currency pairs at eXcentral:

eXcentral pair offerings and spreads

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Account Types

While eXcentral offers four account types on their website, Classic, Silver, Gold, and VIP, after taking a closer look this narrows down to just two account types. The only difference between Classic and Silver are educational webinars that are offered for free on their website. Therefore, the classification between Classic and Silver is pointless, especially since trading conditions are the same with a maximum leverage of 1:400 and a starting spread in the EUR/USD at 2.5 pips.

The Gold account offers an improved spread, 1.8 pips on the EUR/USD, with all other trading conditions the same; some other additions such as a full account overview and VIP webinars are added to give the upgrade relevance. The VIP account offers the best spreads, EUR/USD at 0.9 pips, making this the only account type we can recommend. According to representatives of eXcentral, the primary difference in the account types is in the spreads available as well as the education opportunities offered. Leverage is fixed for all account types, and negative balance probtection is available for all account types. The primary benefit of the VIP account is a weekly review from an account manager and the lowest possible spreads, starting at 0.9 pips.

eXcentral account types

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Trading Platforms

eXcentral offers two trading platforms; a proprietary platform and the well-known MetaTrader 4. The company’s proprietary platform sets it apart from many other new brokers who simply offer out-of-the-box alternatives. The eXcentral platform can be viewed in the Trade Area section on the broker’s website. Benefits of the company’s proprietary platform include provision of required margion prior to entering the trade, a more organized list of assets, and a clear list of the asset’s price highs and lows. Trades of other traders are also provided in the proprietary platform so that traders can see what other traders are doing. MT4 indicators are also available in eXcentral’s proprietary trading platform.

The MetaTrader 4 platform is a solid trading platform if modified properly and it would have been nice if this broker offers some upgrades for free as the out-of-the-box platform lacks important features. Given the significant investment which was made by third parties into the MT4 infrastructure, this can be turned into a powerful trading terminal with full support for automated trading solutions.

Discover the eXcentral MetaTrader 4 platform:

eXcentral MT4

The only image of the eXcentral Trading Foundation platform is here:

eXcentral trading foundation platform image

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Unique Features

Unfortunately, this brokerage doesn’t seem to offer many unique features, perhaps because of its youth. This isn’t necessarily a negative for traders who are looking for a no-frills broker with a straightforward MT4 execution.

Company Information

  • Broker's Name : Excentral
  • Headquarter : South Africa
  • Regulation : FSCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : 250$
  • Maximum Leverage : 1:400
  • Commissions / Spreads : both
  • Account 1 : Classic
  • Account 2 : Silver
  • Account 3 : Gold
  • Account 4 : VIP
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
  • Support Hours : 24/7
  • E-mail Support :
  • SMS Support :
  • Chat :

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Research and Education

eXcentral offers a research and education section; its chart analysis, as well as trading videos, are provided by a third-party, MTE Media which is a leader in the financial education market and provides extensive research. It is nice to see that eXcentral took a serious step in the right direction when it comes to partnering with a provider who can deliver quality services for traders at all levels.

 

Research

The research section consists of the following four categories: “Market News”, “Economic Calendar”, “Chart Analysis” and “Trading Calculators.” The Market News section is a collection of market commentary provided throughout the trading sessions; the commentary is brief, but does provide an overview of recent highlights.

eXcentral market analysis

The Economic Calendar is your basic calendar which can be found online. It lists all economic events of the day and has an indicator based on the expected impact.

eXcentral economic calendar

The chart analysis section only lists ten assets and consists of a chart taken from the MT4 trading platform with support and resistance levels as well as the expected direction.

Chart analysis display

eXcentral offers the following four trading calculators: “Deal Size Calculator”, Fibonacci Calculator”, “Pivot Calculator” and “Margin Calculator”.

 

Education

eXcentral’s education section consists of three categories, “eBook page”, “Trading Video”, and “Trading webinars”. The eBook page consists of four eBooks which are eight pages long and make for a short, comfortable read.

Educational offerings

The Trading Video section offers an extremely positive surprise by this broker, with full, comprehensive content provided by MTE Media. Six main categories are filled with a total of 46 videos which is a great feature for traders to access. Registration is required to view the videos.

Video offerings

The frequency of webinars varies month-to-month; at the time of this eXcentral review, there were four in the month.

eXcentral webinar calendar

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Customer Support

Ideally, no trader should ever require customer support unless there is an emergency. It is great to have a dedicated team in place and as we have learned so far, eXcentral claims they do. Support is offered via live chat on each page. Traders may also request a call-back, which is a great feature, or send an e-mail. Support hours are not mentioned, but normal business hours should be expected.

eXcentral customer care

The call-back function lacks a field for the phone number; traders who need assistance need to provide it in the message box. This should not present a big hassle if you are aware of the need.

Request a call feature

There is a sparse FAQ question that consists of four categories and answers three questions in each category.

FAQ section

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Bonuses and Promotions

A 50% bonus is offered to traders, but more information about it is not provided. Interested traders may want to contact customer support to obtain detailed information.

bonus offer

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Opening an Account

Account registration is conducted through an online application form, which is the industry standard. eXcentral mentions over 300 CFDs, two trading platforms and four account types on the account registration page. Our review never found the second trading platform and far less than 300 CFDs but perhaps they expect to expand in the near future.

eXcentral registration form

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Deposits and Withdrawals

eXcentral offer wire transfers, credit/debit cards, Skrill and Neteller. The minimum deposit appears to be $250 or currency equivalent. Details about processing time or fees are not provided, the only mention made is “within a reasonable time”. Withdrawals are only processed in verified accounts which is in line with AML requirements.

The deposit limits in place are from Visa and Mastercard and not implemented by eXcentral.

eXcentral banking requirements

Copies of credit cards and screenshots of Skrill/Neteller accounts are requested.

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FAQ

Where is eXcentral based?

eXcentral is headquartered in Gauteng, South Africa.

How does eXcentral make money?

eXcentral earns its money from spreads and as a counterparty from clients losses.

How can I deposit into an eXcentral account?

Traders can deposit into their eXcentral trading account through bank wires, credit/debit cards, Skirll and Neteller.

What is the minimum lot size at eXcentral?

The minimum trading size is 0.01 lots.

When does a margin call take place at eXcentral?

eXcentral initiates a margin call at a 100% equity margin level and a closeout at a 50% equity margin level.

Is eXcentral regulated?

OM Bridge PTY, the owner and operator of eXcentral, is authorized and regulated by the South African Financial Sector Conduct Authority (FSCA) under FSP license number 48296..

What is the maximum leverage offered by eXcentral?

The maximum leverage is 1:400.

How do I open an account with eXcentral?

eXcentral has an online application form which is the standard operating procedure.

Does eXcentral offer the MetaTrader Trading Platform?

Yes, eXcentral offers the MT4 trading platform.

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Summary

eXcentral is a relatively new South African broker who has been around, at least in a licensed capacity, since June 2017.

On the bright side, the trading video section is filled with 46 videos; but they are provided by a third part, though eXcentral can be credited with investing in these videos for the benefit of their traders. There are some high fees in several of the trading accounts; only the VIP account offers a mediocre environment. Asset selection is OK for new traders who get started in their first trading account.

We expect to see many of the website’s rough edges smoothed out in the coming weeks, to truly highlight the potential of this fledgling Forex broker.

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