Updated on February 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding CentroBanc due to the issues we've identified.
Is CentroBanc Scam or Legit Broker? ▲
CentroBanc has been thoroughly identified as a fraudulent entity. This broker is based offshore and lacks any form of reputable licensing from a recognized and trustworthy financial regulatory body. It is absolutely NOT SAFE to engage in trading activities with CentroBanc. We always discourage trading with offshore brokers due to the untrustworthy nature of the financial investment services they offer.
The justification is straightforward: the broker might offer what appears to be the most competitive trading conditions or environments, yet the trader is left with no assurances from official entities that oversee the Forex industry. Therefore, choosing to trade with such a firm means the trader is solely reliant on the broker's promises, which inherently carries a high level of risk.
CentroBanc is a brokerage firm that specializes in offering an array of Forex pairs and CFDs. The company falls under the ownership and operation of Sucaba Enterprise Ltd., which is based in the Marshall Islands. CentroBanc itself claims to be located in Liechtenstein and, judging from the customer support phone numbers provided in Italian, English, German, and Spanish, it seems to target EU residents without having the necessary authorization in any of these countries.
Furthermore, the Austrian FMA has recently issued a warning against Sucaba Enterprise Ltd. (CentroBanc), stating that the firm is not entitled to carry out banking transactions in Austria that require a license. They also made it clear that there is no connection between the operator of the website www.centrobanc.com and Raiffeisen Centrobank AG, which is a regulated and trustworthy entity.
Our recommendation is to only engage with brokers that hold proper licenses from reliable and respected financial authorities such as the FCA in the UK or ASIC in Australia. These authorities impose strict requirements on licensed brokers and participate in compensation schemes that offer additional security to traders' funds (for instance, the Financial Services Compensation Scheme from the FCA, ensuring up to 50,000 GBP of traders' capital). It is advisable to sign up with trustworthy brokers that provide a sufficient level of security to clients' investments.
CentroBanc Update
Our latest findings indicate that CentroBanc is no longer operational. Attempts to access the broker’s website have been unsuccessful, and there is no concrete evidence to suggest that the broker continues to operate. Due to the instability and lack of serious regulations associated with offshore-based brokers, we strongly recommend avoiding them.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
CentroBanc Review 2024
