Beware! Centogx 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.
There are many companies that look the same as Centogx, and very few of these firms turned out to be legit. They share very common elements and at times it feels like one took the structure and offers of the other and simply labeled them its own. Since these firms are illegal, there is nothing in the way to prohibit such a behavior based on plagiarism. Centogx is just one clog in the huge machine that is the shady industry of unlicensed brokers. Read on to learn why that is.
To create an account takes a few seconds of your time, and just like that, we were given full access to a trading area. The user area is centered around a web trader. We have seen done only with unlicensed broker. It seems that everything is a template taken form some other shady broker, who took it form another, and so the cycle goes on.
From the trading software we learn that users can trade with forex currency pairs, stocks, indexes, commodities, and cryptocurrencies. The EUR/USD spread is 0.7 pips on average, honestly a great spread. The leverage, according to the website, is capped at 1:20, a very unlikely value for a shady FX broker.
The broker is accessed in both English and Spanish.
CENTOGX REGULATION AND SAFETY OF FUNDS
Turning to the legal side of Centogx, it a dim and empty space. Centogx is completely anonymous, even if it does assert to be registered in the UK. This UK address is neither proved nor very convincing. Hundreds of brokers have passed through our reviewing process and you won’t believe how many scammer brokers claim to be registered in the UK. Centogx is not registered in the UK, and it for sure isn’t licensed to operate there.
Other than that, there is also a mention that the broker is available only to users in applicable jurisdictions, which is to say that the broker is not really licensed. It does not say what these jurisdictions are. This type of ambiguity is commonly utilized by illicit brokers. Claims such as these are used to confuse users, and making them believe that the brokerage is officially recognized. But, in reality, things couldn’t be further from the truth.
The broker is completely UNLICNESED. As a result of this, there is nothing to guarantee the user’s legal safety. All his/her details are at a risk, and not to mention his/her funds.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
CENTOGX TRADING SOFTWARE
Here we are with yet another familiar web trader that ash bee used only by unlicensed brokerages.
However, there is a huge issue with this web terminal. It is one-part a TradingView chart. This is a third party owned graph that rarely has anything in common with the trading conditions offered by the broker. In the case of Centogx, it has no connection. It’s there to fill in the otherwise empty spaces.
Otherwise, the terminal comes with a very limited set of tools, and is essentially quite useless.
CENTOGX DEPOSIT/WITHDRAW METHODS AND FEES
The user dashboard reveals that we can deposit through a ton of shady looking crypto methods and a wire transfer. The minimum deposit is $250. Bitcoin deposits are also available. However, all investments with bitcoin or any other cryptocurrency are sure to be lost!
The withdrawal area, on the other hand, claims the minimum withdrawal amount to be $100. However, it does not say anything about the payment methods used for taking out money.
We learn noting else on withdrawals because there are no sources to gather information from. We warn our users always to be aware of fees, especially when dealing with unlicensed broker. Yet, our biggest advice is to stay away altogether from unregulated brokers!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!