Central Margins Review: A Deceptive Forex Broker
At first glance, Central Margins appears to be a reputable broker with a professional website that suggests a strong presence in the Forex market. However, this offshore firm is not what it seems. By falsifying its address, it aims to lure unsuspecting traders into a false sense of security. In reality, even after creating an account, the promised trading conditions turn out to be subpar. To learn more about this platform, check out our Central Margin review.
Website – https://centralmargins.com/
Address – Rue du Pré-de-la-Bichette 1, 1201 Genève, Switzerland
Warned By – Swiss Financial Market Supervisory Authority (Switzerland)
Is Central Margins an Unregulated and Fraudulent Platform?
Upon investigation, we quickly discovered that the untrustworthy broker openly shared the name and location of its owner. The alleged owner of the company is Central Margins Trading Services LLC, located in SVG. Scammers often choose SVG as their base of operations due to their lenient laws and regulations. It’s important to note, however, that SVG’s financial regulatory body does not oversee Forex trading. Additionally, Central Margins also shared a fictitious location i.e., Geneva, Switzerland.
One admirable quality of CentralMargins is its transparency regarding its status as an unauthorized entity. They are upfront about this fact, stating that “Central Margins Trading Services LLC is not required to hold any financial service license…” There is no denying that the company is unregulated and potentially dangerous.
Central Margins Trading Conditions: An Overview
The trading conditions offered by this broker leave much to be desired and raises concerns about transparency. While their spreads for the EURUSD pair are quite competitive, at under 1 pip, around 0.3-0.4 pips instead, it is unclear if they charge commissions. This lack of transparency could potentially result in unexpectedly high trading costs.
Moreover, there is no information available about the leverage offered for FX assets, which is a red flag. For crypto pairs, the broker does offer a leverage of up to 1:20, which is considered to be excessive by many in the industry.
Transactions: Depositing and Withdrawing Funds
The fraudulent brokerage site in question claims to accept credit cards and wire transfers as payment methods, but there is no mention of any associated fees. If you have already made a deposit using one of these methods, there are steps you can take to reverse the process, but we will delve into those later. Additionally, it is worth noting the exorbitantly high minimum deposit required, suggesting a shady operation at play.
Have You Been Scammed by Central Margins Broker? File a complaint here
We understand that falling victim to a scam can be a traumatic experience. If you’ve been scammed, we’re here to listen and support you. You may be feeling distressed, but we want to assure you that there is a way to recover your funds. Don’t hesitate to reach out and tell us your story.
Begin your journey by completing a brief complaint form and receiving a free consultation. Unlike other unreliable recovery companies, Fraud Brokers Community has a proven track record of reclaiming millions of dollars from dishonest traders and is dedicated to honesty and reliability.
Read about a broker who engaged in a similar scam – XTB review
More about ScamsFraudbrokers as we have experience