The United Kingdom’s Financial Conduct Authority has issued a warning against Century Trades in October 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Century Trades. This platform claims to offer a variety of trading instruments, such as forex, stocks, commodities, indices, and cryptocurrencies. But is Century Trades a scam or a legit broker? In this review, we will examine the features, pros, and cons of Century Trades and help you decide if it is worth your time and money.
What is Century Trades?
Century Trades is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. The broker is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, which is not a very reputable or strict regulator. Century Trades offers four types of accounts: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the maximum leverage is 1:200. The broker also provides a demo account for practice trading.
What are the features of Century Trades?
Century Trades offers a web-based trading platform that is accessible from any device and browser. The platform has a simple and user-friendly interface that allows traders to execute trades quickly and easily. The platform also has various tools and indicators for technical analysis, as well as a news feed and an economic calendar for fundamental analysis. Century Trades also offers a mobile app for Android and iOS devices, which enables traders to trade on the go.
Century Trades claims to offer a wide range of trading instruments, including over 50 currency pairs, hundreds of stocks, dozens of commodities, several indices, and more than 20 cryptocurrencies. The broker also offers CFDs (contracts for difference) on these assets, which allow traders to speculate on the price movements without owning the underlying asset. However, CFDs are risky and complex instruments that can result in losses exceeding the initial investment.
Century Trades also offers various educational resources for traders of all levels, such as webinars, videos, e-books, articles, and tutorials. The broker also provides customer support via phone, email, and live chat 24/5.
What are the pros and cons of Century Trades?
- A wide range of trading instruments
- A user-friendly web-based platform
- A mobile app for Android and iOS devices
- Various educational resources
- Customer support 24/5
- A low-regulated broker
- High spreads and commissions
- No MetaTrader 4 or 5 platforms
- No US clients accepted
- No Islamic accounts available
Is Century Trades a scam or a legit broker?
Based on our research, we cannot recommend Century Trades as a reliable and trustworthy broker. The broker is regulated by a weak authority that does not provide adequate protection for traders’ funds and personal information. The broker also charges high spreads and commissions that can reduce the profitability of trading. Moreover, the broker does not offer the popular MetaTrader 4 or 5 platforms that are preferred by many traders for their advanced features and functionality. Finally, the broker does not accept US clients or offer Islamic accounts for Muslim traders.
Therefore, we advise you to avoid Century Trades and look for a more reputable and regulated broker that can offer you better trading conditions and security.
What to Do If You’ve Lost Money with Century Trades?
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