We’ll go into CentroBanc review today. This is one of the most notorious financial swindlers we’ve encountered, switching domains and pretending to be a part of a legit Austrian bank.
Without further add-ons, we invite you to stick with us until the end. We’ll cover various regulatory warnings and other issues that arose from dealing with the scammer.
What’s more, please exclude Trendex, Weltex and Group 500 from your list of potential platforms to trade. It will save your money, nerves and time!
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FMA, CONSOB, FSMA, CNMV, MFSA|
|Broker Owner:||Sucaba Enterprise Ltd|
|Headquarters Country:||Marshall Islands|
|Trading Platforms:||MT4, WebTrader|
|Crypto Trading:||Available – BTC, XRP, ETH|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is CentroBanc a Scam Online Forex Broker?
CentroBanc is a brand of Sucaba Enterprise Ltd, a firm registered in 2018 in the Marshall Islands. This country is quite known for its loose supervision of the Forex market. While the island has a regulator, it’s not a government one. GLOFSA is an independent organization that took it upon itself to regulate trading markets.
After researching its register, however, we can conclude that CentroBanc regulation is not there. Nor is it with Tier 1 authorities such as FCA, ASIC, and BaFin.
What’s worse, the firm presents itself as a part of the Austrian Raiffeisen bank, collecting points they don’t deserve. Before paying any money to any brokerage firm, you must confirm their legitimacy. Otherwise, you won’t be able to contact the Financial Ombudsman or get reimbursed from any compensation fund.
The final proof for everything stated above is the leverage CentroBanc offers. Instead of complying with the ESMA limit of 1:30 enforced in the entire EEA zone, the broker offers up to 1:200.
Now that you know we’re dealing with a scammer let’s see what regulators have to say.
CentroBanc is a brand of Sucaba Enterprise Ltd, registered in the Marshall Islands. The firm has been banned all across Europe, including Austria, Italy, Belgium, and Spain.
Cautionary Warnings Issued By Financial Watchdogs
In August 2018, the Austrian watchdog FMA issued an official warning against the CentroBanc scam. It’s no surprise considering that the firm built a reputation on the back of an Austrian bank.
Then, in April 2019, Italian CONSOB alerted us regarding centrobancit.com. As it seems the brand created a domain specifically for Italian residents to continue the fraud. This warning was later published in Spain, Belgium, and Malta.
Where Do CentroBanc Victims Live?
According to our findings, CentroBanc victims mainly come from the following countries:
Some of the authorities have already reacted, while others are still indecisive. The aim of our review is to collect as much information as possible and urge regulators to protect victims.
CentroBanc Trading Platforms
Surprisingly, we found quite a solid choice of CentroBanc trading platforms. The company has MT4 and WebTrader on offer.
MetaTrader 4 is one of the best trading tools nowadays, with a vast number of TAs. The software serves for trading, market analytics, and supports EAs. Additionally, depending on the brokerage, you may get built-in trading signals and Authochartist. Both MT4 and MT5 have millions of downloads, and traders vote them the best trading software.
WebTrader is a simpler tool without advanced functionalities. It may be suitable for trading newbies just to get to know the market, as it may be less overwhelming. However, it’s also less safe and more susceptible to market manipulations.
CentroBanc Mobile App – Can I Download It?
Yes, MT4 has a dedicated Android, iOS, and Huawei mobile app. However, Apple recently banned it on its App Store, meaning iOS users can no longer download or update the software.
What Can You Trade With a Broker?
The company offers five categories of tradable assets. These include:
- Forex pairs – EUR/USD, GBP/ZAR, AUD/SEK
- Commodities – gold, silver, natural gas
- Indices – AU200, DAX30, CAC40
- Shares – Alibaba, Intel, Asus
- Cryptocurrencies – BTC, BCH, USDT
As we’re sure you know, banks must be transparent about each cost. When it comes to trading fees and commissions, nothing is disclosed. It’s highly suspicious, especially for a broker claiming to operate within the bank.
Can I Trade For Free With a Demo Account?
It seems that there are only Live CentroBanc account types. The company offers regular and Islamic accounts but not risk-free ones.
If you had access to a CentroBanc Demo, you’d realize that nothing they promised is actually true. Therefore, hiding all the details is in their best interest until the very end.
Since we don’t have a minimum deposit specification, broker employees can evaluate your financial situation and determine how much you can afford to lose, then approach for the said sum. Don’t fall for it. Legit firms must be transparent and often offer a risk-free Demo.
Withdrawing Profits From Your Broker Account
It’s an understatement to say that CentroBanc withdrawal terms are insane. The company demands clients who want to close their accounts and withdraw all the money to receive it in monthly installments. Further, withdrawals are only possible at the beginning of each month.
Finally, let’s not forget the management fee of 3.25% of your deposit per 6 months and a quarterly commission of 1.5% of traded volume per quarter.
Currently, the website and all its domains are shut down, meaning getting your money back may require legal aid. And we’re here to help you with it.
I Lost Money With CentroBanc Scam, What to Do?
Luckily, both Visa and Mastercard recognized Forex scams as a severe issue and extended the dispute filing deadline to up to 540 days. If you lost your money with this unscrupulous scam, let us know. Global Fraud Protection can help you require a chargeback.
Don’t wait too long. Book a free consultation today, and let’s get your money back before it’s too late!
All In All, Don’t Let the Scammers Get Away for Free!
Is CentroBanc a Legit Broker, and Should I Invest In It?
CentroBanc is not a legitimate broker. It’s an offshore scam hoaxing inexperienced investors. If you have already invested with the scammer, we may be able to assist you with a refund.
Does CentroBanc Offer a Demo Account?
No, CentroBanc doesn’t have a risk-free Demo account for its customers.
Does CentroBanc Have a Mobile Trading App?
Since the broker offers MT4, they have a dedicated mobile app as well.
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