TradeCentrum is a trading company owned by Goldenburg Group Limited. It is based out of the infamous region Cyrus. It is predictable that the company is governed by the regional regulating authority only and does not have any regulation from reputed organizations like the UK Financial Conduct Authority (FCA).
Cyrus is an island country falling in the Eastern region of the Mediterranean. It is also known as the Republic of Cyprus. The far-flung island areas are the consummate location for the offshore broker companies. In the swamp of brokers, it is difficult to judge the regulation abiding brokers and hence the same is utilized by the scam companies for the exploitation of the traders.
A regulation from the local authority is only genuine, if the company has proof for the regular audits, their fund’s transparency with the authority and most importantly going by the set guidelines of the regulatory body. To avoid the reputation of being dupes, in this TradeCentrum review, I advise the traders to establish the originality of the regulating body and the company’s adherence to the rules and regulations.
Fined by CySEC for Not Adhering to Compliances
Goldenburg Group claims itself to be Cyprus Investment Firm (CIF). It is supervised by the Cyprus Securities and Exchange Commission (CySEC). In the year 2019, the CySEC has imposed a fine of whopping 170,000 Euros. It is a compiled up of not abiding 4-5 basic regulations of the authority. The highest of 80,000 Euros is for the misleading of clients using fake promotional activities. A chunk of 50,000 Euros is due to non-maintenance of the records of the services provided to the customers. It also includes the absence of records of the transactions. The left amount of 40,000 Euros is related to the extension of company services to various areas which are not under the jurisdiction and the recruitment of agents as well.
A red flag by regulation authority hints at the malpractices and the non-adherence to the guidelines issued to the company. The same can be viewed at www.cysec.gov.cy/en-GB/public-info/decisions/83377/?uuid=03052019075204
Incomplete Terms of Business
Looking at the Terms of business of the group, it has mentioned that the customers will have to bear the change in taxes and it will take place anonymously without any prior notice or option for continuation/discontinuation of services or not.
The terms of business have failed to provide the details about the depositing and withdrawing of funds. The third-party withdrawal fees are not specified in the agreement. Also, there is no information about the various charges for various modes of payment.
Single Trading Account
There is no choice in live trading accounts. The company provides a standard trading account with a minimum initial deposit of $100. The spreads are fixed at 3 pips and the leverage ratio is 1:200. Ideally, the leverage must not go beyond 1:50 as fixed by many US regulatory authorities. Also, there are standard trade sizes available. Besides, the company provides a demo account with a validity of 30 days only.
It is out of the question to furnish a dilettante trader and an accomplished trader to work on the same services. A professional trader must be given services to compete using his skill set while an amateur must be given the basic facilities with due trading training to enhance his skills.
Professed Trading Platform
TradeCentrum does not go beyond the widely recognized Meta Trader 5. Developed by MetaQuotes Software Corporation, MT5 supports all types of assets including forex, commodities, futures, etc. Thus, it is rightly categorized as a multi-asset platform. It can be used for both mobile and desktop trading. With its unmatchable services like the hub of trading robots, the databases of strategy developers, the option of copy trading, etc. it stands tall as the sole sovereign of the brokerage trading platforms.
Limited Payments Methods
If a broker claims its operational presence around the globe, it must take care of the vivid payment interests of its customers. TradeCentrum disappoints us with only three methods for depositing money into trading accounts.
The company accepts funds through bank transfer, Visa credit cards, and Dotpay only. There is no facility for E-wallets like Neteller, Skrill, etc. The absence of Skrill is justified under the newly adopted ‘Anti-Scam Policy” of the payment giant. The Skrill has banned its services to all of the offshore brokers who are not adopting fair practices in the regularization of funds of its customers. So the traders are now left with only 3 methods to deposit the money.
Furthermore, the deposit through credit card cannot exceed $10,000 and must not be less than $100. While deposits through bank transfers cannot be lesser than $250 and through Dotpay cannot be lesser than $100. No information is provided about the number of deposits allowed and charges associated with the same. TradeCentrum has thus; saddened the traders not only with limited deposit methods but also with the additional terms and conditions associated with these limited methods.
There is a single option of funds withdrawal that is bank transfer. In addition to this, the company has cleared that the third party charges related to the withdrawal of money is to be borne by the customers only and the company will deduct the same form the party’s behalf. This is a sheer case of exploitation due to the limited sources provided by the company. The customers are thus left with no other choice but to pay all of the extra charges, all credit goes to the single method withdrawal policy of the TradeCentrum.
The withdrawal and deposit time is not clarified by the company. It is found to be 4-5 business days which is quite a long process. All this expresses the company’s avaricious approach and risk in funds safety. The regulated contenders, on the other hand, provide at least 5-6 modes of deposit and withdrawal both to the customers to observe rapidity and ensure the safety of the funds of its customers.
TradeCentrum does not offer any “non-deposit funds” better known as a bonus amount to its customers. A bonus amount is offered as a motivating methodology of the company to promote the traders to invest more. It is usually between 25-40% of the deposit amount. The traders can invest with this amount without risking their money.
Imprecise Communication with Customers
Customer support: TradeCentrum has given Slovakia based phone numbers for customer support. It has also provided email-id over which the response is very sluggish. It is more of an inquiry form, filling that, you have to wait for at least 4-5 days to get a response from the company’s side.
Monotonous website: The website of the company is tradecentrum.com/. Goldenburg Group has kept the same old and shady website graphics for all of its trading business. Even the icons are kept in the same place. It gives a monotonous look to the website.
The Goldenburg group has kept the same format of the website for all of its trading interests. It gives a déjà-vu to the visitors that they have seen something like this before even but only thing is that it proves to be true every time.
Lethargic Social media accounts: Social media accounts of TradeCentrum are not updated regularly. There is a gap of 15-20 days in between any 2 consecutive posts. Also, there are very less number of followers on Facebook account while the Instagram account of the company looks to be created recently and is not maintained regularly.
The quality of the posts is below average. The posts over social media are less informative but more promotional. TradeCentrum had failed to access the potential of the online branding of the company. A photo with a company logo is all what the company is doing at its end for maintaining the social media account and that is also not done daily.
TradeCentrum has received a 1 point rating on 5 point rating score. The deficiency of alternative trading accounts, feeble customer support, and confined payment methods are the main business issues. It has already been issued a red flag due to the disobedience of the standard operating procedures of brokerage.