CySEC licensed CentroFX offers “Fixed Spread” through MT5. How is the real spread?
CentroFX is a New Forex broker founded in 2016 in Cyprus.
The broker is regulated by CySEC and offers Forex & CFDs through MT5, but not MT4.
CentroFX’s main advantage is their Fixed spread on MT5 trading platforms.
Of course, the spread cannot be lower than some floating spreads of other brokers though, CentroFX offers the fixed from 1.6 pips which is quit lower than the other Forex brokers’ with Fixed spread.
But is that the actual trading condition? Let’s see their actual spread by actually opening an account.
Real-Time Spread of CentroFX MT5
CentroFX offers only one account type, the broker mentions that the spread is fixed from 1.6 pips.
Below is the spread we have captured in November 2016, during normal trading hours with low volatility.
CentroFX displays market prices with 4 or 5 decimal points through MT5. If the market price is displayed with 6 numbers, then the smallest increment is “pips”, and if the market price is displayed with 5 numbers, then the smallest increment is “points”(1 pip = 10 points)
The minimum spread of CentroFX is actually 1.6 – 2.0 pips.
As there is no extra trading commissions, that is the total trading costs for traders.
CentroFX prefers to mention the “real” minimum spread as it is, and there is no lie to the trading conditions they have mentioned in the official website.
Comparing to other Forex brokers with Fixed Spread, CentroFX offers much tighter Fixed spread for retail traders.
*Although the spread is fixed during normal trading hours, it could get wider in case of high volatility in the market without prior notice.
CentroFX is New but with History of Brokerage
CentroFX is surely a new broker founded in 2016 though, the broker is founded by a company called “R Capital Solutions Ltd” which has a history of operating several Forex brokerage firms in the past.
The company has(or had) Axiory, MXTrade and Tradeberry, and CentroFX is believed to be the forth one.
Each Forex broker has been operating for years continuously, and you can consider these achievements as the accreditation of CentroFX.
We understand that no one can assure the safety of a Forex broker though, we can say that CentroFX isn’t looking to run away by stealing clients’ money, but the broker is seriously looking to grow in the Forex market long term.