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CentDesk looks interesting enough to lure in some more inexperienced traders. Read the review to see why you should't give in.
Upon opening the website, we were first and foremost greeted by a bold claim that the broker is regulated by the UK's FCA. Upon reading this, we had to check the FCA's online registry of approved domains. This is what we found:
This is an official warning issued by the FCA against CentDesk, meaning that this is an UNLICENSED broker, and a clear risk to any invested capital.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Upon attempting to register, we were asked if we had a referral ID, which is attained through a telephone, meaning that CentDesk might be one of those brokers that call potential customers and try to lure them in. When contacted, a user will presumably be manipulated into depositing an initial sum by providing the user a referral number. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
Needless to say, our registration attempt was unsuccessful. This means that we cannot get a hold of applicable trading conditions, such as a spread or trading assets.
Nevertheless, according to the website, users can trade with Forex Pairs, Futures, Commodities, Shares, Crypto and Bonds. If this list was in fact true, it would have been an impressive roster. The assets section of the website gives us a leverage maxed at 1:1000, and a EUR/AUD (there was no EUR/USD pair) of 3.9 pips which is a ridiculous cost of trade, one that benefits only the broker.
The broker is only available in English.
The alleged MT5 platform would have been a superb addition, yet without a registration we cannot confirm its presence. However, the broker does provide a registration-free demo run of the metatrader, where the EUR/USD spread flickers between 0.4 pips and 1.2 pips. However, this spread shouldn't be taken too seriously because the user isn't trading with a live account.
It should go without saying that the MT5 has some great, top of the line features. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.
CENTDESK MINIMUM DEPOSIT
Without a registration, we cannot give readers a precise detail on depositing options. The website claims that the funding methods are bitcoin, Bank Transfer, Maestro, MasterCard, and Google Wallet. There is no indication on a minimum deposit.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
CENTDESK WITHDRAWAL TIME AND FEES
There is absolutely nothing on withdrawals. We aren't sure if withdrawals are even possible… but seeing this broker, we have a hunch that users will not be able to get their money back.
ADDITIONAL FEES AND TAXES
There are no legal documents. The broker can easily launch fees and change the rules, meaning that no one is safe.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/Cs (if any), asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Do not deposit at CentDesk! If you are contacted by a representative, simply put down the phone. Nothing good will ever come of this!
CentDesk compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines