eXcentral Review 2020: Is It Worth Your Time?
Everyone is all about making money these days. The globalization of the economy and the advancement of technology has made becoming wealthy easier than ever, and a lot of people are looking to take advantage of that.
There are plenty of ways to secure yourself some big bucks; however, a method that remains tried and true is stock trading.
Trading was once a luxury reserved for Wall Street’s suits, but now is an option open to any average Joe with an internet connection.
It’s not as simple as just logging on and hitting buy, though. In particular, fledgling traders need to decide what broker they want to use before they even begin to think about what and when to buy.
While most people gravitate towards the big-wig market-leading brokers, there remains a group of people that prefer to look for better and cheaper alternatives. That’s where eXcentral comes in.
While it’s by no means the smallest broker in the world, it is sizable enough to be considered a mainstream alternative, while still being able to provide tier-one services.
In this review, we’re going to give you a bit of an overview of the brokerage, including the options you have for trading, the tools that the platform has, whether or not it’s trustworthy, as well as some other bits of relevant information.
eXcentral Brokerage Overview
Thankfully, eXcentral passes this test with flying colors. The brokerage is regulated by the Financial Sector Conduct Authority of South Africa, so it has its papers in order to prove legitimacy.
The broker is owned by OM BRIDGE LTD, which is a veteran and very successful investment firm. This gives eXcentral users the confidence that the workers behind the platform’s scenes know what they are doing.
You get a decent amount of platform coverage, too. You can use the eXcentral Trader, the eXcentral MT4, or take advantage of the Android app. One good way to judge how worthwhile a broker is to see how many ways you can access the service. In this regard, eXcentral gives its users plenty of options.
You get a decent amount of trading options with the brokerage, which we’re going to talk about more later, along with the analytics and tools that are on offer, how you go about opening an account, and the quality of the training material offered on the site.
The company has its own active blog with a lot more information about its services, so if you’re looking for some more coverage, you can head on over there.
The customer care team seems to know their stuff, too. In my limited interaction with them, I was able to get quick answers to my questions, and any problems were resolved almost immediately.
eXcentral Account Opening
It’s easy enough to set up your account with eXcentral. For a regular account, the process is no different from the other brokers out there. You sign up, get through all of the relevant verification paperwork, deposit, and you’re off to the races.
However, you do have the option of opening one of four different types of accounts. You have classic, silver, gold, and VIP. Obviously, as you go up in stature, the accounts become more tailored towards the full-time, high-end traders.
There are a few critical differences in the accounts. For starters, the higher the level of your account, the better the PIP spread you get. With gold and VIP, you also get access to monthly and weekly account overviews, respectively.
Classic is exempt from the site’s educational webinars, although all accounts get access to the training library. Gold and VIP do get access to additional VIP webinars, though.
Gold members also get dedicated account managers, whereas VIP members get access to senior account managers.
The brokerage’s minimum deposit amount is $250 dollars, which is fairly industry standard and a respectable, yet accessible limit to set.
Members have three options for depositing: VISA/MasterCard, Wire Transfer, or through Skrill/Neteller.
eXcentral Analytics Tools
In terms of the analytics and data tools that eXcentral offers its users, there is a surprising level of depth from a brokerage of this size.
You do, of course, have speculative market summaries. Through the use of machine analysis, you get a program that speculates on the direction of the market and provides the relevant signals to traders. If you’ve traded before, you should be familiar with this technology.
You also get access to a live market summary, which is the same signals except you’re getting them in real-time.
As a side benefit, the site also has a number of video tutorials teaching traders how to do their own end-of-day chart analysis, which may be something that interests you. If you’re more interested in the result than the method, though, then you get access to general chart analysis, too.
You also get your general trading calculators, as well as access to daily market news, which can come in handy for traders that are looking for exploitative moves.
Lastly, the site has an economic calendar that you can use to plan out your future traders. It comes with all of the significant financial events that are happening in the near future, so you can begin developing a trading strategy based on that information.
eXcentral Training Material
In terms of the educational content provided by the platform, there is a fair bit to unwrap.
First and foremost, you get access to a staggering number of interactive training courses, especially given that you get them with a free account. All of the courses are divided by level, so not only do you have a clear progression path, but you have a starting point for beginner and expert traders alike.
The courses that the site offers include the likes of trend signal strategy, tunnel strategy, fractal strategy, fishing strip strategy, and more.
The courses start at level one and move up to level three, with the more technical concepts being reserved for later courses.
If you’re more interested in reading material than interactive learning, you also have access to a variety of eBooks on trading theories and fundamentals. The majority of the eBooks are suitable for all trading levels and include step by step trading guides, different trading analysis, and CFD market secrets.
You get access to the like of trading fundamentals, trading psychology, crypto trading, and more.
Learners also have access to a media hub that has a number of different educational videos on trading topics. While the material here isn’t as deep as that contained in the non-video formats, it is a great alternative or extra bit of education for those that are interested.
The topics covered on video include social trading, forex, CFDs, stocks, different trading tools, and more.
Lastly, for those with a silver account of above, you have access to extra trading webinars. These are scheduled live videos that act almost like lectures, offering a mix of both video learning and interactivity.
The topics that these webinars cover vary greatly, so if you check back regularly, you’re bound to find something that interests you.
The Trading Options Offered on eXcentral
While some brokers only allow you to trade one specific thing like commodities, forex, crypto, etc. You get access to pretty much everything through eXcentral.
Rather than being pigeon-holed into one specific option, you get to trade shares, crypto, indices, commodities, and crypto through eXcentral.
While this means that the brokerage can serve as a one size fits all, meaning you don’t need to manage different accounts, it does mean that it lacks the specialization that other brokers bring to the table.
A brokerage that is dedicated to forex, for example, is going to have more in-depth tools and training on that specific type of trading than you’re going to find here.
If that doesn’t bother you and you’re just looking for an ease of access trading account, then eXcentral fits that role perfectly.
All of the big players are here, too. If you want to trade crypto, then you have access to Bitcoin, Ethereum, and the other most notable currencies. If shares are more your thing, then you can trade Facebook, Apple, Netflix, Amazon, and all of the other big tech companies.
Using Trading Bots with eXcentral
Trading bots are growing in popularity with modern traders and are especially helpful for those just starting their portfolio.
For those unaware, it’s an automated service that invests your money for you, using algorithms to make profitable trades rather than relying on human decision making.
For those wondering if you can use these services with eXcentral, you can.
If you haven’t dipped your toes into the crypto trading bot world yet, then I would recommend that you have a look at them. Even if crypto isn’t something you’re interested in, a knowledge of these bot programs can go a long way to turning you into a profitable trader.
eXcentral Customer Service
I want to touch on the customer service at eXcentral briefly. Often times, what you find with these alternative brokers is that their customer service quality is incredibly lacking. Thankfully, that isn’t the case here.
As I said in the beginning, I only had a brief interaction with the customer support staff, but it was incredibly positive. It seemed to me like they knew what they were talking about, which is always a point of consideration with a broker’s support.
Not only were they friendly, though, but the question and issue that I had were resolved quickly and without issue, which went a long way to building up my trust and confidence in eXcentral.
eXcentral Pros and Cons
While it lacks the level of depth and specialist knowledge that a broker dedicated to one type of trading has, it does have a great range that is perfect for beginning traders. The amount of different investment options available to you means you can try out different things to see what suits you personally.
It’s a great broker to use if you want one central account that you can use for more than one type of trading.
The site’s compatibility with trading bots is appreciated, as well, and gives you yet another trading option when you use it.
It also comes with a great training library, further cementing its place as a great option for beginner traders.
Therefore, if you’re looking to begin building a portfolio, whether it be as a side project, a hobby, or something you wish to do professionally, it is certainly worth giving eXcentral a look before you finalize your brokerage.