eXcentral
Forex & CFD broker · Fined €290K by CySEC · Closed
TC RATING
Not Rated
We do not recommend this broker. eXcentral was fined €290,000 by CySEC, then voluntarily renounced its licence and ceased operations, with some clients reporting difficulty recovering their funds. Any current use of the eXcentral name has been flagged as a clone. It does not qualify for a TC Rating.
eXcentral is no longer a broker you can use, and its history is the reason we would not have recommended it anyway. It was fined €290,000 by the Cyprus regulator, then handed back its licence and shut down, leaving some clients struggling to recover their money. If you are researching eXcentral today, here is the real picture.
Is eXcentral regulated or still operating?
No, on both counts. eXcentral was a CFD brand operated by Mount Nico Corp Ltd, a Cyprus investment firm that held CySEC licence 226/14. That licence has since been renounced, and the firm has ceased trading.
The sequence matters:
- A €290,000 CySEC settlement (May 2022). The Cyprus Securities and Exchange Commission settled with Mount Nico Corp over possible violations identified during an investigation covering February to December 2020. The concerns included failures around its investment-firm obligations, identifying the right target market, safeguarding client rights, conflicts of interest, and the information given to clients.
- Licence renounced and operations ceased. After the settlement, Mount Nico Corp applied to CySEC to give up its licence voluntarily and wound the business down. The CySEC register shows the firm under examination for renunciation of its authorisation. The company closed all open positions and terminated access to trading accounts.
- Clients left chasing funds. Despite a closure notice telling clients with balances to email for withdrawals, reviews describe people struggling to recover their money afterwards, with poor communication from the firm. In at least one documented case, a client reported losing a large sum and recovering most of it only after escalating to an ombudsman.
- YOUR MONEY IS NOT PROTECTED
Trading with an unregulated broker carries real risks. You have no access to a financial ombudsman, no guaranteed segregation of your funds, and no compensation scheme if the broker fails or refuses a withdrawal.
A warning about eXcentral clones
As with several closed brokers, the eXcentral and NicoFX names have been used by clone operators. The company itself warned about fake versions of its brand trying to dupe investors. If you find a live site using the eXcentral name today, treat it as unsafe. The genuine firm has shut down, so anything still trading under that name is not what it claims to be.
What eXcentral was
For context, eXcentral launched around 2019 as a CFD broker on the MetaTrader 4 platform, offering forex, indices, commodities, shares, and cryptocurrencies, with a minimum deposit of $250 and leverage up to 1:400 outside the EU. It marketed heavily through educational webinars and multi-language sites. On paper it looked like a standard EU broker. The CySEC settlement and the subsequent shutdown are what tell the real story, and they are the reason its trading conditions are now beside the point.
Conclusion
eXcentral was a CySEC-licensed CFD broker that was fined €290,000 by the regulator, then voluntarily surrendered its licence and closed. Some clients had difficulty getting their money out, and the brand name has since been used by clones. We do not recommend eXcentral in any form. The wider lesson is a familiar one: a regulatory licence is only as good as the conduct behind it, and a record of fines followed by a quiet shutdown is exactly the pattern to avoid.
- LOOKING FOR A REGULATED BROKER?
This review is published for information only. If you want a regulated broker for this type of trading, see our regulated CFD brokers instead, where every broker there is checked against our regulation-first standard.
Frequently asked questions
Is eXcentral still operating?
No. Mount Nico Corp Ltd, which operated eXcentral, renounced its CySEC licence and ceased offering services. All positions were closed and trading access was terminated.
Was eXcentral regulated?
It held CySEC licence 226/14, but it was fined €290,000 by CySEC in 2022 and subsequently gave up that licence. It is no longer authorised or operating.
Is my money safe if I had an eXcentral account?
The firm instructed clients with balances to contact it for withdrawals when it closed, but many reported difficulty recovering funds. Anyone affected should keep records and, where relevant, pursue the Investor Compensation Fund or an ombudsman route.
