Scam Brokers

Century Financial – Can You Trust Them?

Chainbits Staff | Publish date: 05/22/2023 (Last updated: June 02, 2023 07:53 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Century Financial - DO NOT TRADE WITH THIS PROVIDER

2.3/10

$100

Minimum Deposit

updated 2023

Try other platforms

The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://century.ae

Founded: 1993

Regulations: Licensed

Languages: English, Arabic

Deposit Methods: Unspecified

Minimum Deposit: Unspecified

Free Demo Account: Available

Number of Assets: Not Specified

Types of Assets: Currencies, Shares, Share Baskets, Commodities, Indices, Treasuries, CFDs, ETP, Cryptocurrencies

Trading Accounts and Conditions

Century Financial provides us no information about the types of trading accounts they offer, or what their trading conditions are.

Century Financial – Advantages

The main advantage that we find with Century Financial is that they are regulated. This broker provides all the relevant information on their website with regard to their corporate identity, location and regulation status.

Century Financial is owned by Century Financial Consultancy LLC, a company that is located in Dubai in the United Arab Emirates. The broker provides us with all their contact information as well as their regulation license number. Based on the information this broker has provided on their website, we were easily able to verify Century Financial’s legitimacy.

This broker is licensed to operate by the SCA, the Securities and Commodities Authority of UAE.

The only issue we have with this license is that the SCA is not amongst the most stringent regulators in the world. Therefore, while this broker is licensed, it does not have the same level of safety as broker regulated by more stringent financial regulators such as the FCA, the CySEC and so on.

The second advantage that we see with this broker is the wide range of trading instruments they have on offer for their clients. You get more than 40,000 shares, 100+ indices, 130 commodities, 90 treasuries, more than 2,000 ETFs, and 330 currency pairs to trade with. That is quite a range for any broker to offer.

Century Financial – Disadvantages

Despite being regulated and being in the business for a number of years, we have found the following disadvantages with Century Financial:

Could Not Access Trading Software

Century Financial claims to offer a wide range of trading platforms: the Century Trader App, TradeRoom, MT5 Platform, CQG Platform, TWS Platform, Quantifier.

Having so many trading platforms on offer is a great advantage, however, there was no way for us to access even the demo versions of these platforms. While the broker also offers demo versions, we could not register for any of them without getting permission from the broker first.

This is a disadvantage, since more regulated brokers make sure that their demo platforms are easily accessible so that their prospective customers can try out their trading conditions and platform before buying.

So, the lack of ease in accessing their platform would be the first disadvantage we have found with this broker.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

No Information on Trading Accounts and Conditions

Another cause for concern is the complete lack of information about the broker’s trading accounts and conditions. We do not know what types of trading accounts this broker offers. And we do not know the trading conditions Century Financial has in place.

Other regulated brokers are required to present this information clearly on their websites so that traders can make informed decisions on whether they would like to do business with them or not. It is from the trading conditions that traders will know what their actual cost of trade will be (spreads plus commissions), how much risk they can take (leverages), what is the minimum deposit they are required to make when opening an account, and so on.

Therefore, Century Financial’s lack of information on such key parameters is rather suspicious and does raise a red flag for us about their trustworthiness.

Lack of Information on Payment Methods

Another red flag that makes us not trust Century Financial completely is the lack of information of the payment methods they have to offer.

Legitimate brokers ensure that they publicize all the payment methods they offer to their customers clearly on their websites. They also ensure that it is a wide selection of options from trusted payment providers such as Bank Transfer, Wire Transfer, Visa, MasterCard, PayPal, Skrill, Neteller, and may more. Since these transactions are all online, reliable brokers ensure that they offer their clients trusted as well as varied payment methods.

With Century Financial, we have no information whatsoever about how you may be able to fund your trading account with them. The only piece of information we are given is an announcement when you visit their website which states that they do not carry out any transactions in cryptocurrencies or any other digital currencies.

And since we did not get the required permissions to open a trading account with them, there is no way we could verify this information for ourselves.

Considering that this broker has been in operation for many years and is also regulated, they would definitely have some reliable payment options for their customers. The issue we have is the lack of transparency about these methods – that customers first have to create an account with them before they can find out such basic details. This lack of information feels like an unfair business practice.

Unknown Withdrawal Policies

The lack of information continues where we do not even know what the withdrawal policies this broker has. We do not know what the minimum withdrawal allowance is, or what kinds of fees are charged for withdrawals, what types of payment methods there are, and so on. We don’t even know if there are any other conditions to withdrawals.

This lack of clarity is very worrying.

Conclusion

While Century Financial may be regulated and a long-term player in the UAE financial market, we are not sure that we would be willing to completely trust this broker. There are too many gaps in basic information that is a given for any other regulated broker. Therefore, we would advise traders from dealing with this broker, and if they, they should tread carefully with them.