Client Not Compensated After eXcentral Ceasing Operation, with Her €5,000 Hard to Recover

In May 2022, the Cyprus Securities and Exchange Commission (CySEC) fined Mount Nico Corp Ltd, the operating company of eXcentral and NicoFX, €290,000 for violating local laws related to investment services.

For now, eXcentral has shut down its website. And NicoFX has informed the public via a website announcement that the broker has applied to withdraw its CySEC license and cease operations.

Although the regulator did not disclose details of eXcentral's violations, investors had reported heavy losses due to the broker's misconducts before CySEC imposed the penalties.

_{Mount Nico Corp Ltd has applied to withdraw CySEC license}

Jarmila, a former eXcentral client, said she was defrauded by the broker two years ago and lost €70,000 in a year by being manipulated and misled by it.

Thankfully, Jarmila managed to recover 65,000 euros after complaining to the authorities, but the remaining 5,000 euros is still unrecoverable.

_{Transaction record provided by Jarmila}

Although both the Cyprus Police and CySEC recognized that eXcentral had violated the law, since Jarmila was in the Czech Republic, the Cyprus Police advised her to report the case to the local Police.

However, the Czech police refused her, leaving the victim did not know what to do to protect her rights.

_{The related brands have announced to cease operation}

No one wants to give away their hard-earned money for nothing, and those who choose to invest must want to earn more with their capital.

Choosing a broker with a financial trading license is only the most basic point in investment preparation. If you want to select the right brokers, it is recommended that investors conduct a comprehensive investigation, from trading conditions to customer reviews, before depositing.