Neobrok – Are They a Scam?

Website URL: https://neobrok.com

Founded: 2022

Regulations: Not Regulated

Languages: English, Russian

Deposit Methods: Visa, MasterCard, QIWI, Payeer, Cryptocurrencies

Minimum Deposit: $60 / €60 / Russian Ruble 6,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Metals, Stocks, Foreign Currency

Trading Accounts and Conditions

Neobrok does not provide any information about the types of trading accounts it may have available. The only thing you can do when you go to their website is to create an account. There are no details given. We do not know what the trading conditions are either. So, we do not know what the asset classes available are, or the spreads, leverage ratios, swaps, order execution methods or even the fees and commissions they charge.

Neobrok – Advantages

Neobrok is a low-end scammer that needs to be avoided at all costs. This is not a broker you can trust.

Neobrok – Disadvantages

Here are all the disadvantages that we found in Neobrok:

• Unregulated Broker

Neobrok does not advertise their credentials so there is no information on their website about their parent company or even their contact details. It is only in the User Agreement that we see that the company that owns and operates this broker is Neoholding Ltd., which is based in St. Vincent and the Grenadines.

SVG is unfortunately very popular with scammers since is it an offshore location and does not regulate forex and CFD brokers. The country’s financial regulator, the Financial Services Authority (FSA), has issued public notices on multiple occasions, announcing that they do not offer regulatory oversight for such brokers.

To complicate matters further, neither Neobrok nor its parent company are registered with the SVG FSA, which means that we are not only dealing with an unregulated broker, but also an anonymous one. Considering this is the case, we can say for certain that this broker is a scammer and is operating illegally outside any jurisdiction.

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• Fake Trading Platform

Neobrok states on their website that they offer their clients a professional web trading platform. The broker also claims that this platform has advanced functionalities, making it a top-of-the-line software for trading. However, when we checked their so-called platform, we saw that it only had a generic chart that was interactive. You could see the current asset prices on this chart, but its buy/sell button was not working. Thus, there was no way to place any order.

All of this means one thing – this platform is fake and that it is just a ploy to attract novice traders who don’t know better to invest with them.

Legitimate brokers offer their clients the best trading software such as the MetaTrader 4 or MetaTrader 5 platforms. These platforms are so user-friendly that even novices can use them with ease. Furthermore, you also get to use trading bots for automatic trading and there are so many features that can be customized that trading becomes a breeze.

• No Trading Conditions

We also saw (as we mentioned earlier) that Neobrok did not even bother to provide any trading conditions. We do not know if there are different types of accounts, or just one. We do not know the leverage ratios, the spreads, the fees, commissions and so on.

All we know is that minimum initial deposit that you are required to make is $60. You can even make these deposits in Euros (60 Euros) or Russian Rubles (6,000 Rubles). Beyond that, there is no information provided. There is also a single note in the User Agreement that states that the broker reserves the right to change its fees and commissions for the services they provide. However, they do not mention what these charges are, or what kind of changes they could make.

• Single Payment Method Offered

When you check Neobrok’s website, there are claims that there are multiple payment options available – Wire Transfer, Visa, MasterCard, Bitcoin, and QIWI. However, when we checked the payment portal, we found out that the only way transactions could be carried out was by using cryptocurrencies.

This is tactic typical of scammers. Cryptocurrency transactions are anonymous and permanent. Which means that there is no way to trace where the money went or even reverse any of these transactions. Thus, if you deposit your funds with Neobrok using cryptocurrencies, there is no way for you to ever get your money back.

This is why we strongly advise traders to use credit cards with new brokers. If you have been scammed, then there is a possibility to get your money back by filing for a chargeback with your bank. This is not possible with cryptocurrencies – which is why this payment method is a favorite with scammers.

• Very High Inactivity Fee

The only fee that Neobrok cares to mention is its inactivity fee. According to their terms and conditions, if your account has been inactive (no trading done on the account) for one month, then you will be charged a monthly inactivity fee of 80 Euros.

There are two things that are red flags. First, the length of time before your account is considered inactive. Most legitimate brokers will wait between 6 months to a year before declaring an account inactive. Therefore, waiting a month before declaring that an account is inactive is just not fair.

Next, an inactivity fee of 80Euros is just too high. Most legitimate brokers have a nominal charge of a few dollars therefore, such kind of a charge is just ridiculous.

These are also unfortunately signs of a scam.

Conclusion

Neobrok, like thousands of others, is a scammer and if you invest with them, you will lose your money. It would be best to find a broker that is appropriately accredited and transparent in their dealings. Neobrok is not a broker any trader should do business with.

Neobrok

2.5

User Experience

3.5/10

Payment Options

2.0/10

Security

2.6/10

Support

2.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Fake Trading Platform
• No Trading Conditions
• Single Payment Method Offered
• Very High Inactivity Fee