NeoTrade – Is it Safe to Trade with Them?

Website URL:  https://neotrade.pro

Founded: No information found

Regulations: Unregulated

Languages:  English, Russian, Italian

Deposit Methods: Visa cards, Wire transfer, Piastrix, Maestro, Master cards

Minimum Deposit:  $250

Free Demo Account: None

Number of Assets: No information found

Types of Assets: Forex, Commodities, Indices, Stocks, Metals, and Energies

Trading Accounts and Conditions

NeoTrade offers its customers 4 types of accounts:

•         Starting Account: The minimum deposit amount is $250, spread from 0.4 pips, maximum leverage is 1:20.
•         Standard Account: The minimum deposit amount is $2500, spread from 0.3 pips, maximum leverage is 1:50.
•         Trader Account: The minimum deposit amount is $5500, spread from 0.2 pips, maximum leverage is 1:100.
•         VIP Account: The minimum deposit amount is $20,000, spread from 0.1 pips, maximum leverage is 1:100.

 NEOTRADE – ADVANTAGES

NeoTrade does not offer any advantage, bonus, or incentive to its customers for investing money with them.

NEOTRADE – DISADVANTAGES

• An Unregulated Enterprise

On the broker’s website in the footer section, it is mentioned that NeoTrade is owned and operated by Donnybrook Consulting Ltd which is based in the Dominican Republic. However, the Dominican Republic is an offshore area where forex brokers are not regulated and are operating without any license. Hence, NeoTrade is an offshore forex broker who is illegally providing trading services without having any legal license. It means if you will engage in the trading services of this broker, you will have no guarantee for the security of your funds and no protection in case something goes wrong.

Therefore, select only the brokers that are licensed, reliable, and trustworthy. Only this way your money will be in safe hands.

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• High Risky Spreads

NeoTrade claims to offer the lowest spreads of 0.4 pips on their basic account types offered, but this fact came untrue because if you will sign up and log in to their MT4 demo account, there you will find that the EUR/USD spread is around 1.8 to 2.0 pips which is a very high figure as compared to the average that is being followed in the market.

While if you see the METAtrader platform that is offered by NeoTrade, you can calculate the spread from the bid/ask price, which came to be 8.3 pips, which is too wide and risky. If the customer will trade with such a wide and risky spread, it will make the cost of trading too high which is of course a disadvantage to the trader. Hence it is obvious that NeoTrade is just trying to fleece its customers.

• Too Long Deposit and Withdrawal Process

NeoTrade does not provide much variety in payment methods and they have also not provided much information on the payment methods. In addition to this, some of their deposit methods take a long time to be processed.

Furthermore, the same is the case with withdrawal requests. Withdrawal requests can take 4 to 7 business days to be processed.

In addition to this, the trading funds that are deposited through bank transfer or bank wire take up to 5 business days to appear in the customer’s trading account which is too long as compared to other legit brokers.

• Shady Dormant Account Policy

NeoTrade considers an account as inactive or dormant if no trading activity has been done for the last 6 months. So, they charge a 10% fee every month for the dormant account. The shady and suspicious thing about this dormant account policy is that they are charging the dormant account fees as a percentage instead of a fixed amount which is clearly not to the customer’s benefit.

• Offering Attractive Bonuses to Trap Customers

In the accounts information section of the website, NeoTrade has mentioned that they are offering a bonus for each of the account types. The bonus figures start with 25% for the starting account and go up as high as 100% for the VIP account. Although this sounds very attractive, bonuses are never gifts. They always come with heavy requirements attached to them, where the customer has to fulfill the requirements to execute the bonus amount.

In the case of NeoTrade, they are requiring a minimum trade volume to avail the bonus amount. The customer has to execute the minimum trading volume equal to 25 times the deposit amount plus the bonus amount. Furthermore, these bonuses mess the trader’s account and make the withdrawal requests impossible to be accepted.

Therefore, these bonuses are nothing but a trap to attract more customers. NeoTrade, with the help of a notorious clause, has linked all the bonuses with the heavy trading volume requirements which even the most experienced trader will have difficulty fulfilling so that customers can not withdraw even a single penny. Regulated brokers never offer bonuses or gifts like this, as this is a common practice only followed by scammers.

Conclusion

NeoTrade claims to provide its customers with a chance to earn money in the forex financial market. They offer a variety of account types, attractive spreads and leverage levels, the most powerful and renowned MT4 platform, and many other benefits. This all seems so attractive and nice but in reality, NeoTrade does not possess what is the most important thing for a forex broker — a legit license.

NeoTrade is an unregulated, non-legit broker that is based in an offshore zone of the Dominican Republic. It means customers trading with Neo trade will face all kinds of risks to their funds. So, if you will choose this broker to carry trading activities, and suddenly this broker shuts its website down or goes bankrupt, it means all your money is gone.

Therefore, it is better to choose a legit, licensed, and reliable broker who is licensed and regulated by renowned and trustworthy regulatory authorities like FCA in the UK, and CySEC in Cyprus. Only this way your money will be in safe hands.

NeoTrade

2.4

User Experience

3.2/10

Payment Options

2.3/10

Security

2.2/10

Support

2.4/10

Reputation

2.1/10

Pros

• None

Cons

• An unregulated enterprise
• High risky spreads
• Too long deposit and withdrawal process
• Shady dormant account policy
• Offering attractive bonuses to trap customers