Neex is a broker registered in Saint Lucia that offers forex, commodities and indices with high leverage up to 1:500 without charging commission. However, its regulatory licenses are suspicious clones.
Pros and Cons
Is Neex Legit?
Neex claims to possess two regulatory licenses, yet the name of the regulated entity for the second license, “VERACITY WEALTH (PTY) LTD”, does not align with Neex's own name, which means it is a fraudulent clone license. In essence, this broker is not subject to legal supervision.
What Can I Trade on Neex?
Neex provides various products, including forex, commodities, and indices.
Forex Pairs: Neex presents over 60 currency pairs for trading, including major, minor, and exotic transactions.
Commodities: On Neex, you can trade popular commodities such as Gold, Silver, Aluminum, Palladium, and Platinum.
Indices: NEEX facilitates trading in multiple indices, including the S&P 500, Dow Jones, NASDAQ Composite, and numerous other available indices.
Account Type
Neex offers three types of live accounts: the micro account, standard account, and ECN account. They share several features: a maximum leverage up to 1:500, support for MT4/5, and over 100 tradable instruments.
Regarding spreads, the micro accounts starts at 1.7 pips, the standard account starts at 1.2 pips, and the ECN account boasts spreads from 0.
Meanwhile, both micro accounts and standard accounts do not charge any transaction fees, while ECN accounts require a $3 transaction fee per transaction.
In terms of minimum deposits, the micro account requires just 10 cents, the standard account requires 10 dollars, and the ECN account sets the bar at 50 dollars.
You can choose suitable account type according to your needs.
However, be aware that this broker operates without legal regulation.
Neex Fees
Neex does not charge fees for deposit, and there is no commission for micro and standard accounts. You only need to pay $3 per transaction if you are an ECN account. Overall, the fees charged by Neex are relatively low compared to the industry standards.
Neex Spreads
The spreads for micro accounts start at 1.7 pips, the standard accounts start at 1.2 pips, and the ECN accounts boast spreads from 0.
Neex Commission
Both micro and standard accounts are commission-free, whereas ECN accounts are required a transaction fee of $3 per trade, which is considered relatively low in comparison to the industry norm.
Trading Platform
NEEX supports trading on both MT4 and MT5, which are renowned for their professionalism and authority.
MT4 provides charts and analysis tools, as well as expert advisors to assist you in trading. You can conduct transactions by desktop and mobile devices at any time, from anywhere.
MT5 provides advanced pending orders, analysis tools, and customizable charts for a better trading experience.
But you must remember that the regulatory status of this broker is abnormal. For the safety of your assets, you are advised to choose a legally regulated broker.
Customer Service
Neex provides multiple communication channels for users, including email, 7/24 online chat, Facebook, Instagram, and other social media platforms. If conditions permit, you can also consult them through offline physical addresses.
The Bottom Line
Overall, although Neex advertises to offer quite good trading conditions on the leading MT4 and MT5 trading platforms. The suspicious clone regulatory status is a big problem. Be careful that this broker may cheat your assets.
FAQs
Is it safe to trade with Neex ?
No, it's not safe to trade with Neex as its regulatory licenses are both suspicious clones.
What is the minimum deposit requirement at Neex?
The minimum deposit for the Standard accounts is 10 cents.
What is the maximum leverage at Neex?
The maximum leverage up to 1:500.
