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NeoFXTrade
United Kingdom|2-5 years| https://www.neofxtrade.com
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NEOPARTNER ONLINE SRL
NeoFXTrade
United Kingdom
Pyramid scheme complaint
Expose
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- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The CyprusCYSEC regulation (license number: 209/13) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:500 |
| Minimum Deposit | $25,000 |
| Minimum Spread | From 0 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | $5 |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:500 |
| Minimum Deposit | $5,000 |
| Minimum Spread | From 0 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | $8 |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:500 |
| Minimum Deposit | $200 |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
- Fundamental Item(A)
- Total Supplementary Items(B)
- Debt Amount(C)
- Non-Fixed Capital(A)+(B)-(C)=(D)
- Relative amount of risk(E)
- Market Risk
- Transaction Risk
- Underlying Risk
Capital
$(USD)
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NeoFXTrade · Company Summary
Note: NeoFXTrade official site - https://www.neofxtrade.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
| NeoFXTrade Review Summary | |
| Country/Region | United Kingdom |
| Regulation | Suspected CYSEC clone |
| Market Instruments | Forex, Indices, Stocks, Commodities and Cryptocurrencies |
| Leverage | Up to 1:500 |
| EUR/USD Spread | 3 pips |
| Trading Platform | MT4 |
| Minimum Deposit | $200 |
| Customer Support | Email, address |
What is NeoFXTrade？
BT Market is a United Kingdom-based broker offering a diverse range of financial instruments, including Forex, Indices, Stocks, Commodities and Cryptocurrencies. However, concerns arise due to its suspicious CYSEC status, along with a non-functional website, posing reliability and credibility issues, thus increasing investment risks.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. At the end of the article, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
| Pros | Cons |
| • MT4 trading platform | • Suspicious CYSEC regulation |
| • Tiered accounts | • Website unavailable |
| • Lack of transparency | |
| • Negative reports on WikiFX |
Pros:
MT4 trading platform: Renowned for its advanced features, charting capabilities, and user-friendly interface, facilitating efficient trading.
Tiered accounts: NeoFXTrade caters to different experience levels with ULTIMATE, PREMIUM and STARTER accounts, offering a suitable option for beginners and advanced traders alike.
Cons:
Suspicious CYSEC regulation: Raises significant regulatory concerns, potentially indicating fraudulent activity.
Website unavailable: Limits access to essential information and services, hindering user experience and transparency.
Lack of transparency: Diminishes trust and confidence in the broker's operations and integrity.
Negative reports on WikiFX: Suggest potential issues with reliability and customer satisfaction, warranting caution for interested traders.
Is NeoFXTrade Safe or Scam？
When considering the safety of a brokerage like NeoFXTrade or any other platform, it's important to conduct thorough research and consider various factors.
Regulatory sight: The broker's CYSEC (Cyprus Securities and Exchange Commission) license, numbered 209/13 is viewed with suspicion, casting doubts on its regulatory adherence and commitment to customer protection. The situation is compounded by an inaccessible website. Thorough research is quite necessary when engaging with financial entities, particularly when encountering such cautionary indicators.
User feedback: There's a report on WikiFX about withdrawal issues that should be considered a notable red flag for NeoFXTrade, urging traders to be cautious and undertake researches before considering any engagement with the broker.
Security measures: So far we have not found any security measures over internet for this broker.
In the end, choosing whether or not to engage in trading with NeoFXTrade is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
NeoFXTrade offers diverse selection of market instruments. Whether you're a seasoned investor or just starting out, you'll find opportunities across various asset classes.
Forex: Navigate the world's most liquid market by trading major, minor, and even exotic currency pairs. Speculate on exchange rate movements influenced by global economic events, interest rate differentials, and geopolitical situations.
Commodities: Expand your portfolio with commodities like oil and natural gas, instrumental in powering industries and influencing consumer goods. Capitalize on price fluctuations based on supply and demand dynamics in the global market.
Indices: Track the performance of entire stock markets or specific sectors by trading CFDs (Contracts for Difference) on popular indices. This allows you to participate in broad market movements without the need to directly buy individual stocks.
Cryptocurrencies: Embrace the digital asset revolution by trading CFDs on popular cryptocurrencies like Bitcoin and Ethereum. NeoFXTrade provides a platform to participate in the dynamic world of crypto, allowing you to capitalize on price movements based on market sentiment and technological advancements.
Stocks: Invest directly in companies you believe in by trading individual stocks. NeoFXTrade offers the ability to buy and sell shares of various companies, allowing you to profit from their growth.
Account Types
NeoFXTrade recognizes that traders come in all experience levels. To cater to this, they offer a tiered account structure with varying minimum deposits:
Starter ($200): This entry-level option is perfect for beginners who want to test the waters of the markets with a smaller initial investment.
Premium ($5,000): This mid-tier account caters to those seeking a more robust trading experience. The increased minimum deposit unlocks additional features or benefits compared to the Starter account.
Ultimate ($25,000): Seasoned traders and those with significant capital will find the Ultimate account most suitable. This top-tier option offers premium features and benefits tailored to experienced investors.
Leverage
NeoFXTrade provides its clients with the opportunity to amplify their trading positions through leverage, offering ratios of up to 1:500. Leverage allows traders to control larger positions in the market with a smaller amount of capital, thereby potentially increasing both profits and losses. With leverage of 1:500, traders can control a position size 100 times greater than their initial investment.
While high leverage can enhance potential returns, it also escalates risk, as even small market movements can lead to significant gains or losses. Therefore, you should be cautious and employ risk management strategies when trading with leverage. It's crucial to understand the implications of leverage on your trading account and to only utilize leverage levels that align with your risk tolerance and trading objectives.
Trading Platform
NeoFXTrade offers the industry-standard MetaTrader 4 (MT4) platform for conducting your trades. This widely recognized platform boasts a user-friendly interface, a vast array of technical indicators for market analysis, and the ability to automate trading strategies through Expert Advisors (EAs). Whether you're a seasoned trader or just starting out, MT4 provides a familiar and versatile platform to execute your trading strategies.
Spreads & Commissions
NeoFXTrade's pricing structure has two components: spreads and commissions, with some variations depending on the account type.
Spreads: NeoFXTrade offers a flat spread of 3.0 pips for the EURUSD currency pair. This represents the difference between the buy and sell price, impacting your transaction costs.
It also boats spread from 0.0 pip for Ultimate and Premium accounts.
Commissions: Commission fees are charged per lot traded and vary by account type: Traders with the Ultimate account benefit from the lowest commission rate of $5 per lot. The mid-tier Premium account comes with a commission of $8 per lot.
Information on commissions for the Starter account is currently unavailable. It's important to contact NeoFXTrade to clarify their commission structure for this entry-level option.
Since commission rates differ between account tiers, it's crucial to consider your trading volume when selecting an account.
Deposit & Withdrawal
NeoFXTrade offers a variety of options to conveniently fund your trading experience. Beyond the traditional credit/debit cards and wire transfers, they also embrace popular digital payment solutions. This includes the widely recognized PayPal for seamless transactions, alongside established e-wallets like Skrill and Neteller, providing you with the flexibility to choose a method that best suits your needs.
User Exposure on WikiFX
The presence of a report on WikiFX concerning withdrawal issues serves as a significant red flag. We strongly urge all traders to conduct thorough research and meticulously analyze available information before engaging in any trading activities.
Our platform is committed to serving as a comprehensive tool to assist traders in making informed decisions. If you've experienced financial fraud or encountered similar issues, we encourage you to share your experiences in our 'Exposure' section. Your contribution is invaluable, and rest assured, our dedicated team is steadfast in addressing challenges and continually seeks effective solutions for complex situations.
Customer Service
NeoFXTrade' customer support options are limited to email and a physical address. This lack of live chat or phone support makes it challenging to get quick assistance if needed.
Address: 71-75 Shelton Street, London, Greater London |United Kingdom.
Email: support@neofxtrade.com.
Conclusion
In summary, NeoFXTrade, headquartered in United Kingdom, provides online trading services spanning Forex, Indices, Stocks, Commodities and Cryptocurrencies. However, its suspicious CYSEC status, coupled with persistent website accessibility issues, cast doubts on its operations. Additionally, there's a report about withdrawal issues reported on WikiFX exacerbating these concerns.
In light of these issues, we advise you to explore brokers that prioritize transparency, regulatory compliance, and exemplary customer service.
Frequently Asked Questions (FAQs)
| Q 1: | Is NeoFXTrade regulated？ |
| A 1: | No. The broker holds a suspicious CYSEC (United Kingdom Securities and Exchange Commission) license, numbered 209/13. |
| Q 2: | Is NeoFXTrade a good broker for beginners？ |
| A 2: | No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its unavailable website and lack of transparency. |
| Q 3: | Does NeoFXTrade offer industry leading MT4 & MT5？ |
| A 3: | Yes, it offers MT4. |
| Q 4: | Whats the minimum deposit does NeoFXTrade require？ |
| A 4: | NeoFXTrade requested a minimum deposit of $200. |
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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