During several years, many companies have appeared in the sphere of online trading, which present themselves as exchange intermediaries. Some brokers really are reliable assistants for traders, fulfill the undertaken obligations and provide modern trading platforms for conducting trading operations on favorable conditions. However, there are also many organizations that cleverly use the mask of presentable brokerage projects, but in reality they turn out to be fraudulent companies managed by financial swindlers. Our detailed reviews of brokers' activities are designed to expose such machinations in the sphere of online trading. A trader who knows the actual information about the potential broker, gets an opportunity to save himself from financial ruin, which would be inevitable in case of cooperation with an artful swindler.
For the safety of their money funds, the first and obligatory step for clients of brokerage companies should be prudence. Our review will help you find out if the NeoFXTrade platform has a license. We will show the results of the analysis of the official website of this project. We will show what trace NeoFXTrade leaves on the Internet and whether this trading platform is mentioned by real users on thematic resources.
The company tries to look presentable to the users at its site neofxtrade.com.
The scammers talk about their experience and worldwide popularity. It is a traditional scenario that is very popular with the majority of fraudulent organizations in this field.
In reality, a site like this proves that NeoFXTrade is one of the typical representatives of the fraudulent virtual exchange market. The swindlers are so confident of their impunity and beyond the reach of regulatory bodies that they consider themselves entitled to lie openly and transparently to investors. The client capitals of such fraudulent offices are exposed to serious risks, because unregulated platforms do not intend to ensure the safety of funds, even assuring their clients to the contrary from the pages of their official website.
In order to confirm our suspicions with facts, this review has been compiled about the activities of a dubious organization, which in the mask of a broker has placed itself on neofxtrade.com in order to capture the money of its clients.
Types of trading accounts offered by NeoFXTrade
NeoFXTrade is offering potential investors to join its trading platform in accordance with their own image and scenario by choosing any of three account types. Among the offered options are Starter, Premium and Ultimate.
The minimum deposits are in the $250-25,000 range. At first glance, standard offers, but if you look into it, questions arise about NeoFXTrade. For example, we observe a problem with the specified leverage ratio: the figures are set at 1: 1,000. It may seem like a chance for big profits to newbies, but in fact, it is a specific risk for traders. No reputable regulator in Europe allows for such a high leverage, practicing on average leverage ratios of 1:30 or 1:40.
Overall, the data on NeoFXTrade's accounts looks more dubious than favorable. The difference between the Starter and Premium packages is minimal and mostly consists of the starting deposit size which is $250 and $5,000 respectively. Investors who are able to invest $25 000 at the start can become owners of the third Platinum plan. By the way, there is a $5 commission for this package. The stop-out level for all accounts is set at 20 percent.
The platform also promises all customers training at webinars and thematic materials.
The value and exclusivity of such an offer is questionable and its effectiveness can only be tested in practice over time.
NeoFXTrade Trading conditions
On its official website, the dubious broker NeoFXTrade is trying to convince users that it occupies the position of the leading CFD provider.
In addition, it advertises the availability of five classes of trading instruments to each customer, including cryptocurrencies, commodities, forex, indices and stocks. Commodities include Brent oil, gas and gold. As for crypto-assets - Bitcoin, Litecoin, Ripple and others - they are tied to the U.S. currency.
Regarding forex trading, you should know that there are more than 60 pairs, most of which are major pairs. However, NeoFXTrade uses secondary pairs. For the trader, this means that there is no opportunity to spread risk with exotic pairs.
In reality, the platform intends to use traders' high-risk funds for their cash funds, making a profit from it while leaving the risk of ruin to its clients. The dubious broker NeoFXTrade's platform is not interested in providing fair trading conditions. It has been noticed that leverage and spreads change depending on the asset being traded.
The platform gives access to several methods of funding the account - bank cards and telegraphic transfers. At the same time, it does not allow you to make a deposit through Crypto, although NeoFXTrade offers cryptocurrency trading.
For those who want to avoid withdrawal problems, you should not make a deposit on the platform. Most participants ignore this recommendation and find themselves stranded when withdrawing their funds.
This is partly because NeoFXTrade does not offer investors the opportunity to profit from their own trades. As a result, NeoFXTrade turns out to be simply a useless trading platform with huge risks to investors' capitals. It is known that if you are lucky enough to withdraw your money, it is only a partial withdrawal amount.
On top of everything else, NeoFXTrade also offers MT4, which is already alarming in itself.
A good technical tool in the hands of swindlers becomes a direct route to the financial ruin of the investor.
The usual boilerplate promises and advertising. No specifics and no truth.
NeoFXTrade project is a typical development of swindlers - the standard promise of ECN-trading atmosphere, zero spreads and a wide, but not detailed list of trading assets. All this is unreliable and without withdrawal. It is better to avoid cooperation with such a fraudulent broker at all costs.
NeoFXTrade posts pictures of smiling young people, although it is not clear who they are, talking about trust and high level of control from the regulators.
The NeoFXTrade platform claims to be a British company headquartered in London.
On the one hand Neofxtrade claims to be a trademark of some company called E-Global Trade and Finance Group, Inc. which is registered in the British Virgin Islands. This information can be found in About Us.
However, in the footer of the site NeoFXTrade already calls itself a platform, or rather a trademark of NEOPARTNER ONLINE SRL, registered as a Cyprus Investment Firm.
Moreover, based on the disclaimer statement, we note that the swindlers have created a clone project and negligently did not check the information on their site. Unfortunately, these are false statements as well.
There are simply no documents that could confirm NeoFXTrade's connection to any of the specified "mothers".
The platform tries to appear to be an industry compliant trading platform. However, there are false compliance reports from CONSOB, CySEC and the National Commission on Companies. All this is done to make the platform appear legal. In reality, it isn't.
As we can see, the regulator in Cyprus did not license such a company. Also, allegedly having an address in London, NeoFXTrade is not licensed by the British regulator.
On the website there is a mission, plans and goals. This information is nothing and cannot be verified. And there is no provenance and history. Too many statements without any proof. And there are no documents. NeoFXTrade has not even applied for a trading license. This means that NeoFXTrade is not a licensed platform and does not have the credentials to use it.
While touting its global presence, experience and capabilities, the scammers prefer not to mention the fact that they have been in existence for less than two months. According to WhoIs domain name verification service, neofxtrade.com was registered on August 12, 2021.
It's too short a time to become a leader in the international arena of online trading.
Despite the fact that one of the most important characteristics of an investment platform is its support structure, NeoFXTrade does not think so as it does not even have a live chat and phone lines.
Such a way to control lines of communication is typical for fraudulent projects which prefer to remain inaccessible in case traders contact them with their problems.
NeoFXTrade Reviews online
Since the project just appeared a few weeks ago, I could not find any reviews from real traders on the web. There is also hope that traders read professional reviews or independently check information about companies. We hope that people are more conscious about investing in online trading and therefore they refuse to cooperate with projects like NeoFXTrade.
Safety and security of funds with NeoFXTrade
When choosing NeoFXTrade, traders' funds are far from safe with the platform as the platform does not offer investors a safety net due to the lack of a trading license. It is not impossible to aggregate NeoFXTrade funds into one account. This speaks of the risks of instant loss of funds by investors.
In general, as with similar fraudulent projects, NeoFXTrade puts all the problems on the shoulders of the clients.
The information on the platform is too brief in the Terms and Conditions section.
Such lack of information and strange statements should alert traders and make them stop working with NeoFXTrade.
NeoFXTrade is a common fraudulent brokerage project. Based on the review, we do not recommend investing in NeoFXTrade platform which has no license, it is not clear who manages it and has a high level of leverage. The platform can guarantee only one thing - high risks for the money funds of potential investors.