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Neotrades Review | An Impressive Credentials or Scam?

by Kevin Berry
Rating: 
  1.7/5   Reviews: 2
Neotrades - logo

Neotrades is a brokerage firm that offers CFD trading and boasts impressive credentials: 250,000 traders, three awards in customer service, and an average review rating of 4.5 stars. It indeed appears commendable and professional. However, is it truly the case? How good is this offshore company that lacks strict licenses other than FSCM? Could it be just another scam? It is what we aim to determine.

Highlights

🏛️ Country Mauritius
⚠️ Regulation FSC Mauritius
🖥️ Website https://neotrades.com/en
🎲 Demo Account Yes
⏳ Start Time 2022
💲 Minimum Deposit $1,000
⚖️ Minimum and Maximum Leverage 1:400
⚙️ Trading Platform MetaTrader 5, WebTrader
📨 E-mail support@neotrades.com
📞 Phone +230 58690044

First Impression of Neotrades.com

Getting acquainted with a broker starts with examining its official website. Neotrades presents a fairly typical and templated brokerage website without unique elements or attractive graphics. It’s a standard site: a top panel with sections about the platform, the company, and other conditions; a main page describing the advantages; and at the bottom, a repetition of the top sections plus a risk warning. Essentially, everything is built to a standard, with a white background, and a few images of people in shirts, presumably trading in the financial markets.

Neotrades - site

We have no major complaints about the website. We didn’t detect any errors or typos, and there are no issues with navigation or opening links. However, it’s worth noting the low informativeness and utility. Neotrades does not share legal documents, doesn’t go into detail about trading conditions for clients, and doesn’t provide any evidence. For instance, the company talks about awards and prizes, but doesn’t provide links that could prove they were actually received.

Partnership and Bonuses

Neotrades offers clients bonuses and one-time credits. They are divided into two types: losable and non-losable. Bonus funds always come with specific conditions that impose restrictions on the account. Therefore, before agreeing to such promotions, it’s recommended to thoroughly familiarize yourself with the terms, which often turn out to be extremely unfavorable for traders.

The broker also has an affiliate program, in which 30,000 clients already participate. Neotrades’ affiliate programs include the Introducing Broker, where a partner receives up to $30 in rewards for every traded lot of their referral, and a standard program with the potential to earn up to $1,500 for every referred client.

Account Opening on Neotrades.com

Account creation begins with entering personal information: full name, password, phone number, account currency, and country. A promo code can also be added if one is available. At the end, Neotrades asks users to agree to some documents and confirm that the trader is over 18 years old. Not only retail clients but also legal entities can register an account.

Registration

There was no need to verify the email address or phone number, even though this is a standard procedure after registering an account with any verified and secure broker. Neotrade’s personal account interface is quite intuitive. It includes sections dedicated to verification, financial news, deposit and withdrawal of funds, editing personal information, and connecting with technical support. Overall, it’s a standard dashboard where users can manage their account. Interestingly, the news feed hasn’t been updated since August 31.

Neotrades - dashboard

Additionally, the account offers copy trading, extra tools, a web trader, the option to download the platform to a PC, and the ability to open a demo account.

Verification

Upon entering the personal cabinet, the system sends a notification about the need to upload documents for KYC verification. Without this verification, it will be impossible to start trading, meaning this procedure at Neotrades is mandatory. To activate the account, the company requests users to upload proof of identity and proof of residence.

Pros
  • There is an AML&KYC policy document detailing the verification procedure.
Cons
  • None.

Trading Software

Neotrades offers two platform options for trading: WebTrader and MetaTrader 5. We won’t discuss MetaTrader 5 as it’s one of the most popular platforms among forex traders, and there are many guides and instructions online on how to use this software. The WebTrader features an integrated chart from Tradingview with basic tools for technical and graphical analysis. Such a terminal might only be suitable for an introduction to trading, but not for comprehensive trading. For full-fledged and serious trading, there’s MetaTrader 5, which is available not only on PCs but also on iOS/Android smartphones.

Webtrader

Features Neotrades OnyxTraders CIX Markets
Demo Account ✔️ ✔️
Mobile App ✔️ ✔️
Own Development ✔️

How Can I Trade With Neotrades?

The broker offers trading across a diverse range of asset classes: forex, stocks from various countries, indices, commodities, metals, and cryptocurrencies. Traders can also use leverage up to 1:400 to increase their trade volumes. Additional services depend on the account type at Neotrades, which we will examine further.

All Info About Accounts

Clients have three tariff options available: Standard (starting from $1,000), Advanced (from $5,000), and Expert (from $25,000). The minimum deposit at Neotrades is exceptionally high, especially when many competitors allow trading with as little as $1. Owners of the basic tariff gain access to all standard features, including technical support from Monday to Friday, daily market reviews, financial research, and a dedicated account representative. Those who opt for the Advanced tariff get an additional 1 meeting per week with their account representative. It doesn’t particularly differ from the first account type, making it unclear why Neotrades has such a deposit requirement. The third tariff offers some special trading conditions, which aren’t even specified.

Account types

The spread sizes are mentioned in the contract specifications. There, one can also find the maximum leverage for each asset, contract size, ticker, and trading time. Neotrade’s conditions have some shortcomings. For example, there’s an exceedingly high minimum deposit, the absence of an Islamic account, and the lack of a cent tariff plan, which would allow beginners not to risk $1,000 but try the service with smaller amounts. The broker also doesn’t disclose the sizes of commissions, which is a crucial factor for traders.

Furthermore, the broker offers a PAMM service, where traders can offer their services for copying trades. Investors, on the other hand, can connect their accounts to managers and earn passively.

Pros
  • There are demo, and PAMM accounts.
Cons
  • High minimum deposit.
  • The broker works on the principle of “pay more to get more”.

Market Analysis and Education With Neotrades.com

All clients at Neotrades have access to analytical reviews, expiration dates, news feeds, and an economic calendar. The firm also provides basic introductory information about the traded asset classes. Regrettably, there are no training courses, videos, guides, or educational articles.

Deposit, Withdrawal and Fees

Depositing and withdrawing funds in Neotrades is commission-free. Transactions can be carried out using credit/debit cards, bank transfers, Binance pay, and several cryptocurrencies (BCH, BTC, LTC, XRP, and USDT). These methods are listed in the personal cabinet, but on the company’s website, one can also see payment systems such as Skrill, Neteller, and Trustly.

Features Neotrades IronGatesFX Infinity Markets
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

You can contact the broker’s managers in several ways. Firstly, via email; secondly, through phone numbers, and the firm lists 9 different numbers, predominantly from Latin American countries. Thirdly, through their social media accounts on Facebook, Instagram, TikTok, YouTube, Linkedin and Twitter.

Fake email

However, the email turned out to be fake, meaning it doesn’t exist. The social media accounts were established relatively recently, and the number of followers and their activity are less than impressive. For instance, there are only 9 followers on Twitter.

Pros
  • None.
Cons
  • Email doesn’t exist.
  • Low activity and popularity on social networks.
  • No online chat.

Is Neotrades Dangerous?

So far, it’s hard to say that the firm poses a threat. Yes, there are some negative aspects: a high minimum deposit and a non-existent email address. However, to deliver a verdict on Neotrades, it’s necessary to check the licenses, legitimate status, and the company’s operational duration.

How Long Does The Broker Work?

The period of operation is a crucial detail in any brokerage firm. Neotrades doesn’t share information about when it was founded, so we need to determine the approximate launch date of the firm in other ways, for instance, through its domain. The website’s domain was registered in 2010. However, until 2023, it was up for sale. Only in 2023 was it purchased and turned into a site for brokerage services. So, speaking about a long operational duration is out of the question.

Domain 2021

How Is Neotrades Regulated?

The company assures that it’s registered in Mauritius and is regulated by the local regulator FSCM. Alright, let’s check the registry for the broker’s presence. Indeed, Neotrades is listed in the registry. The firm was registered there in 2022.

Neotrades - FSCM

However, one shouldn’t assume that just because a license exists, it automatically makes the company safe for trading. The fact that Neotrades is regulated by FSCM means nothing for traders since this financial commission doesn’t play a full-fledged regulatory role. It’s more of a registration for brokers based in Mauritius. FSCM doesn’t provide guarantees and doesn’t ensure that firms conduct their business honestly and transparently. If the organization had licenses from stricter regulators, such as the FCA, CySEC, or ASIC, then yes, it could be deemed safe and reliable.

Features Neotrades Virgobanc Graystone Venture Capital
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With Neotrades?

First, you need to create an account by providing your personal details. Then, the broker will require mandatory verification, without which you cannot commence trading. After passing the KYC, you can fund your deposit or try out the service with a demo.

Is Neotrades Legit?

The firm is officially registered in Mauritius and holds an FSCM license. However, it doesn't provide any solid guarantees of its reliability.

How Risky Is It?

Trading with offshore firms like Neotrades is highly risky. Such organizations often turn out to be fraudulent and deceive people. It is a 100% risk.
Kevin Berry
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Expert Opinion

It’s strange to see positive reviews about Neotrades online, and they clearly dominate. Apparently, scammers purchase fake positive reviews about themselves to create the reputation of a safe broker, which is far from the truth. The organization is based offshore, doesn’t hold proper licenses, and its operational duration is questionable. It is a complete set of scam indicators. Is it even possible to trade in such places? Certainly not. Trust levels for such firms are very low, as they often turn out to be fraudulent. It’s better not to risk your money and collaborate with a transparent and well-known brokerage intermediary that holds the appropriate licenses and has a solid track record.

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Neotrades rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Neotrades

Spend Rik September 29, 2023 - 23:07
I can't withdraw funds for a long time
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Why isn’t my withdrawal working? Has anyone encountered such an issue? I requested a withdrawal of $500, but it’s been over a week, and the money hasn’t yet arrived in my USDT wallet. Why do I have to wait for so long? Moreover, I’ve been emailing them, and there’s no response. I recently found out that their email is fake. Cool, looks like I fell for a scam.
Also, the charts seemed off to me. I think the charts on Neotrades are fake, as they seemed oddly different from the quotes of other providers. Or maybe it’s just me.
But that’s beside the point. I’m concerned about the withdrawal, which isn’t working here. Does anyone know how to solve this issue?

Reply
Jerry October 4, 2023 - 13:53
There are no good words about scammers
The level of trust
Quick withdrawal of funds

I can’t say anything good about Neotrades. What does this scambroker think of itself? Registered in a dubious offshore location, lacks any proper licenses, has been in operation for less than a year, and asks for a massive minimum deposit – is that normal? No, definitely not. $1000 is a very, very high minimum deposit, which is beyond reasonable. Have you ever seen such requirements? I mean, from companies regulated by the FCA, FINMA, CONSOB, ASIC, CySEC, and others? I haven’t. All popular and well-known brokers have a minimum amount of $10 or even less.
And the duration of its operation is very short. Where are the positive reviews coming from? Even though the firm was registered in 2022, it seems to have started operating in 2023 at the earliest. I see that the domain was updated only in 2023. It is definitely not a long operational period.
I think it’s better to avoid Neotrades, as it can easily turn out to be a fraud broker, stealing money. Do you want to lose your money? I doubt it.

Reply

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