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Neofxtrade claims to be a Cypriot-regulated platform, and the platform is an actual clone. It uses the credentials of a regulated platform in Cyprus. We must expose such platforms that blatantly lie to investors. It puts funds at risk as unregulated platforms rarely offer any safety of funds. Neo FX Trade plans to take advantage of anyone who signs up with them. Here’s what we found out in our detailed NEOFXTRADE REVIEW.
On the about us page, Neofxtrade claims to be a leading provider of CFDs. The platform claims to be a UK-based firm with its headquarters in London. We get to see false statements on their about us page regarding regulation.
The platform tries to come out as an industry-compliant trading platform. But, unfortunately, there are false compliance records from CONSOB, CySEC, and the National Commission for Companies. It’s all an effort to make the platform appear regulatory compliant.
These are just statements with no evidence to back them up. You would expect such a platform to offer copies of their license certificates. However, it doesn’t do so as the platform hasn’t even applied for any trading license.
The best way of investing is choosing credible investment platforms with a proven track record. These platforms offer investors a way out of attaining financial freedom. It’s what you need to get a head start in the trading world.
We don’t get to see information on their background and history. And this means not knowing their mission and objective. From a client’s point of view, it’s best to know the longevity of a trading platform.
Your first step when investing should be doing due diligence. First, make sure to check whether a platform is licensed or not. Next, ensure you learn what others are saying about the platform. An excellent way is reading our reviews on Crypto and forex trading platforms.
Neofxtrade offers three account types on their trading platform. These three include Starter, Premium, and Ultimate. However, we have an issue with their leverage which is set at 1:500. No regulator in Europe allows for such high leverage.
Let’s take a closer look at each of the three accounts’
Starter
As the name suggests, the account is the best fit for beginners. It comes with a minimum allowed investment amount of $200. For once, the platform follows regulatory guidelines on minimum deposit.
Members get variable spreads with the starter account, with scalping allowed with this account. You also get EAs whose accuracy remains a bone of contention. Members also get regular training sessions.
Premium
The premium account holder must deposit $5,000 to start using it. It has almost the exact features of the starter account. There are a few mentionable differences between the two, one of them being the high deposit amount.
With this account, members get premium signals and one-on-one trading sessions with experts. You also get NDD execution type and VPS signals. Members also get advanced education materials with the account.
Ultimate
As the name suggests, it’s the most exclusive account on offer. Members have to deposit $25,000. The account comes with a commission of $5, with scalping allowed. Members get ultimate signals and EAs.
The stop-out level for all accounts is set at 20 percent. Members also get exclusive webinars, live trading sessions, and invitations to events. All in all, the accounts don’t offer any huge advantage over each other.
Your funds are far from safe with a platform that fails to offer investors a safety net. With this platform, your deposits don’t get any insurance cover. And this is as a result of the platform failing to apply for a trading license.
We also believe the platform is pooling funds in one account. The risk that comes with this is everyone having to lose funds at once. In the event of bankruptcy or insolvency, no member will receive any compensation.
Trading platforms are required to deposit a certain amount with regulators. The deposit is used as insurance cover for deposits made by clients. Since the platform lacks a valid license, we must assume there’s no such deposit made with regulators.
Neo FX Trade offers five classes of trading instruments. These include Commodities, Crypto, Forex, Indices, and Shares. The platform will leverage your funds at risk making them profit from it.
Commodities found on the platform include Brent oil, gas, and gold. Crypto assets are paired against the US Dollar. These coins include Bitcoin, Litecoin, Ripple, and more. There are over 20 leading coins to trade with on the platform.
With forex trading being the crème de la crème of trading, there are over 60 pairs. Most of them are major pairs, with the platform availing of minor pairs. As a result, you won’t get the chance to spread risks with exotic pairs.
Members get to trade leading international company stocks such as the FAANG Group. The platform is not keen on ensuring fair trading conditions. It seems the leverage and spreads change depending on the asset you’re trading with.
The disclaimer at the footer of the homepage claims several entities own the platform. These entities include E-Global Trades and NEO Partner Online SNR. Unfortunately, we have to inform you that these are false statements.
The platform will do or say anything to make the platform appear legit. And this is why they have used names of platforms licensed by the FSC. When you ask the companies about ties with Neo FX Trade, they all deny it.
One critical feature to look for in an investment platform is its support structure. The platform should respond quickly to your queries within 24 hours latest. Unfortunately, Neofxttrade.com doesn’t have a live chat or quick response time.
And this means investors have to wait until the platform decides to reply. We have seen this before, and it’s a way of controlling the communication lines. It makes it possible for them to contact you at their own time.
There are several deposit methods listed on the platform. The platform accepts bank and wire transfers. There’s no way of depositing via Crypto despite offering crypto trading. You don’t need to deposit with the platform due to the withdrawal issue.
Most of the members get stuck trying to withdraw funds from the platform. The platform doesn’t offer investors a chance to earn their trades. And this Neofxtrade is a worthless trading platform. Those who do get to withdraw only have partial withdrawal amounts.
Neofxtrade is not a licensed platform and doesn’t have any credentials to show for it. As a result, the platform is lacking in every sense and shouldn’t be seen as credible. Without proof of compliance, it’s best to stay away from such platforms.
The only positive aspect of the platform is availing MT4 trading platform. It’s a word-class trading platform that offers investors a chance to excel in trading. In addition, the platform gives investors a chance to use advanced tools and indicators.
There’s no way we would recommend a platform that doesn’t have a valid license. The platform puts your funds at risk, and it’s best to avoid Neo FX Trade at all costs.
Go for industry-backed investment strategies with a proven track record. These strategies include coin staking, DeFi, and Masternoding.
Feel free to leave a comment or email us with any queries.
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