Note: NeoTrade is to operate via the website - https://neotrade.pro/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
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 contained in this article is for general information purposes only.
General Information & Regulation
NeoTrade, a trading name of Donnybrook Consulting Ltd., is allegedly a forex broker registered in Dominic that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:100 and floating spreads from 0.1 pips on the MT4 trading platform via four different live account types.
As for regulation, it has been verified that NeoTrade currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.34/10. Please be aware of the risk.
Market Instruments
NeoTrade advertises that it is an online trading platform provider offering trade in forex, commodities, indices, stocks, metals and energies.
Account Types
NeoTrade claims to offer four types of trading accounts - Starting, Standard, Trader and VIP, with minimum initial deposit requirements of $250, $2,500, $5,500 and $20,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The specified leverage for different account types at NeoTrade varies between 1:20 and 1:100. Leverage is adjusted based on balance and certain assets. Clients on the Starting account have a leverage of 1:20, the Standard account can experience a higher leverage of 1:50, while only the Trader and VIP accounts can enjoy the highest leverage ratio of 1:100. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
All spreads with NeoTrade are a floating type and scaled with the accounts offered. Specifically, the spread starts from 0.4 pips on the Starting account, from 0.3 pips on the Standard account, from 0.2 pips on the Trader account and 0.1 pips on the VIP account.
Trading Platform Available
The platform available for trading at NeoTrade is one of the most notable and preferred trading platforms the market offers - MetaTrader4. This trading terminal is highly praised by traders and brokers alike due to its ease of use and great functionality. The MT4 offers top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
NeoTrade says to work with numerous means of deposit and withdrawal choices, consisting of VISA, MasterCard, Piastirx and wire transfer.
The minimum initial deposit requirement is said to be $250.
Funds deposited via bank/wire transfer will take up to 5 business days to appear in the clients account. Withdrawal requests may take even longer to get processed – from 4 to 7 business days.
Bonuses & Fees
NeoTrade claims to offer some bonuses, which differ depending on the account type. For example, the bonus is up to 25% on the Starting account, 50% on the Standard account, 75% on the Trader account and 100% on the VIP account. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Also, the broker charges a dormant fee - accounts that have not been used for 6 months are considered dormant and a fee of 10% is charged each month.
Customer Support
NeoTrades customer support can be reached by telephone: +34 910039618, email: support@neotrade.pro. Company address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-03-17 10:42
2023-02-23 11:50
