Trading and investing in online currencies have gained newfound fame. The onset of the lockdown, with all of us, locked in our houses, have further encouraged people to invest in the online market of trading and earn a profitable amount in return. However, due to the high level of demand being established in the market, a huge number of forex brokers or trade brokers are trying to gain our favor.
While several of these trade brokers aim to run their company effectively and safely, others may coax you into investing with their company. In the process of doing so, they may also state that their company provides innovative and lucrative features that could lead to a multitude of successes in the trading market. Amidst both these types comes a third type that is known as Scam brokers or fraud brokers. Today, we are going to review another scam broker that goes by the name NetoTrade UK. NetoTrade, as the name suggests, was founded in the UK in 2008. Although the company claims to have been founded by a group of people who have over 50 years of experience in the international trading market combined, the working of the company says something else. Read the full NeoTrade review here.
This company claims to be one of the best in the market and yet fails to have a license approved by any regulated authorities. NetoTrade states that it has designed user friendly and easy to understand accounts especially for their customers keeping in mind, the skill set of the customers. They also claim to have no access to any kinds of commissions or other fees from their customers. NetoTrade states to be a multi-asset platform with over 173 tradable assets which includes Forex trading, share dealing, spread betting, etc.
The company also provides a demo account for the new traders to get a hang of the whole trading scenario and get acclimatized to their company’s working procedures. Their website is compatible to use on various devices. They also offer a whopping total of 15 languages to converse in on their platform. The minimum amount required to open an account with this company is $500. Now, this is where one starts to get suspicious because that much money is a lot for any regulated trading company to ask for. If a trading or investment company is regulated by any of the regulatory authorities and has a license approved by the same, then there are certain rules that these brokers must follow to maintain the license. The regulatory authority maintains a list of procedures that should be strictly followed by the companies. This is the main reason why the regulated companies offer a very nominal amount for opening an account with their company and also refrain from offering bonuses.
NetoTrade also offers four different accounts for the customers to choose from. These go by the names, Mini, Gold, Platinum, and ECN. The leverages on all four accounts are 1:400, which is pretty high from what is ideally offered by trading companies. The minimum amount required to open these accounts is 250 dollars, 5000 dollars, 10000 dollars, and 5000 dollars, respectively. The Mini account is for beginners, the Gold account for the professionals, and the platinum account is for the advanced, while the ECN is for the internet spreads.
Is NetoTrade a scam or legit?
According to our calculations and research conducted till now, we will conclude by saying that Neto Trade is a complete scam, and we do not recommend our readers to invest with this fraud broker.