NetoTrade Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this NetoTrade Review.
NetoTrade Review
NetoTrade has four types of accounts: Mini, Gold, ECN and Platinum. There are no demo accounts.
The broker offers trading in more than 100 instruments: forex, indices, oil, metals and agricultural products. There is also the option to trade in US equities on NASDAQ and NYSE with gold and platinum ECN accounts. For gold ECN accounts trading in stocks the broker charges $15 per lot and for platinum – $13 per lot.
The Company. Security of Funds
NetoTrade has been established six years ago and is registered in the offshore zone St. Vincent and the Grenadines. There is no regulation information whatsoever. The owner of the broker is NTGX Ltd. and credit card payments are processed by one Capital Process Ltd.
Unlike some offshore forex brokers who say they are regulated by the respective local regulator, NetoTrade does not even claim this. There is no information about security of funds either.
Back in 2013 UK’s Financial Conduct Authority (FCA) has issued a warning that NetoTrade is operating in the country unlicensed, but this does not necessarily mean it is a fraud.
But there is a huge red flag suggesting that this broker is a scam – numerous complaints from clients on the Forex Peace Army forum, dating back to 2013. The site has declared NetoTrade a scam in 2014, but, as per several user posts, it is continuing its operations. Some people complain they cannot withdraw their funds, others that a trader from the brokerage has traded on their account and lost, or that company representatives are cold calling offering fast and huge returns. There are also complaints that the company is withdrawing money out of people’s credit cards without their consent.
Trading Platforms
NetoTrade offers trading on MetaTrader 4 and a proprietary web and mobile trading platform – NetoTrade. It provides real time quotes, high speed execution, one click trading and all order types, including limit orders.
Promotions
Welcome bonuses ranging from 15 to 20%, depending on the type of account one opens, but as with most brokers, there are terms and conditions in order to get a bonus.
Methods of payment
NetoTrade accepts deposits via bank transfers, credit cards and the prepaid online and mobile payment method CashU, mostly available in the Middle East and Africa, but does not offer more globally popular payment platforms like, for example, Skrill.
NetoTrade is an unregulated offshore forex broker with rather dubious reputation, to put it mildly. If even half of the complaints against it are true, it must be avoided at all costs. Most certainly there are honest and well regulated brokers offering more or less the same trading conditions, which are not so spectacular anyway.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
NetoTrade Review Conclusion
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