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Neat Forex Review - is it scam or safe?

Neat Forex Review - is neatforex.com scam or good forex broker?

RATING: 1.3 / 0 REVIEWS Neat Forex
Neat Forex is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Micro  $10 1:400 2 Pips
Mini  $500 1:400 1.5 Pips
Premium  $2 500 1:300 1 Pips
ECN  $5 000 1:300 0.2 Pips (+ commission)
VIP  $10 000 1:200 0.0 Pips (+ commission)

 

UK-based brokerage Neat Forex offers its clients a choice of 5 account types. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted in the present review, along with some possible benefits.

 

 

Neat Forex Advantages

 

Trading on the MT4

Neat Forex uses the well-familiar MetaTrader4 (MT4), which is always a plus. This platform has proved to be stable and reliable, offers state-of-the-art charting and in-depth market information. Besides, it has many functions traders enjoy using, such as the Expert Advisors for automated trading and the API connectivity.

 

 

>> Check out more MT4 brokers <<

 

 

 

Neat Forex’ demo MT4. Click to zoom in.

 

Low initial deposit, high leverage

One can open an account with Neat Forex by investing just $10. Such low minimum deposit basically allows anyone to enter the forex market and try out the broker’s services.

 

Besides, clients of this broker are able to open large positions due to the high leverage levels provided, reaching 1:400. However, we advise inexperienced traders to inform themselves about all the risks of trading on margin beforehand.

 

Good variety of assets

Besides, the brokerage offers trading in many currency pairs and a wide variety of CFDs – on indices, commodities, precious metals, and cryptocurrencies. The latter group includes Bitcoin, Ethereum, Dash, EOS, IOTA, Litecoin, Neo, Ripple, OmiseGo, Monero, and Zcash.

 

If you are into cryptocurrencies, however, we suggest that you take a look at our list of reliable forex brokers that offer trading in Bitcoin and other digital assets.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

Neat Forex Disadvantages

 

Not regulated, despite the claims

Neat Forex is allegedly a trademark of NF GROUP LTD., a company registered in UK. The broker actually claims to be regulated, but a simple registration in the UK’s Company House has nothing to do with proper licensing of financial services providers. All of them have to be authorized by the UK’s Financial Conduct Authority (FCA) or a similar authority in another EU Member State.

 

The fact that Neat Forex is not licensed not only significantly lowers its credibility, but is a sign of trouble because scamming is quite common in the trading world. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients, whose interests and funds are not protected in any way.

 

Micro & Mini spreads comparatively high

If we take a look at the announced spreads on Micro & Mini accounts, they are definitely not competitive, amounting to 2 pips and 1.5 pips, respectively. One has to invest at least $2 500 to get a decent spread, while the trading costs with some reliable and regulated brokers are significantly lower. That being said, investing that much money in an unregulated broker is not a good offer.

 

 

>> Real-time spread comparison page <<

 

 

Inconsistent information on trading conditions

While according to the Account type section on Neat Forex’s website the minimum deposit required is $10, and the maximum leverage provided 1:400, other parts of its webpage claim otherwise:

 

 

We consider this as a worrisome sign, because providing such inconsistent information on trading conditions is typical of scam brokers.

 

 

Conclusion

 

Neat Forex is a low-credibility forex brokerage which operates without a valid license. Besides, the costs of trading with it are by no means satisfactory.

 

We keep reiterating that regulation is crucial for the safety of any investment and only well-respected financial institutions like the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders. Otherwise, the forex market is full of scammers seeking to swindle naïve investors on every turn.

 


>> Compare top FCA-licensed brokers here <<

 

 

To sum up our recap of Neat Forex:

 

Pros Cons
Trading on the MT4 Not regulated, despite the claims
Low initial deposit, high leverage

Micro & Mini spreads comparatively high

Good variety of assets Inconsistent information on trading conditions

 

Latest news about Neat Forex
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Traders` reviews for Neat Forex

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