We have been asked by one of our readers to go through the background of Forex broker NetoTrade. In our full NetoTrade below we describe some issues about the broker’s regulatory status and alleged withdrawal problems from earlier clients of the broker.
Review Posted:
21st of May
Review Updated:
-
Website:
NetoTrade Website
Alternative Names:
NetoTrade UK Ltd., NetoTrade Global Investments
Headquarters:
Unknown
Country:
Unknown
Regulator:
None
Founded in:
2011
Platforms:
MetaTrader 4, NetoTrade mobile trading platform, NetoTrade Web Platform
Instruments:
49 Currency Pairs, Commodities, Stock Indices
Website Languages:
English, Arabic, French, Italian, Russian, Portuguese
Account Currencies:
USD
Deposit and Withdrawal Methods:
Credit Cards, CashU, Wire Transfer, Qiwi Wallet, V Pay
Accepting US Customers:
No
E-mail:
support@NetoTrade.com
Telephone:
+44-203-5143882
Mini Account:
Minimum Deposit: $500. Minimum Trade Size: $1,000. Maximum Leverage: 1:400. Spreads (EURUSD): 3.3 pips.
Gold Account:
Minimum Deposit: $5,000. Minimum Trade Size: $1,000. Maximum Leverage: 1:400. Spreads (EURUSD): 3.3 pips.
Platinum Account:
Minimum Deposit: $10,000. Minimum Trade Size: $1,000. Maximum Leverage: 1:400. Spreads (EURUSD): 3.3 pips.
ECN Account:
Minimum Deposit: $5,000. Minimum Trade Size: $1,000. Maximum Leverage: 1:400. Spreads (EURUSD): 3.3 pips.
Analysis
Regulation, Background and Structure
NetoTrade’s website does not give much background information about the broker – it is not even clear where the broker is based and whether it is regulated or not. The website’s contact section contains an address in the UK, but we are not sure if this means that the broker has an actual office there or not.
On the one hand, NetoTrade seems to have several employees in the UK – we did a search on social media for this – but on the other hand, it is definitely not regulated there. The UK Financial Conduct Authority (FCA) has sent out a warning about NetoTrade. The main message of the warning can be seen here:
Please note that the warning does not specifically say that NetoTrade has treated clients badly.
The problem for us here is not so much the warning itself, but the fact that it seems like NetoTrade wants to convince its clients that it is based (and possibly regulated) in the United Kingdom without it actually being so. This situation is not unlike the one in our most recent review – of bforex.
The FCA is not the only financial regulator which has warned against NetoTrade. The regulator in France, AMF, has put the broker on its list of ”websites and entities offering investments on the unregulated foreign exchange (Forex) market in France, without authorisation to do so” (see the full list here). This warning does not contain many details about why NetoTrade is included, but we suppose it has been trying to solicit clients who have later complained to the regulator.
It seems like NetoTrade, apart from its apparent UK company, has a company (NetoTrade Global Investments) in the offshore jurisdiction of Belize (its website is registered on a company there). We did not find any information on the website of the Belize financial regulator about NetoTrade Global Investments, though.
NetoTrade’s website does not say when the company was founded, but we believe that it must have been around 2011 when the website domain was registered and user reviews and comments started to surface on different Forex sites and forums.
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