NeoMarkets is a financial institution that offers Forex and CFD investment services to clients across the world. Established in 2022, NeoMarkets has its headquarters located in the Republic of Mauritius. The forex broker claims to be dedicated to providing excellent trading conditions, competitive pricing, and optimal execution on a wide range of tradable instruments.
The company prides itself on its commitment to flexibility, striving to meet the unique needs of its clients. NeoMarkets' impressive array of trading instruments includes Forex, Commodities, Indices, Cryptocurrencies, and ETFs, ensuring a diverse portfolio for traders. To enhance the trading experience, NeoMarkets offers access to the popular MetaTrader 5 platform and its proprietary trading platform, NeoTrade.
NeoMarkets' website is available in five different languages, facilitating seamless communication for its global clientele. Additionally, their multilingual support service ensures that clients receive assistance in their preferred language. For professional traders and institutional clients, NeoMarkets provides advanced tools and features. Notably, the inclusion of copy trading services empowers clients with the resources they need to make informed trading decisions and stay competitive in the market.
In this NeoMarkets forex broker review, we will give you all the important information about the broker to decide if it's right for you.
Supported Countries
Despite its relatively recent establishment, NeoMarkets has swiftly emerged as a global forex brand, extending its services to clients in numerous countries across the world. Among the countries included in its embrace are Morocco, the United Arab Emirates, South Africa, Tunisia, Malaysia, India, Bahrain, Saudi Arabia, China, Indonesia, Israel, Albania, Algeria, the Aland Islands, Argentina, Armenia, Antigua And Barbuda, Bahrain, Bangladesh, Belize, Belarus, Brazil, Bouvet Island, Cambodia, Cameroon, Cape Verde, the Cayman Islands, Chile, Colombia, Christmas Islands, Nigeria, the Maldives, the Marshall Islands, Mauritania, Mexico, Monaco, Montenegro, Mongolia, Nepal, Namibia, New Zealand, the Netherlands Antilles, Norfolk Island, Pakistan, Oman, Singapore, Suriname, Taiwan, and many more.
However, it's essential to note that NeoMarkets, like any reputable financial institution, adheres to regulatory guidelines and, as such, does not offer its services to clients from certain countries. These excluded regions encompass the United States, Canada, North Korea, the United Kingdom, Syria, Cuba, and Sudan. It's worth mentioning that the availability of NeoMarkets' services to clients in certain European countries remains somewhat unclear.
Customer Service Rating
As a relatively new player in the forex brokerage arena, NeoMarkets has yet to accumulate a substantial number of online reviews. Nevertheless, a glimpse into its online presence reveals a modest profile on Trustpilot, with only one review to its name.
This lone review awards NeoMarkets an Average rating, reflecting a TrustScore of 3.7 out of 5 stars. The reviewer's feedback highlights some positive aspects of the platform, particularly praising the broker for offering very small spreads and delivering instant order execution. Furthermore, the reviewer commends NeoMarkets' proprietary trading platform, NeoTrade, for providing traders with all the essential tools required for successful trading.
Beyond Trustpilot, NeoMarkets also boasts a solitary review on Myfxbook, another notable platform for reviewing forex broker firms. This review aligns with the positive sentiment found on Trustpilot, further underscoring the broker's potential for providing a favorable trading experience.
NeoMarkets Forex Trading Platforms
NeoMarkets understands that traders have diverse preferences and needs regarding trading platforms. To cater to this diversity, the broker offers a range of options, ensuring that every client can find a platform that suits their style. Here are the available choices:
MetaTrader 5 (MT5): NeoMarkets' MT5 trading platform stands out as a robust and advanced option. It builds upon the success of its predecessor, MT4, by introducing more sophisticated trading tools and indicators. MT5 empowers traders to exercise greater control over their trades, make well-informed decisions through advanced analysis, and delve into an extended range of trading instruments across various asset classes. With features like automated trading via Expert Advisors, overlaying analytical studies, multiple charting options, and support for over 80 technical indicators, MT5 provides traders with a comprehensive toolkit. Moreover, it offers an enhanced trading experience with minimal slippage, ultra-fast order execution, and no strategy restrictions.
NeoTrade: For traders who are constantly on the move, NeoMarkets' mobile app, NeoTrade, is a valuable companion. This user-friendly app grants traders access to real-time news, charts, market data, and a customized workspace, all designed for seamless trading. NeoTrade simplifies trading with its intuitive interface and reliability. It also features a Trends Analysis tool that provides insights into market opportunities and future price trends, helping traders make informed decisions. The app supports a wide array of analytical tools, including various indicators and an order window that automatically calculates essential trade parameters. NeoTrade ensures traders can switch effortlessly between accounts and devices, available on web, mobile, and tablet apps for iOS and Android.
NeoFX App: NeoMarkets' mobile app, NeoFX, mirrors the functionality of the desktop platform NeoTrade while offering the flexibility of trading on the go. Traders can open positions on all available assets, monitor the forex market, access their account dashboard, and execute deposits and withdrawals effortlessly. The app provides real-time quotes, interactive charts, a user-friendly interface, a complete trading and transaction history, deposit and withdrawal capabilities, account setup, KYC verification, and round-the-clock trading of cryptocurrency pairs. NeoFX ensures that traders can stay connected to the market and manage their accounts conveniently.
Type of Trading Accounts on NeoMarkets
NeoMarkets offers its clients the freedom to choose from a range of account types, allowing them to tailor their trading experience according to their preferences and expertise level. The broker mentions the availability of several account types, including Netting, Hedge, ECN, and DEMO. However, one notable limitation is that the broker's website lacks detailed information about each account type.
Potential clients may find themselves needing to open an account with NeoMarkets before gaining access to these crucial account details. In contrast, many other brokers in the industry provide comprehensive account type details upfront, making it easier for traders to compare their options and select the account type that aligns best with their trading objectives.
Trading Denominations on NeoMarkets
NeoMarkets aims to offer simplicity and accessibility to its clients when it comes to choosing their preferred trading currency. Traders can opt for either USD (United States Dollar) or EUR (Euro) as their trading account currency. However, it's essential to note that the range of account denomination options on NeoMarkets is more limited than some other trading platforms. Some brokers offer a broader selection of account currencies to cater to a more diverse clientele.
Company Structure
In 2022, NeoMarkets emerged on the global financial scene under the Neomarkets Group Ltd, positioning itself as an international brokerage firm committed to providing diverse tradable instruments. Established in the Republic of Mauritius, NeoMarkets is registered at Suite 201, 2nd Floor, The Catalyst, 40 Silicon Ave, Ebene 72201, Republic of Mauritius. With Registration No. 189156/GBC, the company boasts a strong foundation in this conducive business environment.
Information on its About page shows that NeoMarkets' journey into the financial world is steered by a team of seasoned professionals with over 15 years of experience. Their extensive network of valuable connections, cultivated over the years, allows NeoMarkets to promptly address the unique needs of their diverse clientele. The NeoMarkets platform primarily operates in English, providing accessibility to clients worldwide. However, the broker's commitment to catering to international preferences extends to offering the platform in various languages, such as Arabic, Hindi, Farsi, and Spanish, ensuring a user-friendly experience for all.
As a newcomer in the industry, NeoMarkets has yet to receive awards or recognition. Still, its acclaimed dedication to client-centric services and international accessibility sets a promising path for the broker.
NeoMarkets Forex Licenses and Regulatory Compliance
Neomarkets forex broker operates under the regulatory framework provided by the Financial Services Commission (FSC) of the Republic of Mauritius, holding the investment dealer license number GB22200517. This regulatory body oversees and governs the activities of the company, ensuring compliance with established financial regulations and standards.
It's important to note that while Neomarkets is regulated, it does not fall under the oversight of a top-tier financial regulatory agency. While this may be a consideration for some traders, it's essential to assess the broker's overall services and features in conjunction with its regulatory status to make an informed decision when choosing a trading platform.
NeoMarkets Forex Customer Protection
The NeoMarkets forex broker prioritizes the security and protection of its clients through various measures:
NeoMarkets employs SSL encryption to fortify its website's security, safeguarding all data transfers and ensuring a secure online environment.
New clients are required to provide proof of identity as part of the onboarding process. This verification step is essential to confirm the identity of users and maintain a secure trading environment.
Client accounts are password-protected, enhancing the overall security of individual accounts. NeoMarkets is committed to keeping customer details confidential and encrypted.
NeoMarkets extends negative balance protection to its clients. This protective feature shields traders from the impact of extreme market movements, preventing their account balances from going into the negative.
While NeoMarkets offers these robust security measures and negative balance protection, it's worth noting that the broker does not state whether or not it's affiliated with any compensation fund.
Customer Service
NeoMarkets offers customer support to assist traders with their inquiries and concerns. Here are the available support options:
NeoMarkets' live chat support is accessible five days a week from 09:00 to 18:00. This real-time chat feature provides immediate assistance to clients seeking help.
Clients can contact NeoMarkets by sending an email to [email protected]. This email address is a direct communication channel for users to reach out to the platform.
For those who prefer phone communication, NeoMarkets provides a telephone number (+44 2392 16 0887) where clients can discuss any issues they may have directly with the support team.
However, it's important to note that NeoMarkets does not offer a dedicated help center page with a collection of articles to address common questions and provide additional resources.
Trading Information
NeoMarkets offers various trading conditions to its clients, ensuring a seamless and accessible trading experience. The Forex market on NeoMarkets operates five days a week, 24 hours a day, providing continuous trading opportunities. However, certain CFD instruments, such as indices and shares, are only available for trading during the hours when their corresponding stock exchanges are open.
NeoMarkets applies a fee to inactive accounts that have not been used for six months. These accounts are charged $5 of the account balance each month until the balance reaches zero. NeoMarkets employs variable spreads starting from 0.0 pips for forex, cryptocurrency, and commodity pairs, depending on the account type. NeoMarkets will automatically convert your deposit currency using standard rates if your deposit currency differs from your trading or bank account currency.
Swap rates on NeoMarkets depend on the position size and the product held overnight. Notably, a triple swap is charged on the night from Wednesday to Thursday, except for ruble pairs, USDJPY, and USDCAD, which incur a triple swap on the night from Thursday to Friday. Additionally, a one-time swap is charged for all trading instruments over the weekend.
Tradable Instruments
Neomarkets presents clients with a valuable opportunity to broaden their investment portfolio by granting access to a wide range of financial instruments, which include:
Forex - 74 pairs
Metals - gold and silver
Energy - US and UK oil
Indices - 12, including WS30, ESX50, UK100, NAS100, SP500, AEX25, CAC40, DAX40, ESP35, HSI50, SMI20, JPN225
Crypto - 11 most popular cryptocurrencies.
This diverse selection empowers Neomarkets clients to tailor their investment strategies, providing flexibility to navigate various financial markets and capitalize on opportunities as they arise.
NeoMarkets Leverage
NeoMarkets offers leverage options that can enhance a trader's potential. The forex broker platform provides leverage up to 1:500, which is a significant advantage for traders looking to maximize their exposure in the markets. However, it's crucial to note that leverage is not uniform across all assets and regions. Different trading instruments may have varying leverage limits, and the leverage available to traders may differ based on their location due to regulatory requirements.
Deposits and Withdrawals
Deposits
NeoMarkets prides itself on providing clients with a seamless and convenient experience when depositing funds into their trading accounts. The broker collaborates closely with reputable and secure payment service providers, ensuring that clients can confidently choose their preferred payment method.
To maintain the highest level of security and compliance, NeoMarkets enforces a crucial requirement: deposits must originate from the trading account holder. NeoMarkets' platform is compatible with various payment service providers, offering flexibility and accessibility for clients across multiple countries. Some of the supported deposit methods include ACH or SEPA Transfers, Visa, Mastercard, Bank Transfer, and Cryptocurrency.
With a minimum deposit requirement of $20, NeoMarkets ensures that traders can get started with their accounts without significant financial commitment. The deposit process is straightforward and user-friendly, making it easy for clients to fund their NeoMarkets trading accounts. To initiate a deposit, clients must log in to their client Portal, select the desired trading account, click the deposit option, and choose their preferred deposit method.
Withdrawals
The withdrawal process of NeoMarkets is designed to be user-friendly and protective of all parties involved. To initiate a withdrawal, clients must access their personal Client Portal and follow the prescribed withdrawal request procedure. It's important to note that, in line with anti-fraud measures, NeoMarkets will only process withdrawal requests if the client has provided the necessary KYC (Know Your Customer) documentation and their account has undergone full verification.
Clients are required to withdraw their funds using the same method they used for their initial deposit. NeoMarkets offers flexibility in choosing the withdrawal method that suits their preferences and needs.
NeoMarkets Trading Education and Training
NeoMarkets is a platform that primarily caters to experienced traders. While it offers a decent range of tradable instruments, it lacks comprehensive trader education resources. This orientation makes NeoMarkets best suited for those already well-versed in the trading world. However, for new traders or those looking to expand their knowledge and skills, NeoMarkets might not be the ideal choice.
FAQs
Is NeoMarkets Forex a Scam?
NeoMarkets is a relatively new player in the forex brokerage industry, having been established in 2022 in the Republic of Mauritius. As of now, NeoMarkets operates under the regulatory oversight of the Financial Services Commission (FSC) of the Republic of Mauritius, holding an investment dealer license with the number GB22200517. As for online reviews, NeoMarkets, a relatively new broker, has limited online feedback. On Trustpilot, there is only one review at the time of writing, which gives the broker an average rating with a TrustScore of 3.7 out of 5 stars. Given NeoMarkets' limited online presence and reviews, potential clients may want to exercise caution and conduct thorough due diligence before opening an account.
How do I open a NeoMarkets trading account?
For clients interested in opening a trading account with NeoMarkets, follow these straightforward steps to get started:
Start by visiting the NeoMarkets Sign-In page on their website.
Look for the "Registration" button, usually located in the top-right corner of the homepage, and click on it.
Fill in your details, including your name, email address, phone number, and any other required information.
Make sure to check the privacy policy box to indicate your agreement with NeoMarkets' privacy policies.
After entering your information and accepting the privacy policy, click the "Sign Up" button to complete the initial stage of the registration process.
NeoMarkets will send a verification link to the email address you provided during registration. Access your email and click on the link to verify your email address.
Log in to your newly created account. You will need to upload certain documents to verify your identity and residence. This typically involves providing a utility bill, ID, or similar documents as part of the legal verification process.
Once your documents are verified, your account will be activated, granting you access to your personal account area.
Take the time to familiarize yourself with the risks and benefits associated with trading. It's important to clearly understand what you're getting into.
If you're satisfied with the information and ready to start trading, you can proceed with funding your trading account.
Conclusion
NeoMarkets presents itself as a relatively new player in online trading. This broker lets traders choose from different trading platforms, including MetaTrader 5 (MT5), NeoTrade, and NeoFX App. These platforms cater to various trading preferences and offer access to essential trading tools and features. NeoMarkets primarily caters to experienced traders, lacking comprehensive trader education resources. This positions it as a platform more suitable for those already well-versed in the world of trading.
NeoMarkets offers leverage of up to 1:500, although leverage levels can vary depending on the trading instrument and the client's location. NeoMarkets extends its services to traders across the globe, including various countries in Africa, Asia, and beyond. However, it does not accept clients from countries such as the United States, Canada, North Korea, the UK, Syria, and Cuba. Traders on NeoMarkets can choose from trading account denominations in USD and EUR, offering some flexibility to cater to their preferences.
NeoMarkets collaborates with secure payment providers to facilitate deposits and withdrawals. While the broker supports multiple deposit methods, clients should ensure that their trading account and deposit method share the same name. Minimum deposits start at $20. NeoMarkets is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, holding an investment dealer license with registration number GB22200517. However, it is essential to note that NeoMarkets does not fall under the regulatory oversight of top-tier financial regulatory agencies.
NeoMarkets employs SSL encryption for website security and requires identity verification from all clients. While it offers negative balance protection, the broker's affiliation with compensation funds remains unclear. The broker provides customer support through live chat, email, and telephone, offering assistance during specified hours.
However, it lacks a comprehensive help center with educational resources. NeoMarkets grants traders access to a diverse range of tradable instruments, including Forex, Commodities, Indices, Cryptocurrencies, and ETFs. NeoMarkets is notably lacking in trader education resources, making it a more suitable option for experienced traders who require fewer educational materials.
