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Neat Forex Review

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Neat Forex is an online ECN forex broker based in the United Kingdom. “A comprehensive range of trading options, instant technical support 24/5, and individual approach are available to all our customers, regardless of their investment. Our primary objective is to support each of our customers at every step, starting from new account registration to money withdrawal.” That is their statement as to why traders should choose them as their broker. We will be using this review to find out if it would be a good choice to join them, or if it would be better to avoid.

Account Types

Should you decide to join up with Neat Forex, you will be presented with a choice of five different accounts; they each have their own individual requirements to open as well as their own trading conditions. So let’s look at what they are.

Micro Account

This account has a minimum deposit requirement of $10, it comes with a spread starting from 2 pips and there are no added commissions. The account can be leveraged up to 1:400, there are no swap charges on this account. Expert advisors are allowed and the minimum trade size is just 0.01 lots. The margin call level is set at 40% and the stop out level is set at 40%, the account also comes with 24/7 free support.

Mini Account

This account has a minimum deposit requirement of $500, it comes with a spread starting from 1.5 pips and there are no added commissions. The account can be leveraged up to 1:400, there are added swap charges for holding trades overnight on this account. Expert advisors are allowed and the minimum trade size is just 0.01 lots. The margin call level is set at 40% and the stop out level is set at 40%, the account also comes with 24/7 free support.

Premium Account

This account has a minimum deposit requirement of $2,500, it comes with a spread starting from 1 pip and there are no added commissions. The account can be leveraged up to 1:300, there are added swap charges for holding trades overnight on this account. Expert advisors are allowed and the minimum trade size is just 0.01 lots. The margin call level is set at 40% and the stop out level is set at 40%, the account also comes with 24/7 free support.

ECN Account

This account has a minimum deposit requirement of $5,000, it comes with a spread starting from 0.2s pip and there is an added commission on the trading. The account can be leveraged up to 1:300, there are added swap charges for holding trades overnight on this account. Expert advisors are allowed and the minimum trade size is just 0.01 lots. The margin call level is set at 40% and the stop out level is set at 40%, the account also comes with 24/7 free support.

VIP Account

This account has a minimum deposit requirement of $5,000, it comes with a spread starting from 0.0 pips and there is an added commission on the trading. The account can be leveraged up to 1:200, there are added swap charges for holding trades overnight on this account. Expert advisors are allowed and the minimum trade size is just 0.01 lots. The margin call level is set at 40% and the stop out level is set at 40%, the account also comes with 24/7 free support.

Platforms

MetaTrader 4 is the available platform to use. MT4 offers smart automation functionality and delivers optimal order execution on each and every trade. Take advantage of low latency with fewer re-quotes, while accessing real-time market data at a single click. The platform also offers additional benefits such as customized automated EA’s, multi-language/currency support, instant trade execution, professional trading charts, streaming market updates, top technical indicators, and more. The platform is also highly accessible and can be used via a desktop download, mobile app, or web trader.

Leverage

The leverage that you can receive is determined by the account type you are using, the Micro and Mini accounts can be leveraged up to 1:400, the Premium and ECN accounts can be leveraged up to 1:300 and the VIP account can have leveraged up to 1:200. The leverage can be selected when first opening up an account and can be engaged by getting in contact with the customer service team.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots, they then go up in increments of 0.01 lots so the next available trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is but would suggest not trading over 50 lots in a single trade due to execution speeds, we also do not know how many open trades or orders you can have at any one time.

Trading Costs

There are some added commissions on the ECN and VIP accounts, however, we do not actually know what they are, it is a little strange for this not to be mentioned on the site. The Micro, Mini, and Premium accounts do not have any added commissions as they use a spread based system that we will look at later in this review. There are also swap charges on the accounts (except for the Micro account) and these are charged for holding trades overnight and can be viewed within the trading platform you are using.

Assets

The assets have been broken down by Neat Forex into a number of different categories. We have outlined them below along with the instruments within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, USDMXN, USDSGD, USDZAR.

Metals: XAUUSD, XAUEUR, XAGUSD, XPTUSD.

Indices: AUS 200, ESP 35, EUR 50, FRA 40, GBR 100, GER 30, HK 50, JP 225, NAS 100, SPX 500, US 30.

Energies: US Oil and UK Oil.

Cryptocurrencies: BCHUSD, BTCEUR, BTCUSD, DASHUSD, EOSUSD, ETHEUR, ETHUSD, IOTAUSD, LTCEUR, LTCUSD, NEOUSD, OMGUSD, XMRUSD, XRPUSD, ZECUSD.

Spreads

The starting spreads that you receive depends on the account you are using, we have outlined the starting numbers below.

  • Micro Account: Starting from 2 pips
  • Mini Account: Starting from 1.5 pips
  • Premium Account: Starting from 1 pip
  • ECN Account: Starting from 0.2 pips
  • VIP Account: Starting from 0.0 pips

The spreads on all accounts are variable which means they move with the markets, the more volatility in the markets the higher the spreads will be, different instruments will also have different natural starting spreads.

Minimum Deposit

The minimum amount needed to open up an account is $10 which allows you to open up the Micro account, once an account is open, the minimum reduces down to $5 for a further top-up deposit.

Deposit Methods & Costs

There are a few different methods available, we have outlined them below along with any potential deposit fees.

  • Bank Wire Transfer – Deposits over $5,000 no fee, Below $ 5,000 bank fees depending on bank
  • Visa / MasterCard – 3.35% fee on deposits below $ 5,000
  • Skrill – No added fee
  • Neteller – No added fee

Be sure to check with your own bank or processor to see if they add any transfer fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Bank Wire Transfer, Visa/MasterCard, Skrill, and Neteller. There are no added fees however you will be expected to pay for any bank fees when using Bank Transfer and you should also check that there are no added fees by your own bank for processing.

Withdrawal Processing & Wait Time

Withdrawal times for Visa/MasterCard, Skrill, and Neteller should process the same day as the request or the next working day if requested after opening hours. When using Bank Wire Transfer it will take on average between 3 to 5 working days based on your own banks’ processing times.

Bonuses & Promotions

The only bonus mentioned on the site is something called Gadget Power, however, it ended on 30th June 2019. We will outline some details about it anyway as it will give an idea of the sort of promotions that they offer, if you are after a promotion you should contact the customer service team to see if there is anything coming up that you could take part in.

Gadget Power: Neat Forex introduces IB contest, the IB contest is designed to reward active and effective Introducing Brokers who are able to scale different trading Volumes by the end of the month, Aside from your normal IB commission we further reward you with gifts as specified below for your hard work. Simply, refer people to join and earn various rewards from phones to laptops.

Educational & Trading Tools

There are a few different tools available, the first being an economic calendar, these tell you about upcoming news events and also which markets they could affect, there is also a blog but it hasn’t been updated since June 2019. There is also a market news section and an educational section that details different aspects of trading such as trading strategies, forex market history, benefits of trading, and a forex foundation class, nothing that will help make you an expert.

Customer Service

The customer service team is available 24 hours a day 7 days a week. You can contact them using the online submission form, a postal address, email, phone number, skype or even WhatsApp.

Address: 3rd Floor 207 Regent Street, London, England, W1B 4ND, United Kingdom

Phone: +44-1622370215

Email: support@neatforex.com

Skype: nfsupport

WhatsApp: +35799061993

Demo Account

You can open up a demo account with Neat Forex, however, the button to open one up, loads a broken page, so we weren’t able to see any conditions or actually open one which is a shame, hopefully, this is just a temporary issue. Demo accounts allow you to test out trading conditions without risking any of your own capital.

Countries Accepted

The following statement is available on the site: “NF Group Limited does not provide services for citizens/residents of the United States, Cuba, Iraq, Myanmar, North Korea, Sudan.” If you are still not sure of your eligibility, we would suggest contacting the customer service team prior to signing up for an account.

Conclusion

There is a large selection of accounts available from Neat Forex, each having their own conditions, the conditions on offer seem quite competitive, the only issue is that we do not know what the commission charged on the ECN or VIP account actually is, so the full extent of the trading costs is not known to us. There are plenty of assets available to trade which is great and there are a few different methods available to deposit and withdraw with minimal fees. The demo accounts at the time of writing this were leading to a broker page so this was a little concerning. If the demo accounts get fixed then the trading conditions seem ok, the decision to use them though is up to you.

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