Reason to avoid: Operation with no license. Negative Reputation.
Listed Date: September 27, 2018
Top 3 Regulated Forex Brokers
- Company name:
Capital Process LTD. NetoTrade Ltd.
- Registration Address/ License:
St. Vincent and the Grenadines. UK. Cyprus. Operates without any license.
NetoTrade is an international financial investment company that targets worldwide international clients from different jurisdictions and approaching by the attractive trading conditions with alleged easy access to trade and invest with the broker. However, the firm operation shows very tricky approaches while currently, it is not even clear where the company office is located.
At the establish stage the NetoTrade brand was used by the registered company in St. Vincent and the Grenadines, as well some period of time it showed an information about its base in the UK with a further change of addresses and offices in Cyprus, Israel and Dubai. Therefore, the broker swings between the countries in order to offer and attract vast of the traders for its own purpose. Moreover, in 2013 the UK watchdog of Forex industry Financial Conduct Authority issued a warning to the company since it does offer its services without necessary licensing.
In addition, the numerous complaints from the NetoTrade clients and traders are dating from its beginning and until now, which shows that the company still targeting ‘Naive” clients to their rows. The traders complaints were mainly about the issues to withdraw the funds, significant losses due to the price manipulations or other malicious actions by the broker. As well, many of the clients were attracted by the cold calls from the company representatives that promise quick and high growth of investments, which is considered to be illegal service.
At the current moment, the NetoTrade international website is dismissed and redirect to the Arabic version of the website, means company aims to catch the Arabic speaking clients. Overall, the MENA area is quite known for the vast of scams and frauds due to the fact that there is no strictest restriction to the Forex industry businesses, along with the lack of population knowledge about involved risks. Therefore, many of the malicious companies targeting their clients in this area. In conclusion, it is hardly advised to stay far away from the Neto Trade and in case you would like to start trading safely choose among the regulated brokers by the local authority alike DFSA.