Thinking of getting into business with Neo Omatic? Here is what you must know about this broker. Carefully read this review to find out if neoomatic.co is the trading platform you will want to trade with.
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About Neo Omatic Broker
Neo Omatic is an offshore brokerage company with a lot of offers for traders. This broker hides under the company called Mellifluous Group LTD which is incorporated in the Republic of Dominica — a country with a weak financial regulation.
Neo Omatic presents EUR/USD spread with 3 pips difference in Buy/Sell. This is quite a disturbing pip for a broker whose financial service is a scam.
In spite the many trading instruments Neo Omatic claims to offer, traders must know they are dealing with an unregulated broker.
neoomatic.co: Reasons to Avoid This Broker
neoomatic.co is a platform with no financial authority overseeing its financial services. So any money puts in this broker is at risk.
Another red flag we noticed in neoomatic.co is that there is no free account for traders. If traders cannot test Neo Omatic broker on a demo account, how then can we know its viability in the forex market.
neoomatic.co is a clear scam that the Italian financial regulator, CONSOB has labeled it so. This is a big warning for traders to avoid losing money from this broker.
The charges this broker takes from traders are worrisome and this goes against the regulation of the financial market. You are charged 10% monthly on an inactive account of 6 months. Which legit broker does that? Only Neo Omatic!
Withdrawal and Deposit
Withdrawal process
The withdrawal option Neo Omatic provides for traders points what this broker is up to. Before a trader is eligible for withdrawal, there must be a trade on the bonus and 25 times deposit. This we can’t understand as the broker decides not to give further details.
This is just a way to reap traders of their money and even frustrate their withdrawal request.
Minimum Deposit
Neo Omatic minimum deposit is indicated $250. This is too big to risk to a broker that has been blacklisted by CONSOB. Legit brokers pegged their minimum deposit for $100 or less.
Neo Omatic presents Credit/Debit Cards as payment methods. Making any payment with this broker is a risk, that CONSOB has made it clear. So beware!
Neo Omatic Platform
Neo Omatic is a Web Trader. This broker refusal to use MT4 or MT5 which are the industry standard are what we seem not to understand.
Neo Omatic offers the beginner, Pro and Pro+ account types. Each account costs $250, $2500 and $25,000 respectively.
Neo Omatic leverage is 1:100 by default but traders can increase it to 1:300. This is a high leverage to risk anyway. In fact, it is above the regulatory leverage set by financial regulators.
In spite the attractive offers Neo Omatic broker presents, we cannot find a free account for traders to test the platform before they consider depositing their money.
Neo Omatic Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk with this broker. Regulators like CONSOB and others don’t grant license to an offshore broker like this one.
In fact, a scam alert is labeled on Neo Omatic by Italian regulator. Its financial services are shady and must be avoided.
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Conclusion: Is neoomatic.co a Legit Broker?
No, neoomatic.co is not a legit broker for traders and because of that, traders are advised to stay away from this broker.
The warning is on the wall already for traders to avoid crossing path with this broker. Its fraudulent terms and deficient trading software are red flags.
neoomatic.co is a turn off and therefore we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.