Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine Mauritius FSC Investment Dealer licence verified on the regulator's own register in the licence holder's own name and address, which caps this dimension, but offset by a CNMV warning for unauthorised Spanish solicitation, a tier three regime with no compensation scheme, and no licence verification link published by the broker.
Identity & transparency
5/10 · ModerateLegal entity, company number, LEI and both parent companies are fully disclosed and independently verifiable, which is credited, but the registered office is a corporate services address with no confirmed staffed presence, the Cyprus company named as operating the business is struck off, and the broker's own documents disagree about which number is its licence.
Withdrawals & conduct
7/10 · HighAround eight fund integrity reports with amounts, dates and account references describing profits cancelled and withdrawals stalled, backed by the firm's own published profit clawback and bonus cancellation terms, but set against documented successful payouts and company responses, and spread over three years on a single platform rather than clustered.
Reputation
6/10 · HighTrustpilot 2.6 out of 5 from 91 reviews with 20 percent at one star and fund access as the dominant negative theme, plus a Spanish regulator warning, against a thin footprint elsewhere and no enforcement action or multi platform complaint wave.
Website claims
7/10 · HighDescribes itself as fully licensed while publishing its Global Business Licence number rather than the dealer licence and no register link, the Client Agreement calls the company registration number a licence number, and the former site advertised three unnamed awards and 250,000 registered users with no source, alongside fast withdrawals marketing that sits badly with the bonus policy.
Operational history
5/10 · ModerateA verified but short record: Mauritius licence from March 2022, Cyprus operating company from August 2022, retail site live from March 2023 and closed to new business by late 2025, so under three years of actual client operation, with no overstated founding claim on its own site.
Who they are
A quick desk file on the company behind the brand.
- Brand: Neotrades (neotrades.com)
- Legal entity: Neotrades Capital Ltd, Mauritius company number C185992, LEI 549300QGEFK1LKD8ET54
- Registered: c/o Loita Management Services Limited, 6 St Denis Street, 1st Floor River Court, Port Louis 11328, Mauritius. This is the address of a corporate services provider, not a trading floor.
- Group: the LEI record names Key Way Group Limited as direct parent and The NAGA Group AG as ultimate parent. Both are real, and NAGA Group AG is listed in Frankfurt.
- Only licence of its own: Mauritius FSC, Investment Dealer (Full Service Dealer excluding Underwriting), granted 8 March 2022. The site advertises the number GB21200093, which is its Mauritius Global Business Licence rather than the dealer licence reference.
- Also named in the footer: Naga Markets Europe Ltd (CySEC 204/13) and NAGA Global (CY) Ltd, as group entities. Neither licence covers neotrades.com clients.
- Offered: MetaTrader 5, over 1,000 CFDs on forex, shares, indices, ETFs and bonds, copy trading and PAMM accounts, leverage up to 1:500, minimum deposit 1,000 US dollars on the entry account.
- Not accepted: residents of the United States and the European Union, per the current site notice.
- Age: the Mauritius licence dates from March 2022, the Cyprus operating company from 1 August 2022, and the broker site itself first appears in archive records in March 2023. The domain was registered in 2010 but carried an unrelated business until 2009 and nothing broker related until 2023.
- Status now: closed to new accounts, existing clients directed to support@neotrades.com.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (FSC), Mauritius
Cyprus Securities and Exchange Commission (CySEC)
Corporate and Business Registration Department, Mauritius
Why we reached this verdict
How the evidence adds up.
We rate Neotrades high risk rather than a confirmed scam, because the regulatory identity checks out and the harm evidence is real but falls short of a proven theft pattern. The findings are listed in order of weight.
- The strongest single item is the Spanish warning. CNMV, the Spanish securities regulator, published a notice on 11 March 2024 naming NEOTRADES and https://neotrades.com and stating that the firm is not authorised to provide investment services and activities in Spain, including foreign currency transactions. Belgium's FSMA republished that warning the same day. A Mauritius dealer licence gives no permission to solicit in the European Union, so this is a regulator confirming the broker marketed where it had no authority.
- The bonus terms are designed so that bonus profits are practically unobtainable. The Bonus Policy published on the broker's own servers requires 10,000 US dollars of turnover for every 1 US dollar of bonus at 1:200 leverage, rising to 40,000 at 1:500 and 50,000 at 1:1000, all within 30 days. On a 1,000 dollar bonus at 1:500 that is 40 million dollars of turnover in a month. If the target is missed the profits made with the bonus are cancelled automatically, and any withdrawal attempted beforehand nullifies the bonus and those profits. One trader describes being told his requirement was 75 million dollars, which matches the policy.
- The client contract gives the firm a matching power. The Client Agreement allows the company to obtain from your account any historic trading profits that you have gained through abuse of liquidity, to reject orders, cancel trades and end the relationship. Together with the bonus policy, this is a contractual route to removing a client's gains.
- Clients describe exactly that outcome. On Trustpilot, which is tied to the domain and so cannot be confused with a similarly named firm, around eight users describe profits removed or withdrawals stalled, with amounts and dates: profits above 1,000 dollars removed under clauses the client says were never explained, profit withdrawals refused for trading abuse after trading Japanese shares, funds stuck between trading account and wallet with calls unanswered, and one client who had to go to a consumer rights body to get money back. In one reply the company confirmed it could not honour the withdrawal of profits it judged non compliant.
- We stopped short of a scam verdict for three reasons. First, the licence is genuine and owned: the Mauritius FSC register lists Neotrades Capital Ltd, with the same registered address the site and the LEI record publish, and it has not been surrendered or annotated. Second, the group claim is true, not impersonation: the LEI record names Key Way Group Limited and The NAGA Group AG as parents, so no other company's identity is being worn. Third, the complaint set passes only two of our four pattern tests. It describes one consistent failure and it is specific and checkable, but it is spread thinly from July 2023 to August 2026 with no cluster, and substantive fund complaints appear on a single platform. One report of a 500 dollar fee demanded before a 21,000 dollar withdrawal would be the most incriminating item in this file if it were corroborated. It is a single unanswered account, so we report it and do not build the verdict on it.
- How the number was reached. The six scored dimensions give a weighted mean of 6.4 out of 10. The Spanish warning and the documented profit cancellation mechanism place the result at the top of the high risk band rather than the middle, so we publish 68 percent. We did not go into the likely scam band because the licence, the entity and the corporate parentage all verify.
- The track record is shorter than the arithmetic suggests. The oldest dated company behind the operation was registered on 1 August 2022, which gives a four year figure, and that is an upper bound: the incorporation date of the Mauritius contracting entity is not on public record, and the brand itself only served retail clients from March 2023 until it closed to new business in late 2025, under three years.
- The wind down is the live risk. The site has stopped opening accounts and offers only an email address. The Cyprus company it named as operating the business was struck off on 22 May 2026 with annual returns outstanding since 2024. No surrender of the Mauritius licence has been published, and no plan for returning client money has been published either. Anyone with a balance should act now rather than wait.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Spain's securities regulator published a public warning on 11 March 2024 naming NEOTRADES and HTTPS://NEOTRADES.COM, stating the firm is not authorised to provide the investment services and activities regulated under Spanish securities law, including foreign currency transactions.
E2The Mauritius FSC public register lists Neotrades Capital Ltd holding a SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting) licence dated 08/03/2022, management company Loita Management Services Limited, registered office 6 St Denis Street 1st Floor River Court, with no annotations. The name and address match the broker's own footer, so the licence belongs to the firm that contracts with clients.
E3The broker's own Bonus Policy, version 4 of October 2025, requires 10,000 US dollars of trading volume per 1 US dollar of bonus at 1:200 leverage, rising to 40,000 at 1:500 and 50,000 at 1:1000, achieved within 30 days. Any withdrawal before the conditions are complete nullifies the bonus and any profits made using it, and on expiry the profits made with the bonus are cancelled automatically if the volume was not reached.
E4The Client Agreement, version 3 of May 2025, lets the company obtain from the client's account any historic trading profits gained through what it classes as abuse of liquidity, reject orders, cancel trades and terminate the relationship. It also permits declining a withdrawal where requested documents are not supplied within five business days.
E5NTrade Services Ltd, registration HE 436982, the Cyprus company the broker's own 2023 footer described as the partner company that provides content and operates the business, was registered on 01/08/2022 and its status on the Cyprus register is struck off with effect from 22/05/2026, with annual return filings outstanding from 2024 and 2025.
E6The LEI record for NEOTRADES CAPITAL LTD, Mauritius, entity identifier C185992, is active and policy conforming, and names KEY WAY GROUP LIMITED as direct parent and THE NAGA GROUP AG as ultimate parent. The group membership the footer claims is therefore real, and no other company's identity is being used.
E7CySEC licence 204/13 is held by Naga Markets Europe Ltd, licensed since 20/06/2013 at Agias Zonis 11, Limassol. The approved domains recorded for that licence are nagamarkets.com and naga.com country pages. neotrades.com does not appear, so the licence conferred no protection on Neotrades clients even though it is displayed in the Neotrades footer.
E8Trustpilot, which indexes by domain, shows 91 reviews at 2.6 out of 5 for neotrades.com, with 32 percent five star, 15 percent four star, 32 percent three star and 20 percent one star. Around eight reviewers describe fund access failures with specifics, including profits above 1,000 dollars removed under clauses the client says were never disclosed, profit withdrawals refused as trading abuse, funds stuck between trading account and wallet with calls unanswered, a 100 dollar deposit never credited, and a client who had to approach a consumer rights body to recover money. The profile was claimed in March 2023.
E9In a public reply of October 2024 the company stated that a client's trading activity was found to be in violation of its trading policies and that it could not honour the withdrawal of profits generated through what it called non compliant activity. This is the firm itself confirming that it refused to pay out profits, and it matches the contractual clause in E4.
E10One reviewer dated 11 May 2024 states that after paying 2,500 dollars in fees, a 21,000 dollar withdrawal was refused and a further 500 dollar company fee was demanded. A demand for payment before funds are released is the advance fee pattern and would be the most serious item in this file, but this is a single account from a one review profile, the company never answered it, and nothing else we found repeats that mechanic, so we record it without building the verdict on it.
E11The registered office recorded for the company is care of Loita Management Services Limited, 6 St Denis Street, 1st Floor River Court, Port Louis, which is the premises of a corporate services provider rather than a trading office. An on site check reported by a third party broker directory found no Neotrades office at that address, and UAE based clients report a non working local number with account managers calling from Bahrain.
E12neotrades.com currently serves a single notice stating that Neotrades is no longer opening new accounts and that changes are taking place regarding its services, directing clients to support@neotrades.com. The footer still describes the company as fully licensed under GB21200093 and still lists the two Cyprus group entities. The same notice was already live in November 2025.
Moderateneotrades.com home pageE13The Client Agreement charges 30 US dollars a month for accounts inactive for 90 days or more, states that client money may be held outside Mauritius where the legal and regulatory regime will be different, and disclaims liability for the insolvency of a third party holding those funds. No interest accrues on client balances.
E14The full broker site, archived in March 2023, advertised 250,000 registered users, 1.5 million opened positions, leverage up to 1:500 and an awards list naming Fastest Growing Provider, Most Transparent Broker and Best Dealing Room with no awarding body cited. It also named NTrade Services Ltd of Nicosia as the partner company operating the business.
E15Registration records for neotrades.com show creation on 20 October 2010 with GoDaddy and Cloudflare name servers, last changed 24 October 2025. Archive coverage shows unrelated content in 2008 and 2009, no captures at all between April 2009 and March 2023, and broker content only from March 2023, so the domain age is older than the business that uses it.
E16A sweep of the major warning lists found only the Spanish notice and Belgium's republication of that same document, which counts as one signal rather than two. There is no FSC Mauritius investor alert, no entry on the surrendered licences list, and no enforcement action, fine or fraud related court record naming Neotrades Capital Ltd.
E17Forty three of the 91 Trustpilot reviews are four or five star. One trader reports completing a bonus requirement and receiving his withdrawals, another whose withdrawal was initially disabled reports it completed with named staff assistance, and the company states a third client's withdrawal was processed. The firm replied to most negative reviews until mid 2025.
E18The brand has a real but thin independent footprint. The Google Play listing, published under the name NEOTRADES TECH, shows more than 10,000 downloads and was last updated on 28 November 2023, with no rating displayed, and it markets fast withdrawals and leverage up to 500 to 1.
The other side
The strongest case in this broker’s favour.
The case for Neotrades deserves to be stated properly, because several of the worst readings of this broker are wrong.
- It holds a real licence, in its own name. The Mauritius FSC public register shows Neotrades Capital Ltd with an Investment Dealer (Full Service Dealer excluding Underwriting) licence from 8 March 2022. The registered address on the register matches the site footer and the LEI record. That is a passing identity check, not a borrowed credential.
- It is not a clone and it is not hiding its ownership. The LEI record names Key Way Group Limited as direct parent and The NAGA Group AG, a company listed in Frankfurt, as ultimate parent. NAGA merged with Key Way Group, the operator of CAPEX.com, in 2024. The CySEC licence 204/13 in the footer is genuine, active since 20 June 2013, and the footer correctly labels it as belonging to a group entity rather than to Neotrades.
- Some clients were paid. Forty three of the 91 Trustpilot reviews are four or five star. One trader who called it a likely fraud at first reports completing the bonus requirement and receiving his withdrawals. Another whose withdrawal was initially disabled reports it completed with help from a named staff member. The company replied to most negative reviews for most of its life, including with specific case detail.
- There is no finding of fraud anywhere. We swept the major warning lists and found only the Spanish notice and its Belgian relay of the same document. No FCA, ASIC, CFTC, SFC, MAS, BaFin or CONSOB entry. No FSC Mauritius investor alert and no enforcement action. No court record. No fraud related case naming the entity.
- A warning for operating without local authorisation is common and is not the same as a theft finding. Any offshore broker that accepts a Spanish client can collect that notice. It establishes that the firm marketed outside its permissions, which is serious, but it does not establish that client money was taken.
- The bonus terms were published, not hidden. The volume requirement and the profit cancellation rule are in a policy document linked from the site. Harsh volume conditions are common across offshore brokers. The fair criticism is the scale of the requirement and the automatic cancellation, not concealment.
- The closure may be no more than a group tidying up its brands. After the NAGA and Key Way merger, migrating clients off a small secondary brand is an ordinary commercial decision, and the site says existing clients are still supported. A real exit scam does not usually leave a working support address and a live licence.
What would change this
What we would need to see to revise the verdict.
The verdict can change. Concrete things that would move it, in either direction.
- Would push it toward a scam verdict: a second independent account, on a different platform, of a fee demanded before funds are released. One such report exists and is uncorroborated; a second would establish the advance fee pattern and would take this into the likely scam band on its own.
- Would push it toward a scam verdict: a cluster of withdrawal failures dated after the wind down began in late 2025, which would turn an orderly closure into a disorderly one.
- Would push it toward a scam verdict: an FSC Mauritius enforcement notice, a licence suspension, or a second regulator naming the domain in its own right rather than relaying the Spanish notice.
- Would push it toward a scam verdict: the Mauritius licence lapsing or being surrendered while the site still describes the company as fully licensed.
- Would improve it: a published, dated client money return plan from the group, confirming how balances are being repaid and by when.
- Would improve it: evidence that clients whose bonus linked profits were cancelled were made whole, or a withdrawal of the profit clawback clause.
- Would improve it: CNMV removing the warning, or the group showing that EU residents were never onboarded to neotrades.com.
- Would improve it: an independently confirmed, staffed office at the registered address.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Mauritius public register of licensees
Search the name Neotrades to see the Investment Dealer licence and its 8 March 2022 date. The broker publishes no verification link of its own, so this is the regulator's own search page.
CNMV warning entry for neotrades.com
Spain's regulator listing NEOTRADES and the website as not authorised, dated 11 March 2024.
CySEC register entry for Naga Markets Europe Ltd
Licence 204/13 and its approved domains. neotrades.com is not among them.
Cyprus registry record for NTrade Services Ltd
The Cyprus company the site named as operating the business, registered 1 August 2022 and struck off 22 May 2026.
GLEIF LEI record for Neotrades Capital Ltd
Confirms the legal entity, the Mauritius registration number C185992 and the parent companies.
Neotrades Bonus Policy
The volume requirement per dollar of bonus and the automatic cancellation of bonus profits, version 4, October 2025.
Neotrades Client Agreement
Contains the abusive trading clause, the withdrawal conditions and the 30 dollar monthly inactivity charge.
Trustpilot reviews for neotrades.com
91 reviews at 2.6 out of 5, tied to the domain so it cannot be confused with a similarly named broker.
FSC Mauritius surrendered licences
Where a surrender of the Neotrades dealer licence would be published. No such notice has appeared.
Frequently asked questions
Quick answers about this broker’s safety.
Is Neotrades a scam?
Not proven. Neotrades Capital Ltd holds a genuine Investment Dealer licence from the Mauritius Financial Services Commission, and no regulator or court has found it guilty of anything. We still rate it high risk at 68 percent, because Spain's CNMV warned about the website in March 2024, the published bonus terms allow client profits to be cancelled, and clients report profits removed and withdrawals stalled.
Is Neotrades a fraud?
We found no evidence of fraud in the legal sense. There is no enforcement action, no criminal or civil fraud case and no regulator finding of fraud naming Neotrades Capital Ltd. What exists is a Spanish regulator warning for operating without local authorisation, contract and bonus terms that let the firm cancel profits, and a pattern of client complaints about fund access. We assess the risk as high, but calling it fraud would go beyond what the record supports.
Is Neotrades regulated?
Yes, but only offshore. The Mauritius FSC register lists Neotrades Capital Ltd with an Investment Dealer (Full Service Dealer excluding Underwriting) licence dated 8 March 2022. Mauritius is a mid to low tier regime with no investor compensation scheme, so the licence is real but offers limited practical protection. The site also advertises GB21200093, which is its Mauritius Global Business Licence, not the dealer licence reference.
Does the CySEC licence 204/13 in the footer protect me?
No. The CySEC register shows licence 204/13 belongs to Naga Markets Europe Ltd, a group company, and the approved domains for that licence are nagamarkets.com and naga.com country pages. neotrades.com is not on that list. If you traded at neotrades.com your contract was with the Mauritius company and you had no EU protection and no access to the Cyprus investor compensation fund.
Can I withdraw my money from Neotrades?
Many clients did, and several say so publicly. But the published terms create real obstacles: if a bonus is attached to your account, withdrawing before you meet the trading volume target cancels the bonus and every profit made with it, and the Client Agreement lets the firm take back historic profits it judges to come from abusive trading. Request your balance in writing now, with the exact amount and account number, and ask for a written payment date.
Why did Neotrades cancel my profits?
Almost certainly under one of two clauses. The Bonus Policy cancels profits made with a bonus automatically if you do not reach the trading volume target within 30 days, and any earlier withdrawal nullifies them. Separately, the Client Agreement allows the company to recover historic trading profits it attributes to abuse of liquidity. The company has publicly stated it refused to honour a profit withdrawal on that second basis.
How large is the Neotrades bonus volume requirement?
Between 10,000 and 50,000 US dollars of trading volume for every single US dollar of bonus, depending on your leverage, and it must be met within 30 days. At 1:500 leverage that is 40,000 dollars of turnover per bonus dollar, so a 1,000 dollar bonus needs 40 million dollars of turnover in a month. One trader reports being told his requirement was 75 million dollars.
Is Neotrades still open?
No, not to new clients. neotrades.com now shows only a notice saying Neotrades is no longer opening new accounts and that services are changing, with support@neotrades.com as the contact. That notice was already in place by November 2025. The Mauritius licence still appears on the FSC register and no surrender notice has been published.
Who owns Neotrades?
The LEI record for Neotrades Capital Ltd names Key Way Group Limited as its direct parent and The NAGA Group AG, a company listed in Frankfurt, as its ultimate parent. NAGA Group merged with Key Way Group, the operator of CAPEX.com, in 2024. The ownership is real and verifiable, which is one reason we did not treat this as a clone or a shell.
Is Neotrades a clone of another broker?
No. It trades under its own name, its own Mauritius company and its own licence, and the register entry matches the address it publishes. The CySEC licence in its footer is correctly described as belonging to a group company rather than to itself. Be careful with similarly named brokers: NetoTrade, NeoTradex and Novatrades are different companies with their own histories, and none of their records belong to this firm.
How old is Neotrades?
Younger than it may look. The Mauritius licence dates from March 2022, the Cyprus operating company was registered on 1 August 2022, and the broker website first appears in archive records in March 2023. The domain was registered in 2010, but it carried an unrelated business until 2009 and nothing broker related until 2023, so the domain age overstates the operating history. The brand served retail clients for under three years.
Which regulators have warned about Neotrades?
One, with a relay. Spain's CNMV published a warning on 11 March 2024 naming NEOTRADES and https://neotrades.com, stating the firm is not authorised to provide investment services in Spain. Belgium's FSMA republished the same notice. We found no entry on the FCA, ASIC, CFTC, SFC, MAS, BaFin or CONSOB lists, and no FSC Mauritius investor alert.
What should I do if I cannot get my money out?
Put the request in writing with amounts, dates and account numbers, and keep every reply. Complain to the Financial Services Commission of Mauritius, which licensed the company, and to your own national regulator if you were solicited inside the European Union. If you funded by card, ask your bank about a chargeback quickly because the time limits are tight. Never pay a fee to unlock your own balance, and ignore anyone offering recovery for an upfront payment.
Was there really no office at the registered address?
The registered office is the premises of Loita Management Services Limited, a corporate services provider, as shown on both the FSC register entry and the LEI record. An on site check reported by a third party broker directory found no Neotrades office there, and UAE based clients report that the local phone number did not work and that account managers called from Bahrain. That is consistent with an administrative address rather than a staffed operation.
What we recommend
The practical takeaway from everything above.
What we would do, and in what order.
- Do not deposit. The broker is not accepting new accounts anyway, and any site or agent still inviting deposits under this brand should be treated as unconnected to the licensed company until proven otherwise.
- If you hold a balance, request it in writing now. Email support@neotrades.com, state the exact amount and account number, keep the thread, and ask for a written payment date. A business in wind down becomes harder to reach, not easier.
- Never pay a fee to release your own funds. No legitimate broker needs a tax, insurance, verification or company fee before paying you. One client reported being asked for 500 dollars before a 21,000 dollar withdrawal. If you are asked, stop and keep the message.
- Check whether a bonus is attached to your account before you withdraw. Under the published policy, withdrawing before the volume target cancels the bonus and all profits made with it, so take advice on sequencing and screenshot your equity first.
- Escalate to the regulator that licensed the firm. Complaints about Neotrades Capital Ltd go to the Financial Services Commission of Mauritius. If you were solicited inside the European Union, also report it to your national regulator and quote the CNMV notice of 11 March 2024.
- If you paid by card, ask your bank about a chargeback, and do it quickly: card scheme time limits are measured from the transaction date.
- Ignore anyone offering to recover your money for an upfront fee. At least one review on the broker's own review page is a plant promoting a recovery service. Those operations are a second loss, not a remedy.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 10, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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