RECOMMENDED FOREX BROKERS
Neural4x comes with a simple website that does not reveal too much, but in a way pulls users into registering. Our preliminary observations led us to believe that Neural4x is a direct and focused firm that allows for fair trading. Are we smart to trust this broker just by the looks? Read the review to find out.
This will be a review of neural4x.co.uk, the European broker, acting as the main brokerage. We will mention its offshore subsidiary Neural 4x BM, which goes under the URL neural4x.eu. Aside from the dedicated paragraph, all mentions of Neural4x will be associated with the European broker, the one holding an FCA license.
Neural4x is a trading name of Notesco UK Limited and is regulated by one of the most renowned and respected license issuers in the industry, namely the UK’s FCA. As one of the most notorious regulators, the FCA has well earned this title, for it requires a strict way of conduct out of all its licensees. If these guidelines are not followed, the watchdog has the full right to initiate penalties, some of which can go into the millions of pounds. Aside from that, the FCA requires that all brokerages under its gaze hold at last €730 000 at all times and that they keep their money segregated from their clients’ funds. Furthermore, the FCA grants all customers of its regulated brokers the right of financial compensation should the broker in action become insolvent. The Financial Services Compensation Scheme reimburses users up to £85 000.
We could not proceed with opening a live account, so we went on searching for a demo one. However, when we tried to open demo account, we were disappointed by an error page. So we were not able to access a demo platform. What this means is that all trading details, as well as payment ones, will be taken from the broker’s website, which should not pose any issues, seeing that the broker is FCA regulated.
It’s intriguing that the FCA left a broker slide by its side whose sister company is unregulated. Moreover, from what we saw and experienced of the broker, it seems that its offshore sister company can receive EU clients as well as non-EU. For users from the EU, we advise to stick with the FCA regulated subsidiary.
The languages are English and Italian.
The MT4 has been made available here, and this is always a positive sign.
The MT4 comes intact with the following features: multiple time frames, hundreds of customizable trading indications, an active mailbox, live and updated articles, Expert Advisors, and a plethora of others that are sure to keep novice and pro traded alike busy.
The leverage cap was 1:30 because of the ESMA ruling, which states that all EU brokers cannot go over a 1:30 leverage. There is the expectation for professional brokers, but in order to reach the status of a pro, one must pass a very strict requirement list. The typically EUR/USD spread is 1.7 pips, and all the trading assets are forex pairs, spot indices, spot metals, futures, commodities, and shares.
The subsidiary of the broker, going by the neural4x.eu URL, is located in Bermuda, a location that is not very well known among the industry, and for good reason. That is because, Bermuda does not regulate the FX market, so any broker there is technically unregulated. As such it can offer a leverage of up to 1:1000 leverage. The EUR/USD spread there is also 1.7 pips, while the same trading instruments are used. The Bermuda branch also allows for bonuses to be utilized. The FCA has strictly prohibited any bonuses with the EU
However, as we mentioned, we had no way to access an MT4, because the demo account page was broken. Yet, the FCA regulation makes us believe that there is an MT4 at play here.
NEURAL4X MINIMUM DEPOSIT
The FCA makes sure that all deposits reach the broker in the safest way possible.
The minimum deposit is claimed to be $100, as indicated on the website, and we have no reason to doubt it.
Base currencies, as discovered when interacting with the registration procedure are EUR, USD, and bitcoin.
Deposits should take no less than a couple of minutes to process.
There seem to be no fees for deposits.
NEURAL4X WITHDRAWAL TIME AND FEES
There is no minimum withdrawal amount to be found anywhere. The withdrawal section requires ID documents to withdraw.
Withdrawals are made through the same methods as the depositing ones.
There seem to be withdrawal fees concerned with the payment systems, however, we found in the T/C that withdrawals made when there has been no activity in the account will lead to a 3% charge.
Furthermore, there is no clearance of withdrawal processing times. Usually, all but wire transfers, take up to a day to process. Bank withdrawals may take between 3 to 5 days.
In all honesty, we recommend this broker. First and foremost, it holds an FCA license which is its honest honor. Next, th trading conditions are decent, and there the MT4 is always a superb addition. For, all users we recommend stating with the minimum deposit, and to see where things go from there!