REVIEW: NetoTrade Forex Broker

Backed by a team of financial experts with a combined experience of over 50 years in the forex business, NetoTrade is a broker that is going places. NetoTrade is a broker that prides itself on offering a competitive price for traders, and this trader-focused approach spills over into the web trading platform it offers, in addition to MetaTrader 4 compatibility. Based in the financial heart of London, NetoTrade is fast becoming a player in the forex market with a swelling number of traders on their books. In this NetoTrade review, we’ll look at how this broker stacks up against the competition.

NETOTRADE REVIEW: ACCOUNT OPENING

The account opening process with NetoTrade is fluid, and is a case of completing a simple registration form and clicking through. Altogether, account opening takes about a minute and because there is no strict need to download and install a trading platform, access to the web trading platform can be gained directly from the sign-up process. Unlike other brokers, there is no verification process or email tier to getting started, and while a valid email address and phone number is required for the broker’s records, these are non-essential in the sign-up process.

For those that want to opt out of the web trading platform, there is the opportunity to trade your NetoTrade account through the leading MetaTrade 4 system. This also allows for greater customisation of analysis and research for more advanced traders than that which comes as standard through the web trading platform, and those that chose the MetaTrader route can gain access to the range of power-user features it contributes when managing their trading account.

NETOTRADE REVIEW: PLATFORM

NetoTrade allows traders access to either MetaTrader 4 (with a download link presented after registration for those that require a copy of the programme), or through its own web-based trading platform, powered by Sirix. The NetoTrade platform is designed to be a more visually appealing and usable format for traders, and as such those that don’t have any previously developed loyalty or knowledge of the MetaTrader system will most likely choose the greater convenience of the in-browser platform. The platform itself loads quickly, and traders can gain access to the markets in a matter of seconds from their initial sign up for the service.

The main screen of the NetoTrade platform is easy to navigate and presents a wide choice of different controls in a straightforward, ergonomic layout. If the specific layout employed is not to your liking, this can easily be changed by clicking the button labelled ‘Classic’ in the top centre of the screen. Located next to the layout option is the button for deposits, so that traders can quickly top up their trading capital when required. Completing the top section of the main trading screen is the account summary table, which displays the position of your account in terms of balance, profit/loss, equity etc. with consistency. This makes it easy for traders to keep an eye on how their account and open positions are progressing in overview form, which is particularly handy for maintaining an overview as you trade.

To the left hand side of the main screen, traders will find the list of markets available for them to trade in. This list updates in live time to reflect ticks in the buy and sell values (or bid and ask prices) in each of these markets, along with an indication of whether the market is presently moving upwards or downwards. The information icon next to each market opens up overview information about each of the markets including the spread and when it is traded, ensuring traders have access to the full range of data they require to make trading calls. The star function is a neat addition, allowing traders to highlight those markets that are of greatest interest to them for closer monitoring. By clicking the star next to a market, traders highlight the market so that it stands out more readily from a glance at the Market Rates box. In all, this makes spotting what’s going on in your core markets easier and slicker for making those crucial in-trade calls.

The central pane provides the main trading function, along with the option for Instant Execution in the selected market, with the prominent green and red buttons executing the transaction according to the details entered above. This allows traders to execute their trading intentions including stop losses, while more intricate orders are available from the pending orders tab of the same panel. The obvious layout of the NetoTrade platform puts actually executing trades at the heart of the screen, which is a particularly convenient design and one that traders will instinctively know how to use.

To the right of the central pane lies the charting function, where traders can generate customised technical analysis charts according to their chosen market and parameters. This can be expanded for a more detailed view through clicking on the Window button located to the top right of the panel, and the application should be straightforward to use for most forex traders in its overview and more in-depth forms. Directly underneath that, traders can keep an eye on their order book more directly, with open positions, closed positions and all pending orders accessible from the tabbed layout along the foot of the screen.

All things considered, the NetoTrade layout is both effective and easy to use, striking the right balance between functionality and accessibility. As a result, it’s an easy platform for most to get used to using, and it is unlikely that most traders will require any more advanced features than those already present in the NetoTrade web platform.

NETOTRADE REVIEW: SPREADS & MARKETS

NetoTrade allow competitively-priced access to over 50 different currency pairs – more than enough for even the most advanced of traders. These cover the majors, in addition to cross-pairs and less common markets, to allow traders access to a wide range of different trading prospects. In addition NetoTrade uses live price feeds from a wide collection of banks to provide its traders with up to the minute information on the best possible prices for trading across currency pairs. This keeps spreads as tight as possible (from 0.3 pip), while presenting traders with the ability to access a sufficiently wide selection of different currency markets to satisfy most trading strategies.

NETOTRADE REVIEW: CLIENT MONEY PROTECTION

Based in Belize, NetoTrade isn’t subject to FSA protection and is instead regulated by its territorial authorities. However, for those concerned about the integrity of their funds, NetoTrade goes above and beyond to ensure client monies are as segregated and as distinct from their own funds as possible. NetoTrade holds accounts with HSBC Hong Kong to ensure that client funds are treated distinctly from their own, giving traders peace of mind in the knowledge that their funds are safe and being handled fairly.