While the majority of cryptocurrency investors wish to get into this volatile market and earn through speculation, many still see them as a long-term investment into the future. This exchange offers the possibility of purchasing certain coins as a gateway for market entry with either of these strategies.
Not all is great with this crypto service provider, however, as we will discuss in our Necrypto review.
| Regulated by: | FIU |
| Is This Company Safe? | As per negative user feedback and safety concerns, we can’t recommend this exchange! |
| Known Websites: | neocrypto.net |
| Have Warnings from: | N/A |
| Registered in: | Estonia / Lithuania |
| Operating since: | 2021 |
| Trading Platforms: | Web terminal |
| Maximum Leverage: | No leveraged trading offered |
| Minimum Deposit: | 16.33 USD |
| Deposit Bonus: | No |
| Trading Assets: | Only BTC, USDT, TON |
| Free Demo Account: | No |
| How to Withdraw from This Company? | If you’re having issues with transactions, we recommend you immediately request a chargeback! |
Legal… To Some Extent
First of all, we have to clarify that crypto regulations in Estonia and Lithuania are ineffective and need quite the work to be improved. While both governments are promising better regulatory conditions, these changes are yet to come.
Effective global solutions, UAB used to be a legal entity in Lithuania, incorporated in 2022 and registered to engage in auxiliary to financial service activities, such as financial transaction, investment advisory and brokerage services. However, if you look closer at the legal status, it says “not registered”. The last financial report of the firm dates to 2022. This company no longer exists!
Another entity mentioned on the site is MainCoin OÜ, which operates out of Estonia from 2021 as a virtual currency service with the license number FVT000511. This business is permitted to facilitate exchanging virtual currencies for money and exchanging virtual currency for virtual currency.
One weak license doesn’t solve safety issues, so if you’re having doubts about Neocrypto scam tendencies, your hutch is probably not deceiving you. Therefore, we suggest you choose a better regulated crypto platform with a solid license.
What Sells the Product?
The company was first incorporated in 2021, with the neocrypto.net website being funded quickly after. Many of the platform users are from these nations:
- United States
- United Kingdom
- France
- Netherlands
- Spain
The key feature of the company is easy purchase of Bitcoin and some altcoins, with high anonymity and very simple KYC. This, however, is offset by a relatively slow service.
The firm itself is not very well known among the trading public. It doesn’t have any online presence either, and is mostly just mentioned as one of the places where the TON coin is an available food purchase.
Problematic Reputation
With the small number of served customers, there isn’t a lot of customer feedback. The only place to find any Neocrypto reviews is TrustPilot, where the company’s reputation is not so good.
Their overall rating is 2.8 stars, with 33% of all users giving it a 1-star score. Many of the complaints are about the company charging the transaction to their credit card, but never actually delivering the coins to the wallet.
These are serious accusations, and indicate fraudulent action. If you have experienced similar issues with this firm, contact our chargeback experts via the live chat on our site.
Unexplained Fee Structure
The word “fee” is not mentioned on the website even once. While exploring legal documents, we stumbled upon some taxes being mentioned per every transaction, such as conversion fee, network and mining fees, as well.
It also states that your commission is automatically calculated upon purchase, but we couldn’t confirm this statement. This closely resembles the TradeBetta strategy to use hidden fees to extort additional pocket change.
Comparing the prices with current rates, we established that total fees on purchasing Bitcoin are around 10% and 7% for USDT which is abnormally high. In addition, there’s no option to register for a new Neocrypto login, so we had no access to the user panel to try and find out anything more on this subject.
Overview of Service Amenities
Because of the limited scope of services the company is offering, the infrastructure is simplistic and mostly relies on a few online forms. This includes all trading parameters, such as asset selection, purchase and sale. Although this seems like a good idea, it leaves a lot to be desired, especially for seasoned traders.
Crypto Purchase Form
There is no Neocrypto app, as the company only provides a pipeline for purchase and sale of certain cryptocurrency assets.
For this to be possible, the company has provided a simple terminal. It allows users to pick the FIAT and Crypto they wish to exchange, and execute the deal. The online form also includes a simple price calculator.
Tiny Asset Selection
The selection of assets includes BTC, Tether, and two altcoins. The mentioned altcoins are Toncoin (TON) and Notcoin (NOT) coins, which is a strange choice considering they are mostly used on the lesser known TheOpenNetwork blockchain.
The price of these coins fluctuates wildly over time, with TON peaking recently at $7.2521 on 12.04.2024. and sumping to $4.8854 mere weeks later. Assets like these are often used for pump and dump, and investor caution is advised.
Non-Traditional Sign Up
With no speculative trading, the company does not accept any deposits, nor is it licensed to. This automatically means there is no discrete Neocrypto wallet, or any trading accounts in the traditional sense.
However, in order to finish the purchase, every client has to confirm their phone number and complete a KYC. That, on the other hand, requires users to upload their personal documents and identity verification papers, such as photos of ID, passport or driver’s license.
Compromised Transfers
One positive thing in this shady scheme is the fact that credit cards are the only accepted payment method. That means that if you get scammed, you can always issue a chargeback request in a matter of 540 days since the purchase.
The firm claims to provide “high-level security” measures, however, they do not go into details or explain how their security mechanisms work. We don’t recommend you blindly trust these unverified claims.
Sloppy Email Support
What the majority of clients are evidently complaining about is the lazy and unresponsive client support office. From slow responses to completely ignoring inquiries, the client help desk does nothing to support their users. If you want proper assistance, you will have to go with a better regulated and globally established brand.
Get Your Stolen Assets Back!
No matter what the Neocrypto exchange may promise to provide, it is evident that this one-page website lacks better regulations, security measures and more assets. In addition, the user feedback is not quite flattering, so it would be a wise decision to avoid this platform altogether.
If you have had your crypto funds stuck on this or any other similar site, including Investico, don’t hesitate to contact our recovery specialists for legal support and advice.
FAQ Section
What is Neocrypto?
It is an online cryptocurrency exchange specialized in the sale of BTC and a limited selection of altcoins.
Is Neocrypto Legit?
Yes, the company is regulated in two nations, and operates well in line with their legal constraints. The firm does not have a very good reputation, though, so caution is advised.
What is CipherTrace?
It is a blockchain analysis software that allows tracking cryptocurrency transactions. Contact our experts to learn how we may use it to recover your stolen cryptos.
Source:
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