Mashreq Neo Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
Mashreq Neo - An online trading service provided by Mashreq Bank, with the ability invest in currencies, and stocks both on the local and international financial markets. It's good for people looking to buy shares in the Dubai and Abu Dhabi stock markets.
Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.
Mashreq Neo (Mashreq Bank) Broker has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.
Trustpilot Reviews of Mashreq Bank and Mashreq Neo
Here are a few reviews posted on Trustpilot regarding banking and brokerage services provided by Mashreq Bank and Mashreq Neo:
M Noor claims that he is one of the most difficult brokers to work with in the UAE.
Shafiq has said I've been attempting to fix an issue with not getting OTP on my mobile phone for about a month, which has resulted in my being unable to access my account from outside the UAE. Every time I make an international phone call to Mashreq Bank, I have to describe the situation to a different person who is very incompetent, and then nothing happens and the problem continues. I've complained about this on the internet around seven times without getting a response. I have contacted many people, but have received no answer. I've been using the same bank account and cellphone number for more than 10 years with no issues until recently. My cell service provider did all they could on their end and informed me that the issue was with the bank. I'm becoming frustrated with how long it's taking to resolve this. Mashreq Bank's customer service is really awful. This is a bank that I would not recommend at all. Very terrible customer service.
Soniya Bhopani claims that I have given them a one-star rating out of regret, but in reality, they deserve a -100000 rating. Customer assistance for Individual accounts is atrociously poor, to say the least. Deduction made for no apparent purpose. They don't bother to return phone calls or respond to emails. Specifically, their Agent who was behind you when you opened an account after that, they didn't even bother to show their face to you again. Disgusting.
Mashreq Bank, according to Jawhar Abboud, is the worst bank in Dubai. I would not recommend working with this bank because their customer service support is zero and they do not do their jobs at all. They closed my Mashreq business account without even attempting to contact me or notify me, and when I attempted to reactivate my account, they were completely unhelpful. This is the worst bank in Dubai.
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"I can only concur with the other negative remarks," Ahmad Taha said of the reviews. That Mashreq just ignores these evaluations and does not respond to them demonstrates how much they value their customers' customer service experiences. Any respectable organisation will reply to them and make every effort to resolve them. Are they able to be reached through email if anybody has their contact information?
CJ Prz declares that this is the worst bank ever! I purchased the ticket using my credit card and paid for it on the same day that I made the transaction. To my surprise, there is a 34 aed hidden charge at the end of the month, which they claim is for a conversion fee charge. They have a plethora of hidden fees, so be cautious!
Mohamad Ali Nasser is quoted as saying This is without a doubt the worst bank with which I have ever dealt in the United Arab Emirates. It took more than a month to establish an account. It was my decision to squander my time with them, not theirs, that caused the problem in the first place. Attempt to avoid at all costs. This is not encouraged.
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Tina Si expresses herself In the UAE, there are a plethora of financial institutions, and although their overall quality isn't outstanding, Mashreq is the worst. Far too many issues are being handled by individuals who have no clue what they are doing and who, on the whole, are unprofessional in their approach. It took me about two months to finally give up on trying to register my company with their digital bank despite virtually daily follow-ups. When I signed up with them for personal banking, I was given a credit card that I had not requested and had to cancel immediately. I applied for a credit card in early November, 1.5 years after my first application. During the registration process, the app crashed. I attempted to re-register multiple times, but the system indicates that I currently have a card application pending and that I am unable to re-register. I filed a formal complaint and demanded assistance. After multiple follow-ups, they responded again six weeks later, stating that they will dispatch someone to complete my application. "You have an application pending, you will not be able to register," says the guy who meets me and fills out the application online. Really??? He then said that he will communicate with his IT staff in order to rectify the issue. This occurred two weeks ago. I never received a response. After contacting another bank, I was able to have my credit card in my possession within a few days. So the bottom line is: don't spend your time reading this.
Sulfaf Am claims to have received the worst customer service in the UAE. Never, ever open an account with this bank. Their customer support representatives make fun of us and attempt to get us to accept a higher wage. They didn't provide you the option to terminate your account.
Hassan expresses himself as follows: Very terrible customer service. I submitted an application for the establishment of a bank account. It took them 25 days to send someone to verify the information they had. The scanner was unable to scan and capture the fingerprints, and the bank did not have a mechanism in place to resolve the problem.
Sooraj Surendran claims that he, too, had a negative experience, which was comparable to that of several of the persons who were rated negatively on this site. When I used the Mashreq online service on the 8th of January 2022, I requested an immediate cash from credit card. The money was deducted from my credit card, and the transaction queue status indicated that the transaction was finished, but the money has not yet been credited to my account. I've already submitted two service requests and made three phone calls, but to no avail. This was a terrible experience, and I'd never had anything like this happen with any other bank, including ENBD or DIB.
Mansoor Ahamed claims that he is a Mashreq Bank UAE client and that the bank provides the worst customer service he has ever experienced. A few of my inbound remittances were not deposited to my account as expected. I had been following up with the bank for almost 20 days when they eventually responded over the phone, stating that the cash had been returned to the remitters. When I requested that the bank write to me about the reason for the return, I got an unexpected answer, stating that they do not have a policy regarding customer complaints sent by email. The money has to be re-transferred by the sender a second time. The Mashreq system has been down for the previous number of days, preventing any inbound remittances from being received on schedule. I got a message stating that this will be fixed within 24 hours, however it has not been resolved as of yet. There's no use in visiting the branch or speaking with a customer support representative. The worst banking experience I've ever had!!
Susanne expresses herself Mohammed Raza, who works as a customer service officer at the Burjuman branch of Mashreq, is a very excellent and helpful assistant at the company. He was able to archive what we had been attempting for months in a single day.
Ali Thwaini reports that he went to the Mashreq Burjuman branch today and was greeted by Mr Mohammed Raza, who is a manager. He was really pleasant to talk to as well as quite professional. He was also quite efficient, and he was able to resolve my concerns in a short period of time. He is a valuable addition to the organisation.
Renezza, has informed me that I have just created my Mashreq Neo Current Account. So far, I have not encountered any difficulties. I attempted to contact their customer service department, and they were quite helpful. The service at mashreq is superior to that of my former bank. Try banking with DIB for a few days and you'll notice the difference.
Christan Panganiban expresses gratitude to Mr. Nikhil Muralee, stating that Mashreq should recruit employees with his qualities. In contrast to other Mashreq employees, we provide 7-star client service. Employees with the qualities of Mr. Nikhil Muralee are quite uncommon in Mashreq.
Learn more about online trading brokers for UAE citizens and residents.
Sites like Mashreq Bank and Mashreq Neo in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.