Newburgh Asset Management

KYC with Newburgh Asset Management is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.

After spending for about five months trying to make Newburgh Asset Management work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.

The reporting at Newburgh Asset Management is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.

Newburgh Asset Management locked my account without warning and demanded documents I had already submitted. for the past year and a half later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.

Newburgh Asset Management seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.

What really bothers me about Newburgh Asset Management is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them while looking for alternatives to my previous provider and I fell for the polished exterior. Never again.

Do not use Newburgh Asset Management for anything serious. I used them for nearly two years for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.

I wanted to transfer my portfolio from another broker to Newburgh Asset Management. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.

The only good thing about Newburgh Asset Management is that they remind you why regulation matters. I found them after reading several online reviews. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.

The hidden fees at Newburgh Asset Management are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.