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TopBTC Review - is it scam or safe?

TopBtc Review - Is topbtc.com scam or safe cryptocurrency exchange?

RATING: 1 / 4 REVIEWS TopBTC
TopBTC is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage
Maker Fee Taker Fee
Deposit Fee
Standard 1:1 0.20% 0.20% Uspecified



TopBTC is an Australian crypto-to-crypto exchange, which facilitates some unusual altcoins. Our overall impression of the company is rather low, but be sure to check out the full review for all the details.

 


TopBTC Advantages

 


Standard trading fees – the fees for trading at TopBTC are what you would expect. With a 0.20% fee for both market “makers” and “takers” this exchange is in-line with the major players.



Nice charting – the trading platform provided by TopBTC is average. The positioning of the different elements appears to be slightly off, requiring you to scroll a lot to get to the transaction history section. The charts on the other hand are very crisp and can be expended in a new window. Here is how they look:


The charts at TopBTC. Click to zoom.



P2P trading added – on top of the centralized trading platform, TopBTC has added a peer-to-peer exchange. While we weren’t able to access it, this seems like a nice addition for those who are not willing to trust a company with their coins.



TopBTC Disadvantages


Little background on the company – the only piece of information available on the people behind TopBTC is the name of the Australian company DABTC PTY LTD. Unlike the more credible crypto-players Down Under, they are not a part of ADCA - the Australian Digital Commerce Association, an organization dedicated to popularizing blockchain technology.


>>Crypto-exchanges in Australia<<


A lot of negative feedback
– while the user reviews should always be taken with a grain of salt, as people who have a fine experience don’t hit the forums. That being said, the only thing we found about TopBTC is complaints and more importantly the worst kind – that the exchange does not allow withdrawals.



Rather poor presentation
– TopBTC’s website simply doesn’t feel intuitive. While a lot of information is offered, it took us quite a while to figure out their exact offering. We are still not certain on the size of the withdrawal or deposit fees (or if they even exist).



E-mail verification is slow – when creating an account to see the actual user experience at TopBTC, we didn’t receive a verification code for hours. This may be a temporary issue, but doesn’t leave a nice impression.



No leverage provided
– the fact an altocoin venue does not allow you to borrow more coins is to be expected. Those of you who are looking to play the major coins with a bit of “gearing” should consider doing so with a forex broker.


>>Bitcoin forex brokers<<


You may be aware of this, but we will still mention, these companies facilitate CFD trading. Contracts For Difference are a derivative financial instrument, which only follows the price movements of another asset. This means you will not gain access to any coins, but only speculate with their prices. This may sound complicated, but in reality it’s very simple – this is how most people trade gold and oil. For all the differences between the two styles of trading read our guide.




Shady altcoins traded
– some of the coins at this exchange are even riskier than the more established ones. Trading is done against Bitcoin. Ethereum and QQCoin (QQC). In case you have not heard of the latter, you are not alone. Your natural instinct may be to think it is a very new project, but in reality it’s an old coin, which has pretty much disappeared from the scene.
The more well-known coins at TopBTC are: BTC, ETH, LTC, BCH, EOS, SNT and OMG. Here is a screenshot of the price history of QQC, which illustrates the risks involved in crypto trading:


 



Conclusion


TopBTC is allegedly an Australian cryptocurrency exchange. They are not a member of ADCA, the local organization of companies in the space. Their trading software appears decent, but the support for very alternative and for a lack of a better word “dead” coins is troubling.


That being said, the countless claims this exchange is actually a scam are the most troubling factor. As you should know, the cryptoverse is still young and few countries have regulations in place. This makes dealing with most exchanges a rather risky proposition. On the other hand, some of the forex brokers, which we briefly mentioned above, are monitored by some of the toughest agencies. Check the link below for the full story.


>>Trusted Bitcoin forex brokers<<



Here ais the summary of BTCBOX:

Pros Cons
Standard trading fees Little background on the company
Nice charting A lot of negative feedback
P2P trading added Rather poor presentation
  E-mail verification is slow
  No leverage provided
  Shady altcoins traded


 

Latest news about TopBTC
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Traders` reviews for TopBTC

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Topbtc is scammer

I withdraw about 2990 ABBC coins in topbtc. But I haven't received the coin yet.
Withdraw about 2990 ABBC coins
-time: 2019-08-04 11:31:51
-to wallet: AMMAwKgbH9QPYPAgJJvv5YQk7ACSQuqFa
They ask me to send 0.035BTC to them.
They insist that "You have to make an active transaction ongoing on your account synced rectification address so authenticate the rectification process successfully on our database."

gangwoog song 08/12/2019

I made the exchange of 0.002 BTC for ETH and I have not received the coins yet.

2019-04-25 22:08:00
to Wallet : 12h98y6Y2CjMzHskGvcae97YDPSCjhNnBa
TxID: c7f6700b923edc7a5bac6adb32f137d5b3206984e910798a899956f853f37ce1

If you make an exchanged in this TopBTC, they will accept your payment and their system shows, waiting for payment, even the blockchain confirmed the transaction is complete and sent to this Fucking TopBTC Address.
For the owner and the people behind this Scam Project! Fuck You! You will All Die soon, hacking and scamming money.

safir 04/26/2019

É SCAM. Perdi 0,01 para testar

I made the exchange of 0.01 BTC for ETH and I have not received the coins yet. ===========================
Fiz a troca de 0,01 BTC por ETH e ainda não recebi as moedas.
===========================
17/03/2019 18:26:21
Valor: 0,01000000
Endereço: 12h98y6Y2CjMzHskGvcae97YDPSCjhNnBa
txID: 51900312a29979f97dd847511944ced998471df22a9c66dfa4b958ed3263f90e

Rivanilson Costa Amaral 03/18/2019

Scammer

If you make an exchanged in this TopBTC, they will accept your payment and their system shows, waiting for payment, even the blockchain confirmed the transaction is complete and sent to this Fucking TopBTC Address.
For the owner and the people behind this Scam Project! Fuck You! You will All Die soon, hacking and scamming money.

Arlin Altiche Jr 01/21/2019
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