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TopDiamondFX Review - is it scam or safe?

TopDiamondFX review - Is scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz TopDiamondFX
TopDiamondFX is an offshore broker. Your money is not safe.


TopDiamondFX say to be a leader in online currency trading, offering over 100 trading instruments including forex pairs and CFDs on various assets like stocks, commodities and precious metals, with a leverage as high as 1:1000 and a web based trading platform.


Account type Min. deposit Max. leverage Spreads/ Payout
Bronze Account $300


Silver Account $500 1:1000 n/a
Gold Account $1000 1:1000 n/a
Platinum Account $3000 1:1000 n/a


As it turned out however TopDiamondFX offers just binary options, but that is not our main issue with them. The problem is that TopDiamondFX does not have a legit license to operate on regulated markets like the European Union, the UK, the U.S., Australia, Canada or Japan and that makes trading with them extremely risky. If you are considering whether to deposit any funds with TopDiamondFX be sure to read the following review first.


TopDiamondFX Advantages:


In the beginning of our reviews we usually try to list any possible advantages a broker might offer its clients and yet with a unregulated broker like TopDiamondFX we simply have to leave this section blank.


TopDiamondFX Disadvantages:


No legit license


TopDiamondFX says to be owned and operated by TopDiamondFX Limited, which they claim to be incorporated in the state of Washington, the U.S. And they also say to be licensed in the  British Virgin Islands and to run an office in California.


From their Client Agreement, however we understand that  the company is based in Italy, so basically we can not be sure where TopDiamondFX Limited is truly incorporated. 


In any case we were not able to find TopDiamondFX Limited in the registers of the regulatory authorities in Italy and the U.S., which means that the broker is operating illegally on those markets, including the broader EU.


As for the British Virgin Islands license this simply does not count – an offshore license is hardly worth more than the piece of paper it had been printed on and the reason is quite simple – offshore regulators like the British Virgin Islands Financial Services Commission simply lack the capacity to oversee internationally operating brokers like TopDiamondFX, not to mention that their regulatory requirements are far less demanding than the requirements of well known, and well respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). 


Besides, here you may check our list of brokers, regulated in the UK, where your funds will even be protected by a special client compensation fund, covering the first 85 000 GBP of your trading capital even in the unlikely case your broker files for bankruptcy:


>>FCA Regulated Forex Brokers<<


And talking about a legit forex license to operate on U.S. soil, the requirements are tougher even compared to those in Europe and the UK – a U.S. forex broker must maintain at all times a minimum operational capital of no less than 20 000 000 USD, and that is the reason why so few brokers are licensed to operate in the U.S.


Unusual withdraw conditions


TopDiamondFX says you can not withdraw your own funds unless you reach a certain minimum trade volume and this is imply absurd – no legit broker will ever put a condition like this.



On top of that the broker charges a monthly inactivity fee after only a month, while with legit brokers a dormant fee is usually charged after an year in which you have not executed a single trade.


Trading bonuses 


And this is another practice we do not like. Trading bonuses are prohibited on most regulated markets like the European Union and the UK altogether, exactly because of the additional withdraw conditions such promotions are invariably linked to.


Usually this  is some minimum trade volume requirement, which quite too often scammers use as a pretext to cancel your withdraw requests.


No demo account


Unfortunately because TopDiamondFX does not offer a demo account we were not able to assess their trading conditions. In any case here you may always check our list of brokers, offering tighter spreads:


>> Lowest spread forex brokers<<


MetaTrader4 not supported


The unproven web based trading platform offered by TopDiamondFX can hardly be compared to well known trading solutions like the industry standard MetaTrader4 – by far the most popular trading platform on the market. Here you can see the web based  TopDiamondFX platform:



MetaTrader4 featuring well over 50 integrated market indicators and trading robots, with the help of which one can easily run automated trading sessions. On top of that MT4 comes with a set of advanced charting tools, so here you may check our list of broker, who support the platform:


>>MT4 Brokers<<


High minimum deposit requirements


TopDiamondFX requires a minimum deposit of no less than 300 USD, while most broker would ask for no more than 250 USD. And take a note that some big and well known brokers like FBS and IG will offer you a trading account with as little as 5 USD.




TopDiamondFX turned out to be a unregulated binary options broker, that honestly does not inspire a lot of trust. As usual in such cases our best advise is to trade only with legit and properly regulated brokers, like the once licensed and authorized by well known financial watchdogs like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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