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TopRich-FX Review - is it scam or safe?

TopRich-FX Review - is toprich-fx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz TopRich-FX
TopRich-FX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading Account Minimum deposit  Min. trade size Maximum leverage Average Spreads 
STP $50 0.01 1:500 3.0 pips

 

TopRich-FX offers its clients a single commission-free account type with leverage up to 1:500, variable spreads and the opportunity to trade micro lots on the MetaTrader 4 platform. The broker claims to provide STP execution.

 

While the minimum deposit required is comparatively low, the variable spreads offered by this broker are really high – typical ones floating around 3.0 pips for the EUR/USD pair. In comparison, FxChoice, provides spreads averaged 1.2 pips on its commission-free accounts.  For further information and comparison, you may check out the real-time spreads of more than 10 major brokers at our dedicated page.

 

The Company. Security of Funds

 

Company

Country

Regulation

Toprich International Capital Resources ltd. 

SVG

FSA

 

TopRich-FX is one of the many London-based brokers that are registered offshore broker. It offers online trading and investment services on the MT4 platforms.

 

According to the information on the broker’s website, the company operating the brand is registered as International Business Company (IBC) in St. Vincent and the Grenadines. SVG is a popular offshore forex destination where IBCs are not obliged to meet any strict requirements, such as for capital adequacy, client account segregation, etc.

 

To cut things short, trading with an offshore broker is a risky business and we generally advise traders to avoid them. Scammers come in all shapes and sizes, and you have to be careful when choosing a forex broker to trust your money with.

 

There are a number of reputable and well-regulated brokerages licensed in Cyprus or in the UK, for instance, where traders have certain level of protection and financial watchdogs apply strict requirements to financial providers.

 

Trading Platform

 

TopRich-FX supports the renown MetaTrader 4 (MT4), desktop, and mobile versions available.

 

The MT4 is still the most popular currency trading platform, although it has been launched more than 10 years ago. There are a number of reasons for this. First, it is charting is really good. Besides, the MT4 allows users to create and use technical analysis indicators and automated trading strategies (Expert Advisors).

 

 

TopRich-FX’s demo MT4. Click on the image to zoom in.

 

Methods of Payment

 

Payment methods with TopRich-FX are limited to China UnionPay & Credit/Debit Cards (Visa, MasterCard).

 

Conclusion

 

TopRich-FX is a broker that provides online trading and investment services in forex and binary options on the MT4 platform. Its main disadvantage is lack of reliability, as the broker is registered offshore. Besides, its spreads are too wide. Here are, in a nutshell, the pros and cons of TopRich-FX:

                                                                                                   

 

Pros Cons
MT4 available   Non-regulated offshore broker 
  High spreads

 

Limited payment methods

 

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Traders` reviews for TopRich-FX

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