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TopTradePro Review - is it scam or safe?

TopTradePro Review - is toptradepro.com scam or good forex broker?

RATING: 1 / 0 REVIEWS TopTradePro
TopTradePro is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Spread
Basic  $250 1:100 0.8 pips
Bronze  $1 000 N/A N/A
Silver  $2 500 N/A N/A
Gold  $10 000 N/A N/A
Platinum  $25 000 N/A N/A
Black  $100 000 N/A N/A

 

Offshore forex and CFD broker TopTradePro offers its clients the account types listed above. Although the broker is not that clear about its trading conditions, when we tested its Activ8 platform, they seemed good. Nonetheless, TopTradePro is not to be trusted and we don’t recommend it.

 

In our thorough and unbiased review of this broker, we will highlight both the potential benefits and downsides of TopTradePro.

 

 

TopTradePro Advantages

 

Activ8 platform, good spreads

TopTradePro offers its clients ACTIV8, which is a solid choice of a trading platform. Created by the developer of Sirix, Leverate, ACTIV8 offers a nice charting with several technical analysis indicators, ‘Strategies’ category that provides an array of EA/bots, and ‘Masters’ section.  Here is a preview:

 

 

Click on the image to view full size.

 

Besides, as you can see from the above image, the benchmark EUR/USD spread is below 1 pips, which is an attractive pricing. Nonetheless, taking into account that TopTradePro is not a broker you can trust, you’d better take a look at the pricing of some of the top forex brokers:

 

 

>>Real-time spread comparison<<

 

 

Many financial instruments

Another potential advantage of TopTradePro is its rich and diversified product portfolio. It includes many currency pairs, and various CFDs: on indices, commodities, precious metals stocks, and a lot of cryptocurrencies.

 

 

TopTradePro Disadvantages

 

An offshore broker

According to the information on its website, TopTradePro is a trading name Ideas in Motion LTD, a company registered in the Marshall Islands. Generally speaking, forex and CFD brokers operating in such offshore zones are not regulated and are not to be trusted.

 

Needless to say, such offshore entities are not authorized to operate on regulated financial markets, such as those in the USA, EU, Australia, Japan, etc. Yet, many of them illegally target residents of these countries and jurisdictions. The truth is, most offshore brokers choose to register on sunny islands to cut legal corners and many of them run investment scams.

 

 

No MetaTrader

As we mentioned above, TopTradePro offers its services on Activ8, a trading platform that is relatively good. Nevertheless, many traders will probably miss the advanced charting package of MetaTrader 4 or MetaTrader 5, their support for automated trading via Expert Advisors (EAs), the easy customization, and the extensive back-testing environment.

 

 

>> Trade with the best MT4 brokers <<

 

 

Trading conditions not disclosed on website.

This is always an issue with forex brokers, as it means that the companies are not transparent about their services and pricing.

 

 

Click on the image to view full size.

 

In the case of TopTradePro, the broker has only shared with the public the initial deposits required for each of the account types offered, as well as the on-deposit bonuses. So, potential clients of this broker are unaware of the spreads they’ll get, the leverage ratios, etc. 

 

Initial deposit could have been lower

TopTradePro requires a minimum deposit of $250 which, is not that high. Yet, it could have been lower, considering that many prominent reliable brokers require $100 as a start or even less. For example, major broker like IG does not have a minimum deposit requirement at all. 

 

Furthermore, withdrawals at TopTradePro are subjected to withdrawals processing and handling fees, the amount of which is not specified. 

 

 

Conclusion

 

TopTradePro is a forex and CFD broker that does not inspire a lot of trust, given its offshore registration and the little information disclosed on trading specifics.

 

It is always best to deal only with regulated brokers and check the authenticity of their licenses in the registers of the respective financial authorities or with us on forexbrokerz.com. Doing business with licensed brokers has a lot of advantages – they are required to comply with certain financial and ethical rules. Some of these include providing negative balance protection to their clients, keeping all of the invested capital in segregated accounts, maintaining some minimum capital adequacy ratio, allowing external audits, filing regular reports and in certain cases even insuring traders’ money.

 


>> A list of FCA-licensed brokers <<

 

 

Here is a summary of our review on TopTradePro:

 

Pros Cons
Activ8 platform, good spreads An offshore broker

Good variety of CFDs

Trading conditions not disclosed on website
  No MetaTrader
  Initial deposit could have been lower

 

Latest news about TopTradePro
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Traders` reviews for TopTradePro

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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