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TopTrades Review - is it scam or safe?

TopTrades Review - is toptrades.co scam or good forex broker?

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

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Trading Accounts and Conditions

 

TopTrades presents itself as a forex brokerage offering clients a user-friendly trading platform. However, the trading conditions remain undisclosed, so we cannot comment on them.

 

Apart from their unclear trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review. Make sure you read it prior to investing any money!

 

 

TopTrades Advantages

 

We usually try to list any possible advantages a broker might have in the beginning of our reviews, but here with TopTrades we have no choice, but to leave this section empty.

 

 

TopTrades Disadvantages

 

No regulatory oversight

TopTrades says to be owned and operated by Goodfield Limited, an investment firm allegedly based in Birmingham, United States.  Furthermore, the broker claims to be authorised and regulated by the International Financial Services Commission of Washington DC. 

 

Click on the image to zoom in.

 

Now, the United States is probably the most demanding forex ground in the world. Brokers in this country must be regulated by both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), and these agencies have a strict set of rules in place for licensees under their gaze. One of these, for example, is a minimum capital requirement of $20 000 000.

 

As regards the International Financial Services Commission mentioned on TopTrades’ website, this is the governmental agency in charge of forex brokers registered in Belize, not in Washington. For the sake of diligence, we ran a quick search on the online registry of the IFSC and can confirm that TopTrades is not licensed.

So, despite the broker’s chaotic claims of regulation, it doesn’t have a legit license, which means that its clients are exposed to all kind of risks.

 

Lack of any relevant trading info

As was mentioned above, there is no information to be found on TopTrades’ website regarding the broker’s trading conditions. There is only a live chart on the website that indicates what seems to be real-time forex quotes, yet these values are provided by a third party, so they aren’t indicative of the broker’s offer.

 

Thus, potential clients of TopTrades know nothing about the broker’s account types, minimum deposits, leverage, spreads, etc. It’s even unclear what trading platform does the broker use.

 

These are clear-cut signs of trouble are the usual “tell” of a scammer. The broker probably runs a call center and gives away trading info only to those that they contact themselves via phone, which the most common scammer scheme (cold-calling).

 

No real platform

TopTrades doesn’t offer free testing service either, so we had to open a real account (without investing any funds) in order to get some more trading information for the purposes of this review. As a result, we got access to this:

 

Click on the image to zoom in.

 

As you can see from the above image, this is not a real trading platform, but only a dashboard to propel the illusion with quotes from some major exchanges. This inclines us to suspect that TopTrades doesn’t support any trading platform whatsoever, and only aims at receiving deposits from clients that are unaware of its ill-minded intentions. That said, most traders prefer dealing on the good old MetaTrder4 (MT4) platform, and most brokers support it.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

TopTrades is an unregulated brokerage that is anything but transparent regarding its services and pricing. Overall, it seems like one of the many con-artists on the forex market, so you’d better stay away.

 

Investing in shady unregulated brokers like TopTrades brings a high level of risk – there may be commingling, platform intervention, and every possible kind of investment scam. That is why we urge our readers to deal only with reliable brokerages, such as the ones licensed by the Cyprus Securities and Exchange Commission (CySEC) or the UK’s Financial Conduct Authority in Europe.

 

 

>> Forex brokers regulated in Cyprus <<

 

 

Here is a summary of our review on TopTrades:

 

Pros Cons
None Chaotic company information
  No regulatory oversight
  Lack of any relevant trading info
  No real platform

 

Latest news about TopTrades
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Traders` reviews for TopTrades

Spread

Pros

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Slippage

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Requotes

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Cons

 

 

Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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