Sponsored By
de | cn | ru

TopWellCG Review - is it scam or safe?

TopWellCG Review - is topwellcg.com scam or good forex broker?

RATING: 3 / 0 REVIEWS
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


 

Trading Accounts and Conditions

 

Account type

Min. deposit

Min. trade size

Max. Leverage

Spreads (& Commission)

Classic

$100.00

0.01

1:1000

0.4 pips + $2.47 / lot

 

TopWellCG offers trading in 40 FX pairs and CFDs on indices and commodities, including precious metals and oils. Although its trading conditions are not clearly indicated on the website, we filled the table above with the information we got from the demo MetaTrader 4 platform.

 

In addition, the broker offers Managed accounts (MAM).

 

 

TopWellCG Advanatges:

 

FCA license

TopWellCG is a brand of Finotec Trading UK Limited - a company authorized and regulated by the Financial Conduct Authority (FCA) since 2007. UK’s FCA is one of the most reliable financial regulators worldwide and the fact that TopWellCG holds a FCA license is its main selling point. UK’s financial watchdog applies a set of strict requirements to forex brokers operating in the country and sees to their compliance.

 

 

>> More FCA-licensed forex brokers <<

 

 

Low trading costs

offers competitive variable spreads, averaged 0.4 pips on EUR/USD. A commission of $2.47 also applies, so average trading cost per amounts to around 0.7 pip per lot lot, which is a really attractive pricing.

 

 

TopWellCG’s demo MT4. Click on the image to zoom in.

 

For further information and comparison on trading costs, check out the link below:

 

 

>> Real-time spread comparison of top FX brokers <<

 

 

MT4 available

Clients of TopWellCG are offered access to the most commonly used FX trading platform, Metatrader 4 (MT4). User-friendly and reliable, MT4 is globally popular for its top-notch charting, speed of execution, variety of built-in indicators, automated trade options (EAs) and extensive back-testing environment.

 

High leverage levels

Although on its website TopWellCG claims to offer leverage up to 1:100, when we opened the demo account, the maximum| ratio available was 1:1000. While such high leverage levels are generally considered a beneficial factor, they can also lead to high losses. Be sure to fully understand the principles of margin trading and the risks involved, before you start trading.

 

Reasonable minimum deposit

With a $100 minimum deposit, TopWellCG allows most people to join the world of trading. However, this is not a major advantage, as you can start out with an even smaller amount with an industry leader such as IG.



TopWellCG Disdvantages:

 

Trading conditions not clearly presented

As we said in the beginning, the presentation of this broker’s trading conditions is rather poor. A spread starting from 1 pips is marketed on TopWellCG’s website, while the demo spreads are way lower. The situation with the announced leverage levels is similar.

 

The company’s website feels poorly structured, with some missing key information points, such as the commission charged by the broker, different account types, etc..

 

 

Conclusion

 

TopWellCG is a MT4 forex and CFD broker whose trading conditions seem quite attractive. On the other hand, their presentation on the broker’s website is rather poor, which does not leave a good impression.

 

TopWellCG’s main advantage is the solid regulation. It is owned and operated by Finotec Trading UK Limited, a company licensed by UK’s FCA.Stemming out of Asia and regulated in the UK, the company operates a number of brands: Finotrade, CSI-FX, Sky Clearing, Ballistic Markets, 121 Clearing, Noa Prime, and others.

 

 A screenshot of FCA's webpage regarding the trading names and domains of Finotec Trading UK Limited. Click to zoom in. 

 

FCA regulation involves strict rules on client account segregation, minimum capital adequacy, transaction reporting, AML and KYC, and more. Those brokers who dare not to observe them have to pay salty fines.

 

Probably the most important thing for traders in relation to financial regulation in the UK is the fact that it involves a compensation scheme in the event of broker insolvency. The Financial Services Compensation Scheme (FSCS) can provide a compensation cover of up to £50,000 per person.

 

To sum up the strong and weak sides of TopWellCG:

 

Pros

Cons

FCA license

Poor presentation

Low trading costs

No choice of platforms and account types

MetaTrader 4 offered

 

High leverage ratios available

 

Reasonable min. deposit required

 

 

Latest news about TopWellCG
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$200 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for TopWellCG

de | cn | ru