Unique review on TopTrade Group company
TopTrade Group is a contender for the role of a top and stable broker, with the ability to instant access to global financial markets, however, with no reviews. At the same time, the company has already received complaints from traders regarding the level of their losses as a result of partnership with this firm. In this review, we will conduct a deep analysis of the legality of this company’s activities and disclose the reasons why it is not recommended to engage with it.
What is known about TopTrade Group?
The toptrade.group website carries an advertising character, offering many promises and praises. An interesting fact is that there is no option to leave a review on this platform, implying that all reviews are likely written by company employees.
According to the broker’s claims, more than 14,000 traders use the company’s services, of which 94% claim that the service is at the highest level. Despite providing some statistics, TopTrade Group remains silent about its time in the market.
Whois data shows that the website of this intermediary was launched only at the end of 2020, indicating possible manipulation of statistics. Therefore, we are dealing with a recently created company with an unstable reputation due to statements from chargeback services.
It is important to mention the regulation and license of TopTrade Group. Information on the website indicates that the company is operated by Widderships Group Ltd from offshore locations. According to the legend, the company is registered in Dominica at the address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica. By analyzing the characteristics of other financial fraudsters, one can conclude that these coordinates are not unique.
It is impossible to verify the authenticity of the registration number (document #2020/IBC00080) due to the absence of a public registry of legal entities in Dominica. Therefore, there is a possibility that the company may be non-existent and operates solely online.
TopTrade Group remains silent about having a license. Let’s check the legality of the company’s activities in Russia. Since 2016, every broker operating in the Russian Federation is required to register with the Unified State Register of Legal Entities, join a self-regulatory organization, and obtain permission from the Central Bank of Russia.
Without a license from the Central Bank, it is impossible to speak about the reliability or honesty of the company. However, TopTrade Group seems to not have this information or does not want to share it. There are no mentions of the company in the documents of the main regulatory body in Russia.
Offers from our tricky company
On the toptrade.group platform, they promise access to trading through 180+ instruments, including: stocks, bonds, currencies, commodities, metals, options.
However, expecting profits from the company is not advisable. There are no reviews confirming withdrawals, and the terms of the user agreement establish biased conditions. In any situation, the trader appears to be in the wrong, while the company does not take responsibility for the client’s financial losses.
Regarding account types, there is no demo account available here. After registration, one is required to open a real trading account with minimum losses of $250.
There is practically no information about trading conditions in the account descriptions (about margin, swaps, commissions for trade volume). There are only promises devoid of real basis. They try to attract newcomers with bonuses (welcome, premium), expert support, and educational opportunities.
User reviews
Reviews about this pseudo-broker are currently limited due to the short time the company has been operating in the market, however, chargeback services have already begun to place complaints against the firm.
There are numerous negative feedback about the predecessor of TopTrade Group. For example, there are negative comments about SupraTrade, which are expected to be reviewed:
Based on reviews, it is evident that Adamant FX is also on the blacklist:
Several reviews about 24FinTime from the same serial scammers from Widdershins Group Ltd:
TopTrade Group fraud scheme
Fraudsters from TopTrade Group use a well-established scheme, tested on their fraudulent projects. They take advantage of the lack of reviews and impeccable reputation to deceive trusting investors and enrich themselves at their expense.
In reality, there is no actual trading on the platform; all operations are purely staged by scammers. The funds are immediately directed into the pockets of fraudsters. Once the trader depletes their account, the scammers drain it and disappear. It is difficult to prove the fact of loss through the fault of the fraudsters. The company is not serious, and it will require the help of a professional to hold it accountable.
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Final Position
At this time, we have no doubts that TopTrade Group is a typical scam. It is a product of known fraudsters who regularly launch new pseudo-brokers hoping to deceive new victims. Be vigilant, do not become one of them.
I recently joined TopTrade Group and have had a mixed experience so far. The platform is user-friendly and easy to navigate, making it simple to place trades and monitor my investments. However, I have found that the customer service is lacking, with slow response times and unhelpful representatives.
On the positive side, I have seen some decent returns on my investments, but there have also been instances where I have lost money due to market volatility. Overall, I would say my experience with TopTrade Group has been neutral. I will continue to use the platform for now, but I am keeping a close eye on how my investments are performing.