Scammer in the Market: TopTrade Broker Review and Reviews of Deceived Clients
TopTrade: company research overview in 2021
TopTrade – a pioneering CFD and forex broker, founded in 2018 and initially awarded for outstanding customer service and innovative approach. In our review, we will examine feedback and determine how reasonable it is to start cooperation with this company.
TopTrade positioning and security assessment
“TopTrade” represents an advanced, technologically advanced broker offering a secure trading platform, a wide range of assets, low spreads, and various services for implementing trading strategies. Data security for users and storing client funds in separate accounts are important aspects of the company’s operations.
The review of feedback suggests that it is unclear which banks TopTrade stores client funds in and how they will be returned in the event of the company’s bankruptcy.
Licensing and regulation
A link to the financial regulator PIPSEC has been added to the site’s footer. However, PIPSEC is an offshore structure and does not have a clear regulatory function, which does not guarantee clients protection in case of problems. TopTrade’s license from PIPSEC is valid until March 19, 2023.
Available account types
To get started, a deposit of $200 is required. Choosing a Silver account, a client receives 24/7 support, educational courses, market briefings, and leverage of 1:500. The Gold account expands the functionality of the Silver account, adding SMS alerts, fixed spreads, risk management, and analytical research. The Platinum account entails an individual approach, and VIP accounts are available upon request.
Customer support and reviews
Various ways to contact customer support are presented in the “Contacts” section. Customer reviews point to the insufficient responsiveness of customer support and the inability to visit the company’s office for consultations.
Platform and functionality
To access the platform, registration and logging into your account are required. The MetaTrader 4 trading terminal is provided for all devices. Various payment systems are available for conducting transactions. Withdrawals are processed after document verification and request approval.
Reviews and conclusion
Reviews of TopTrade are mixed. Some clients complain about the company, accusing it of fraud and dishonest actions. The company’s reliability, minimum deposit, available training programs, and tools – all of this should be taken into account when deciding on partnering with TopTrade.
Author: Sasha Chaika
Also read: Review of the fraudulent broker PTBanc: feedback from deceived clients.