Beware! TopTradePro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TopTradePro is a Forex brokerage registered in the Marshall Islands. It provides a web-based trading platform, not the MT5 trading platform and an extremely generous leverage of up to 1:100. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $250 which is significantly above the industry average and not in favor for traders. The spread on EUR/USD is fixed at 1 pip which is also below the standard pip and a half, and an advantage for traders.
TopTradePro regulation & safety of funds
According to the website the company behind the brokerage is registered in the Marshall Islands by the name Ideas in Motion LTD with a standard address we have seen with countless other brokerages.
The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that Ideas in Motion LTD, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework.
Putting that aside, the brokerage purports provides a web-based trading platform which we got a look at through a demo account. Here is a screenshot:
We could see a spread of 0.8 pips on EUR/USD which is quite favorable and certainly below the industry average. The leverage extended to traders is 1:100 which is both generous and balanced. However, the offshore location of the brokerage and the obvious lack of regulation highly inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy.
TopTradePro deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as the popular e-wallet Skrill.
In the terms and conditions of the brokerage we did find troubling withdrawal conditions. Here is a screenshot:
The brokerage mentions there are withdrawal fees but does not specifiy. We further read there is a dormant account fee of 10 percent which is quite excessive in our view.
However, we could not find any explicitly states withdrawal fees but we cannot be certain whether the brokerage won’t charge any unexpected fees once clients have invested. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Kennedy
I agree with the review. Top Trade Pro are scammers.
I was contacted by a broker “Cindy” who claims to work for loss recovery program by Main Trading Centre. She claimed that they will recover my capital from my previous broker as i was scammed. This was a trial and for them to assist i needed to have an active account with a broker, so they recommended – “TopTradePro”. I opened the account with them and to date there has been no progress on the recoverey program. I submitted a request to withdraw my funds from the broker over 3 weeks ago and to the time of writing no payment has been made and they stopped contacting me and now they are ignoring my emails.
Rosalie Morris
I had put trust with Toptradpro. Thye encouraved me to invest funds and took a loan out, assuring this will be rewarded in a short period of time.
yet, no I was poured into more costs to get the funds out. One by one there were draw backs either the wire ws not received as a full deposit.
the wire was late
had to resend monies to complete validation or registering
told to pay commission of thousands to Euro Exchange and wire ws not sent on time, then remade with more money. the the blockchain state there was a delay in receiving the funds, therefore charged tax before the monies were released.
again this caused problems. the Euro exchange having not received theor commission by a set time, wanted this paying or the account is lost.
This has cost £40.000.
PLEASE BUYER BEWARE.
lynn
have you got back your money?
Torkill Wiik
This incident took place the 16th of September. I am in Thailand, and have lived here for a number of years. I am 63 years old and I am a Norwegian citizen. After my divorce 5 years ago, I have been a single father to a 9 year old girl.
I know in every case like this, I am obliged to contact the local police, but they don`t speak english, and I know nothing would be done. Even if they wrote a rapport on this, nobody outside Thailand would understand it. I will also inform Mastercard in Thailand. But I guess it will take about one year before they answer to say it`s nothing they can do.
Here goes the story:
I received a call from a man who called himself Mike Nolan, and worked for Toptradepro, witch deals in cryptocoins. https://toptradepro.com/
A few days earlier I had purchased Libracoin (Facebook) for 250 us. But I did not receive a wallet. I thought it would be fun to have this on my phone to “play” with. I am no gambler, I don`t even buy lotto tickets. I mailed them and Mike Nolan called me back.
He said, no problem, and asked me to install something called “Anydesk,” a program where he can see my screen and control my mouse.
First he opened my bank account, because he needed to see witch account he would attach my Libracoin wallet to. (He probably also took note of my other accounts, witch he later emptied out).
Then he went to a cryptocoin site, wrote 4000 and clicked “buy.” I got scared, and asked: “You didn`t buy anything, did you?” He said, “No, no, this was just a reservation.” (whatever that means).
My phone plinged, and he asked me to give him the number that came up. and I did. The worst decision of my life. At this time, I didn`t know what an OTP number it was. And it all happened very fast.
He thanked me, and told me all was in order with my Libracoin wallet.
After he hung up, I checked my account, and 4000 us dollar was gone. Now he had my 4000 us as a hostage. Not in so many words, he told me if I didn`t play along, I`d loose the money, or if I did as I was told, I would get a nice bonus.
I was furious, but what could I do? I checked up the company on the internet: they had some bad reviews, but I couldn`t find anybody they actually had stolen money from.
So when he called me the next day, I decided to play along. I followed him like a rat in the story of The pied piper of Hamelin. In the end, 74.000 us dollar, everything I had, was gone. All the time telling me that all would be fine, this was just normal business practice. And they promised me a big fat bonus, almost the double of what I had paid. (if it sounds to good to be true -)
Now they want more. If I had the money they stole, plus my monthly pension, I could have stayed here until my daughter had turned 18 years old. I know I have been stupid, careless and naive.
This is obviously a fraud. I have a copy of every transaction done on my Mastercard, and I recorded the last phone conversations we had. I am convinced that this is something they have done a lot of times. There will be lot of other victims out there. These people must be stopped!
I can`t stay in Thailand with no money, and I can`t get a passport for my daughter. She will be left alone with no family. Just thinking of that rips my heart to pieces. I`m writing to you as a desperate measure. Is there anything that can be done to get my money back? At least some of it?
Her mother probably lives in another country with a new sugardaddy. I have no contact with her or with her family.
And still no sign of my Libracoin wallet.
Sabin
They are not totally a black hole. I read these reviews immediately after transfering the required deposit, just minutes too late, and after that I stubbornly refused to do any kind of ”transaction” with my 250 $ and I insisted that I want them back in my account in mails, wpp messages, and phone conversations. For unknown reason (as I really have no way of really coercing them) they give up one month after I quit fighting, returning my moneys. I don`t consider them to be honest, nor I consider myself to be lucky, I probably was just an insignificant prey.
Sophie
TopTradePro is a SCAAAM broker, Bad execution,I made 10000$ they refused to pay me! you can see all the negative comment all over the forums about them.big scam company
Céline Pichette
They let client lose by executing orders at time they want, causing me with so many losses.I notice delays in execution and so I immediately call their customer service and I get nonsense excuses. They send link to their policy and told me I can not reimburse losses. They are completely nonsense.
Kai Raymond
They are expert cheaters hiding in a very good website. Save your hard earned money from this scammers as you will never get them back not even a single cent. They take full control of their software and chats and has fake office address.
Mason Vaux
Unregulated forex company. Do not deal with this broker.
William McBride
They have the means and tools to rip off your bank account. Beware with these guys.
Chantal Bériault
Bad trading company. They have forced me to give my credit card information. I thought it is a good investment but I have lost all my money instead.
Nathalie Hétu
Keep yourself away and safe from these people. I had a very bad experience with them, they are scammers.
ionas
Hi all, I am one of the many victims of toptradepro. Someone recently contacted me from spotfinex trying the same play. I don’t know if they just closed as toptradepro and opened under another name but they seem to be awfully fishy. Be aware of anything and do not repeat the mistakes of the past.
Rosalie Morris
I wrote a while.back whilst in shock and disgust what toptrade pro.did to me (now learned of others). As you day they are cunning. The main link mark Weber made the contacts and said he followed their instructions.
After a year of trying to sort my life and repurcutions which now have long lasting effects. He has contacted.
Explained the toptradepro are busy 4 months ago by the FCA.
He was keen to resettle all.the misguided trust. Yet another reminder of what I went through…trust!!!!
Action requested. Now open a new wallet. Blockchain funds stored under my sole name (100yrs max) to be transferred to new wallet I would.need to.make.
Then from.wallet to allocate to.personal.bank.account to be deposited.
Told.him I shall not pursue this alone. Agreed to wait till.i have my son and discuss further.
All bad memories but if true glad Toptradepro ended.
I went to friend dept.and bank and challenged the AAA TRADE. maybe this helped close the company?
Rosie Morris
Apologies for writing error….toptrade pro were closed 4 months ago.m.weber alleged.
Rosie Morris
Typo error/contd. ‘Went to fraud dept.’
Again apologies for error…was so upset and surprised to have had contact.