Beware! TopGoldFX 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.
TopGoldFX is a brokerage company that offers trade in forex, stocks, options and commodities. In Terms and Conditions, it is pointed out that TopGoldFX is operated by TopGold FX Limited.
To open an account, you need to enter your name and surname, phone number, country, email and password and also select the account currency. You also need to agree to the Terms and conditions of the company.
This brokerage company offers 4 types of accounts – Bronze ($300+ deposit), Silver $500+ deposit), Gold ($1,000+ deposit) and Platinum ($3,000+ deposit) citing the Silver one as the most popular.
TopGoldFX Regulations and safety funds
TopGoldFX is operated by TopGoldFX Limited and the address that shows in Terms and Conditions is in Italy. However, the Certificate for registration provided in the “about us” page shows Virgin Islands. The eager newly coined forex trader should be well aware that the Virgin Islands where the company seems to be registered is an offshore zone and as such the risks of getting scammed are higher. The proof is that the company does not exist in the CFTC register and is not an NFA member.
On the company’s webpage, there is also a Certificate of Incorporation issued by the Secretary of State of the State of Washington. In the footer of the company’s webpage, there is another address, this time in the UK. With 4 different addresses provided on the company web site we can’t help it but think that the legitimacy of this company is highly suspicious.
Another issue that raises a red flag is the fact that if you log in the company’s trading platform, you will notice that it trades primarily in binary options. You should know that the EU does not allow trade with binary options. So, if the company’s address is in Italy or in the UK, how is it possible to offer this type of trade? If the company is authorised in the USA, should have a binary options exchange license which it doesn’t show on the company’s website.
We caution you that if you are looking for financial stability and security of your trading funds, you should familiarise yourself with the guidelines of the top regulating agencies for licensing forex brokers with proven legitimacy, such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). Here is a link to EU forex brokers with proven legitimacy: EU forex brokers
We urge you to look at the well-established jurisdictions of the EU, UK, USA, Australia and others to avoid the risks of getting scammed and losing your money.
TopGoldFX Trading software
TopGoldFX uses a web platform that shows binary options. The trading platform offers 89.5% payout which is tempting but is high risk nevertheless. The platform as a trading tool is well developed but as we already mentioned, the risks lie in the type of trade that it offers.
However, we recommend that you choose forex brokerages that use platform MetaTrader4 or MetaTrader5 as they have a lot of advantages, such as a financial calendar, app market, trading signals (for a subscription fee), VPS and code base with customs scripts and above all a demo account which allows the inexperienced trader to gain some practice and experience before plunging into the real world of forex trade, thus limiting the risks of financial loss.
TopGoldFX Deposit and Withdrawal methods and fees
We already mentioned that the minimum deposit for opening an account is $300+. However, in 1.10 of the Terms of the company, we find out that the minimum funding amount is 5000 (EUR or USD). This looks highly suspicious and besides asking for $300+ for a minimum deposit will put pressure on the trader when it comes to making withdrawals as you will see from the withdrawal policy.
To fund your account, you can choose between different methods, such as Bitcoin, Litecoin, Ethereum, Western Union, Money Gram, Bank Transfer, Perfect Money and Neteller. Please note that some of these methods are somewhat unusual as they are used to transfer funds between people, such as Western Union and Money Gram and are not typically used as payment methods in forex trade. Fact that they are included may be a sign for scammers trying to lure unsuspecting new traders.
One of the important aspects when choosing forex company for your forex trade is what the company’s policy about payments, withdrawals, bonuses and fees are.
Withdrawal requests are processed within an hour, however, you need to supply some identification documents otherwise it will take longer. The condition is that the trader has to reach a 100% turnover from the deposited amount to claim for withdrawal. No brokerage company should ask for such withdrawal restrictions. Only where withdrawal of bonuses are concerned, there could be restrictions under some reasonable conditions.
If you have accepted a bonus, then you have to reach 300% turnover to be able to make a withdrawal. It is needless to say that this could be difficult to achieve and may turn into a nightmare if you decide to terminate your trade via this brokerage and withdraw your deposits. Again, please do not take unnecessary risks with your hard-earned money.
Also, the minimum amount allowed for withdrawal is $50 and it may take up to 5-6 working days for the funds to show up in your account after your withdrawal request has been approved. We think that it won’t be easy to meet such withdrawal conditions, so please always read very carefully the Terms and Conditions and choose wisely your forex brokers.
Let’s now take a look at the bonus policy. From the screenshot below you can see how the bonuses are offered according to the type of your account. Although they may seem very attractive, please bear in mind what we already mentioned about the 300% turnover before you are able to withdraw funds.
And it is also good to know that for every internationally wired transactions the fee is $50 and there is also a charge of $10 per month if the traders fails to transact at least one trade per calendar month.