Beware! TopTrade.group 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.
TopTrade.group looks like a very decent broker. Everything seems to be well polished and there is that feeling that it is also updated regularly. However, we always try to look at brokers realistically and focus on the quality of services, rather than the visuals. That is because most brokers, the shady ones, rely heavily on visuals to attract a bigger audience! Read the review to find out more about this broker.
The registration process was simple but very professional. By simple, we mean that it took us less than 20 seconds to be given access to the trading area. Speaking off, TopTrade.group’s user dashboard is by far the most overused one, common with unregulated brokers. We personally have reviewed probably a hundred of scammer brokers with the same dashboard layout. The only difference is in the trading and payment conditions!
However, soon after we entered, we were kicked out, with no way of going back in. Technically, TopTrade.group locked us out of our account. Reading the last section of the review will probably give you a good idea of why that is. Hint: TopTrade.group picks out its clients according to how susceptible they are to the scam!
Anyway, we must take all of the trading and payment information from the website. Just remember that not everything you read on it is true!
Users can supposedly trade with forex currency pairs, commodities, bonds, options, and stocks. The average cost of trade is 1.8 pips, but this is according to the account page, where TopTrade.group reveals that there are 5 account types, but while we were creating an account there were no choices for us!
We found no indication of a leverage.
The website is available in English, but also in Russian, German, Spanish, Italian, Polish, and Arabic.
TOPTRADE.GROUP REGULATION AND SAFETY OF FUNDS
Widdershins Group LTD, the broker’s parent company, is registered in the Commonwealth of Dominica.
This nation is increasingly more popular with unlicensed brokers because it itself does not have an FX regulator. Thus all firms there are unregulated, and if TopTrade.group really is located there, so it is also.
We find no further proof that the broker is registered anywhere else. Thus we have no other choice but to deem this broker unlicensed, and therefore a risk to all investments!
Losing money is the only certainty when it comes down to investing in unregulated brokers. The thing we advise users to do first is to check for a license, preferably from know regulators, such as the FCA or CySEC, or other European overseers. The big regulators all apply specific frameworks for brokers to abide by, and should they diverge from these rules, the brokerages will sooner or later be penalized for their actions! This is a stimulus for brokers to follow the rules, thus making them trustworthy FX trading sources. Moreover, the FCA and CySEC have financial compensation schemes for users. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
TOPTRADE.GROUP TRADING SOFTWARE
The trading platform has not been named, but judging from the user area, just before we were kicked out, we would have probably seen a very common web trader used mostly by scammer and illicit brokers. These types of trading platforms rely heavily on visuals, much like the website itself.
However, we cannot be sure…
TOPTRADE.GROUP DEPOSIT/WITHDRAW METHODS AND FEES
Since we were kicked out of the user area, we do not have a trustworthy source of payment information. Even with the website of TopTrade.group, we can not fully rely on it.
According to the website, the minimum deposit required to open the basic of all accounts is $250. The two relevant payment methods that keep appearing in the legal documents are credit cards, and wire transfer. There is no indication of any withdrawal fee, nor on specific withdrawal processing times.
Again, we cannot fully vouch for these details. Usually, unregulated brokers tend to have at least one crypto depositing method or some shady bank account that they push to investors.
The biggest climax of the broker is the Non-Deposited Funds clause that states that all money made from trading, i.e profit, does not belong to the user. IN other words, users cannot withdraw any profit from their accounts.
A very suspicious and shady broker indeed. Users are better off investing in some licensed entity. Stay away from TopTrade.group!
How does the scam work?
The first step to being scammed is traced all the way back to online ads. We all have seen them. They offer luxurious lifestyles, beautiful women, sports cars, and shiny items. It’s all a part of the scheme. The first step is to tempt users to click on these ads.
The ads lead to either a scammer broker site or an intermediary source. On whichever one you fall you will be surely asked to provide a phone number and an email address. These are imperative to the scammers because they need a way to contact you.
The second step is to contact the user, and pushing him or her to invest for the first time. This is done by the first wave of scammers, whose job is to hook you to the scheme. The first investment is important because through it you build trust.
The initial deposit will ensue the second wave of scammers, which are the core and probably the creators of the fraud. The expert scammers sometimes called “account managers”, are responsible for keeping you invested in the shame. They might even pay you a hefty preliminary sum, just to add confidence to your investments. Their deposit requests will gradually become bigger, and in the perfect scenario, the user will deposit an additional 2-3 times, until she realizes she has been scammed.
At this point, your money will not be eligible for withdrawal, and neither will your profit. The broker can withhold requests, close down accounts, or even shut down entire websites! The final step is for the fraudsters to keep what they have stolen!
What to do if scammed?
Credit and debit card losses are easiest to recover because users can file for a chargeback. What’s more, is that MasterCard and VISA have a chargeback period of 540 days.
Money invested and lost to scams through bank transfers can be potentially refunded if the bank the user is using has an emergency plan. Remember to always change your bank account username and password when scammed!
Cryptocurrency deposits are untraceable, and so cannot be recovered. Forget about investing in unregulated brokers through this method.
Recovery agents are the last frontier of the entire scammer process. They will appear out of nowhere and will convince users that they have the tools to return all lost deposits. However, they will ask for an upfront payment. If paid, they will disappear.