Beware! Top-Respect 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.
We are going to review a dirty scam honoured with a warning by a European financial authority. The scammers didn’t actually pay enough attention to the website because it’s terrible and doesn’t present much information about their services. The company provides MetaTrader4, which would otherwise be a plus, but that’s not the case here. Find out the rest of the details you need to know about this scam in the full Top-Respect review.
Top-Respect REGULATION AND SAFETY OF FUNDS
Top-Respect doesn’t share anything about the company behind this broker, but they boldly claim to be FCA “representative”, which is a laughable statement. The British regulator doesn’t have brokers representing the agency, which made us immediately put Top-Respect on the scam suspects list. Anyway, we checked for a license but found a warning instead. FCA officially exposed Top-Respect as a scam scheme, so your funds are in danger if you deposit with this broker.
Avoid this fraud and consider the high-rated EU brokers and British brokers instead. The European markets offer high-grade security, and the member states are compelled to operate deposit insurance funds that guarantee clients’ money in case of insolvency or fraud. Hence, CySEC brokers’ traders can claim up to 20 000 EUR, while the British protection is up to 85 000 GBP. Not many jurisdictions provide such an advantage, so keep this in mind when choosing a company to trade with.
Top-Respect TRADING SOFTWARE
Top-Respect provides MetaTrader4, but we only accessed a demo account because it’s impossible to sign-up unless you have an Invitation Code at your disposal. We didn’t have one and eventually couldn’t get to the Client Area. The EUR/USD spread was 2.1 pips at the time, which is an acceptable Buy/Sell difference, but don’t get excited about it because Top-Respect is a confirmed scam. The FX market is overcrowded with legit brokers offering tighter spreads, some of which you can find if you follow the links provided throughout the review.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are reputable and proven to deliver upper-class software. The MT distributions are packed with advanced trading features such as Expert Advisors, many complex indicators and sophisticated charting tools. There is also a marketplace where clients can benefit from more than 10 000 apps and third-party trading solutions. MetaTrader is the best option on the market, so do not hesitate if you are eligible to open an account with some of those brokers.
The maximum leverage possible is 1:500, an extremely risky level that can inflict significant losses if misused. However, the minimum is 1:100, also an insecure ratio that’s already prohibited in many jurisdictions worldwide, including the UK, which proves that Top-Respect is a scam fraudulently claiming to be FCA regulated.
In fact, leverage is so dangerous the many financial authorities enforced regulations to decrease leverage-related losses among traders. As a result, EU, British and Australian brokers limit their clients to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.
Top-Respect DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Top-Respect is $100, which is pretty much in line with the regulated brokers’ practices. The funding methods are unknown, though.
While discussing deposit methods, consider the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated brokers on the lists are strictly regulated, so you won’t face scammers.
Top-Respect doesn’t present legal documentation, which is actually typical for scam schemes like Top-Respect. This is significant evidence of a scam because legal documents such as T&Cs, User Agreement, Client agreement and so on serve as contracts between the broker and its clients. The absence of legal documentation makes Top-Respect’s business illicit but also leaves us unaware of crucial trading provisions regarding withdrawals, fees, inactivity procedures, bonuses etc.
Overall, Top-Respect is an exposed scam, and you should avoid it. As already mentioned, it’s impossible to register without an Invitation Code, so Top-Respect obviously gets clients through Internet, Social Media or cold calling. That said, make sure to report immediately to the authorities if broker representatives contact you.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s effectively a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept their fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes and so on. Their imagination is very rich, and they would invent as many stories as possible to get the deposits wanted.
But the money transfer is not an end; that’s the beginning of the actual Forex scam. Gradually, scammers would manipulate the victims and would urge them to invest more. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the trading results to show victims massive profits and ask for more money, promising to generate a fortune in no time. However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, whatever the situation.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!