Top Assets Trades Review: 5 things you should know about topassetstraders.com

Top Assets Trades Review: 5 things you should know about topassetstraders.com

Rating: 1

Beware! Top Assets Trades is an offshore broker! Your investment may be at risk.

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Top Assets Trades seemed quite legitimate at first – their website looked professional, and they claimed to hold a license issued by one of the most respected regulators in the world. However, that license did not actually belong to this broker – and that good-looking website was not even complete. Top Assets Trades is a textbook scam that is best avoided.

Top Assets Trades REGULATION AND SAFETY OF FUNDS

Top Assets Trades provided detailed license information – the broker claims to be regulated as StoneX Europe Ltd under the Cypriot financial regulatory body CySEC. This is one of the strictest regulators in the world – there can be no doubt about the legitimacy of a CySEC-regulated broker.

What we did (and what you should always do when a broker claims to be regulated by a certain authority) is check the register of the financial regulator. CySEC and other similar authorities keep thorough registers of brokers under their supervision. As it turns out a company with the name StoneX Europe Ltd was indeed regulated by CySEC – but it had nothing in common with the broker we are reviewing.

The domains of the regulated broker and of Top Assets Trades did not match – StoneX Europe Ltd is actually the company behind FOREX.com, a well-known and established broker. We could not compare the contact information of the two entities because Top Assets Trades has not provided any such information other than their Telegram.

This broker is clearly trying to trick you by using the regulatory information of another company – that is not something you will see a legitimate broker do.

Checking the registers of the regulatory bodies responsible for licensing forex brokers in certain countries or regions only takes a few minutes but it will save you a lot of trouble. Working with a reliable broker regulated in the UK, the EU, or Australia would provide you with a huge degree of security and transparency. All licensed brokers have to prove their financial stability by maintaining a certain minimum capital, although not as much as in the US – €730 000 in the EU and the UK, and A$1 million in Australia. However, brokers with many clients might be asked to have more money. This capital cannot be used for the broker’s daily financial operations, it just serves as insurance. Client money is always kept in segregated accounts – which means that the broker cannot use your money for their own financial operations, and negative balance protection is provided – so your losses can never exceed the amount of money you have in your account.

Top Assets Trades TRADING SOFTWARE

Top Assets Trades was supposed to provide access to MetaTrader 5 – one of the best-known trading platforms out there – as well as to a web-based platform. The problem was that when we tried opening an account with the broker, we were unable to do so – they were supposed to send us an e-mail containing the password necessary for logging in but such an e-mail never arrived. This leads us to the conclusion that this broker prefers to pick clients themselves instead of accepting anyone who wants to open an account. Scam brokers often employ such tricks to keep the scam under wraps and undetected by the general public.

MT5 is a great trading platform- it is actually the leading trading platform right now. It is easy to see why – MT5 offers an intuitive, user-friendly interface and provides access to an abundance of great features such as Expert Advisors, VPSs, possibilities for developing your own trading bots and indicators with the MQL5 coding language, signals you could set for prices going up or down, and even a built-in economic calendar. See what the platform has to offer – with a legitimate, licensed broker.

Top Assets Trades TRADING CONDITIONS

Top Assets Trades did not exactly provide account type description – what we found on their website was a description of “trading plans”, be it not very detailed.

The broker did not mention anything about things like maximum leverage, expected spreads, additional commissions, or even about the range of markets we would be getting access to. We were informed that in order to subscribe to a plan, we would have to invest at least $300 but that is about it. In the meantime, some of the most established brokers out there would ask for 3 times less money – or could straight up open an account for as little as $5.

Top Assets Trades also seem to promise daily bonuses of between 0.8% and 2.3% depending on the trading plan. This might not sound like much at first but you should keep in mind that all sorts of bonuses are banned in the EU where this broker is supposedly based. The reason for this ban is simple – scam brokers often use bonuses as a way of adding all sorts of fraudulent clauses to their Terms and Conditions and preventing withdrawals. But since this broker has not provided any sort of Terms and Conditions – which is a huge enough of a red flag on its own, we cannot pinpoint the exact mechanic of their bonus related scam.

Top Assets Trades DEPOSIT AND WITHDRAWAL METHODS AND FEES

Top Assets Trades only seems to accept cryptocurrency deposits – we were not able to deposit ourselves but this was clearly stated in the broker’s account type description. Clients could choose between Bitcoin, Ethereum, and Tether and supposedly also have some other options. This is another clear sign that we are dealing with a scam – you would never be able to get a chargeback on a crypto payment since all such transactions are irreversible. If you have already sent any money to Top Assets Trades, you can kiss that money goodbye.

HOW DOES THE SCAM WORK?

Scams like this one are becoming more and more prominent – they rely on people’s desire to make fast money without putting a lot of effort in. That is why it is important to know how you can tell apart a fully legitimate broker from a scammer and learn more about how such scams generally function.

All brokers promise certain things and try to advertise their services to their best capabilities – but all legitimate companies also provide statistics on how many people have lost money while trading with them. Scammers, on the other hand, promise guaranteed fast profits and a life of luxury. You will probably stumble upon the scam broker’s website randomly – or you might be pursued via phone or e-mail and asked to open an account. Maybe you have heard of people earning a living by trading – so you decide to set up such an account. The moment you provide the scammers with your phone number or email (if they have not already obtained it somehow), they will not leave you alone before you make an investment. These are professional smooth-talkers who scam people for a living – which means that they can be very convincing. Once you have made your first deposit, the scammers will ask you for bigger and bigger sums. You might even be happy to deposit more money because at this early stage, you will be turning a profit – scam brokers are good at manipulating results to make it seem like you are doing great.

The problems will start the moment you try to withdraw those profits – the broker will start making up reasons why this is impossible. – Usually, new, shady clauses in the Terms and Conditions will appear – you might be asked to reach some unattainably high turnover threshold or pay a high withdrawal fee. At some point, you will figure out something is wrong – and that is when the broker will stop answering your calls and e-mails and just disappear.

WHAT TO DO WHEN SCAMMED?

We should warn you that the chances of you getting your money back if you have already been scammed are slim -prevention is key in the world of online brokers. Choosing a legitimate company that holds an official license and has proven its reliability is essential. There are, however, still some things you can do if you have already been scammed.

Make sure to notify your bank that you have been scammed. Change all the passwords you have provided the scammers with. If you have given them remote access to your computer, remove the software immediately. Scam brokers usually claim that you need to install such software so they could help you with software set-up – or even help you trade – but their actual objective is to get access to your banking systems and steal even more money.

If you have deposited with Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days.

Notify the responsible authorities, and share your story with as many people as possible – this way, more people will know about such scams and learn how to avoid them.

Finally, don’t trust any “recovery agents” promising to retrieve your money for a fee – this is just another type of scam targeting scam victims. Often enough, the recovery agency is run by the same people who scammed you in the first place.

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