Beware! TopMax 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.
TopMax is a forex broker that may seem credible to an unwitting customer – it claims to be globally regulated and posts some license numbers that are supposed to prove that. After a quick look at its website however it’s pretty clear that this firm is nothing more than yet another scam scheme. It’s certainly not authorized to offer financial services and is not supervised by any jurisdiction. What’s more, there is no address or whatsoever, so this firm is virtually anonymous.
On top of that this website lacks some very essential information about the spreads, leverage, payment methods and withdrawal requirements. For this reason TopMax seems even more shady and dubious. For more details on why to avoid this broker, keep reading the full review.
TopMax Regulation and safety of funds
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| TopMax | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
If you take a closer look at this website, you’ll realize that there are no contact details like a phone number or email for example. But what’s even more worrisome is the fact that this firm doesn’t announce its registered address and the location it’s operating from. For this reason TopMax turns out to be more or less anonymous.
Apart from that this broker claims to operate under the names of TopMax Global Limited and TopMax Global PTY LTD. It also states that the company is globally regulated and gives examples with two jurisdictions.
First, TopMax claims to be authorized and regulated by the Financial Transactions and Reports Analysis Centre of Canada. The issue here is that any broker based in Canada must be registered with the Investment Industry Regulatory Organization of Canada (IIROC) and TopMax is certainly not, since we searched the register of IIROC.
Secondly, TopMax also claims to be authorized and regulated by the Australian Securities and Investments Commission (ASIC). We checked the registers of the latter and there really is a company with a similar name. We can assure you however that it is not connected in any way with the broker we are reviewing here. Very often scammers tend to use other reputable firms’ legal details just to look credible. The reality is that TopMax bears all signs of fraud possible and can hardly be called a reputable firm.
In addition, this broker also claims to keep your funds in segregated accounts , but we don’t believe that either. Don’t forget that TopMax is also anonymous and not to be trusted, so it’s very doubtful to follow any rules or guidelines. For this reason it’s quite possible that the pictures and names of its “team” are also fake.
TopMax Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| TopMax platform | ❌ | ❌ | ❌ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
When it comes to its trading software, TopMax posts some contradictory information. First it claims to offer the industry standard MetaTrader 5. After that however the broker also claims to provide TIDALX – “Topmax’s official and exclusive decentralized derivative platform” as it describes it. We don’t know if both of them are available or not, just because there is no way to preview or download any of these platforms.
On top of that we couldn’t register either. After we filled in the needed information we were supposed to receive a confirmation email, however such a message didn’t show up at all. That’s why we didn’t open an account with this broker.
Nevertheless, we don’t recommend dealing with this broker as a whole. There are many legitimate firms that offer MetaTrader 4 or MetaTrader 5 anyway.
TopMax Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| TopMax | ❌ | ❌ | ❌ | ✅ | ✅ |
| XM | Yes | Yes | Yes | No | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
On its website TopMax claims to offer a small range of trading instruments like crypto, gold, silver and CFD. Nothing more is mentioned however, so we are not sure if there are more assets available.
Nonetheless, it’s certainly not worth wasting your time with this broker. Many genuine firms offer a variety of assets like forex pairs, stocks and shares just to name a few.
TopMax Spreads and cost of trading
| TopMax | XM | FBS | FXTM | |
| Spread EURUSD | ❌ | 0.6 | 1 | 1.1 |
| Spread GBPUSD | ❌ | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | ❌ | 1.3 | 1.2 | 1.4 |
TopMax doesn’t mention anything when it comes to the spreads it offers and that’s yet another warning sign. Note that you may stumble across some quite unfavorable trading conditions, as all spreads more than 2 pips come with higher trading costs. And as we couldn’t see its trading software, we have no idea what to expect from it.
TopMax Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| TopMax broker | ❌ | ❌ | ❌ | ❌ | ❌ |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
On its website TopMax promises to offer “high leverage potential”, but nothing more is specified. Bear in mind that the leverage in Australia and Canada for example is restricted to 1:30 because of the associated risk of failure. Furthermore, as we couldn’t see its trading platform we don’t know for sure what volumes of leverage this firm really provides.
TopMax Deposit and withdrawal methods
Again, no data is to be found when it comes to the payment methods this broker accepts. This is a red flag without a doubt, as most reputable firms usually describe in detail everything in regard to their deposit/withdrawal policy, transaction times, fees and taxes. Not to mention that crypto transactions are completely irreversible and anonymous, so be on guard if you come across such payment methods.
The only thing TopMax mentions is that there are “low transaction costs”, but again nothing more is specified. As you see, apparently, there are some deposit/withdrawal fees that are not clearly explained so you may turn out to be in a very disadvantageous position.
TopMax Minimum deposit
| TopMax | XM | FBS | FXTM | |
| Minimum deposit | $100 | $5 | $10 | $5 |
The minimum deposit TopMax requires is 100 USD and that’s fine if only the broker was legit and regulated. But given the fact that it’s a total scam, there’s no reason to waste your money with it.
On the other hand, reputable brokers sometimes offer micro accounts for even less – 10 USD for instance.
TopMax Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| TopMax | No information | No information | No information |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
As we mentioned above, no information is to be found when it comes to the withdrawal requirements of this broker. And as we couldn’t register we simply don’t know either its payment methods nor if there are any additional fees, minimum withdrawal requirements or trading volumes.
Note however that legitimate brokers don’t usually ask for a fee upon any deposit/withdrawal request. Scammers on the other hand tend to require a fee of 15 or even 20%.
Avoid this shady broker by all means as it bears multiple signs of fraud!
