TopTrade Review – Will you get scammed?
TopTrade, an Estonia-based brokerage service, operates a web-based platform that allows its clients to trade across “thousands of financial markets”. The firm claims to be regulated by the Private Investigator Protection for Securities and Exchange (PIPSEC). TopTrade has been registered with PIPSEC since March 19, 2018. Digging a little deeper in PIPSEC, there is no information available on its website about its owners or license. The organization claims to work with brokerage services in Switzerland, Italy, Germany and Sweden.
More About TopTrade
TopTrade claims that its online trading platform is secure, with multiple interfaces – web-trading, mobile and tablet. Traders can choose from hundreds of assets to invest in. These assets include currencies, indices, commodities and more. The firm charges zero commissions and offers flexible leverage opportunities, according to its website.
When it comes to customer service, TopTrade appears to be on top of its game. The firm claims to offer customer support to its clients 24-hours a day, five days a week. It also offers multi-language support and professional assistance. Clients can access customer support several ways, live chat, landline and email. When you click on the menu, scroll down to Contact Us and wait about two minutes for the page to open. The firm’s contact information is listed below.
TopTrade clients have access to a pip calculator that provides instant results. Instructions on how to utilize the calculator are located directly above the calculator. When putting the TopTrade pip calender to the test, it appears to work okay, but spreads are a tad bit higher than what is deemed acceptable among most traders.
Utilizing the TopTrade website is a little difficult and frustrating. Navigating from page to page was sometimes a timely process. Some pages would not load and others loaded either slowly or immediately. When utilizing the menu, it froze on several occasions and required reloading.
TopTrade offers several payment options, including Visa, MasterCard, bank wire and bitcoin. These payment options are a little limited, as they do not accept PayPal or e-wallets, such as Skrill and Neteller. There is also no mention of check-writing privileges that are offered by some of the top brokerage services.
TopTrade offers its clients several account options to choose from. These options include silver, gold platinum and VIP. The details of each account is available and very self-explanatory. Opening an account is comprised of several steps, beginning with registration, which is fairly general across the board.
The firm requires a minimum 200 ($, €, or £). It also provide detailed information about making a deposit. The firm does not charge deposit or withdrawal fees, according to its website. The withdrawal process appears to be very simple and quick. And, the funds are transferred to the client’s credit card or sent via wire transfer to the client’s bank account.
TopTrade provides information about CFDs, commodities, indices and five different stocks in the form of an audio recording. Each recording lasts about a minute and is very informational. With that said, this information is available online and most traders are familiar with this information.
The legitimacy of the TopTrade website is questionable. What draws a red flag is the firm’s lack of authorizations by some of the top financial regulators, like Cyprus Securities and Exchange Commission (CySEC), Estonian Financial Supervision Authority (EFSA) and Financial Conduct Authority (FCA). Another red flag is PIPSEC, which does not appear to be legit. Conducting a little research on the organization renders little information, but quite a few complaints.
Before you sign up for an account, it is recommended to do your research.