Scam Brokers

Topinvesttrader – Are They Safe?

Chainbits Staff | Publish date: 11/08/2022 (Last updated: May 03, 2023 07:43 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Topinvesttrader- DO NOT TRADE WITH THIS PROVIDER

2.4/10

$100

Minimum Deposit

updated 2022

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The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://topinvesttrader.com

Founded: 2021

Regulations: None

Languages: English

Deposit Methods: Unknown

Minimum Deposit: Unspecified

Free Demo Account: No

Number of Assets: 100+

Types of Assets: CFDs on Forex, Futures, Shares, Spot Indices, Spot Metals, Spot Energies, Cryptocurrencies

Trading Accounts and Conditions

Topinvesttrader has provided absolutely no information about the types of trading accounts they offer – if any. We also cannot find any information about their trading conditions.

Topinvesttrader – Advantages

There are no advantages to trading with Topinvesttrader.

Topinvesttrader – Disadvantages

Given below are all the reasons why it would be bad idea to trust Topinvesttrader:

Lack of Regulation

Topinvesttrader, on the footer of their homepage, provide us with a London, UK address. There is also a UK-based telephone number provided with this address. However, this broker does not bother with the name of their parent company, so we do not know who the entity is that runs their operations. The broker has not mentioned this critical piece of information even in their Terms and Conditions.

Now, to run a brokerage in the UK, you need to be authorized by the Financial Conduct Authority, the financial regulation of this country. To find out if a broker is regulated by the FCA or not is very simple; you can check for this information on the regulator’s website. Simply search for the broker or company name or the registration number, and if they are authorized by the FCA, then the broker’s details (company name, address, date of incorporation, domain details and so on) will come up immediately.

We checked the FCA’s online register and came up empty handed. Which means that Topinvesttrader is not regulated by the FCA. Which means that we are dealing with an illegal entity.

Checking the legal documents convinced us even more that we are dealing with a scammer. In two different parts of Topinvesttrader’s Terms and Conditions, there are two different jurisdictions mentioned – Bulgaria and Saint Vincent and the Grenadines (SVG).

SVG is an offshore location and the financial regulator of that country, the SVGFSA (SVG Financial Services Authority), has clearly stated that they do not offer regulatory oversight for forex brokers.

And Bulgaria is a part of the EU and is regulated according to EU standards. We checked the Bulgarian Financial Supervision Commission’s online database and found that this broker is not listed with them either.

All of the information tells us one thing – we are certainly dealing with an anonymous and unregulated broker. In other words, a scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Legal Documents Not Easily Accessible

Legitimate brokers ensure that all visitors can easily go through their legal documents. These are the documents that tell traders what to expect from a broker – their services, their terms for those services, their costs and fees, and other important details. This is the information that will help traders decide whether it would advantageous for them to do business with a particular broker or not.

With Topinvesttrader, you cannot access their legal documents until you register and create an account with them. This is not only unusual, but also underhanded. Not allowing possible clients to view their terms and conditions is a tactic that is used by scammers.

Lies About Trading Platform

The trading platform is the one key product that a broker has to offer. So, legitimate brokers tend to offer their clients the best in the market – the MetaTrader 5 software.

On their website, Topinvesttrader claims that they offer their clients a multifunctional trading platform – not the MetaTrader 5 platform. However, after we created our account with them, we found out that this broker does not, in fact, have any trading platform at all.

Thus, here is another indication that we are dealing with a scammer – no trading platform.

No Trading Conditions

The product that the broker offers (the trading platform) is combined with the service they offer (the trading conditions). These trading conditions tell us whether it is worth it investing with that broker.

Topinvesttrader once again shows us their scam in this aspect too – there are no trading conditions. We do not know if there are different types of trading accounts. However, considering the fact that we were forced to register to read their legal documents, it seems that this broker has only one account for all traders.

There is also no information about the minimum deposit requirement, the spreads, leverages, order execution methods, fees, commissions and so on.

This complete lack of information is simply another sign of their scam.

No Payment Methods

Real brokers also offer their clients a wide range of payment options and make it easy for traders to carry out transactions.

Topinvesttrader, on the other hand, continues to keep their clients in the dark. We do not know what the payment options are. And when we tried to check the payments section to find out for ourselves, we were given an error message: Something went wrong. Please try again later.

Issues With Withdrawal Policy

Topinvesttrader charges an advance commission of 20% of your deposit – which is just unheard of! And then, if you wish to withdraw your money, then you will be charged a massive 10% of your withdrawal amount if you do not meet their withdrawal target. This broker states that you need to trade a turnover of at least 200 lots – 2 million currency units! – before you will be allowed to withdraw your funds without that 10% penalty.

And if your account is inactive for 3 months or more, then you will be charged another 10% of your remaining balance.

These are all extremely unfair terms that tell us that this broker is out to make money off of you in every way possible.

Conclusion

Topinvesttrader is a scammer and they are not safe. It would be best to avoid this broker.