Top-Respect – Are They A Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Top-Respect - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2021
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
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://top-respect.com
Founded:2021
Regulations: None
Languages: English
Deposit Methods:Not Specified
Minimum Deposit:$100
Free Demo Account:Yes
Number of Assets:Not Specified
Types of Assets:Forex, CFDs – Cryptos, Precious Metals, Indices, Commodities
Trading Accounts and Conditions
We were unable to get details about Top-Respect’s trading accounts because the only way you can access these details is by an express Invitation Code. However, we were able to access their free demo account, which gave us some information about their trading conditions. According to the information in the broker’s demo account, the spreads for the EURUSD start at 2.1 pips. The maximum leverage is 1:500.
Top-Respect– Advantages
The only advantage to trading with Top-Respect is that you can use their MetaTrader 4 trading software. The MT4 trading platform is considered to be the best in the world. It has a massive range of trading tools such as Expert Advisors, customizable market analysis and charting options, financial calendars, marketplaces and so much more.
However, before you go ahead and invest in this broker, it would be best to find out why we do not recommend this broker to anyone; it is a scammer and an MT4 platform is not a good enough reason to invest with Top-Respect.
Top-Respect – Disadvantages
Here are the many reasons why we strongly recommend not trading with Top-Respect:
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Unregulated, Anonymous Clone Broker
Top-Respect claims on its website that it is an FCA representative. The FCA – or the Financial Conduct Authority – is the financial regulator of the United Kingdom. This authority does not have brokers representing it, so the very claim that Top-Respect represents the FCA is false.
Top-Respect also presents an FCA registration number (163299) as its own. However, when we checked the authority’s online register, we found out that that registration number actually belongs to another firm – one that is legally registered with the FCA. The name of that company is London and Oxford Capital Markets Limited, and it is in no way connected to Top-Respect.
This information that we uncovered means that Top-Respect is a clone firm, a company that uses a legally incorporated company’s identity and passes it off as its own in an attempt to scam customers.
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.
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.
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Flagged Off by FCA
We are not the only ones who have realized that Top-Respect is a scammer and a clone firm. The FCA has already issued a public warning against this broker, blacklisting it as a scammer and a clone firm. The authority clearly states that this broker is a fraudster and is using a cloning tactic by contacting people out of the blue. The FCA also goes on to warn traders that they should be especially careful if they receive a cold call from this broker.
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Very High Leverage
The leverage ratio that this broker offers is 1:500. This is much too high to be considered a good bet. Leverage is basically borrowing to invest, so the more you borrow, the higher your risk. Yes, there is a chance of being able to make some significant returns. However, statistics show that most traders lose money on the market rather than profit. Therefore, higher the leverage you take, the greater the risk.
Because of this level of risk, most financial authorities around the world have placed limits on how much leverage brokers in their jurisdictions can offer. Thus, for the UK, the FCA will not allow brokers to offer their customers a leverage of more than 1:30. Thus, this leverage that Top-Respect is offers – of 1:500 – is actually illegal!
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Unknown Funding Methods
Top-Respect has not bother mentioning the types of funding methods it offers. We do not know how you can make your deposits. However, since they have already been exposed as a scam by the FCA, it doesn’t really matter.
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Joining by Invitation Only
As we mentioned earlier, this broker has offered no account information whatsoever. The only way that you can open and account with Top-Respect is if you are expressly invited to do so. Therefore, you need to register for an account, and then wait for that Account Manager to call you so that you can continue to set up your account.
Another way that these scammers get customers is by cold calling them. The call potential customers and then con them into investing their money with them, usually by asking for your credit card information or demanding that you make a deposit while speaking with them.
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No Legal Documentation
Despite looking through their entire website, we could not find any legal documents. There are no Terms and Conditions, Terms of Service, Client Agreement, or any other documents that define the relationship between this broker and its customers.
The fact that this broker does not have these documents in place is just another sign that Top-Respect is a scam. The absence of a legal contract makes this broker an illicit entity. Furthermore, it also leaves anyone trading with this broker unaware of critical information such as deposit and withdrawal policies, trading conditions, fees and other commissions, bonuses, inactivity processes and so on. Therefore, if a customer were to do business with Top-Respect, they would not be able to do anything if this broker were to charge them unreasonable fees, or even not return their money to them. This is because there would be no binging legal documents to hold this broker accountable for its actions.
Conclusion
Top-Respect is just another scam broker that is out to defraud unwary and novice investors. It is a clone firm that works anonymously; you cannot even register for an account without them getting in touch with you! We would strongly suggest to all our readers that they stay away from Top-Respect and look for a broker that is regulated and legal.
Top-Respect
Pros
- MetaTrader 4 Trading Software
Cons
- Unregulated, Anonymous Clone Broker
- Flagged Off by FCA
- Very High Leverage
- Unknown Funding Methods
- Joining by Invitation Only
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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