TopDiamondFX – Is It a Scam?

| Publish date: 02/11/2020 (Last updated: March 24, 2020 02:48 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

TopDiamondFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

After going through TopDiamondFX’s website, we found that this broker offers the following account types for trading:

  • Bronze Account: To trade on this account, you need to make an initial deposit of $300.
  • Silver Account: For trading on the Silver Account, you first need to deposit a sum of $500.
  • Gold Account: In you wish to trade on the Gold Account, you need to first put in $1,000.
  • Platinum Account: For the Platinum Account, a minimum deposit of $3,000 is required.

All the accounts have a leverage level of 1:1000, however, we do not know what the spreads or the payouts for each of these accounts are.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

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

Website URL: https://topdiamondfx.com/

Founded: 2020

Regulations: Not Regulated

Languages: English

Deposit Methods: Bitcoin, Litecoin, Ethereum, MoneyGram, Western Union, PerfectMoney, Bank Wire Transfer and Neteller

Minimum Deposit: $300

Free Demo Account: No Demo Account

Number of Assets: Unknown

Types of Assets: Forex Pairs / CFDs on Precious Metals, Stocks, Commodities

Trading Accounts and Conditions

After going through TopDiamondFX’s website, we found that this broker offers the following account types for trading:

  • Bronze Account: To trade on this account, you need to make an initial deposit of $300.
  • Silver Account: For trading on the Silver Account, you first need to deposit a sum of $500.
  • Gold Account: In you wish to trade on the Gold Account, you need to first put in $1,000.
  • Platinum Account: For the Platinum Account, a minimum deposit of $3,000 is required.

All the accounts have a leverage level of 1:1000, however, we do not know what the spreads or the payouts for each of these accounts are.

TopDiamondFX – Advantages

Despite scanning this broker’s whole website, we were unable to find anything positive to say about trading with TopDiamondFX.

TopDiamondFX – Disadvantages

TopDiamondFX is not a broker you should trade with. Please go through the list of disadvantages of trading with this broker to find out why.

  • Confusing Corporate Information

TopDiamondFX is owned and operated by TopDiamondFX Limited. The broker’s website states that its parent company is incorporated in Washington, USA and that it is licensed from the British Virgin Islands. It also claims to have a branch office in California.

However, when we read the broker’s Terms and Conditions, we found contradictory information, wherein it stated that it was based out of Italy.

Given these details, we do not really know where exactly this broker has actually been founded.

Plus500
$100
Minimum Deposit

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

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.

 

  • Lack of Regulation

We decided to check all the locations mentioned and find out from where this broker was licensed.

We first started with the British Virgin Islands, since TopDiamondFX claimed to be licensed in this territory. The Financial Services Commission of the British Virgin Islands is the regulator that issues licenses to operate to Forex and CFD brokers. However, the FSC’s online registry did not have this broker or its parent company’s name listed anywhere.

Next, we checked Washington. TopDiamondFX claims that it was incorporated in the State of Washington. However, we know that the US has among the most stringent laws in the world when it comes to Forex brokerages, so it would not be possible for a broker like TopDiamondFX to be incorporated in this country. We checked anyway. And, as we expected, this broker was not listed anywhere.

We also checked the Italian CONSOB registry – with the same results.

At the end of our investigation, we could only conclude that this broker has not license to operate from any jurisdiction.

  • Strange Withdrawal Conditions

According to the withdrawal conditions mentioned on TopDiamondFX’s website, you cannot take out your money unless you have reached a minimum trading volume requirement.

Additionally, if you do manage to meet those conditions, you will be charged a $50 withdrawal fee.

And finally, if your account is inactive for just one month, then you will be charged an inactivity fee. This is seriously unfair, since legitimate brokers allow traders 12 months or more of inactivity before they begin charging nominal fees.

  • Offering Trading Bonuses

TopDiamondFX also offers its customers trading bonuses. Trading bonuses come with attractive offers that hide the deadly terms. If you do avail of the bonus, then you are trapped. You will need to meet a obnoxiously high trading volume target and the broker had the freedom to change the withdrawal conditions at any time.

Because of this, trading bonuses cannot be offered by regulated brokers. So, the fact that TopDiamondFX offers this type of promotion tells us that this is a broker that is out to scam traders.

  • Unavailability of a Demo Account

TopDiamondFX does not offer its users a demo account.

While not necessary as per the law, most legitimate brokers offer their customers this facility. It allows traders to check the trading conditions and trading platform for themselves. It is a transparent way of doing business.

Scammers, on the other hand, do not usually offer demo accounts, since it would reveal their poor trading conditions and chase away potential victims.

  • MetaTrader 4 Trading Platform Not Supported

The MetaTrader 4 platform, popularly known by its acronym, MT4, is the world’s top trading software. The majority of traders use this trading platform to execute their trades.

The reason why this platform is so popular is because not only is it easy to use for both novices and professionals, but it comes loaded with features that make trading easier. With the MT4 platform, traders get access to bot for automated trading, charting options that they can customize, market indicators to help with data analytics and so on.

What we get with TopDiamondFX is an unproven, web-based trading platform that has used third-party charts and presented them as their own. Because the charts are all taken from another source, the trading conditions presented are fake.

  • High Minimum Deposit Requirements

Compared to the other issues we have found with this broker, this problem seems to be a minor one, but we though we should mention it anyway. Full disclosure.

TopDiamondFX requires you to deposit at least $300 to be able to trade on its (fake) platform. The industry average ranges from $100 – $250, and some of the best brokers in the business require as little as $5 to be deposited before you can start trading.

Conclusion 

We would recommend that all traders avoid doing business with TopDiamondFX, since all that we have found point to the fact that this broker is a scammer.

TopDiamondFX

2.4

User Experience

2.5/10

Payment Options

2.6/10

Security

2.4/10

Support

2.0/10

Reputation

2.3/10

Pros

  • None

Cons

  • Confusion Corporate Information
  • Strange Withdrawal Conditions
  • Offering Trading Bonuses
  • Unavailability of a Demo Account
  • MetaTrader 4 Trading Platform Not Supported

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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1 comment

Antoine 02/22/2020 - 1:51 pm

Top diamond is all a scam they ripped me off for 2400

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