Tradeontop – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Tradeontop - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2024
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://tradeontop.net
Founded: 2024
Regulations: Not Licensed
Languages: English, Italian
Deposit Methods: Credit Card, Debit Card
Minimum Deposit: €250
Free Demo Account: Not Offered
Number of Assets: 100+
Types of Assets: Major/Minor Currency Pairs, Commodities, Shares, Indices
Trading Accounts and Conditions
Tradeontop offers their clients the following types of trading accounts:
- Student: The deposit amount starts from €250.
- Standard: The deposit amount starts from €5,000.
- Investor: The deposit amount starts from €10,000.
- VIP: The deposit amount starts from €50,000.
- VIP Platinum: The deposit amount starts from €100,000.
No trading conditions have been assigned to these account types. However, when we checked the broker’s trading platform, we found out that spreads for the 3 major currency pairs are 1.1 pips. On their website, the broker claims to offer a leverage ratio of 1:500. Other than these two pieces of information, other trading conditions are not provided.
Tradeontop – Advantages
There are no advantages to trading with Tradeontop.
Tradeontop – Disadvantages
Here is all the proof that tells us that Tradeontop is a scammer and is therefore not safe:
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Lack of Regulation
This broker claims to be based in the UK, that is, a UK address is provided in the footer of their website. However, there is no additional information provided, such as company name, regulation details and contact information.
In their Terms and Conditions, the broker claims to be owned and operated by Tradeontop Limited, but this company is supposedly based in Saint Lucia, which is an offshore location.
Based on the fact that this broker provides us with a UK address, Tradeontop should be regulated by the Financial Conduct Authority, which is the financial regulatory authority of the UK. However, upon checking the regulatory register, we found out that Tradeontop is not regulated by or even registered with the FCA.
We also checked the Saint Lucia regulator, the Financial Services Regulatory Authority to see if this broker was registered with them. Tradeontop is not registered with the FSRA in Saint Lucia either.
So, this broker has basically got no license to operate at all. And this makes this broker a scammer. No legitimate broker would operate without the requisite licenses and permissions.
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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Blacklisted by CONSOB
Tradeontop’s website offers two language options – English and Italian. We already know that this broker has been targeting customers in the UK. And based on the fact that this broker is offering an Italian language option, we can safely say that this broker is targeting customers in Italy too.
This suspicion has proved correct. The Italian financial regulator, the CONSOB, the Commissione Nazionale per le Societa e la Borsa, has banned this broker from operating in Italy. The reason the regulator states is that Tradeontop is operating in their jurisdiction without authorization, i.e., this broker is operating illegally.
There is no greater proof of a scam than a regulator banning a broker.
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Trading Platform Issues
Tradeontop claims to offer their clients a Web Trader Platform which allows you to trade on any device. The broker also claims that their trading platform is the most advanced all-in-one platform that allows you to trade various assets.
All of these claims are unfortunately just more lies. There is no such super-advanced trading platform available for Tradeontop clients at all.
What you do get is a very basic web-based trading software that does not do anything more than allow you to carry out a few trades. There are no tools, charts, trading bots or any other features that are considered necessary for trading today.
The main product a broker offers is their trading platform, so when this itself is sub-standard, you know that that broker is not to be trusted.
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Issues with Trading Conditions
When a broker has issues with their trading conditions, it is a sign that that broker cannot be trusted. And there are a lot of issues with the trading conditions – or lack thereof – that Tradeontop offers.
For one, the massive jump from their basic account minimum deposit requirement to the next account type is so unbalanced, it is a red flag. Added to that a 250-Euro minimum deposit is on the higher side, since there are so many brokers offering account openings for less than $50.
And the cost of a trade is not clearly specified. We had to look for the spreads on this broker’s trading platform, which were at 1.1 pips. But the broker does not mention what commissions they charge. The cost of a trade is a combination of commissions and spreads. So, if half the information is missing, then we do not know the real cost of a trade.
The leverage of 1:500 that Tradeontop offers is also a serious red flag. In the UK and in the European Union, the maximum leverage that is legal is 1:30. So, the ratio that this broker is offering is illegal – and dangerous to boot.
Other trading conditions are just not given at all.
All this lack of information tells us that we are dealing with a scammer here.
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Issues with Payments
This broker claims to offer only two payment methods – credit cards and debit cards. A lack of payment options is already a red flag since legitimate brokers would ensure that they make multiple payment methods available to their customers.
However, what really gives away this broker’s scam is the fact that when you go to their payment portal, you are redirected to a purchase form on a website called train4trading.com, where you are expected to buy a training course. There is no other payment option available.
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Issues with Withdrawal Policy
All that Tradeontop tells us about their withdrawal policy is that the minimum withdrawal amount is $30 and that there is a 3.5% withdrawal fee. The lack of a clear withdrawal policy is yet another red flag.
Conclusion
Tradeontop is a scammer and not safe to do business with.
Tradeontop
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by CONSOB
- Trading Platform Issues
- Issues with Trading Conditions
- Issues with Payments
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more