If you check out the Topshark.co website, you’ll notice that there’s no legal documentation available. Thus, we had to do some additional digging and discover the dark side of this platform.
Bear with us as we expose the fraudulent scheme behind this alleged Forex and CFD online trading platform in our Topshark.co Review. Learn how you can recover your funds from cyber con artists.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No |
| Known Websites: | topshark.co |
| Blacklisted by: | BCSC, CONSOB |
| Registered in: | N/A |
| Operating since: | 2023-03-22 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | 250 USD |
| Deposit Bonus: | 10%-40% |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies, ETFs, Cannabis |
| Free Demo Account: | Allegedly Available |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Topshark.co Regulated?
As mentioned, Topshark.co did not reveal anything in terms of the company’s legal background. After doing our own research, we found out that the British Columbia Securities Commission (BCSC) issued a warning against the platform on August 8, 2023.
The Canadian regulator states that “TopShark claims to have an office in Toronto, Ontario… TopShark is not registered to trade in, or advise on, securities or derivatives in BC.” About a month later, the Italian COSNOB also flagged the dubious broker as an unauthorized entity.
Therefore, you definitely shouldn’t be trading with Topshark.co. In order to get security benefits such as negative balance protection, segregated funds, or even a compensation scheme, you should find a regulated provider operating under a recognized financial authority such as the FCA (UK), ASIC (Australia), or the CFTC & NFA (US).
Who Are Topshark.co’s Targets?
According to godaddy.com/whois, the topshark.co.com website domain was created on March 22, 2023. Since then, the anonymous trickster has mainly been targeting unsuspecting traders who reside in the following countries:
- Canada;
- Italy;
- Turkiye;
- Azerbaijan.
Fortunately, Canadian and Italian financial market watchdogs have reacted to the cyber threat and issued warnings against the financial swindler to their local traders.
Topshark.co is not compliant with the regulations in force in these states. For instance, the fraudster’s maximum leverage can be set as high as 1:500 whereas in the EU, the legal cap for retail clients is 1:30, and in Canada, it’s 1:50.
Trader Reviews – Sharing Experiences
We looked up the broker’s website on scam-detector.com where it received a risky trust index of 42.1 due to pretty low website traffic. As for trader reviews, we found nothing but a few complaints against the platform.
Two negative reviews can be found on sitejabber.com and one on trustpilot.com. It seems that Topshark.co has indeed been using crooked tactics to dupe traders, just like Coin2FX did.
Please avoid trading on unregulated platforms and instead stick to licensed and renowned brokerage companies that provide safe trading conditions.
Need help finding the perfect platform? We offer our professional assistance!
Which Trading Platforms Are Available?
Topshark.co offers a web-based trading platform. We had the opportunity to preview the platform and it doesn’t look special at all. There are some basic charts, indicators, and graphs, which beginners may find easy to comprehend, but advanced tools are missing.
The platform supports popular trading assets such as Forex currency pairs, indices, commodities, stocks, cryptocurrencies, ETFs, and cannabis. We wanted to try out trading but in order to get a free demo account, you first have to contact the broker’s team. That’s quite an unusual condition.
Nevertheless, we don’t recommend lackluster web platforms that are easily susceptible to manipulation. Trading is much better with proper third-party software such as MT4, MT5, or cTrader.
Available Account Types
| Account Types | Basic | Silver | Gold | Platinum | Diamond |
| Minimum Deposit | 9,999 USD | 19,999 USD | 49,999 USD | 99,999 USD | 199,999 USD |
| Maximum Leverage | 1:100 | 1:200 | 1:300 | 1:400 | 1:500 |
| Commission | 6% | 6% | 5.5% | 4.6% | 3% |
| Investment Bonus | N/A | 10% | 15% | 25% | 35% |
| Withdrawal Time | N/A | 4 days | 4 days | 3 days | 2 days |
As you can see, the minimum deposit requirements are through the roof. Risking 10,000 USD on unregulated platforms will cause major stress. There are plenty of licensed brokers that will charge you much less for a live account.
What’s even worse is investing a lot of money in a high-leverage platform. That is not real trading with a methodical approach, that’s pure high-stakes gambling.
Leverage, Spreads and Commissions
Topshark.co offers significantly high leverage, which can scale up from 1:100 to 1:500. It can be used to amplify profits but also losses. If the market starts moving rapidly against you, you’re pretty much done.
On the trading platform, we saw that the spread for the EUR/USD benchmark Forex pair was around 1.2 pips, which is decent but still cannot compensate for the fact that Topshark.co is unlicensed.
As for the trading fees, the commissions range from 6% to 3%, presumably per trading lot. The phony forgot to mention that.
Withdrawal Process
According to the website, Topshark.co listed the following payment methods that can be used to deposit and withdraw funds:
- Credit/debit cards;
- Wire transfers;
- E-wallets.
There’s a discrepancy regarding the minimum deposit requirement; the FAQ section says 250 USD while the Basic live account costs a minimum of 9,999 USD.
The deposit and withdrawal fees were not disclosed on the website. It’s highly unlikely that the scammer will actually allow you to withdraw funds or fulfill your refund request. Such issues are typical of unlicensed platforms like Topshark.co and LQDFX.
In that case, you should know that funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete.
Key Facts To Consider About Topshark.co
To recap, Topshark.co is an anonymous scam broker, claiming to have offices in Canada. This platform has been illegally offering services mainly to traders from Canada, Italy, Turkiye, and Azerbaijan.
We strongly advise you to avoid this platform because it was blacklisted by the BCSC and CONSOB. In case you’ve already deposited funds, you must seek our professional help to get your money back!
Use the form below to book your free consultation with us and tell us more about what happened. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process and assist you every step of the way.
Book your consultation with us today and start the chargeback process.
FAQ Section
What Is Topshark.co?
Topshark.co is an anonymous Forex and CFD online trading platform with no legal license.
What deposit options are available at Topshark.co?
Topshark.co accepts deposits via credit/debit cards, wires, and e-wallets. If you need help getting your money back, call us.
Is Topshark.co Regulated?
No, the broker isn’t regulated. In fact, the BCSC and CONSOB issued warnings against the platform.
