TopTrade500 Review – Beware Of Trading Scam!
TopTrade500 Review – Beware Of Trading Scam!

TopTrade500 is a fraudulent firm. In fact, we could easily say it’s a clone firm of CySEC-regulated brokerage Plus500. If you check their website, you will find an address and a regulation number belonging to Plus500 CY Ltd.

Since we’re already on a bad start, let’s elaborate further on this trading firm and see what else you’re told, but it turned out to be false. Read our TopTrade500 review carefully; we’ve covered it all.

What is more, we strongly advise you not to invest in Broker Capitals, WinzoFx and Trade Unity fraudulent brokers.

Broker status: Unregulated Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites:
Blacklisted as a Scam by: N/A
Owned by: TopTrade500 Ltd
Headquarters Country: Cyprus (allegedly)
Foundation year: 2021
Supported Platforms: Proprietary platform
Minimum Deposit: 250 EUR
Cryptocurrencies: Available
Types of Assets: Forex, commodities, indices, shares, cryptocurrencies
Maximum Leverage: N/A
Free Demo Account: Yes
Accepts US clients: No

TopTrade500 Uses the License Number of Another Broker

As mentioned at the start of this review, TopTrade500 is a bogus broker. Allegedly owned by TopTrade500 Ltd, the investment platform claims to have a CySEC license number 250/14. Upon checking the register, we found it’s a regulation of Plus500, a legit firm with numerous domains, none of which is TopTrade500 Ltd has never been regulated by CySEC or any Tier1 authority body, including BaFin, CONSOB, FCA, ASIC, etc.

TopTrade500 License Number of Another Broker

So Can I Trust TopTrade500, or Is It a Scam?

In conclusion, you cannot trust the TopTrade500 broker. Unlicensed trading firms, such as this, don’t follow any rules, have no compensation funds, and usually disappear after sufficient profits. This clearly indicates that you shouldn’t trust anything you read on the website or hear from broker employees. If a company can lie about its regulations, it’s a question of what else they can scam about.

TopTrade500 is not a legit broker. Despite false claims, the firm is unlicensed and your funds are at risk. Hundreds of negative reviews show that the company operates illegally.

What Do Traders Think Of TopTrade500?

If you search for TopTrade500 reviews, you will see a mix of positive and negative, with the latest one prevailing. Scheme brokers tend to write their reviews at the start, but eventually, the truth emerges. It’s impossible to defraud hundreds of customers and hide it, and TopTrade500 complaints are proof of that. Customers mainly complain about withdrawals since they never got a penny back. While you’re willing to invest, everything goes smoothly. Once you decide to ask for a payout, things start going south.

TopTrade500 Available Online Trading Platform & Tools

TopTrade500 offers a proprietary trading platform advertised as the “ultimate platform providing access to over 135 tradable instruments.” However, upon registering an account, we were provided with quite an odd trading solution. The dashboard itself consists of a large chart and small buttons in the top left corner. The most bizarre thing was the blinking green button saying, “all’s well – market is open.” Overall impression – lousy software not worth your time.

So, What Is The More Efficient Software?

If you’re considering online trading, you should check MetaTrader software. Whether you choose MT4 or MT5, you’re ensuring yourself the safest and best trading tool. MetaTrader has the largest number of charts and indicators, and it’s fully customizable and convenient for any trading strategy. In addition, it enables advanced features such as EAs and social trading.

TopTrade500 Accounts Overview

TopTrade500 Account Types

You can choose from one of the four TopTrade500 accounts, those being:

  • Mini – 250 EUR
  • Standard – 2,500 EUR
  • Silver – 25,000 EUR
  • Gold – 100,000 EUR

The first two have a spread of 1.2 pips, the Silver one has a 0.8 pips minimum spread, while the Gold account has no spread. However, you’ll be charged $2 per traded lot on this account. Besides costs, there seem to be no other differences.

Also, remember the names of the XE PrimeSwissFXM and LiraFX trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

TopTrade500 Broker – Countries Of Service

Our review has shown that the TopTrade500 trading scam mainly targets European residents, with the majority of victims being from:

  • Germany
  • Slovenia
  • Croatia
  • UK
  • Netherlands
  • Austria

Since the firm has no CySEC or any other license, none of the customers are covered by the ICF.

TopTrade500 Range of Trading Markets

Customers can trade in all major markets, including:

  • Commodities – coffee, gold, palladium
  • Indices – NASDAQ, DAX30, AUS200
  • Shares – Netflix, Amazon, Tesla
  • Cryptocurrencies – ADA, SHIB, BTC

As the broker admittedly listed, there are 135 instruments. This can be considered quite a low offer compared to legitimate firms providing thousands of assets. Thus, you have no reason to involve yourself with this fraudulent firm.

What Trading Terms Does TopTrade500 Offer?

Since the company is not regulated, TopTrade500 has no obligation to follow the rules. The broker can decide on its own trading conditions, from spread to leverage. This is quite risky since you can never be sure if these conditions will remain or if the broker will change them. Additionally, you cannot do any risk management or calculate trading costs.

About Leverage and Spread

The spread ranges from 1.2 pips for the Mini account to 0 spread for the Gold account. While this offer may sound tempting, you should know that low costs usually imply that the broker is more interested in your deposit. As per leverage, it’s not mentioned. This means that you have no idea of the risks.

Minimum Investment Amount

The minimum deposit with the broker is 250 EUR. While this may be considered an industry standard, it’s quite a lot knowing company’s history. Customers cannot get their money back, meaning that every penny you invest is at risk. Find yourself a legitimate firm offering lower initial deposits and a safer environment.

TopTrade500 Deposit, Withdrawal Methods, and Fees

There is no Terms and Conditions or a Withdrawal Policy that would tell us anything about the fees and terms. It’s a clear indicator that the company has no intentions of giving your money back. The only way to contact them is through the form on the website or by sending an email, which can easily be ignored. Thus, withdrawals are impossible.

Methods of Payment

Once we registered an account, we were offered only one payment method – Bitcoin. Customers are asked to purchase crypto through and transfer it to the broker’s wallet. As you know, once you transfer crypto, it takes a real expert to trace it, while it’s not subject to chargeback dispute or any other recovery method. This is the biggest red flag and a final reason to avoid TopTrade500.

Scammed by TopTrade500 Broker? – Let Us Hear Your Story

Since it’s clear that TopTrade500 is a fraudulent website, don’t beat yourself too hard if you end up as a scam victim. It can happen to anyone. Our recovery specialists will be glad to hear from you and help you get a refund.

Book a free consultation with us and we will do our best to help. Don’t let scammers keep your hard-earned money. Fight back!

What Is TopTrade500?

TopTrade500 is an unregulated clone firm of the CySEC-regulated brand Plus500.

Is TopTrade500 a Scam Broker?

TopTrade500 is a scheme firm that tries to convince investors about being legit.

Is TopTrade500 Available in the United States or the UK?

The broker provides services in the UK but not in the US.

Does TopTrade500 Offer a Demo Account?

Yes, customers can review the platform using a free Demo account.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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