TopTrade500 Review: Who Is Behind TopTrade500.Com?

TopTrade500 review has hit a hurdle. Mainly because the website that this online scam broker used as a front is currently out of commission. When the website was online, this fraud was adopting the credentials of a regulated broker company that has no affiliation with this dangerous group of people.

The corporate identity that TopTrade500 had appropriated is that of Plus500CY, a company based and regulated in Cyprus. We call these dangerous entities Clone Companies, and we will elaborate on this method of scamming later in our TopTrade500 review.

What is more, we strongly advise you not to invest in Nolxweb, Quanta Trade, and Cryptics fraudulent brokers.

Licensing and Security of TopTrade500

TopTrade500 is a Clone Company, but what does it mean? To us, it means that the entity that TopTrade500 represents is showing the licenses and authorization of a different, regulated company as its own. It’s not just the trading licenses that TopTrade500 has stolen, but also the entire website design and visual aesthetic. The name of the scam broker, TopTrade500 is also uncannily similar to the company they are pretending to be, Plus500.

Providing broker services without authorization from a financial regulation entity is not just dangerous, it is illegal. For this reason, many scam brokers choose to steal the corporate identity of another firm, or simply hide the fact that they are unregulated.

TopTrade500 is a clone of a company based in Cyprus, we should look into what is required from a CySEC-authorized broker:

• Starting capital of €730,000
• Insurance scheme of €20,000
• Leverage maximum is 1:30
• Segregated bank accounts for client funds
• Negative balance protection for client accounts
• Broker must issue regular financial reports to authorities
• Bonuses are not allowed

If the broker is registered in Cyprus through CySEC, it must obey additional rules. An international agreement called MiFID dictates these rules, which are standardized in the entire EEC. MiFID requires additional financial transparency, but it also allows brokers registered anywhere in the EU to offer their services in all EU member states.

It is highly unlikely that TopTrade500 is regulated anywhere in the EU. We know this because the company offers as much as a 100% deposit bonus. To be sure, we’ve checked the databases of German BaFIN, Italian CONSOB as well as the UK’s FCA, and there were no companies under the name TopTrade500 in their archives. Main financial regulators from the US, CFTC, and Canadian IIROC do allow bonuses, but we found no results in their databases either.

Trading Platform Overview

Usually, all these scam brokers advertise their “world-class” Web Trader software. TopTrade500 is not an exception to this rule. Web Trader is an obsolete web-based platform, and scammers are known to edit and change chart data to coax their victims into making more deposits.

Authorized brokers are a stark difference from this. Many use the renowned Metatrader4 or Metatrader5 software for their client’s needs. MT4 is an industry standard of sorts. This program was first put into service in 2005 and has since seen incremental development that makes it one of the fastest trading platforms available.

MT5 is a next-generation platform that adds more utility, such as automated trading integration. This is made possible through the excellent flexibility of the platform itself, which incorporates Copy Trading and Expert Advisors.

Deposits and Withdrawals Methods

Unfortunately, we can’t say for certain what deposit and withdrawal methods were available with TopTrade500 while the website was active. Funding methods that scam sites like this usually incorporate are Cryptocurrency Transfers and Bank Wire Transfers. 

This is a calculated move by the swindlers, who know that these forms of payment are more or less final. The minimum deposit with TopTrade500 was $250, which may not seem as very pricey.

The difficulties begin with deposit bonuses, and this is why most regulators ban them outright. Frauds usually have a clause in their terms and conditions that require a minimum trading volume to be executed before they allow a withdrawal. This volume is known to exceed 10x the bonus amount, effectively blocking clients from requesting a withdrawal.

TopTrade500 Account Types Available

We can again see how the site was set up to defraud people with TopTrade500. There were a couple of accounts to choose from, but all the differences were only superficial. When you count on the fact that the Web Trader was completely useless, these different accounts bear no meaning whatsoever. It is very similar to how pyramid schemes operate. Demo accounts are not available, of course.

TopTrade500 tells you that larger deposits yield bigger bonuses and more perks on their accounts. An affiliate program of sorts is common as well, and recruiting other people to the site was “rewarded” with another bonus. 

The smallest deposit was $250, but even though it may seem like a bargain we’d like to point out that regulated brokers require sums smaller than $100 for initial deposits. Some micro accounts require $10 or less with authorized brokers!

How Does Fraud Set Up?

TopTrade500 is a Clone Company, and this group of scammers has copied an entire legitimate company’s portfolio on their website. Unsuspecting clients would be greeted with excellent market conditions and a wide variety of trading instruments. Only after the victim had made an initial deposit do things become to smell fishy.

The more deposit and affiliate bonuses a client accrues, the more difficult it is to meet the trading volume requirements. The swindlers make sure more money is deposited by manipulating chart data, and reject any withdrawal attempts by quoting terms and conditions.

TopTrade500 Summary

TopTrade500 is a fraudulent entity that misappropriated the credentials of another, legitimate company. We call these sorts of scams Clone Companies. They are especially dangerous to people who are new in the online trading business.

TopTrade500, and other similar scammers lure their customers by promising outrageous things like guaranteed profits, and hefty bonuses. The reality of the matter is much more grimdark. Because of the illegal nature of these faux brokers, there are no safety nets to speak of. 

All your investments, as well as your personal information, are at risk when dealing with these people!

FAQs About TopTrade500 Broker