TopTrade500 Review – Truth About TopTrade500.Com Broker

Scam overview of TopTrade 500

TopTrade500 belongs to the company TopTrade500 Ltd. and claims it’s based in Germany and  regulated by CySEC, the Cyprus Securities and Exchange Commission.

CySEC is one of the most rigorous regulatory bodies in the EU, so we found it a bit odd that we were unable to find any legal documents regulated brokers must share publicly.  

Leverage N/A
Regulation Not regulated
Headquarters Cyprus / Germany
Minimum Deposit $250
Review Rating 1/5
Broker Type Forex
Platforms Web
Spread 0.0-1.2

After checking CySEC’s register, it turns out that TopTrade500 stole the license number and other relevant information from Plus500CY Ltd, the company actually licensed by CySEC.

So, here we are dealing with yet another clone website, a phony broker who stole information from a genuinely regulated company. Our TopTrade500 Review will explain further what kind of scam we’re talking about here, so keep reading.


CySEC’s shows that TopTrade500 has stolen the license

Regulation and Safety of Funds at TopTrade500

As mentioned above, TopTrade500 is not regulated, and it’s actually using stolen information from a company registered by CySEC, Plus500Cy Ltd. There are no legal documents on TopTrade500’s website, which is just a confirmation of the “identity theft”.

Clone websites like TopTrade500 are nothing new, there are many phony brokers representing stolen information as their own in an attempt to hide their illicit intentions.

It’s safe to say that your funds would not be safe with this shady broker. This scamming broker remains anonymous and falls under no regulatory authorities to monitor them and keep their trading activities under control.

Trading Platform TopTrade500 Overview

TopTrade500 promises its unsuspecting victims access to the ultimate platform which will provide access to no less than 135 tradable instruments from 6 asset classes. 

What’s delivered, however, was TradingView – a free market tracking platform which can be used by anyone and can be downloaded for free. Moreover, TradingView is not even a suitable software used for trading. 

On the other hand, MT4 and MT5 have been used for years by regulated brokers and represent the industry standard due to the vast number of trading features and continuous development. 

TopTrade500 Account Types Available

TopTrade500 offers 4 types of accounts:

  • Mini (minimum deposit 250 EUR)
  • Standard (minimum deposit 2,500 EUR)
  • Silver (minimum deposit 25,000 EUR)
  • Gold (minimum deposit 100,000 EUR)

Leverage is not disclosed, while the spread is listed with each account type. The most attractive spread is accessible if you open the Gold account, while the Mini account has the spread starting at 1.2 without commission. 


TopTrade500 4 types of accounts:

Keep in mind that attractive trading conditions are meaningless when the broker is unregulated.

Trading Instrument at TopTrade500

We had to look for the list of available trading instruments at TopTrade500 somewhere else because the information was not available on this bogus broker’s website. 

It seems that TopTrade500 promises their clients a variety of instruments: 

  • currency pairs
  • shares
  • commodities
  • indices
  • crypto

And not to forget, the fact that TopTrade500 is a fraudulent broker and that it offers a trading software that’s not suitable for trading makes this offer meaningless.

There are many regulated counterparts which guarantee more security when trading with any of the instruments listed above. 

Deposits and Withdrawals at TopTrade500

Just like most of the information, TopTrade500’s website lacks transaction information. There are no withdrawal policies, no information about accepted payment methods or transaction fees. 

However, if you try to deposit your assets, you’ll be redirected to a third party page where you’re supposed to buy crypto coins. You can use your credit card or make a wire transfer to make the purchase, and then you’ll be able to use crypto and make a deposit. 

The fact that this scamming broker accepts only crypto coins is not surprising as crypto is favored by scammers like TopTrade500.

If TopTrade500 Defrauded Me, How Can I Get a Refund?

Getting a refund would be a challenge as TopTrade500 accepts only crypto for payments. Crypto is untraceable, at least virtually, so it’d be best to avoid such transactions completely. 

On the other hand, if the payments were done via credit card, getting a refund is a lot easier. Card companies such as Visa and MasterCard can assist in resolving disputes and request a chargeback. 

Getting your money back is possible, it is important to act fast though, as chargeback is only valid for up to 540 days from the day the transaction was made.

TopTrade500 Summary

  • TopTrade500 is an unregistered broker using regulation information from Plus500CY Ltd, the company actually licensed by CySEC.
  • TopTrade500 claims they’re based in Germany, but their actual whereabouts are unknown.
  • Minimum deposit for creating an account is 250 EUR.
  • TopTrade500’s trading platform is TradingView, a free market tracking software.

Is TopTrade500 Legitimate Broker?

The broker is an unregulated broker and a clone website and the information shared about them is stolen from a legitimate company.

Does TopTrade500 Offer A Demo Account?

TopTrade500 offers a Demo account with $10,000 for trading. But one should be careful, as demo accounts are used to lure potential victims into believing they’re making profit. 

What Are The Funding Methods For TopTrade500?

After creating an account on TopTrade500’s website, deposits can be made with crypto coins. 


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Nov 17, 2022
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