Uncertain about Topmaxglobal.com platform? Why the broker is a scam! Read TopMax reviews to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
About TopMax FX
TopMax FX otherwise known as Topmaxglobal.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
What We Discovered about Topmaxglobal.com Regulation
First of, the broker claims to operate under the names of TopMax Global Limited and TopMax Global PTY LTD. It also states that the company is globally regulated and gives examples with two jurisdictions.
What’s more, TopMax claims to be authorized and regulated by the Financial Transactions and Reports Analysis Centre of Canada. Unfortunately, the financial authority in Canada is known as Investment Industry Regulatory Organization of Canada (IIROC). Certainly, we didn’t see the broker in the register of IIROC.
Furthermore, TopMax claims to be authorized and regulated by the Australian Securities and Investments Commission (ASIC). We can assure you that the broker is not connected to this financial authority.
Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does TopMax Have Account Types?
TopMax does not specify its trading account for clients. According to the website, the broker doesn’t indicate its leverage nor spreads.
TopMax deposit is indicated $100 based on the account type. A good start for traders if only the broker was legit and regulated.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
There are no information on its funding methods. This is a red flag because most reputable brokerage usually describe their deposit/withdrawal policy, transaction times, fees and taxes.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
TopMax Provides What Trading Software?
TopMax seems to be a confuse broker with the way it presents relevant information. Firstly, it claims to offer the industry standard MT 5. However, the broker also claims to provide TIDALX – “Topmax’s official and exclusive decentralized derivative platform” as it describes it.
We don’t know if both of them are available or not, because there is no way to preview or download any of these platforms.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
TopMax Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Topmaxglobal.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
TopMax located at Topmaxglobal.com appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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