Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
TopTradeGroup, a trading name of Widdershins Group LTD, is allegedly a forex broker registered in Dominic that claims to provide its clients with 180+ tradable financial instruments with floating spreads from 0.4 pips on the WebTrader platform via 5 different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that TopTradeGroup currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.17/10. Please be aware of the risk.
Market Instruments
TopTradeGroup advertises that it offers over 180 financial instruments to trade, such as currencies, bonds, stocks, options, energy and precious metals.
Account Types
TopTradeGroup claims to offer 5 types of trading accounts - Bronze, Silver, Gold, Platinum and Diamond, with minimum initial deposit requirements of $250, $2,000, $10,000, $50,000 and $200,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Spreads & Commissions
All spreads with TopTradeGroup are a floating type and scaled with the accounts offered. For example, the spread starts from 1.8 pips on the Bronze and Silver accounts, from 1 pip on the Gold account, from 0.7 pips on the Platinum account and 0.4 pips on the Diamond account. The broker also charges some unspecified commissions.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, TopTradeGroup gives traders a WebTrader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
TopTradeGroup says to accept funds via Neteller, MasterCard, Visa, Maestro, Piastrix, and Wire Transfer. The minimum requirement is said to be $250. Bronze, Silver and Gold accounts are said to exempt withdrawal fees, while the left two account types (Platinum and Diamond) have to pay some unspecified withdrawal fees. Deposits are said to be instant, while the information on the withdrawal processing time is missing.
Bonuses
TopTradeGroup claims to give some bonuses. For example, the upgrade bonus is 5%, 10%, 15% and 20% on the Silver, Gold, Platinum and Diamond respectively, while the welcome bonus is 10%, 15%, 20% and 25% on the Silver, Gold, Platinum and Diamond separately. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Customer Support
TopTradeGroups customer support can be reached 8:00 - 19:00 Mon. - Fri. by telephone: +44 1518 080625, email: support@toptrade.group or send messages online to get in touch. Registered address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
Pros & Cons
Frequently Asked Questions (FAQs)
