TopMarketCap Review – 5 things you should know about

Beware! TopMarketCap is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

With TopMarketCap you can take your trading to the next level. At least this is what the company promises on its interface. But we are not sure whether the next level will be up or down, so we check some key features on its website.

TopMarketCap Regulation and safety of funds

The whereabouts of this broker are unknown. We are aware that in the era of global online trading a forex broker can operate from anywhere. However, what is essential is that this broker is legit and regulated by a Financial Services authority in a given jurisdiction.

In the section ‘Contact Us’, we found telephone numbers in three different jurisdictions – the UK, Australia and Austria. As this was our only clue for a possible registration, we checked the registers for financial services authorities in each of these jurisdictions. Unfortunately, the name of the company did not appear in any of the registered. This is sufficient proof that TopMarketCap is a non-registered and non-licensed broker and as such trading with it will present taking risks with your funds.

We must inform you that licensed brokers in the UK, Australia and Austria are strictly regulated and the conditions they must meet in order to obtain their license are rigid. In the UK, brokers must invest 730,000 EUR in the form of initial capital. In addition to that, licensed brokers must deduct funds towards the local Financial Services Compensation Scheme from which their clients can be reimbursed with up to 85,000 GBP per person in a case where the broker is declared insolvent.

Similarly, in Austria, where licensed brokers are regulated by the Financial Market Authority (FMA) and in compliance with the European Securities and Market Authority (ESMA), they must also provide at least 730,000 EUR operational capital and provide measures for the protection of clients’ funds, such as protection against negative balance, keeping clients’ funds separately with tier-1 banks and observe limit on leverage.

In Australia, the amount of the initial capital licensed brokers must provide is 1 million AUD which also serves to protect clients in case of unfavourable events, as there are no compensation schemes or funds.

TopMarketCap Trading software

TopMarketCap is a forex broker trading in stocks, indices, forex, commodities and cryptocurrencies. From the image below, you can see that the trading software offered to the clients is a web trader. If you take a look at the image, you’ll notice that in the left-hand side is the menu with the trading instruments which in this case shows the forex currency pairs together with their bid/ask price. In the middle of the screen is displayed the chart of one of the major currency pairs, EUR/USD with the fluctuation in its price in a given time frame. From the bid/ask price for the same currency pair, we can calculate that the spread is 3 pips. This spread is rather high compared to the industry average of 1.5 pips. The implications for traders will be that the cost of transactions will be too high and they won’t be able to make a sustainable profit.

Also, another important feature is the leverage. From the account types information provided in the last image, you will notice that the leverage can vary from 1:100 to up to 1:400 depending on the trading account. Such high leverage signifies only two things – a big win or a big loss. On the surface, it looks like high leverage can bring you a big profit. However, given the fact that 70% of traders suffer financial loss in transactions, chances are not on the side of the profit. Using high leverage in transactions can put your funds at huge risk. That is why, in the jurisdictions we mentioned above, licensed brokers from the UK and the EU have a limit on leverage and it cannot exceed 1:30. In Australia, on the other hand, forex brokers can still enjoy unlimited leverage for a while. However, the situation will change in March 2021 when changes in the regulations for forex trader will reflect the regulations on leverage in the EU and the UK.

We hope that by now you have realised that the web trader the clients of TopMarketCap can use is a rather basic and simplistic platform that doesn’t offer much to its users. In contrast, the majority of forex broker prefer the two top-notch platforms – MetaTrader 4 and MetaTrader 5. Both platforms offer an excellent package of trading tools and instruments that includes an auto trading option, trading signals, VPS, code base with customs scripts, an app market, a financial calendar, etc. Among the main features of these two platforms, we must mention the charting options that offer many charts, time frames and colours to choose from and the technical analysis indicators that help traders predict the future direction of exchange rates and make a profit.

TopMarketCap Deposit/Withdrawal methods and fees

TopMarketCap offers 4 trading accounts – Silver, Gold, Platinum and VIP. The minimum initial deposit for the Silver account is 250+EUR.

To feed their accounts, the clients of the company can use credit cards or bank wire.

The withdrawal methods are similar with the addition of payments made via Bitcoin. The minimum withdrawal amount is the Bitcoin equivalent of $250. For other methods, the minimum withdrawal amount is 100 EUR/USD/GBP. The fee on withdrawal is 1% which is between the minimum fee of 30 EUR/USD/GBP or the maximum of 300 EUR/USD/GBP. It looks to us that the withdrawal fee is rather high in addition to the 7 to 10 days for processing a withdrawal request.

If a trading account stays inactive for 30 days, then it is considered dormant and is charged a monthly fee of 99 EUR/USD/GBP.

Please be aware that similarly to other unreliable brokers, this one offers bonuses to its clients. Bonuses look attractive as they look like free gifts that add more trading power. In fact, though, they are funds that belong to the broker, not the traders, and usually, come with heavy to fulfil conditions attached to them. In this instance, should you accept a bonus from this broker, you won’t be able to withdraw the bonus amount before executing a trading volume of 50,000 times the bonus amount. This is not something easily achievable even for experienced traders. We want to advise you not to accept bonuses and in general, not to engage in any transactions with a broker offering bonuses as they are not reliable. Please know that licensed brokers do not offer bonuses.

How does scam work?

Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.

What to do if scammed?

There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives the scammer access to your personal data.

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