- 1 Top1 Markets
- 2 Pros
- 3 Cons
- 4 Top1 Markets Review
- 5 Is Top1 Market Safe?
- 6 Trading Platform
- 7 Broker Breakdown
- 8 EURUSD Spread looks attractive
- 9 Are Funds Safe with Top1 Markets?
- 10 Top1 Markets License
- 11 Our best advise
- 12 Top1 Markets Review Conclusion
- 13 Compare Top1 Markets
Top1 Markets is a Forex and CFD broker owned and operated by Top1 Group. Top1 Group has two subsidiaries–Top1 Markets PTY limited and Top1 Markets Limited. Top1 Markets PTY, is licensed and regulated by the ASIC (Representative Number:001276870); Top1 Markets is licensed and regulated by the VFSC.
Traders want to know which broker will keep them safe and comes highly recommended. After checking how Top1 Markets works, we are satisfied with their regulatory status. Even though this broker is regulated, it doesn’t mean they offer affordable services. Some members are complaining of spreads not being specified. And this is a problem as investors sign up blindly not knowing what to expect. The cost of trading with Top1 Markets is not shown on their website which is a bit odd. If you are considering investing any funds with Top1 Markets be sure to read the following review.
Top1 Markets Review
Although Top1 Markets appears to be licensed by a reputable financial regulator, we have several concerns regarding this broker. On top of having a very unsteady website, the broker falsely claims to be licensed in Vanuatu.
Another problem with Top1 Markets is anonymity, no one knows the founding members of this platform. It would be prudent if they gave us names of the brokers behind this platform. Investors would use social media platforms to track down these brokers. Sadly, Top1 Markets does not give users any names of people running this website. And this is a huge problem as it creates mistrust between users and owners. You would want to know who actually handles your funds, and put a face to it.
Is Top1 Market Safe?
Top1 Markets has a trust score of 60% and not considered safe. Top1 Markets appear apparently new to the industry. We did check with ASIC and their subsidiary company Top1 Markets PTY LTD is licensed and regulated by ASIC. The company was licensed on 31/01/2019 and the next renew date is 31/01/2019 which makes it still a reputable broker. Company registration number is 001276870 and approved domains are listed below the page.
Members can go at the ASIC register portal and confirm these details at their own time. And this is the biggest advantage this broker has over other platforms. The fact they have been regulated means they have met strict financial guidelines. It means users who deposit funds are assured of safety. Furthermore, brokers licensed in Australia must allow regular audits and have capital holdings of at least AUD 1 million, which is a high bar for most scammers.
After checking their licensing, the next step was to check how their platform works. Top1 Markets offers the MetaTrader5 (MT5) platform. The MT5 pretty much the same as the MT4 and has most features valued by traders, such as the top-notch charting, the support of automated trading and the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones.
Location: Cayman Island
Minimum deposit: N/A
Assets: Forex, CFDs on Commodities, Stocks and Cryptos
Support MT4: MT5
License: ASIC Licensed
Top1 Markets presents itself as a global forex and CFD brokerage regulated in Australia and Vanuatu. It uses the industry leading MetaTrader5 platform, but the trading conditions remain largely unclear.
Top1 Markets offers a standard account. Sadly, we could not get to the account’s page as they don’t have one. Why would a broker claim to offer a trading account and have no information about it? Another huge problem with this platform is lack of credible information regarding minimum deposit. What is the minimum deposit required to start trading with this platform?
EURUSD Spread looks attractive
During our check on Top1 Markets demo, we saw that the EURUSD is spread floating around 0.8 pips, which is attractive for traders. Keep in mind, however, that the cost of trading is not as important as the security of your funds, see here.
Are Funds Safe with Top1 Markets?
Segregation of accounts is also another problem as Top1 Markets is pooling funds in one account. And we have a feeling they will cash out once they have their pockets fill. Stay away from this platform as they don’t insure funds stored in their account.
Top1 Markets License
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.
- Top1 Markets PTY, is licensed and regulated by the ASIC (Representative Number:001276870).
- Beware! Top1 Markets is not licensed in Vanuatu as they claim
The only advantage we could find with this broker is having been licensed by a known body. Investors are advised to sign up with platforms registered by internationally recognized bodies. They include ASIC, CONSOB, CySEC, FCA, NFA, and SEC. These bodies have strict guidelines which insure all investors trade safely. Forex providers are required to deposit a certain amount before offering trading services. Forex brokers licensed in Australia (ASIC) must allow regular audits and have capital holdings of at least AUD 1 million, which is a high bar for most scammers.
Our best advise
Top1 Markets is dully licensed by ASIC, we don’t dispute it, and we do question their features. With Top1 Markets, no one has questioned the account types used. A real broker should give users all relevant information before they sign up. Rogue brokers can get licensed and later steal from users when their pockets are full. Be careful with this platform as we don’t completely trust their platform.
Top1 Markets Review Conclusion
We will be looking carefully at how members are faring with this platform. In the meantime, why not use expert recommended products? Once you get the right broker, you stand a chance of making real profits.
Compare Top1 Markets
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