TopTrader Review 2024
Website: www.toptrader.eu
Min. Deposit: US$
Leverage: 1:30
Trading Platforms: MT5, TopTrader
Regulation: CySEC
Headquarters: Cyprus
Founded: 2014
Regulatory Licenses:
- Goldenburg Group Ltd - authorized by CySEC (Cyprus) license no 242/14
Updated on February 28, 2024
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In our thorough and comprehensive review process, we meticulously evaluate forex brokers against a wide array of critical performance indicators. Our methodology involves comparing over 1000 brokers on factors such as regulatory compliance, trading platforms, instruments offered, fees, customer service, and trading conditions. This rigorous approach ensures our reviews are balanced, detailed, and provide valuable insights for traders at all levels.
TopTrader, headquartered in Limassol, Cyprus, is a brokerage firm established in 2014. Operating under the registered brand name of Goldenburg Group Limited, it is duly authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker offers access to over 2,000 real stocks, CFDs on stocks, ETFs, indices, commodities, cryptocurrencies, and forex. Although it primarily serves residents within the European Economic Area, excluding Belgium, Switzerland, and Slovenia, it restricts its services in the UK and certain third countries, excluding South Africa and Labuan. TopTrader is recognized for offering competitive trading conditions and a diverse range of solutions tailored to meet the needs of various traders.
Pros
Provides a secure and diverse trading environment
Offers both MT5 and proprietary TopTrader platforms
Features a wide array of trading instruments with competitive prices
Includes account segregation and insurance up to €20,000 for client funds
Cons
Customer support is not available 24/7
Lacks international financial licenses, restricting services in some regions
Is TopTrader Safe or a Scam? ▲
TopTrader is a reputable and secure broker that adheres to the strict regulations and guidelines set forth by CySEC, a prominent European regulatory authority. This compliance underscores the broker's commitment to providing a safe and reliable trading environment for its clients. With a TopTrader Trust Score of 8.5 out of 10, we conclude that it is a trustworthy broker with a solid reputation and reliable services.
How Are You Protected?
TopTrader prioritizes the protection of its clients' funds by segregating them from the company's operational accounts. Additionally, the broker employs various safety measures, including negative balance protection and Investor Compensation Fund Protection, to safeguard traders' accounts during market volatility.
Leverage is a powerful financial tool that allows traders to access larger market positions with a relatively smaller capital outlay. It's crucial to understand the mechanics and potential risks of leverage to effectively manage its impact on trading outcomes. TopTrader offers leverage in compliance with CySEC regulations, allowing European traders to utilize a maximum leverage of up to 1:30 for major currency pairs.
Account Types
Our comprehensive analysis of the forex broker reveals that traders can access a unified account to engage in trading a wide array of popular financial markets. Furthermore, newcomers to the trading scene are afforded the chance to utilize a Demo account at no cost. This enables them to hone their trading skills and conduct trial trades in a risk-free environment.
How to Open TopTrader Live Account?
Embarking on the journey to open an account with this broker is a straightforward process; we managed to set up an account within a few minutes. To initiate, you should navigate to the 'Open Account' webpage and adhere to the guided steps provided:
Select and click on the "Open Account" page
Enter the necessary personal details (Name, email, phone number, etc.)
Verify your personal information by uploading documents (proof of residency, ID, etc.)
Complete an electronic questionnaire to confirm your trading expertise
Upon account activation and verification, proceed with depositing funds.
Trading Instruments
The broker boasts an extensive portfolio of over 2000 CFDs across various asset classes, including Stocks, ETFs, Indices, Commodities, Cryptocurrencies, and Forex. Clients are also empowered to trade multiple markets round the clock from a singular trading platform.
TopTrader Markets Range Score is rated at 4.4 out of 5, reflecting a broad selection of trading instruments. However, it's notable that several popular asset classes, such as futures and bonds, are not available for trading.
TopTrader Fees
Regarding fees, TopTrader enforces a mixture of charges beyond the primary costs, which are predominantly spread-based for each trade executed. Furthermore, an inactivity fee of €100 is levied if an account is dormant for a month. Swap or rollover fees are also incurred for positions maintained overnight.
While it was observed that TopTrader does not impose fees on deposits or withdrawals, it's crucial to recognize that payment providers used for these transactions might levy additional charges, beyond the broker's control. It is advisable to consult with your payment provider regarding potential fees.
When comparing to over 1000 other brokers for all fees applied, TopTrader Fees are considered low or average, with an overall rating of 4.3 out of 5.
Based on our evaluation, TopTrader offers its clients competitive and variable spreads for certain account types and trading instruments. An average spread of 0.7 pips for the widely traded EUR/USD currency pair in Forex trading is accessible, presenting an attractive proposition for traders across various markets.
Additionally, competitive spreads are available for other financial instruments, further enhancing its appeal to traders operating in diverse markets.
TopTrader Spreads are deemed average with an overall rating of 4.3 out of 5, based on our comparative analysis with other brokers. The Forex spreads are found to be below the industry standard, and spreads for other financial instruments are also competitive.
TopTrader extends a variety of funding options to its clientele, encompassing bank wire transfers, credit and debit cards, along with digital payment solutions such as Skrill and Neteller. It’s pivotal to acknowledge that each payment method might impose certain prerequisites and limitations, contingent on the banking institution and the client’s geographical location.
TopTrader’s funding methods have been appraised positively, attaining an overall score of 4.3 out of 5. The broker stands out for its minimal fees and the availability of numerous account currencies.
Here are the pros and cons identified for TopTrader’s funding methods:
Pros
Multiple funding options including bank wire, credit/debit cards, Skrill, and Neteller
No minimum deposit requirement enhances accessibility for various traders
Cons
Certain funding methods might introduce minimum deposit amounts or fees
TopTrader makes available two sophisticated and intuitive trading platforms to its clients: the MetaTrader 5 and the proprietary TopTrader platform. These platforms cater to desktop, web, and mobile access, enabling traders to engage with the markets and execute trades at their convenience.
TopTrader’s trading arsenal, particularly the MT5 platform, enriches traders with advanced charting tools, a broad selection of financial instruments, various chart types, multiple timeframes, and a plethora of technical indicators for comprehensive market analysis. The inclusion of a built-in economic calendar, social trading capabilities, and support for algorithmic trading through Expert Advisors (EAs) marks significant advantages.
The proprietary platform of TopTrader is praised for its user-friendliness and advanced trading functionalities, including social and algorithmic trading, as well as diverse order types. The platform's score stands impressively at 4.4 out of 5, when compared against a pool of 1000 brokers, primarily due to its provision of the renowned MT5 trading platform.
TopTrader offers round-the-clock customer support, accessible via Live chat, Email, Support desk, and Dealing desk. The broker’s customer service team is comprised of professionals adept in resolving technical issues, offering analysis advice, and addressing general inquiries.
The quality of customer support at TopTrader has been rated positively, with a score of 4 out of 5. This assessment is predicated on our interactions, which revealed prompt and knowledgeable responses, alongside ease of access during operational hours. However, potential limitations due to the broker’s sole operation in Cyprus are worth noting.
TopTrader’s “Learn Center” on its website is a trove of educational resources, catering to a spectrum from novice to advanced traders. Offerings include eBooks, a Video Academy, courses on Cryptocurrency and MetaTrader 5, alongside Economic and Crypto calendars. A complimentary demo account is also available for practice and strategy testing. Notwithstanding, the absence of seminars, webinars, and research materials is a notable shortcoming.
TopTrader’s educational offerings have garnered a score of 3.5 out of 5. For beginners, we suggest seeking educational resources from brokers with a more robust educational suite.
In summation, TopTrader emerges as a reputable online broker, furnishing traders with a diverse array of trading instruments, competitive rates, multiple payment methods, and avant-garde trading platforms. The broker’s proprietary platform alongside the MT5 platform offers an amalgamation of user-friendly interfaces and advanced trading features such as algorithmic and social trading.
While TopTrader excels in providing dependable customer support and a decent array of educational materials, it falls short in offering comprehensive educational resources compared to its counterparts. The absence of research materials, seminars, and webinars is a gap that potential clients should consider.
Conclusively, TopTrader is a commendable and cost-effective option for traders in pursuit of a regulated broker for their trading needs. Nonetheless, we advocate for exhaustive research prior to committing to TopTrader, to ascertain its compatibility with your trading prerequisites.
TopTrader is particularly suitable for:
Europebased traders
Enthusiasts of the MT5 trading platform
Participants in CFD and currency trading
Beginners and advanced traders alike
Proponents of hedging strategies
Advocates of STP/NDD execution
Seekers of competitive spreads and pricing
Users of EA/Auto trading
Individuals valuing quality educational materials and trading tools
Clients desiring supportive customer service
