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Top1 Markets

Cayman Islands|2-5 years|
Suspicious Regulatory License|Counterfeit MT4/5|Regional Brokers|High potential risk|

http://www.top1market.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Counterfeit

4
Server Name
Top1Group-Live MT5
Server Location Hong Kong

Contact

+852 3110 0708
cs@top1market.com
http://www.top1market.com/

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

+852 3110 0708

Broker Information

More

Company Name

Top 1 Markets limited

Company Abbreviation

Top1 Markets

Platform registered country and region

Cayman Islands

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 5
Previous Detection : 2024-02-26
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 001276870) claimed by this broker is suspected to be clone. Please be aware of the risk!

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Top1 Markets · Company Summary

Top1 Markets Basic Information
Company Name Top1 Markets
Founded 2019
Headquarters Cayman Islands
Regulations Not regulated (Suspected fake clone)
Tradable Assets Forex, metals, energy, stock indices, cryptocurrencies
Account Types Classic Account
Minimum Deposit $50
Maximum Leverage 200:1
Spreads From 0.6 pips
Commission Commission-free
Deposit Methods Debit cards
Trading Platforms TOP1 APP, Meta Trader 5
Customer Support Phone, email support, online live chat
Education Resources Forex Academy
Bonus Offerings None

Overview of Top1 Markets

Top1 Markets is a financial trading company founded in 2019 and headquartered in the Cayman Islands. However, it is important to note that Top1 Markets is not regulated and has been suspected of being a fake clone. The company offers a range of tradable assets including forex, metals, energy, stock indices, and cryptocurrencies. They provide a Classic Account with a minimum deposit requirement of $50 and offer a maximum leverage of 200:1. The spreads start from 0.6 pips, and there are no commissions charged. Top1 Markets offers customer support through phone, email, and online live chat and provides educational resources through their Forex Academy.

Despite claims of regulation by the Australia ASIC (license number: 001276870) and the Vanuatu VFSC (license number: 40436), Top1 Markets is suspected to be a fake clone website. As an unregulated broker, it lacks the important protections and guarantees provided by reputable and regulated brokers. Traders should exercise extreme caution and consider the risks associated with trading with an unregulated broker.

While Top1 Markets offers a variety of trading instruments, it is crucial to prioritize the safety of investments and seek reliable and regulated platforms for trading activities. Always conduct thorough research and choose reputable brokers or exchanges that have established credibility and a positive track record.

basic-info

Is Top1 Markets Legit?

Top1 Markets is not regulated by any valid financial authority. There are claims of regulation by the Australia ASIC (license number: 001276870) and the Vanuatu VFSC (license number: 40436), but these claims are suspected to be clone or fraudulent. Traders should exercise extreme caution and be aware of the risks associated with trading with an unregulated broker like Top1 Markets. Regulation provides important protections for traders, including the safety of funds, fair trading practices, and proper handling of client complaints. Without regulation, there are no guarantees regarding these crucial aspects of trading, putting traders' investments at significant risk. It is advisable to choose a reputable and regulated broker to ensure a higher level of security and accountability in the trading process.

regulation
regulation

Pros and Cons

Top1 Markets is suspected to be a fake clone website. Due to this, it is advised to approach with caution and refrain from engaging with this platform. As such, there are no pros to mention. It is crucial to prioritize the safety of your investments and seek reliable and regulated platforms for trading activities. Always do thorough research and choose reputable brokers or exchanges that have established credibility and a positive track record.

Pros Cons
None Lack of regulation
Limited account options
Deposit methods limited to debit cards
Non-trading fees
Lack of bonus offerings

Trading Instruments

Top1 Markets offers a variety of trading instruments to its clients, including forex, metals, energy, stock indices, and cryptocurrencies.

In the forex market, traders can access popular currency pairs such as EUR/USD, USD/JPY, GBP/USD, and AUD/USD. These currency pairs allow traders to speculate on the exchange rate movements between different major currencies.

For those interested in precious metals, Top1 Markets provides trading opportunities in spot gold and spot silver. These commodities are known for their value and are influenced by factors such as supply and demand dynamics, geopolitical events, and economic indicators.

In the energy sector, traders can engage in trading activities involving US crude oil, UK crude oil, and natural gas. Energy commodities are known for their volatility and can provide opportunities for traders to take advantage of price fluctuations.

Top1 Markets also offers trading in stock indices. Traders can access indices such as Hong Kong HK50, US SP500, Germany GER30, and Dow Jones 30. Trading stock indices allows traders to speculate on the overall performance of a basket of stocks from a specific market or sector.

Lastly, Top1 Markets provides trading options for popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Cryptocurrencies have gained significant attention in recent years due to their volatility and potential for high returns.

These trading instruments offered by Top1 Markets cater to a range of trading preferences and allow traders to diversify their portfolios and take advantage of various market opportunities.

Here is a comparison table of trading instruments offered by different brokers:

Broker Top1 Markets OANDA Forex.com Webull
Forex Yes Yes Yes Yes
Indexes Yes Yes Yes Yes
Gold Yes Yes Yes No
Crypto Yes Yes Yes Yes
CFD No No Yes No
Commodities No Yes Yes No
Silver Yes Yes Yes No
Oil Yes No Yes No
Copper No Yes No No
Corn No Yes No No
Futures No No Yes No
Options No No Yes Yes
ETFs No No No Yes
Bonds No Yes No No

Account Types

Top1 Markets offers a single account type known as the Classic Account. This account is suitable for both beginner and experienced investors, providing them with a low minimum deposit requirement and access to the industry's lowest spreads.

The minimum deposit for the Classic Account is $50, allowing traders to start with a relatively small investment. The account features competitive spreads, with examples such as 0.6 pips for EUR/USD, 0.9 pips for USD/JPY, and 1.5 pips for GBP/USD. These tight spreads can potentially benefit traders by reducing trading costs.

In terms of trading instruments, the Classic Account allows trading in popular assets such as gold and US crude oil. For gold, the minimum trade size is 0.01 lots, and the cost per trade is $0.3. Similarly, for US crude oil, the minimum trade size is 0.01 lots, and the cost per trade is $0.0028.

The Classic Account does not impose restrictions on the maximum number of lots or orders, providing traders with flexibility in their trading strategies. The maximum leverage available is 200:1, allowing traders to control larger positions relative to their account balance. Overnight interest charges are based on the actual rates applied by the trading platform.

account-types

How to Open an Account?

To open an account with Top1 Markets, follow these steps:

  1. Visit the official Top1 Markets website. Upon reaching the homepage, locate the “开立账户” (Open Account) button and click on it. This will direct you to the account registration page.

  2. On the registration page, you will be prompted to sign up by providing some necessary information. This typically includes your mobile phone number, which needs to be entered in the designated field. After entering your phone number, you may be required to click on a button to send a verification code to your mobile device.

    open-account
  3. Fill in the received verification code in the appropriate field on the registration page. This step is necessary to confirm the ownership of the provided phone number.

  4. Next, you will need to create a password for your account. The password should be between 6 and 20 characters long and may require a combination of letters and numbers for security purposes.

  5. Optionally, there might be a field where you can enter an invitation or referral code if you have one. This step is usually not mandatory, and you can leave it blank if you don't have an invitation code.

  6. Depending on your preference, you may be asked whether you want to receive a callback from a dedicated customer service representative for better assistance. You can choose to enable or disable this option according to your preference.

  7. Before completing the registration process, it is important to review and agree to the “首创隐私政策和Cookie披露声明” (Top1 Markets Privacy Policy and Cookie Disclosure Statement). Make sure to read and understand the terms and conditions before proceeding.

  8. Once you have reviewed the terms and conditions and agree to them, you can click on the “完成注册” (Complete Registration) button to finalize the account opening process.

Leverage

Top1 Markets offers leverage to its clients, allowing them to amplify their trading positions and potentially increase their trading opportunities. The maximum leverage provided by Top1 Markets is 200:1. This means that traders can control positions that are up to 200 times the size of their account balance.

It's important to note that while leverage can magnify profits, it also amplifies losses. Trading with high leverage involves a higher level of risk, as even small market movements can result in substantial gains or losses. Therefore, it is crucial for traders to use leverage responsibly and understand the associated risks.

Here is a comparison table of maximum leverage offered by different brokers:

Broker Top1 Markets FxPro IC Markets RoboForex
Maximum Leverage 1:200 1:200 1:500 1:2000

Spreads and Commissions (Trading Fees)

Top1 Markets offers various spreads for different trading instruments across different asset classes. Here is a brief overview of the spreads for different categories:

1. Forex: Top1 Markets provides access to major currency pairs with attractive spreads. For example, the EUR/USD pair has a spread of 0.6 pips, while USD/JPY and AUD/USD have spreads of 0.7 and 0.6 pips respectively. Other currency pairs such as GBP/USD, NZD/USD, and USD/CAD have spreads ranging from 1.2 to 1.8 pips.

2. Commodities: Traders can participate in the commodity market with competitive spreads. Gold (XAU/USD) has a spread of 3.0 pips, silver (XAG/USD) has a spread of 2.0 pips, and crude oil (USOIL and UKOIL) both have spreads of 2.8 pips. Natural gas (NGAS) has a wider spread of 12.0 pips.

3. Stock Indices: Top1 Markets offers trading opportunities in various stock indices with favorable spreads. The S&P 500 (SP500) has a spread of 0.8 pips, while the Dow Jones 30 (DJ30), Hang Seng 50 (HK50), and Germany 30 (GER30) have spreads ranging from 6.0 to 10.0 pips.

4. Cryptocurrencies: Traders interested in cryptocurrencies can trade popular digital assets with competitive spreads. Bitcoin (BTC/USD) has a spread of 60.0 pips, Bitcoin Cash (BCH/USD) has a spread of 12.0 pips, Ethereum (ETH/USD) has a spread of 6.0 pips, and Litecoin (LTC/USD) has a tighter spread of 1.5 pips.

In terms of commissions, Top1 Markets offers commission-free trading, meaning that there are no additional fees charged for executing trades. This allows traders to focus solely on the spreads of the trading instruments without worrying about commissions eating into their profits.

Non-Trading Fees

Top1 Markets imposes non-trading fees related to overnight positions, also known as overnight interest or swap fees. These fees are applicable when a position is held open overnight and can either be positive or negative, depending on the direction of the trade and the prevailing interest rates of the currencies involved.

It's worth noting that swap fees can vary for different currency pairs and are subject to change based on market conditions. Traders should be aware of these fees, as they can impact the overall profitability of their positions, especially for long-term trades.Here are a few examples of specific overnight fees for certain products offered by Top1 Markets:

  1. EURUSD:

Buy (Long): -3.48%

Sell (Short): -0.36%

  1. USDJPY:

Buy (Long): -0.49%

Sell (Short): -4.02%

  1. GBPUSD:

Buy (Long): -3.88%

Sell (Short): -0.55%

Deposit & Withdraw Methods

Deposit:

Top1 Markets states that they prioritize the safety and security of client funds. They claim that all deposited funds are injected into trading accounts and kept segregated from the company's operational funds, in accordance with regulatory requirements. The platform currently accepts deposits in Chinese Yuan (CNY) and US Dollars (USD), with plans to include more currencies in the future.

To activate a Classic Account, a minimum deposit of 50 USD is required. The minimum deposit amount per transaction is also 50 USD. Clients are required to complete the necessary identity verification (KYC) process as part of regulatory compliance before being able to deposit funds.

Once a deposit is made, new clients allegedly receive an email containing their trading username and password for accessing their accounts. It is stated that Top1 Markets covers all deposit fees. However, it should be noted that the platform only accepts deposits through debit cards and does not support credit card payments.

deposit-withdrawal

Withdrawal:

Top1 Markets claims to ensure the security of client funds during the withdrawal process, maintaining segregation from the company's operational funds. Withdrawals are purportedly processed within one business day during trading hours.

Similar to the deposit process, clients are required to complete identity verification (KYC) in order to proceed with withdrawals. Clients can access their withdrawal history and details in the “Transaction History” section of their accounts.

Regarding withdrawal fees, Top1 Markets charges a fee of 3 USD for withdrawals below 50 USD. Additionally, certain circumstances may incur additional fees. For instance, if 50% of the deposited amount remains unused for trading, a 6% fee will be applied during withdrawal. Moreover, clients making more than three withdrawals in a day may be subject to a 5% fee based on the amount withdrawn.

It is worth mentioning that the system's exchange rates provided are for reference purposes only, and the actual rates will depend on the client's bank. Top1 Markets designates USD as the account currency, and deposits in other currencies will be converted to USD based on prevailing market exchange rates.

deposit-withdrawal

Trading Platforms

Top1 Markets provides the TOP1 APP and Meta Trader 5 platforms, offering users access to real-time market information and the ability to trade a wide range of financial instruments.

TOP1 APP: It is an online trading software that provides real-time quotes, trading strategies, and financial information for international mainstream trading instruments. The platform allows users to trade forex, precious metals, indices, commodities, and more, without being limited by time or location. It offers advantages such as easy access to real-time market data, flexible order placement, convenient account registration, and 24/7 news updates.

trading-platform

Meta Trader 5 (MT5): MT5 is a powerful trading system widely used in the financial market. It offers advanced features, including market depth functionality, independent order and trading accounts, and support for various trading orders and execution modes. The platform provides a range of tools for technical and fundamental analysis, multiple versions for different devices, and the ability to automate trading with the help of technical indicators.

trading-platform

Customer Support

Top1 Markets provides customer support services to assist clients with their inquiries and concerns. The customer support team is available to address any questions or issues that traders may have. There are several ways to contact the customer support team:

1. 24-Hour Chinese Phone Support: Traders can reach out to the customer support team by calling the dedicated Chinese phone number, which operates 24 hours a day. The phone support is available to provide assistance in Chinese and address any queries or problems that traders may encounter.

2. Email Support: Traders can also contact the customer support team via email. By sending an email to cs@top1market.com, traders can communicate their concerns, seek clarification on trading-related matters, or request assistance with account-related issues. The customer support team strives to respond to emails promptly and provide helpful solutions.

3. 24-Hour Online Live Chat: Top1 Markets offers 24-hour online live chat support on their website. Traders can access the live chat feature and engage with a customer support representative in real-time. This enables traders to have their questions answered quickly and efficiently, making it convenient for them to seek assistance whenever they need it.

By offering multiple channels for customer support, Top1 Markets aims to ensure that traders can easily reach out for help and receive timely assistance. The customer support team is committed to providing professional and knowledgeable support to address any inquiries or issues that traders may have.

customer-support

Educational Resources

Top1 Markets offers a comprehensive range of educational resources to empower traders with the knowledge and skills they need to enhance their trading proficiency. The Forex Academy is a valuable resource designed to cater to both beginners and experienced traders. Here are some of the key features:

1. Forex Academy: Top1 Markets offers a comprehensive Forex Academy that provides valuable resources and educational materials. Traders can access beginner's guides, trading basics, and informative articles to understand the fundamentals of trading and improve their trading strategies.

2. Investment Terms: The platform offers a collection of investment terms and concepts to familiarize traders with the terminology used in the financial markets. Traders can access articles that cover a wide range of topics, including economic events, trading instruments, and market indicators, to enhance their understanding of the industry.

3. Beginner's Guide: Top1 Markets offers a beginner's guide section that focuses on providing essential information for novice traders. It covers topics such as understanding indices, the difference between CFDs and forex trading, and the role of stock index futures. These resources aim to help newcomers grasp the basics and gain confidence in their trading journey.

4. Trading Techniques: Traders can access articles on various trading techniques to improve their skills. Topics such as using moving averages, analyzing candlestick patterns, and self-reflection on trading behavior are covered to help traders refine their strategies and make informed trading decisions.

educational-resources

Trading Tools

Top1 Markets provides traders with a range of trading tools to enhance their trading experience and stay updated with the latest market developments. Here are some key tools available:

1. Strategy Research: Top1 Markets offers valuable strategy research resources that enable traders to stay informed about market trends and potential trading opportunities. This includes market analysis, technical insights, and trading strategies provided by experienced analysts. Traders can access these resources to gain valuable insights into the market and make informed trading decisions.

2. Forex News: The platform offers real-time forex news updates, keeping traders up-to-date with the latest developments in the currency markets. These news updates cover a wide range of topics, including economic indicators, central bank announcements, geopolitical events, and other factors that can impact currency prices. By staying informed about the latest news, traders can adapt their trading strategies accordingly.

3. Financial News: In addition to forex news, Top1 Markets also provides financial news updates that encompass a broader spectrum of the financial markets. This includes news related to stocks, commodities, indices, and other asset classes. By having access to comprehensive financial news, traders can understand the broader market dynamics and make more informed trading decisions across various instruments.

4. Economic Calendar: The economic calendar is a vital tool that provides traders with a schedule of upcoming economic events, such as economic data releases, central bank meetings, and other significant events that can influence the financial markets. Traders can use the economic calendar to plan their trading activities and be aware of potential market volatility associated with these events.

trading-tools

Conclusion

Top1 Markets is a financial trading company that offers a variety of tradable assets and trading platforms. However, it is important to note that Top1 Markets is not regulated and has been suspected of being a fake clone. The lack of regulation raises concerns about the safety of funds, fair trading practices, and proper handling of client complaints. In terms of advantages, Top1 Markets offers a Classic Account with a low minimum deposit requirement, competitive spreads, and commission-free trading. They provide customer support through various channels and offer educational resources through their Forex Academy. On the downside, Top1 Markets lacks regulation, has limited account options, accepts only debit cards as deposit methods, charges non-trading fees such as overnight interest, and does not provide bonus offerings. It is crucial to prioritize the safety of investments and choose regulated brokers to ensure a higher level of security and accountability in the trading process.

FAQs

Q: Is Top1 Markets a legitimate financial trading company?

A: Top1 Markets is not regulated by any valid financial authority, and there are suspicions that it may be a fake clone. Traders should exercise caution when considering this platform and be aware of the risks associated with trading with an unregulated broker.

Q: What trading instruments are available on Top1 Markets?

A: Top1 Markets offers a variety of trading instruments, including forex, metals, energy, stock indices, and cryptocurrencies. Traders can access popular currency pairs, precious metals like gold and silver, energy commodities such as crude oil and natural gas, stock indices from different markets, and popular cryptocurrencies like Bitcoin and Ethereum.

Q: What types of accounts are offered by Top1 Markets?

A: Top1 Markets offers a single account type called the Classic Account. This account is suitable for both beginner and experienced traders and has a minimum deposit requirement of $50. It provides competitive spreads and allows trading in popular assets like gold and US crude oil. The maximum leverage available is 200:1.

Q: What leverage does Top1 Markets offer?

A: Top1 Markets offers a maximum leverage of 200:1. Leverage allows traders to control positions that are up to 200 times the size of their account balance. However, it's important to use leverage responsibly and understand the associated risks.

Q: What are the spreads and commissions (trading fees) on Top1 Markets?

A: Top1 Markets offers competitive spreads for different trading instruments. For example, in forex trading, the EUR/USD pair has a spread of 0.6 pips. Top1 Markets offers commission-free trading, meaning there are no additional fees charged for executing trades.

News

China is restocking its oil reserves

NewsChina is restocking its oil reserves

2023-11-21 11:01

The People's Republic of China has initiated the process of constructing oil inventories once more.

WikiFX
2023-11-21 11:01
News
China is restocking its oil reserves
Standard Contract Positions for Bitcoin Fall, and the Market Finds a New Stable

NewsStandard Contract Positions for Bitcoin Fall, and the Market Finds a New Stable

2023-10-12 12:24

According to the latest weekly figures of CFTC CME Bitcoin holdings, the market appears to be in a stable phase with a slight reduction in the total number of Bitcoin standard contracts held. The recent data cycle reveals that the majority of account types have made adjustments resulting in a net short position, indicating a prevailing pessimistic sentiment towards the market.

WikiFX
2023-10-12 12:24
News
Standard Contract Positions for Bitcoin Fall, and the Market Finds a New Stable
Gold prices are unchanged as the currency and rates remain stable ahead of further Fed indications

NewsGold prices are unchanged as the currency and rates remain stable ahead of further Fed indications

2023-09-06 11:47

Gold prices continue to be steady due to the constant value of the dollar and bond rates. Further signals from the Federal Reserve are currently awaited.

WikiFX
2023-09-06 11:47
News
Gold prices are unchanged as the currency and rates remain stable ahead of further Fed indications

User Reviews

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。24192
more than one year
I'd like to share my experience with Top1 Markets, an forex trading platform. Be cautious about hidden fees when making deposits. Despite providing my card and bank statements, both bearing my name, I couldn't withdraw any bonuses.
2024-02-02 17:04
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谢家少爷《二》
more than one year
It is really difficult for me that Top1 Markets only has a website in Chinese.
2023-03-01 10:08
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0
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Mr. Rabbit8824
more than one year
I was almost cheated, almost when I was about to make a deposit, I found out that this platform is a fake, and the platform is not actually subject to any supervision. So don't waste your time and hard earned money here and don't fall for these scammers.
2022-12-13 17:25
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