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TOP ONE

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

https://www.tpmarkets-forex.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

8
Server Name
Top1Group-Demo MT5
Server Location Hong Kong

Contact

+852 67517399
cs@tpmarkets-forex.com
https://www.tpmarkets-forex.com/
Buckingham Square, Phase Ⅱ, 2nd FⅠ, 720 West Bay Road, George Town, Grand Cayman, Cayman Islands

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 67517399

Broker Information

More

Company Name

TOP 1 MARKETS PTY LTD

Company Abbreviation

TOP ONE

Platform registered country and region

Cayman Islands

Company website
Twitter
Facebook

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 4
Previous Detection : 2024-03-28
  • 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!

WikiFX Verification

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TOP ONE · Company Summary

TOP ONE Review Summary
Registered Country/Region Cayman Islands
Regulation ASIC (Suspicious Clone)
Market Instruments Forex, Commodities, Indice, Stocks, Cryptos
Demo Account Available
Leverage 1:100/ 1:200 (ECN account)
EUR/ USD Spread 0.6 pips (ECN account)
Trading Platforms TOP ONE APP, TOP ONE Web Trader and MT5
Minimum Deposit $20
Customer Support 24/7 phone, email, Facebook, Twitter, Telegram

What is TOP ONE?

TOP ONE is an online trading service provider that offers a range of investment opportunities in over 115 trading instruments. Based in the Cayman Islands, TOP ONE provides investors with the ability to trade a variety of assets on the global financial markets, leveraging their platform's diverse trading options. However, TOP ONE's assertion of being regulated by ASIC has raised suspicions.

TOP ONE's homepage

If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.

Pros & Cons

Pros Cons
  • Fraud protection measures provided
  • ASIC (Suspicious Clone)
  • Commission-free
  • Regional restrictions
  • Acceptable minimum deposit
  • Demo accounts available
  • Multiple trading platforms and mobile apps

Pros:

- Fraud Protection Measures: TOP ONE claims to have fraud protection measures in place, which indicates a commitment to safeguarding investors' interests and maintaining a secure trading environment.

- Commission-Free Trading: TOP ONE offers commission-free trading, which can potentially reduce trading costs for investors, especially for frequent traders or those dealing with high trading volumes.

- Acceptable Minimum Deposit: With a minimum deposit requirement of $20, TOP ONE provides accessibility to a broad range of investors who may not have large sums of capital to initiate their trading activities.

- Demo Accounts Available: The availability of demo accounts allows investors to practice and familiarize themselves with the trading platform and market conditions without risking real funds, which is beneficial for beginners and experienced traders alike.

- Multiple Trading Platforms and Mobile Apps: TOP ONE offers a variety of trading platforms, including web-based and mobile applications, providing flexibility and convenience for traders who prefer different interfaces and devices.

Cons:

- Regulatory Suspicion: The claim of being regulated by the Australian Securities and Investments Commission (ASIC) is suspected to be a clone or illegitimate, raising concerns about the legitimacy of the broker. This lack of clear regulatory oversight poses a risk for investors and may deter individuals seeking a licensed and trustworthy trading platform.

- Regional Restrictions: The presence of regional restrictions limit accessibility for potential investors from geographic locations including residents of the United States, Singapore, Hong Kong, Belgium, Iran, and North Korea.

Is TOP ONE Safe or Scam?

TOP ONE claims to have several protection measures in place, such as fund isolation and financial security practices. They state that client funds are stored separately from the company's capital in different bank accounts. The company can only transfer funds for trading purposes with client authorization, and no one else should be able to withdraw funds from the client's trading account. They also mention that an international accounting consulting company conducts external audits to ensure compliance with regulations regarding the usage and adequacy of client funds.

fund isolation and financial security practices

However, The Australian Securities and Investments Commission (ASIC) regulation (License Type: Appointed Representative (AR) License Number: 001276870) claimed by this broker is suspected to be clone. Based on the information, there are suspicions about the legitimacy of TOP ONEs ASIC regulation claim. Therefore, there is a risk associated with this broker. You should proceed with caution when dealing with brokers that have questionable regulatory claims.

suspicious clone ASIC license

Market Instruments

TOP ONE is a financial service provider that offers a wide range of trading instruments to investors.

- Forex: TOP ONE allows traders to participate in the foreign exchange market, where they can buy or sell different currency pairs. This includes major currency pairs such as EUR/USD, GBP/USD, USD/JPY, as well as minor and exotic currency pairs. Forex trading offers the opportunity to profit from fluctuations in currency exchange rates.

- Commodities: TOP ONE provides access to commodity trading, allowing investors to trade various commodities such as precious metals (gold, silver), energy commodities (oil, natural gas), and agricultural commodities (wheat, corn). Commodities trading provides exposure to global commodity markets and allows investors to diversify their portfolios.

- Indices: Traders can speculate on the performance of global stock market indices with TOP ONE. This includes popular indices like the S&P 500, Dow Jones Industrial Average, NASDAQ, FTSE 100, DAX, and more. Investing in indices provides exposure to the overall performance of a specific market or sector.

- Stocks: TOP ONE offers trading in individual stocks from various stock exchanges worldwide. Traders can invest in shares of well-known companies such as Apple, Amazon, Google, Microsoft, and many others. Stock trading allows investors to participate in the performance of specific companies and capitalize on their growth potential.

- Cryptocurrencies: TOP ONE allows traders to trade cryptocurrencies, including popular ones like Bitcoin, Ethereum, Litecoin, Ripple, and other altcoins. Cryptocurrency trading involves speculating on the price movements of digital assets and offers the potential for high volatility and returns.

Market Instruments

Account Types

TOP ONE offers three live account types that cater to different trading preferences and needs.

  • ECN Account

The ECN (Electronic Communication Network) account is designed for traders who are seeking direct market access with transparent and competitive pricing. With an ECN account, traders enjoy tight spreads and fast execution as their orders are routed directly to liquidity providers. This account type is suitable for traders who prefer a high level of market transparency and liquidity.

  • High Leverage Account:

The High Leverage account is tailored for traders who wish to amplify their trading positions with higher leverage. Leverage allows traders to control larger positions with a smaller amount of capital, potentially magnifying profits or losses. However, it is important to note that higher leverage also comes with increased risk.

  • Islamic Account:

The Islamic account, also known as a swap-free account, is compliant with Islamic Sharia law. This account is specifically designed for traders who follow Islamic principles, which prohibit the earning or giving of interest. In adherence to Sharia law, the Islamic account replaces traditional overnight swaps (interest) on positions held overnight with an administration fee. Islamic accounts accommodate traders who require a trading environment that aligns with their religious beliefs.

  • Demo Account:

TOP ONE also provides demo accounts. A demo account is a type of trading account that provides users with a simulated trading environment. It allows individuals to practice trading various financial instruments, such as stocks, forex, or cryptocurrencies, without using real money.

Minimum Deposit Requirement: TOP ONE sets the minimum deposit requirement at $20 for all live account types. This affordable minimum deposit allows traders with different budgets to access the trading services and opportunities provided by TOP ONE.

Account Comparison

How to Open an Account?

Opening a live account with TOP ONE is a simple and hassle-free process. You can follow these steps to register and open an account:

- Locate the registration option: Look for the “Open A Live Account” button on the homepage. Click on it to begin the registration process.

- Choose registration method: You will be presented with the option to register with either a phone number or an email address. Select the preferred method that you want to use for your account registration.

- Provide necessary details: Fill in the required information as prompted by the registration form. This may include your personal details such as your name, date of birth, country of residence, and contact information.

- Create login credentials: Set up a secure username and password combination to protect your account. Make sure to choose a strong password that includes a combination of letters, numbers, and symbols.

- Agree to terms and conditions: Read through the terms and conditions and privacy policy provided by TOP ONE. If you agree to them, you will be required to give your consent by checking the designated box.

- Complete the registration: After you have filled in all the necessary information and agreed to the terms, click on the “Register” or “Submit” button to complete the registration process.

- Verify your account: Depending on the registration method chosen, you may need to verify your account. This can typically be done by confirming a verification code sent to your mobile number or clicking on a verification link sent to your email address.

How to Open an Account?

Leverage

TOP ONE offers different leverage options for its clients, depending on the type of account they choose.

Account Type Leverage
ECN Account 1:100 / 1:200
High Leverage Account 1:1000
Islamic Account 1:100 / 1:200

Leverage refers to the amount of borrowed funds that a trader can use to trade larger positions in the market. In the case of TOP ONE, higher leverage means that clients can control a larger amount of trading capital with a smaller deposit. This can potentially lead to higher returns on investment.

However, it is important to understand that higher leverage also comes with higher risks. While it allows traders to magnify their potential profits, it also exposes them to larger potential losses. For example, a small adverse price movement can quickly wipe out a significant portion of the trader's account if high leverage is used. Therefore, it is crucial for traders to manage their risk effectively and have a solid trading plan in place.

Spreads & Commissions

TOP ONE offers different types of trading accounts, including the ECN Account, High Leverage Account, and Islamic Account. Each account type has specific spreads and commissions associated with it. Besides, TOP ONE charges no commissions.

Account Type Spread (as low as) Commission
ECN Account 0.6 pips None
High Leverage Account 1.0 pips
Islamic Account 0.6 pips

Trading Platforms

TOP ONE provides its clients with a range of trading platforms to suit their preferences and needs. These include TOP ONE APP, TOP ONE Web Trader, and the popular MetaTrader 5 (MT5) platform.

  • The TOP ONE APP

The TOP ONE APP is a mobile trading platform that allows clients to access their trading accounts on the go. It is designed for both iOS and Android devices, providing a user-friendly interface for seamless trading. With the TOP ONE APP, clients can monitor market prices, place trades, manage their positions, and access a wide range of trading tools and indicators.

  • The TOP ONE Web Trader

The TOP ONE Web Trader is a web-based platform that can be accessed directly through a web browser. This platform eliminates the need for any downloads or installations, making it convenient for clients who prefer to trade from their desktop or laptop computers.

  • MetaTrader 5 (MT5)

For clients who prefer the powerful functionality of the MetaTrader 5 (MT5) platform, TOP ONE offers MT5 integration. MT5 is a widely used trading platform known for its advanced charting capabilities, extensive range of technical indicators, and algorithmic trading features. With TOP ONE's integration of MT5, clients can enjoy all the benefits of this popular platform, including the ability to create and use automated trading strategies, access a wide range of markets and instruments, and analyze market trends with precision.

Trading Platforms

Deposits & Withdrawals

TOP ONE provides process for depositing and withdrawing funds from your trading account.

  • Deposit:

To make a deposit, you can navigate to the “Fund” section on the TOP ONE website. From there, you will need to click on the “Deposit” option.

Once you have accessed the deposit page, you will be presented with different payment methods to choose from. TOP ONE offers multiple safe and fast payment methods to cater to various needs. You can select the payment method that suits you best and input the desired deposit amount.

After confirming the payment, the balance in your trading account will be updated immediately once the transaction is successful.

  • Withdrawal:

When it comes to withdrawing money, you can follow a similar process. By navigating to the “Fund” section on the TOP ONE website and selecting the “Withdraw” option, you will be prompted to submit a withdrawal request. After inputting the necessary details, such as the withdrawal amount, you will be asked to confirm the payment.

Deposits & Withdrawals

Customer Service

TOP ONE offers live chat (24/7). With live chat, customers can get their questions answered quickly and receive help with any issues they may have. It's a convenient and effective communication channel that can improve customer satisfaction and increase sales.

Customers can visit their office or get in touch with customer service line using the information provided below:

Multilingual 24x7 Professional Online Support Australia

Telephone: +61 2 61720053

Service & Support: cs@top1markets.com

Business Enquiry: info@top1markets.com

Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, and Telegram.

contact details

Whats more, TOP ONE provides a Frequently Asked Questions (FAQ) section on their website to assist their clients with commonly asked questions and provide relevant information. The FAQ section aims to address common queries and concerns that investors may have regarding the company's services, processes, and investment opportunities. By offering this resource, TOP ONE aims to provide transparency and clarity to their clients, helping them make informed decision.

Conclusion

In summary, while TOP ONE presents advantageous features such as fraud protection measures, commission-free trading, low minimum deposit, availability of demo accounts, and multiple trading platforms, the regulatory suspicion and regional restrictions may be viewed as significant drawbacks that require careful consideration and due diligence before engaging with the platform. Investors should weigh these factors and conduct thorough research to make informed decisions about their investment activities.

Frequently Asked Questions (FAQs)

Q 1: Is TOP ONE regulated?
A 1: No. It has been verified that this broker currently has no valid regulation.
Q 2: How can I contact the customer support team at TOP ONE?
A 2: You can contact via (Multilingual 24/7 Professional Online Support Australia)Telephone: +61 2 61720053, email: cs@top1markets.com and info@top1markets.com, Facebook, Telegram and Twitter.
Q 3: Does TOP ONE offer demo accounts?
A 3: Yes.
Q 4: What platform does TOP ONE offer?
A 4: It offers TOP ONE APP, TOP ONE Web Trader and MT5.
Q 5: What is the minimum deposit for TOP ONE?
A 5: The minimum initial deposit to open an account is $20.
Q 6: At TOP ONE, are there any regional restrictions for traders?
A 6: Yes. TOP ONEs website is not aimed at residents of the United States, Singapore, Hong Kong, Belgium, Iran, and North KoreaNo.

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 provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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전윤미
more than one year
This company is incredibly irresponsible. They discard customers at their whims, and the entire account transfer process is an ongoing nightmare for those who choose to stay with them. Emails go unanswered, and after waiting for over an hour on the phone, the call gets disconnected.
2024-01-24 22:37
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Ealr.
more than one year
Absolutely disappointed with this forex broker! Unable to withdraw my hard-earned money after years of trading. Is there any regulatory body overseeing these scams?
2023-12-28 12:23
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