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A United States regulator warning has been issued against Topminingfx in September 2023
If you are looking for a forex broker to trade with, you might have come across Topminingfx, a platform that claims to offer low spreads, high leverage, and fast execution. But is Topminingfx a reliable and trustworthy broker, or is it a scam? In this review, we will examine the features, pros, and cons of Topminingfx, and help you decide whether you should invest with them or not.
What is Topminingfx?
Topminingfx is a forex and CFD broker that offers trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies. The broker claims to be based in the UK, but does not provide any regulatory information on its website. This means that Topminingfx is not licensed or authorized by any reputable financial authority, such as the FCA in the UK, the ASIC in Australia, or the CySEC in Cyprus.
Why is regulation important? Because it ensures that brokers follow certain rules and standards to protect their clients’ funds and interests. For example, regulated brokers must keep their clients’ money in segregated accounts, provide negative balance protection, offer fair and transparent trading conditions, and participate in compensation schemes in case of insolvency. Unregulated brokers, on the other hand, can operate without any oversight or accountability, and can manipulate prices, charge hidden fees, deny withdrawals, or even disappear with your money.
Therefore, we advise you to avoid unregulated brokers like Topminingfx, as they pose a high risk of losing your money to fraud or scam.
What are the trading conditions at Topminingfx?
Topminingfx offers four types of accounts: Basic, Standard, Premium, and VIP. The minimum deposit required to open an account ranges from $250 to $50,000. The broker claims to offer leverage of up to 1:500 and spreads from 0.1 pips. However, these numbers are not verified by any third-party source, and may vary depending on the market conditions and the type of account.
The broker also charges a commission of $10 per lot traded, which is quite high compared to other brokers. Moreover, the broker does not disclose any information about its trading platform, execution policy, or order types. This raises doubts about the quality and reliability of its trading services.
How can I withdraw my money from Topminingfx?
Topminingfx accepts deposits and withdrawals via credit/debit cards, wire transfers, and some e-wallets. However, the broker imposes several restrictions and fees on withdrawals. For example:
- You need to verify your identity and address before requesting a withdrawal.
- You need to trade at least 30% of your deposit amount before requesting a withdrawal.
- You need to pay a 10% fee if you request a withdrawal without meeting the trading requirement.
- You need to pay a 5% fee if you request a withdrawal within 90 days of opening an account.
- You need to pay a $50 fee for wire transfers and a $35 fee for credit/debit cards.
- You need to wait up to 14 days for your withdrawal request to be processed.
These conditions are very unfair and unreasonable for traders who want to access their money quickly and easily. Moreover, many online reviews suggest that Topminingfx often delays or rejects withdrawal requests without any valid reason. Some users even claim that they have been scammed by Topminingfx and have lost their money.
Is Topminingfx a scam?
Based on our research and analysis, we conclude that Topminingfx is not a trustworthy broker. The broker is unregulated, has poor customer service, offers unfavorable trading conditions, and has many negative reviews online. We believe that Topminingfx is a scam that aims to lure unsuspecting traders with false promises of high returns and low risks.
Therefore, we advise you to stay away from Topminingfx and look for a reputable and regulated broker instead. If you have already invested with Topminingfx and want to get your money back, you can contact ScamsReport.net, a website that helps victims of broker scams recover their funds.
In this review, we have shown you why Topminingfx is not a reliable or trustworthy broker. The broker is unregulated, has poor customer service, offers unfavorable trading conditions, and has many negative reviews online. We believe that Topminingfx is a scam that aims to lure unsuspecting traders with false promises of high returns and low risks.
We recommend that you avoid Topminingfx and look for a reputable and regulated broker instead. If you want to learn more about the best forex brokers for 2023 , you can check out our comparison guide at Techopedia.com, where we review the 12 best forex brokers in 2023 based on their trading platforms, commissions, currency pairs, and more.
What to Do If You’ve Lost Money with Topminingfx?
If you have been scammed by Topminingfx or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.