TOP FORECAST Review – Can you Rely on this Broker?

TOP FORECAST Review

Thanks to the existence of thousands of online brokers, people have no trouble in starting their trading journey in the financial markets. Those days are long gone when there were barriers to entry, so you couldn’t tap into the opportunities these markets offered because now, you can access them from anywhere and everywhere. The only key you need to unlock this space is a good and reliable online broker. It shouldn’t be too hard to find, but it has become so because not every company is forthcoming about their true nature. This TOP FORECAST review is one example of how brokerages can mislead you.

If you end up opening an account with the wrong broker, it is nothing less than a recipe for disaster and you could lose all your money. Your goal is to do the opposite i.e. you want to make money from the financial markets and in order to do that, you have to choose the right broker. To put it simply, it means you should not make this decision in a hurry and should do your homework before you decide to trust a brokerage. Every company will try to convince you that it is what you need to achieve your trading goals.

But, you should not forget that there are scam operators that disguise themselves as brokerages to exploit people. Their numbers have risen drastically because of the influx of people in the financial markets, as it gives them more opportunities to exploit people. No one wishes to become a target of these scams, so you have to proceed with the utmost caution when you are sorting through the various brokerages in the market. Since the cryptocurrency market is new and highly unregulated, it has seen a massive surge in scams and TOP FORECAST appears to be one of them.

It is a cryptocurrency broker that claims to offer trading services to global clients and people will be eager to sign up because crypto trading has garnered a lot of attention and people are interested in tapping into the space. But, can you rely on TOP FORECAST? Unfortunately, this does not seem to be the case and the answer lies below:

No mention of a license

There are licensed as well as unlicensed brokerages operating in the market and providing their trading services, but you will find that nine times out of ten, unlicensed companies turn out to be scams. This is because they are not being supervised by a regulatory body, which means they can pretty much do whatever they want and this leads to their clients being abused. Therefore, it is always advised that you opt for a licensed and regulated brokerage because that can offer you protection. The problem is that TOP FORECAST does not fall in this category.

If you check out their presentation, you will find that TOP FORECAST does not make any mention of any licensing anywhere. This is opposite of what licensed companies do because they usually provide all details so potential customers can verify. Moreover, the brokerage does not mention any detail about its location anywhere. Essentially, they are an anonymous company that only mentions an email address and a UK phone number, but no other detail. Of course they cannot be operating from the UK because that would require a license from the Financial Conduct Authority (FCA), which they do not have.

Malicious bonus policy

Another issue that you will discover about TOP FORECAST is that it is offering trading bonuses to its clients. Some might consider this an advantage because, after all, who does not want a bonus? But, you have to bear in mind that trading bonuses have been banned by regulatory authorities in numerous jurisdictions. This is because these tend to come with strings attached that are considered exploitative and this also applies to the bonus available at TOP FORECAST.

All you have to do is check out the bonus policy that TOP FORECAST has added to discover the problem with this practice. They require their clients to reach a minimum trading volume requirement to make a withdrawal, which is almost impossible to achieve. To put it simply, clients have to have a turnover of over a million dollars for a bonus of $100, which is downright absurd. It makes it clear that the goal of TOP FORECAST is to block withdrawal requests of their clients.

Excessive withdrawal fees

You will also find that TOP FORECAST charges extremely high withdrawal fees from their clients. They continue to increase the fee in accordance with your withdrawal amount, which makes it excessive. These days, most brokerages are willing to forego these charges as a sign of good faith, but the broker definitely does not seem to be taking that approach.

Basic trading platform

Since the trading platform of a brokerage is its most important offering, you want it to be top-notch, but this is another area where TOP FORECAST is going to disappoint. It does not offer you the MT4, MT5 or cTrader, which are the top trading solutions in the market and are equipped with state-of-the-art technology and trading tools. Instead, you will find a basic and oversimplified web trading platform available that does not offer you much in terms of features and functionality.

Only crypto payments accepted

The payment methods supported by a brokerage are highly relevant because you want to be able to make secure and convenient payments and TOP FORECAST is only offering you crypto payments. This is a concern, not because there is anything wrong with crypto, but because this method is a favorite of scammers. These payments are final and irreversible, which means you will not be able to file for a chargeback in case of an issue with the brokerage. The option is only available in the case of credit cards, such as VISA and MasterCard, which are not available here.

Bottom Line

It is evident from the numerous flaws that TOP FORECAST is certainly not a brokerage that anyone can rely on.