3 reasons why we don’t recommend to trade with TopOption

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3 reasons why we don’t recommend to trade with TopOption

Some of you have surely noticed that at xbinop.com, we changed our opinion regarding TopOption broker. This broker used to be the best in 2020, but it became an average broker in 2020 and during the year 2020, they were on our list of good brokers just because so many traders liked it. I didn’t even use this broker for trading and I used this broker just for a few trades per year.

But we have now definitively deleted this broker from our list of recommended brokers. It is because of the way the broker behaves. Don’t you know what we are talking about? I prepared a short informational article which explains what had happened. Just continue reading!

1 st reason: Their customer support

The first reason is its very unpleasant customer support. In fact, the customer support is very nice to you, but only if you play by their rules. All brokers want you to deposit your money on their page, that’s for sure. But what this broker does is something terrible.

This broker, after my inactivity, canceled my account and this has happened twice already. So I opened a new one – I’ve done that a hundred times with all sorts of other brokers, so it is nothing special for me. Then I wanted to make a deposit, but I couldn’t- my card was getting declined. After a while, I received a call from a woman. It was very pleasant to talk to her but she couldn’t help me with my problem so we gave it up with the conclusion that we were going to try it tomorrow.

Since then she called me like 5 times and she’d probably keep calling till today if I had not blocked her number on my phone. During the conversations, she was telling me things like: ‘If you don’t make the deposit, I’ll order the cancellation of your account.’ She also said I stole her time and money (I think that TopOption pays their customers for the people that they persuade to make the deposit, which is against the rules of CySEC) and she said I was a terrible person, etc.

I don’t think this is the right way to treat your customers. For example, the iqoption broker doesn’t call their customers at all – and I think it should be that way.

2 nd reason: The case of a robbed Czech trader

One of the traders (I will not name any names) who traded with TopOption had earned really good money. From his initial deposit of 100 €, he made €11,670. However, something happened that no one had expected. From one day to another, the trader lost all his money.

The broker probably did not want to pay that much money to the trader, so they decided to intervene. They just unexpectedly deleted all the money from the trader’s account. And that includes his original deposit of 100 €. You can find more information regarding this matter in our updated TopOption review. Also, you can look in the comment section to find some opinions of real traders.

Comments of real traders just like you. Do you still want to trade with TopOption?

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3 rd reason: A horrible platform

Since I started writing the content of xBinOp.com, this broker changed their platform 3 times. And I don’t mean upgrading to a newer version, I mean straight up using a whole different platform.

But that is not all. Even the management of the company has changed 3 times. There have been countless changes in terms and conditions and a lot of irregularities. It is true that we used to recommend this broker before, because we believed that it was just a misunderstanding. Unfortunately it seems it was not.

Their very last platform I don’t like at all. It looks interesting, but that’s it. To be honest, I think it is completely useless and slow. The worst thing is that even to choose the assets, it takes up to ten seconds. Very often you can’t open your position and the expiration of your trades also takes longer than it should.

Read the comments of real traders as you under the review and tell us your opinion as well.

Summary and consequences

Unfortunately, according to a survey that we took, there still are many traders who use this broker to trade. I would be happy if there were no new traders who register with this broker. I think they are making bad decision for themselves.

Broker Status Withdrawals problem Scam phone calls Still in business More information
SCAM Yes Yes No NOT RECOMMENDED
More information

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

News: TopOption got their license taken away!

We don’t like the broker TopOption anymore, as we’ve informed you two weeks ago in the article ‘3 reasons why we do not recommend trade with TopOption.’ The reason is simple; the broker is just not offering such quality as before.

Better said the broker is not good at all.

A few months ago the broker changed its owner and this new company (LeadTrade) probably doesn’t have the best intentions with the traders. Since the time the company management has changed I certainly do not recommend to register and to trade with this broker. This is also the reason why we’ve included this broker in our newly formed and still expanding a list of non-recommended brokers.

Fortunately, more and more people, websites all around the world and even CySEC begun to notice this problem. CySEC has released an official statement a few week ago (you can find it here) where they inform the public about what has happened and that the license of the company LeadTrade was removed.

Broker Status Withdrawals problem Scam phone calls Still in business More information
SCAM Yes Yes No NOT RECOMMENDED
More information

Why did they lose the license?

The truth is, that the company LeadTrade still has the license, but the license is suspended for the period of 10 days. Within that period the company has to fix all the flaws requested by CySEC. During those 10 days the broker among other things cannot:

  • Let any new client open its account
  • Let any trader trade
  • Pay immediately all the traders when requested

If the company fails to do so, it is possible that their license will be revoked for good. I would be happy because it would mean that my wish came true and this fraudulent broker will end. We will surely get back to you with the latest information.

What to do if you already have an account?

If you already created your account on the site of this broker, I recommend you the following:

  • Immediately request the withdrawal of all your money that you have on the account
  • When you receive your money on your bank account request the support to close your account
  • If you wish to continue trading, choose another broker. You can use our list of recommended and tested brokers.

I don’t think that they would steal all your money; it would be a huge fraud and a huge issue for them. However, something similar has indeed happened to one of our readers, so there is really nothing about TopOption that would surprise me. I think that the best is to withdraw all your money without any hesitation and to close your account.

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

One Response to “News: TopOption got their license taken away!”

They got what they deserved. I recently got my funds from this scam broker. So sad that brokers all over keep getting away with this. Glad i’m out of this loophole, happy to share my experience.

7 Binary Options

UPDATE (29.01.2020):

We have found out that TopOption has shut down their operations.

We recommend choosing one of our top binary option brokers instead:

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Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

It’s a good thing to have a nice selection of choices when it comes to finding a broker for you to trade binary options with. Some people claim there are just too many choices out there and it makes hard to choose a reliable broker. That is where we come in and we can help make your decision easier. We try to narrow your list of choices down by searching and finding good brokers like the one we will review today, TopOption.

Why do we like TopOption? We like them because we think they are a fair web broker that has a good reputation, consistently gets good reviews and they offer a lot of benefits to those that trade with them. They also have a lot of experience in binary option market because they were the first one who offered online binary options trading to their users.

Don’t take our word for granted, check out our detailed review and find yourself as we thoroughly cover this popular binary options trading site.

Basic information:

Online since: 2008
Jurisdiction: Cyprus
Software: SpotOptions
Max Returns: 82%
Minimum Deposit: $100
Minimum Investment: $5
Maximum Investment: $4000
Currencies: USD, EUR, GBP, PLN
Mobile: Yes
Countries: All nations excl. USA, Canada, Japan, Israel

  • Good variety of options
  • 82% return on Investment potential
  • User friendly interface
  • Small minimum investment
  • Regulated by the respected CYSEC agency
  • Demo account
  • Many years of experience as a binary options broker
  • No customers from the USA accepted

7 Binary Options Rating:

Sign Up

Signing up for the website could not have been easier. All we had to do was fill out a very short questionnaire, prove our identity and then make the required minimum deposit of $100. A low deposit like that makes entry into the binary options trading market easy for just about everyone.

Types of accounts

There are three distinct account levels with TopOption. They are designed to fit the needs and knowledge level of different traders; some traders just do it as a hobby while others do it as a serious profession. There are account levels that fit all types of traders. Each account type has special features too and each higher level account gives you access to all the features that the lower account levels have also. Take a look.

STARTER ACCOUNT

Includes deposits from $100 up to $249

  • $0 Fees and commissions
  • Standard account manager services
  • Weband mobile platforms access
  • Tools for risk management Tools
  • E-Book learning series provided
  • Convenient starter guide
  • Access to the E-Video content
  • Newsroom alerts and economic updates

PROACCOUNT

Includes deposits from $250 up to $999

In addition to all of the benefits that come with a Standard account, this level account holder will also receive the following additional benefits:

  • Starter and advanced guides
  • 3 hours of 1-on-1 Training
  • Professional account manager servicers

VIP ACCOUNT

Includes deposits from $1000 up to $5000

In addition to receiving all of the benefits that come with a Standard and Pro account, this level account holder will also receive the following additional benefits:

  • Starter and advanced guides
  • Unlimited 1-on-1 Training
  • Elite account manager servicers
  • Off Trading Hours Assistance
  • Trading central access and free SMS signals

Screenshot

Learning Tools

There are a variety of very good learning tools that everyone who trades with TopOption has access to. The most significant of which is their handy demo account. This helps those that are new to the site get acclimated to the trading platform before risking their hard earned investment dollars and it also helps novice traders learn a little about binary options trading before they start risking their own money.

In addition to being able to access the free demo account, all level account holders will receive:

  1. a complimentary eBook learning series
  2. access to certain webinars
  3. access to video tutorials
  4. instructions on how to spot key market indicators

Assets

One of the best things about the TopOption web broker is the tremendous amount of assets their traders get to choose from. There are around 180 assets in total. Among these are some of the most popular stocks in the world, matched currency pairs, heavily traded commodities and some of the better stock indices. That is enough variety that anyone can find a few assets that they are familiar with and find comfortable trading.

The choices of assets that can be traded include such ones as gold, google, apple, Coca-Cola and the NASDAQ. Trading with stable assets such as these makes placing winning binary options trades much more likely.

Trading Platform

Investors with TopOption will have the benefit of trading on one of the most popular platforms that there is when it comes to trading binary options. They use the really good SpotOption trading software that has been modified and improved over the years to give those who use it a very simple to use and satisfying trading experience.

The platform is well laid out, logically menu driven and it takes just a few points and clicks with a mouse to surf the website and place trades. There is a lot of peace of mind that comes with using this quality web platform.

Placing Trades

Not only does the platform itself make trading simple and easy to understand but the variety of options that the customer has to choose from helps a lot too. They offer such option choices as High/Low options, One Touch options, 60 second options, Long Term Options, Meta Charts and Pair Options. With that type of variety a traderis sure to find an option choice that will be appealing to them and they can have success with.

One of the most unique things about placing trades with TopOption is their unique ‘option builder’ feature. Here customers can kind of mix and match their favorite options with their favorite assets and create an option choice that is custom for themselves. A little customization is always welcomed by investors, especially if it helps them make more profitable trades on a consistent basis.

Return on Investment

There are two reasons that investors like to trade binary options.

  1. The first reason is that they are simple to understand
  2. The other reason is that they are likely to provide a much higher return on investment than other types of market trading

TopOption gives those that trade with them an opportunity to earn as much as 82% for every dollar that they spend. Return on investments like that can add up to a whole lot of money in your trading account in a hurry.

Banking

There is one very unique feature that reassures TopOption’s customers when it comes to the safety of their investment account. Many people see they are based out of Cyprus and worry about the once unstable banking situation there. No need to worry here because TopOption has that problem solved; all of their banking transactions are done through reputable banks in England, Switzerland and Germany; your money will never even enter into the banking system in Cypress.

Now that you know your investment deposit will be safe and secure with TopOption, you need to also know that the banking system is very straightforward and they try to make things such as depositing and withdrawing money as seamless as possible. They offer a variety of ways in which you can make a deposit including Visa, MasterCard, Bank Wire, Diners Club and WebMoney. Many of these same methods can be used for withdrawals as well.

Customer Service

Customer service is a big plus with the TopOption web broker. They offer excellent support in a variety of different languages such as:

  • English
  • Spanish
  • French
  • German
  • Italian
  • Swedish
  • Russian
  • Dutch,
  • Japanese
  • Arabic
  • Romanian
  • Portuguese
  • Norwegian
  • Chinese
  • Polish

That is a sign of a company that goes the extra mile to take care of those who trade with them.

We also found nothing but minor complaints when we searched for reviews of the TopOption broker on the internet. As a matter of fact, most of the reviews we came across were overwhelmingly positive ones. That is another sign that the customer service team is resolving questions and concerns in a satisfactory manner.

Key Features

To sum it up there were several key features that we liked when using the TopOption web platform. We liked the fact that they were confident enough in their business practices that they chose a strict regulatory agency like CySEC to oversee them. They also offer those that trade with them a variety of excellent learning tools to choose from.

Conclusion/Summary

There is absolutely no doubt in our minds that the experience that TopOption brings to the table plays a big role in the quality of their website. We found very few things not to like about them overall. Everything was straightforward right from the initial account setup all the way to banking and placing trades. I guess we don’t have much else to say except we have no problem putting this broker on our list of recommended websites to trade on, right on par with Banc de Binary, IQ Option, Nadex, 24Option, Boss Capital and Olymptrade for example. We also recommend checking out Binary Option Robot for automated trading with the top brokers.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: Swedish, Russian, Dutch, Japanese English, Spanish, French, German, Italian, , Norwegian, Chinese, Polish, Arabic, Romanian, Portuguese and Polish
Trading Options: High/Low options, One Touch options, 60second options, Long Term Options, Option Builder, Meta Charts and Pair Options
Early close: Yes
Expiry Times: 60 second, 15 minutes, 1 hour, 24 hours and End of Day
Deposits and Withdrawals: Diners Club, WebMoney Visa, MasterCard, and Bank Wire
Withdrawal Time: 3 days
Demo account: Yes

TopOption Articles:

7 Binary Options review: TopOption : 4,5 stars.

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