The financial markets are known for providing people with a horde of opportunities to make money, but you have to bear in mind that an online broker plays an instrumental role in this process. As they provide the trading conditions, platform and the assets themselves, you shouldn’t make any compromises when choosing one. It may seem simple enough to find a broker, as Google brings everything at your fingertips. The problem is that there is a massive number of these companies offering their services and this can lead to confusion. Going through this Topeverestbtc review can be helpful in such a situation.
After all, it is a well-known fact that your decision should be based after doing thorough research into a broker’s offerings. The goal is to not just find a suitable broker, but also find a legitimate one and not all of the platforms out there will fit this category. As a matter of fact, scam brokers have increased twofold in the past few years, due to the increased traffic in the market. This means more opportunities for them to scam people and they have gotten better at it because they know just how to appeal to their potential victims.
You have to understand just how to steer clear of such deceptive brokers and Topeverestbtc belongs to this category. It may appear to be a legitimate broker that offers you its trading services, but there are quite a lot of issues you can uncover about it, as long as you are willing to make the effort. What are they? Let’s find out:
There is no license
The first step to finding a trustworthy broker is to prioritize a licensed one because this means they can be held accountable for their actions and comply with laws and regulations of the region they operate in. Most importantly, it is not difficult to ascertain that scam brokers are usually unregulated and unlicensed, which is another reason to avoid them altogether. As far as Topeverestbtc is concerned, you will find that they are based in Seychelles, according to the address on their website.
Even though Seychelles is an offshore jurisdiction, but the government of the islands actually does regulate the forex industry in the region. Therefore, brokers setting up in Seychelles are required to fulfill some criteria and have to be regulated. But, if you check the database of the regulatory body in Seychelles, you will not find Topeverestbtc mentioned anywhere because it is not regulated there. Its parent company is also not listed, which is further confirmation that it is not a licensed platform. This means that it is not worth your trust at all and you should give up the idea of signing up with it.
There Terms and Conditions are full of problems
It is not wise to agree to the Terms and Conditions of a broker without going through them because they shape the relationship you will have with the platform in the long run. A check of the Terms and Conditions at Topeverestbtc will reveal the many problems with this brokerage that make profiting nearly impossible. To begin with, the non-deposited funds clause will stump you, as it is common tactic used by scam brokers to prevent their clients from making withdrawals.
As per this clause, there are two categories of profit. The first is the ones you make through the bonuses issued by Topeverestbtc and the second is of the profits you make with own deposits. As per their rules, you cannot withdraw the former. Since there is no way to physically separate these profits to make a distinction, this clause is just an excuse for the broker to deny withdrawal requests.
Moreover, if you want to withdraw the bonus you have been provided, Topeverestbtc asks its clients to meet minimum trading volume requirements that are highly impractical. No trader can achieve such turnovers, which is the whole point. Likewise, you will find the inactive account fees also mentioned and it is just outrageous. No legitimate brokerage will charge such high amounts for inactive accounts.
Lastly, you will find that Topeverestbtc also charges different types of withdrawal processing and handling fees, but the problem is that they haven’t mentioned the specific fee schedule anywhere. Hence, they can charge pretty much whatever they want, which would make withdrawals very expensive.
They don’t offer a decent platform
Even if you are new to the trading space, it doesn’t take long to find out that the MetaTrader platform is the leading choice of most traders in the financial markets. It is considered the industry standard, whether you go with the MT4 or the MT5, and can deliver a seamless trading experience due to its advanced technology and top-notch tools. Yet, Topeverestbtc provides a web-based trading platform that lacks most of the features you require and leads to a poor trading experience that most would rather avoid. This web-based platform has become quite common amongst scam brokers nowadays.
They only support crypto payment options
Deposits and withdrawals are an essential part of the trading process, which means you need to know what payment options are provided by the broker for this purpose. The payment options provided by Topeverestbtc will automatically send up a red flag because it only accepts cryptocurrencies. This is a problem because crypto payments are final and mostly anonymous and untraceable. If something were to go wrong, you wouldn’t be able to reclaim your funds. This chargeback option is available in the case of VISA and MasterCard, which Topeverestbtc has conveniently chosen to neglect as a payment method, despite its convenience.
The Final Verdict
The fact that Topeverestbtc only has a minimum deposit of 250 USDT, which is around $250, and offers leverage of about 1:5 for trading crypto assets may appeal to some people. However, you should bear in mind that its terms and conditions are exploitative and lack of regulation and licensing makes it a very dangerous platform. You should avoid Topeverestbtc because it is not a reliable or trustworthy broker and is going to scam you in the long run.