TopOption Review: The Company
TopOption was originally established in 2013. It is currently owned by Leadtrade Ltd based in Cyprus, but operated by markets.com. One of the issues provoking suspicion for many is that TopOption hasn’t been around for long, and yet ownership has been transferred several times already.
Changing companies every few years is common for scam sites as they tend to get sued and need to keep moving to avoid the lawsuits. We haven’t found any legal actions against TopOption, or any of the previous or current owners yet, but the track record does not inspire confidence.
The TopOption Website
When you first open the homepage you’ll see high-quality images, professional content, and a well-organized menu. Such a polished look is rare for companies with such a short history. The great look is thanks to the latest parent company markets.com, which has several trading sites already.
The TopOption site appears to be loaded with content copied from other markets.com sites giving it a very seasoned and polished feel. At least this is what our trade experts discovered after analyzing the website. Navigation and the site mapping gives the misleading feeling that the company has years of experience under their belt and 20 languages really amp up their credibility. You’ll find plenty of standard content explaining how trading works from their website links, but nothing groundbreaking that can improve your trading.
So would we recommend TopOption to our readers? No. Overall, we weren’t impressed with what they have to offer. After all, we’ve personally used and rated much more qualified binary brokers that are pristine in the industry.
Opening an Account with TopOption
Opening an account with TopOption is relatively straightforward. They don’t charge any commissions or fees for opening an account or withdrawing funds, but you will pay a fee for Inactive Accounts. They’ve followed the industry standard with a minimum deposit of $/€/£100 for the starter account. The automated confirmation of funds received came quickly by email but then there was silence, and we began to wonder if they were understaffed or just disinterested in our minimum deposit.
The best brokers will assign an account manager to you without delay to help you get familiar with the platform and answer any questions you might have. They also try to help you avoid making common mistakes in the first few days that could tarnish your first impressions of binary and cost you money. TopOption left us hanging for several days before an unenthusiastic representative gave us a call to introduce himself and explain the available tools.
To get the maximum services available with TopOption you’ll need to go for the VIP account which is a lofty $5000 minimum deposit, but not the highest we’ve seen. Otherwise, you can get your feet wet with the limited starter account and advance to the Pro account when your deposits reach $1000.
TopOption Trading Platform and Tools
Here’s where TopOption falls flat on their face. The platform is a customized version of Tradesmarter and it is the main source of client concerns and complaints. Multiple comments indicate that the platform is extremely buggy, lagging, freezing, and at times causing long delays when executing trades. Some clients are questioning TopOption after the platform froze during the execution of a 60-second trade only to then see that the trade wasn’t confirmed. Of course, the complaints were only made for those trades where the trader would have otherwise won, which is further fueling the rumors of price manipulation. TopOption recently stopped offering a daily market review, possibly to reduce the strain on the platform, and offer a rather standard and disappointing economic calendar. We strongly urge caution.
TopOption Trading Options
Well-established brokers offer a wealth of trading options, and TopOption is just now starting to catch up. With three pairs, eight commodities, thirteen currencies, and 16 stocks and indices there’s plenty to choose from. Some of Scam-Rank’s highest rated brokers are offering OVER one-hundred trading options, so TopOption still has a long way to go before they start competing with the more reputable and longer established brokers. The expiration time-range is standard starting at sixty seconds and stretching out to end-of-year. They’ve even thrown in Roll Over and Double Up to help you keep your funds in play.
TopOpton Bonus and Withdrawal
To entice traders, TopOption is giving some very attractive offers including no charge on withdrawal fees. For some bizarre reason, the advertised withdrawal time is a lengthy seven business days (THAT’S WAY TOO LONG!) between processing and fund clearance, depending on how the weekends fall you could be waiting almost two weeks for your bank account to get credited.
The bonus is somewhat below what the best brokers are offering with a $250 bonus on the starter account, $500 for the Pro account. A VIP account is eligible for a $2500 bonus on the initial $5000 deposit, so it’s clear they are gearing up for people who are aiming to invest big. If you are a starter, then you’ll be obliged to invest a minimum of $14,000 in trades within sixty days before the bonus funds are released. The VIP’s will need to make $300,000 in investments before they can cash out the bonus. Failure to reach the target trading volume within the sixty days will result in loss of bonus.
What Traders Are Saying About TopOption
The forums and trading community are overflowing with complaints about TopOption. Common complaints are focusing on how payouts are variable as opposed to fixed, which is down to personal preference and should be taken with a pinch of salt. No refunds was a reoccurring complaint which is a major cause for concern indeed. Similar comments about customer service giving the runaround when withdrawal queries were made are also cause for concern.
Most disturbing is the growing number of claims that price spreads are not consistent with TopOption… another warning sign in the Scam-Rank book of dubious brokers. Unanswered emails, and customer service denying responsibility and passing the blame to the traders whenever the platform malfunctions, it looks like TopOption is spiraling into a dark whole.
The Final Verdict
We at scam-Rank cannot recommend TopOption as a reputable broker worthy of your hard earned money. The track record for ownership is way too sporadic in our opinion. Also, the shift in management changes more than the weather. TopOption is lacking stability and a long proven track record for offering quality services. While the website itself looks good, it’s far from enough to balance out the other issues.
The minimum account opening options are fairly standard, but the high deposit requirements for accessing all of TopOptions services are excessive and indicate they are more interested in high deposits than developing long-term successful relationships with new traders. The bonus terms are madness, leaving a lot of new clients disappointed and wishing they’d never taken the bonus in the first place.
The number one killer for TopOption is the buggy, lagging, freezing platform that has fired up way too many customer complaints and caused many to go through the painful process of getting their money out. Add to that the long list of complaints that is growing daily, TopOptions are going to have to do more than create a Facebook community full of late market observations and non-committal comments from employees. With competition high as more and more new brokers pop-up, some scams, some not, we urge caution when choosing your broker and strongly recommend you go with one of the firms that have passed the Scam-Rank review process.
- Standard Options to Trade With
- No Charge For Opening an Account
- Buggy Trading Platform That Freezes
- Very Problematic Withdrawal Procedure
- Number of Customer Complaints Are Growing
- Price Manipulations
- Account Manager Response Delays