TOP RESPECT Forex Broker

Top Respect Forex Broker - Complete Information Guide

1. Broker Overview

　　Top Respect is a forex broker that was established in 2020. The company is headquartered in the United Kingdom, specifically at Chase Business Centre, 39-41 Chase Side. It operates as a private entity, providing trading services primarily to individual retail clients interested in forex trading.

　　Since its inception, Top Respect has aimed to cater to a diverse clientele, offering access to over 20 forex currency pairs, making it appealing to both novice and experienced traders. However, it is important to note that the company has faced significant scrutiny regarding its legitimacy and operational practices.

　　Despite claims of having received the Best Innovative Finance Award at the Asia Pacific Stevie Awards in 2017, investigations reveal that the company was not registered until November 2020, raising questions about the authenticity of such accolades. The broker has also been reported as out of business, with its website currently down, which significantly hampers its credibility.

　　The business model of Top Respect includes retail forex trading, offering clients access to various trading instruments such as CFDs on commodities, indices, and potentially cryptocurrencies. However, due to the lack of regulatory oversight and the broker's questionable practices, it is essential for potential clients to exercise caution.

2. Regulatory and Compliance Information

　　Top Respect operates without any valid regulatory oversight. The broker claims to be regulated by the Financial Conduct Authority (FCA) and cites the FCA reference number 163299, which actually belongs to another firm, London and Oxford Capital Markets Limited. This misrepresentation has led the FCA to classify Top Respect as a clone firm and a fraudulent broker.

　　Key points regarding the regulatory status of Top Respect include:

• Regulatory Authority: None
• Regulatory Number: Misleadingly claims FCA number 163299
• License Validity: No license obtained
• Client Fund Protection: No segregation of client funds
• Investor Compensation Scheme: Not applicable
• KYC and AML Compliance: There is no verified information regarding the implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, raising further concerns about the brokers operations.

　　Given these factors, it is clear that Top Respect does not meet the standards of a legitimate broker and operates outside the bounds of regulatory compliance.

3. Trading Products and Services

　　Top Respect offers a range of trading products, primarily focusing on forex and CFDs. The specifics of their offerings are as follows:

• Forex Currency Pairs: The broker provides access to over 20 forex pairs, catering to a variety of trading strategies.
• CFD Products: Clients can trade on various CFDs, including:
• Indices: Major global indices
• Commodities: Such as gold, silver, and oil
• Stocks: Limited information available on specific stock offerings
• Cryptocurrencies: No clear information on cryptocurrency trading options
• Unique Products: There are no indications of specialized or exclusive trading products that differentiate Top Respect from other brokers.
• Product Update Frequency: Details on how often new products are introduced or existing ones are updated are not provided.
• Retail Trading Services: Top Respect primarily targets retail clients, offering standard trading accounts.
• Institutional Client Services: There is no available information indicating services tailored for institutional clients.
• White Label Solutions: No details provided regarding white label or asset management services.

　　Overall, the trading product range appears limited and lacks the breadth offered by more established brokers.

4. Trading Platforms and Technology

　　Top Respect utilizes the MetaTrader 4 (MT4) platform for trading, which is widely recognized in the industry for its robust features. However, there are several important aspects to consider:

• MT4 Support: The broker claims to support the MT4 platform, allowing users to engage in forex trading with various tools and functionalities.
• Proprietary Platform: There is no indication that Top Respect has developed its own proprietary trading platform.
• Web-Based Trading Platform: Information on a web-based trading interface is not available.
• Mobile Applications: The availability of mobile trading applications for iOS and Android is not confirmed.
• Execution Model: The broker does not clearly specify whether it operates on an ECN, STP, or Market Making model, which is critical for understanding how trades are executed.
• Server Locations: Details regarding server locations and the technological infrastructure supporting the trading platform are not disclosed.
• API Access and Automated Trading Support: There is no information provided about the availability of API access for algorithmic trading.

　　Given the lack of transparency surrounding these aspects, potential clients may find it challenging to assess the trading environment provided by Top Respect.

5. Account Types and Trading Conditions

　　Top Respect appears to offer a basic account structure, with limited information on specific account types. Here are the known conditions:

• Standard Account Conditions:
• Minimum Deposit: $100
• Spreads: Not explicitly stated, but reports suggest spreads starting at 2.1 pips for major pairs.
• Commission: Specific commission details are not provided.
• Advanced Account Types: Information regarding VIP or professional account types is not available.
• Special Accounts: There is no mention of Islamic accounts or corporate accounts.
• Demo Account Policy: The presence of a demo account is not confirmed.
• Leverage Ratios: Top Respect offers leverage up to 1:500, which is significantly higher than what is permitted by many regulatory bodies, indicating a potential risk for traders.
• Minimum Trade Size: The minimum trade size is set at 0.01 lots.
• Overnight Fees Policy: Specific details regarding overnight fees or swap rates are not provided.

　　The account offerings and trading conditions raise concerns, particularly regarding leverage and lack of transparency in fees.

6. Fund Management

　　Top Respect's fund management practices are ambiguous and merit careful consideration:

• Deposit Methods: The broker does not provide clear information on the supported deposit methods, such as bank transfers, credit cards, or e-wallets.
• Minimum Deposit Requirements: A minimum deposit of $100 is required for account activation.
• Deposit Processing Time: There is no information available regarding how long deposits take to process.
• Deposit Fees: Specific fees associated with deposits are not disclosed.
• Withdrawal Methods and Restrictions: Details on withdrawal methods and any restrictions are not provided.
• Withdrawal Processing Time: Information on how long withdrawals take to process is lacking.
• Withdrawal Fee Structure: There is no clarity on the fees applicable to withdrawals.

　　Due to the absence of clear information, potential clients should approach fund management with caution.

7. Customer Support and Educational Resources

　　Top Respect claims to offer customer support, but details are limited:

• Support Channels: The broker can be contacted via email at zhao.shu@top-respect.com, with no mention of phone support or live chat options.
• Service Hours and Time Zone Coverage: Specific service hours are not provided, which raises concerns about availability.
• Multilingual Support: There is no information on the languages supported by the customer service team.
• Educational Resources: The availability of educational resources such as webinars, tutorials, or e-books is not confirmed.
• Market Analysis Services: There is no indication of daily market analysis, news updates, or research reports.
• Trading Tools: The broker does not specify any trading tools available, such as calculators or signal services.

　　The lack of robust customer support and educational resources may hinder traders' ability to make informed decisions.

8. Regional Coverage and Restrictions

　　Top Respect's market coverage and operational restrictions are unclear:

• Primary Service Markets: The broker primarily targets clients in the United Kingdom, but specifics on other regions are not provided.
• Regional Office Distribution: There is no information on the presence of regional offices.
• Countries/Regions Not Accepted: The broker does not specify which countries they do not accept clients from.
• Special Restrictions: No special restrictions are mentioned, but the unregulated status of the broker may imply limitations on certain jurisdictions.

　　Given the lack of clarity in regional coverage, potential clients should verify their eligibility before engaging with the broker.

　　In conclusion, while Top Respect presents itself as a forex broker offering various services, the lack of regulatory oversight, transparency, and clear operational practices raises significant concerns. Potential clients should exercise extreme caution and conduct thorough research before considering any engagement with this broker.