Digitaltoptrade Review: Digitaltoptrade.com a Blunt Scheme
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Digitaltoptrade Review
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Fund Safety
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Summary
Digitaltoptrade has not specified their spread, leverage, or commission. Without these parameters, it’s hard to establish the suitability of a broker. This shady broker also allows traders to deposit primarily through cryptocurrencies. Such a method is not reliable because the transactions are anonymous and irreversible.
Digitaltoptrade promises that you will trade with more freedom and that top traders will do the job for you. We found this rather suspicious because brokers should not trade on behalf of clients. In the forex market, you will encounter different categories of forex brokers. However, to be on the safe side, trade only with transparent and honest crypto brokers.
As the forex market expands, so does the number of scam brokers. These fraudulent entities often present themselves as reputable firms with professional websites, attractive offers, and convincing testimonials. They use sophisticated marketing strategies to lure unsuspecting traders, promising low spreads, high leverage, and substantial returns on investment. Among their common tactics is making unrealistic promises.
About Digitaltoptrade.com
With this broker, you can trade cryptocurrencies, stock indices, commodities, and forex pairs from a single account. Additionally, through a method they call ‘covesting,’ you can automatically copy top-performing traders and achieve their returns. This is meant to attract you to the broker and promise you high returns. However, this is a red flag.
The broker claims to offer 80-90% high probability forex trades, have 13K+ active followers, and over 10 years of experience in the financial industry. To verify these claims, we checked whois.com and found that the broker registered their domain on 6th July 2023, and it will expire in 2024. Thus, the broker has only been online for less than one year at the time of writing this review.
Founders and Team
Scam brokers invest heavily in creating a convincing facade of legitimacy. They build professional websites, offer attractive trading conditions, and provide persuasive testimonials. However, they often obscure the identities of their founders and key employees. Genuine brokers, on the other hand, are transparent about their leadership and management.
A key reason for this is to prevent traders from conducting background checks. Experienced traders and due diligence-savvy investors often research the backgrounds of a broker’s founders and employees. By concealing this information, scam brokers make it impossible for traders to uncover any red flags, such as past involvement in fraudulent schemes or legal issues.
Contact Details
The company’s physical address suggests that the broker has offices in the United Kingdom and the United States. There is also a phone number and email. However, all these do not prove that they’re legit. Having a phone number does not mean anything. Any company can have fake contact details to create the illusion of legitimacy, and this broker is no exception.
Digitaltoptrade Regulation Status
Since the company operates within the US and UK, they should be under the regulatory frameworks of the two nations. In the UK, forex brokers are primarily regulated by the Financial Conduct Authority (FCA). This financial watchdog is renowned for its rigorous standards and comprehensive oversight, ensuring that brokers operate transparently and ethically.
One of the critical requirements for FCA-regulated brokers is the segregation of client funds. For major currency pairs, the leverage is capped at 30:1, and for minor pairs, it is 20:1. This helps to mitigate the risk of significant losses.
In the US, brokers should be under the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). When we checked both databases, we did not find Digitaltoptrade anywhere. What’s worse, we discovered that the Spanish Comisión Nacional del Mercado de Valores (CNMV) has flagged the broker for their unauthorized status and deceptiveness.
Digitaltoptrade Trading Conditions
The broker has not specified their spread, leverage, or commission. Without these parameters, it’s hard to establish the suitability of a broker. This shady broker also allows traders to deposit primarily through cryptocurrencies. Such a method is not reliable because the transactions are anonymous and irreversible.
Final Verdict
Digitaltoptrade is an unregulated scam broker. Operating within the US and the UK without registration is illegal. This broker is only targeting unsuspecting traders who don’t understand how the forex business works.
It is imperative for traders to be vigilant when selecting a broker to avoid falling into the trap of trusting scammers. The way to avoid scammers is by trading with honest and transparent crypto brokers only.
