Vanuatu based forex broker Topic Markets is also known as TMFX. There are two account types are provided that provide high leverages and competitive spreads. Also, Islamic swap-free account is offered. All the trading is facilitated on the MetaTrader platform. Nevertheless, it has several pros and cons associated with it and they will be discussed in this Topic Markets review. Read full Topic Markets review here.
About Topic Markets:
The provided two account types are Classic and Pro that requires $100 and $500 as an initial investment. Leverages of 1:400 and 1:200 are offered on them and spread of 0.7 pips floating is seen on Euro USD foreign exchange pair.
TMI Holding Limited the company registered on Vanuatu is the owner of the brand Topic Markets. Vanuatu’s local financial regulator Vanuatu Financial Services Commission is a poor regulator. It does not follow strict rules and registration is done with minimum documentation. Therefore, most of the brokers operational from Vanuatu are labelled as scam brokers.
The broker needs a $100 initial investment that is acceptable. But other properly regulated brokers need $5 of initial investments. The spreads below 1 pip are considered attractive and this broker provides 0.7 pips spread. Also, leverages are high. Most of the regulated markets have banned high trading leverages. The higher leverages are loss causing and must be traded with caution. Almost all the payment options are available at Topic Markets. These are bank wire transfer, credit and debit cards, electronic wallets and others. A well-known trading platform named MetaTrader is provided. It comes with many advanced features like Expert Advice, Multiple Account Management System, World-class charts and many market indicators.
The broker also claims to have an association with another broker GS Sharestocks LTD. GS Sharestocks claim to be regulated by Cyprus based financial regulator CySEC. However, we can’t confirm this claim of Topic Markets.
Is Topic Markets scam or legit?
The broker Topic Markets has a good trading environment but its presentation is bad. Also, it’s regulatory status and corporate structure is confusing. $500 minimum deposits for a premium account is very huge. MT is provided but we could not test it. The quotes uploaded on the platform are slow. Also, spreads provided are unclear. All of this makes Topic Markets a potential scam broker 2020. Traders are advised to trade with legitimate brokers to avert trading scams.