Austria’s FMA has issued a warning against TopTradePro
The Austrian Financial Market Authority (FMA) warns the public against the activities of TopTradePro a company that offers investments without complying with Austrian financial legislation. According to the official statement, TopTradePro (Ideas in Motion Ltd.) is not entitled to carry out banking transactions in Austria that require a licence.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
TopTradePro offers trading Forex and CFD and operates through the website www.toptradepro.com. Our main concern about the broker is the confusing information provided on the website, which doesn’t add much trust to it. The company is registered offshore in the Marshall Islands. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority.
If you still have plans to invest with TopTradePro, check the reviews online. Most of those reviews are negative, where people complain about withdrawal issues and losing huge amounts of money with this broker.
When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in United Kingdom and ASIC in Australia. You can read our review on this broker here.