TopShark Review: A Trader’s Warning Signal

Welcome to our TopShark review, in which we investigate the website at TopShark.co.

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TopShark.co was registered on March 22, 2023, for one year through Hosting Concepts B.V. d/b/a Registrar.eu. Whois Privacy Protection Foundation and Cloudflare protect the domain.

Similarweb ranks them at 3,464,800 globally and 154,906 in Canada. In December 2023, they received 4,000 visits, mostly from Canada.

The domain has a 6% SEMrush Authority Score with 57 backlinks from 15 referring domains. It’s not impressive, to say the least.

TopShark.co Review

Topshark appears to be a financial trading platform offering a range of services primarily focused on Contracts for Difference (CFDs), cryptocurrencies, and various currency pairs. It purports to cater to both new and experienced traders with its web-based trading platform, emphasizing user-friendliness and advanced analytical tools. The platform advertises various account types, each with different minimum deposits and features tailored to different levels of traders.

Topshark claims to offer tight spreads, negative balance protection, and advanced trading tools, with a live crypto ticker for real-time market updates. The platform is accessible on mobile devices, allowing trading from anywhere. They emphasize a secure and transparent trading environment, with their platform designed to suit modern traders’ lifestyles.

Contact and company information provided includes an email address (support@topshark.co) and references to a web presence (https://topshark.co/), but there are no specific physical addresses or phone numbers mentioned in the content provided. This lack of detailed contact information could be a point of concern for users seeking tangible validation of the company’s operations.

Red Flags

Now, regarding potential red flags indicative of a scam:

1. Lack of Detailed Contact Information: The absence of specific physical addresses or direct phone contact details is concerning. Legitimate financial service providers typically provide comprehensive contact details, including physical office locations and direct phone lines.
2. High Minimum Deposit Requirements: The account types listed have significantly high minimum deposit requirements, ranging from $9,999 to $199,999. This is unusual for a trading platform, especially those that claim to cater to new traders, and could potentially be a tactic to secure large sums from users.
3. Over-Promising Claims: The website content tends to make broad and somewhat over-promising claims regarding trading benefits and opportunities, which is a common tactic in fraudulent platforms. Phrases like ‘trade with peace of mind’ and promises of high profits with low spreads can be misleading and are often used to lure inexperienced traders.
4. Emphasis on Leverage: While offering leverage is common in trading platforms, its heavy emphasis, coupled with the risks of significant losses, should be approached with caution, especially for new traders who might not fully understand the implications.
5. Lack of Regulatory Information: There is no mention of regulatory oversight or compliance with financial regulatory authorities. Legitimate trading platforms are usually regulated by financial authorities and openly disclose their regulatory status to affirm their legitimacy.
6. Aggressive Marketing of CFDs and Crypto Trading: While not inherently a scam indicator, the aggressive promotion of CFDs and cryptocurrencies, which are highly volatile and risky investment vehicles, without adequate risk warnings, is concerning.
7. Absence of Comprehensive Risk Disclosures: While there are general warnings about the risks of financial loss, there is a lack of detailed risk disclosures that are typically mandatory for legitimate financial service providers.

TopShark Reviews

On August 15, 2023, the following complaint was filed with the BBB (Better Business Bureau) regarding a cryptocurrency scam at topshark.co by a person who reported being scammed for $8000:

A person affiliated with TOPSHARK decided to invest in cryptocurrency. This investment subsequently yielded a return, with the cryptocurrency valued at $20,000 USD. Upon deciding to withdraw the funds, they engaged with Kraken (https://www.kraken.com/). Kraken required the opening of an account, which involved certain fees. However, following this, the individual’s investment was fraudulently taken, and Kraken ceased all communication, not responding to phone calls or emails.

The reported scammer’s information includes:

• Email: john.a@topshark.co
• Phone: (438) 805-1501 (a Montreal, Quebec, Canada phone number)
• URLs: https://platform.topshark.co/ & https://topshark.co/

Additional Online Reviews

A quick Google search paints a concerning picture of Topshark, suggesting it may be a high-risk or potentially fraudulent trading platform. Here is a summary of key points:

1. Negative Customer Reviews: User feedback on sites like Sitejabber and Trustpilot indicates dissatisfaction, with reports of scams, inability to withdraw funds, and instances of significant financial loss. Such consistent negative experiences from multiple users are alarming.
2. Regulatory Warnings: The British Columbia Securities Commission (BCSC) and Alberta Securities Commission have issued warnings about Topshark. They state that Topshark is not registered to trade in or advise on securities or derivatives in British Columbia and urge residents to exercise caution. Regulatory warnings are serious red flags indicating potential illegitimacy or non-compliance with financial regulations.
3. Lack of Transparency and Regulation: Analysis from TheForexReview and WikiFX points out that Topshark is unregulated, has a high potential risk, and lacks clear information about its ownership and operational structure. The absence of valid regulatory information and transparency is a common characteristic of fraudulent platforms.
4. Suspicious Website Attributes: Scam Detector and Scamadviser highlight issues such as a low trust score, poor website design, proximity to suspicious websites, and hidden WHOIS data. These factors can indicate a lack of professionalism or an attempt to obscure the true nature of the business.
5. Concerning Business Practices: The high minimum deposit requirement ($9,999), as noted by TheForexReview, is unusually high and could be a tactic to secure large sums from users. Additionally, there is mention of very high trading costs and a lack of negative balance protection, which are not favorable to traders.

Conclusion

The examination of TopShark, as highlighted in our comprehensive review, raises significant concerns about its legitimacy and operational practices. The platform, which claims to offer various financial trading services, including CFDs, cryptocurrencies, and currency pairs, is shrouded in ambiguities and alarming indications that question its credibility.

The investigation into TopShark’s operations, regulatory status, and customer feedback reveals a pattern of inconsistencies and red flags. Despite its portrayal as a user-friendly and advanced trading platform, critical aspects such as the absence of detailed contact information, unusually high minimum deposit requirements, and over-promising marketing claims cast doubt on its integrity. In the realm of financial services, such anomalies are not just irregularities but potential warning signs of a deceptive operation.

Moreover, the lack of regulatory information and transparency is a stark deviation from standard practices observed in legitimate financial platforms. Regulatory oversight is a fundamental component that assures users of the platform’s adherence to legal and ethical standards. The absence of such oversight in TopShark’s case is a glaring omission that cannot be overlooked.

The platform’s aggressive marketing strategies, particularly in the volatile sectors of CFDs and cryptocurrencies, coupled with a noticeable absence of comprehensive risk disclosures, further exacerbate the concerns. These elements collectively suggest a strategy more aligned with luring unsuspecting traders rather than providing a secure trading environment.

Furthermore, the accumulation of negative customer reviews and warnings from regulatory bodies like the British Columbia Securities Commission (BCSC) and Alberta Securities Commission add to the growing skepticism regarding TopShark’s operations. Such advisories from regulatory authorities are not issued lightly and serve as a stern reminder to potential users to tread cautiously.

Bottom Line

While TopShark presents itself as a comprehensive trading solution, the myriad of red flags uncovered in this review suggests otherwise. Potential users are advised to exercise due diligence and approach the platform with utmost caution. In the complex and often opaque world of online trading, it’s imperative to opt for platforms that demonstrate transparency, regulatory compliance, and a clear track record of reliability and customer satisfaction. Considering the findings of this review, it’s advisable for users to explore alternative options that align with these crucial criteria.

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