Top Tier Trader Review: Its a Scam (toptiertrader.com)
Welcome to our Top Tier Trader review. The website is operating from the URL toptiertrader.com and the agenda is to lie to you that you will receive funding up to 600K if you can only pay the company an upfront fee.
The company wants you to pay a minimum of $255, and they claim that this upfront fee is refundable. However, their disclaimer says the fee is refundable upon your first payout. So this means as long as you don’t qualify for payout, your money is gone forever.
We suspect that Top Tier Trader is owned and operated by the same people running the Funded Trader Program. It’s no secret as both websites are similar in design and marketing material.
Top Tier Trader Review: why this is a scam and not legit funding
Legit prop trading firms are out to look for real traders who can perform, and these companies don’t ask for upfront fees when qualifying traders.
Top Tier Trader is basically subjecting students to a trading combine consisting of two phases before the ultimate funding. Students will obviously trade on a demo account.
In terms of fees, this prop firm is the most expensive to use. The fees are exaggerated as most prop firms we’ve seen (most of the fake ones) charge no more than $100.
Top Tier Trader is one of those corny websites that make money from charging high and unnecessary fees. Notice that this is a demo account. When a student signs up, they get to choose what amount of virtual money they’d like to trade with.
The bigger the virtual money is in the demo account, the more fees the student pays. Take note that the company only added virtual money appropriately to reflect the plan that the student chose. It costs them nothing to add virtual money to these brokerage accounts.
Basically the scam is taking advantage of the fact that traders are not aware of the fact that they are paying various amounts of money to access a demo Forex retail account.
Top Tier Trader Review: Do students get the funding?
Statistically, 95% of traders are going to fail. The disclaimer says that you only get a refund of your fees if you manage to make your first profit withdrawal.
Nearly all participants are not going to make it to this level. In other words, the company pockets the fees because 95% of the students will not have attained the threshold for a refund.
This is how the scam prospers.
For those who manage to attain what the scammers want, no funding will be disbursed. There’s no evidence that toptiertrader.com has ever funded a trader.
The Conclusion of this toptiertrader.com review
These scams feed on the greed of naive traders who think that successful trading has something to do with a fat retail account.
If people only knew better, they’d stop feeding these scams by giving them hundreds of dollars in fees and losing the money, thanks to water tight liability disclaimers meant to enrich the pockets of the scammers themselves.
Thanks for reading this review. Our advise is that you should avoid this prop firm at all cost.
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Thats not a scam. If it were then why do, they have actual payouts? 95% of people fail at everything they do. The scam is thinking you can just trade without having the knowledge or proven track record and expect a company to invest 100k in funds to a trader that doesn’t know what they’re doing. Pass the two phases and you’ll get your refund and access to whatever capital it is that you want to trade. Fail either one and you’ll get nothing. If a person knows how to trade the two-phase test should be very easy to pass. Everything is a scam when you don’t know what you’re doing. My advice to anyone reading this Chart time learn to trade then get funded!! Top Tier Trader is legit!!