Complaints

• Initial Complaint

  12/30/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Subject of Complaint: System Failure and Ignoring My Inquiries Complaint Details:During my participation in one of the tournaments organized by Top Tier Trader, I received a notification stating that my trade had stopped at the specified loss limit of $3,000. However, the trade did not stop and continued, resulting in losses reaching $9,215. I believe my account was either compromised or there was a technical error in the ********* account was then deleted from the tournament unexpectedly, and when I requested clarification, I did not receive any clear response from the company regarding the error or the reasons behind the notification. Worse, I was threatened that my main account could be entirely deleted.What I Am Requesting:1.A full investigation into why the system failed to stop the trade at the loss limit I had set.2.An official explanation of my accounts status and an investigation into a potential breach.3.A reconsideration of my account deletion from the tournament or compensation for the incurred losses.Additional Company Information:Company Name: Top Tier Trader Email Address: ********************************** Country: ************* I kindly ask you to carefully review my complaint and take the necessary actions to protect my rights.Sincerely,[Trader ******]

  Customer response

  12/30/2024

  To the BBB Office,
  I am writing to submit an official complaint against the company Toptiertrader due to unfair treatment I experienced during a trading competition organized by the company.
  Threats from the company:
  When I attempted to claim my right to have my account reinstated after it was unlawfully disabled, I received direct threats from the company. These messages included threats to permanently delete my account if I continued to demand my rights. I have attached copies of these messages as clear evidence of the threats I faced.
  My outstanding performance in the competition:
  I was performing exceptionally well during the competition. For instance:
  I earned $72,000 in a single trade in one day.
  Following that, I achieved additional profits of $2,000 and $4,000, all without any losses.
  I had a strong chance of winning first place due to these achievements, but the unjustified disabling of my account deprived me of this well-deserved success.
  Compensation request:
  Due to the harm caused to me, I am demanding fair compensation in the form of:
  A funded trading account worth $100,000, or
  Financial compensation of no less than $10,000.
  If no action is taken to resolve this matter amicably, I will be forced to take legal action to protect my rights.
  Additional note:
  While I do not have screenshots of my earnings, my trading account number is #*******, and I challenge the company to prove otherwise if they dispute this claim.
  Attachments:
  Screenshots of the messages containing the threats.
  Contact Information:
  Name: Trader ******
  Email: ***********************************
  I kindly request your thorough investigation into this case and to ensure I am fairly compensated for the significant harm I suffered due to the companys actions.
  Thank you for your attention and assistance in this matter.
  Sincerely,
  Trader ******

  Business response

  01/15/2025

  Dear BBB Representative,
  
  We appreciate the opportunity to respond to the recent complaint submitted by ****** regarding their account with ********************. After thorough review, we would like to clarify the facts of the situation and address the allegations made.
  
  Background on the Account and Competition Rules:
  
  ****** participated in our monthly trading competition, which is free to register and utilizes competition accounts classified as "add-on accounts." It is essential to note that these accounts are simulated and do not reflect live trading profits or losses. All competition rules, including drawdown limits, are transparently detailed in our ************ Here is the specific article on the drawdown limit (******************************************************************************************************).
  
  The rules clearly state that:
  
  Traders must not exceed a daily drawdown limit of 5%, calculated from the starting day's higher value of equity or balance.
  Traders must not exceed an overall drawdown limit of 10%.
  Violation Details:
  
  On December 22, 2024, ****** breached the daily drawdown rule. Their account metrics were as follows:
  
  Starting day's equity: $184,301.94
  Starting day's balance: $178,913.22
  The daily drawdown limit was calculated based on the higher value of equity ($184,301.94), which set their threshold at $175,086.84. Unfortunately, their equity dropped to $175,019.79, exceeding the daily drawdown limit by $67.05. While this may appear to be a minor breach, our system applies the rule strictly, as outlined in the competition guidelines. Any equity falling below the threshold, even by $0.01, constitutes a breach.
  
  Support Interactions and Misunderstandings:
  
  ****** reached out to our support team and was informed multiple times of the breach. However, they disputed the validity of the calculation and cited that they had placed a stop-loss, resulting in a loss of approximately $3,000. Our review confirmed that their actual trade resulted in a loss of $3,866.88, which contributed to the breach. As explained to ******, drawdown calculations are based on the starting day's equity and account for any fluctuations in equity during the day, including profits or losses.
  
  ****** was also reminded that our FAQ and *********** explain how drawdown is calculated. Unfortunately, despite our efforts to clarify the situation, they refused to acknowledge the validity of the breach and requested compensation, which we declined based on the clear rules of the competition.
  
  False Allegations:
  
  Victors claim that they were "threatened" to delete their account is categorically false. While we reserve the right to take action against accounts that violate our terms of use, no such action was taken or suggested during our interactions. Our responses were professional and focused on addressing their concerns with factual information.
  
  Conclusion:
  
  The breach of the daily drawdown limit was valid, and as per our competition rules, the account will not be reinstated. Additionally:
  
  No compensation or free challenge will be provided.
  All relevant evidence, including screenshots of the trader's dashboard, trade details, and support interactions, have been attached to support our position.
  We are committed to maintaining a transparent and fair trading environment and are available to provide additional information or clarification if required.
  
  Thank you for your attention to this matter.
  

• Initial Complaint

  09/18/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Company wrongfully closed a trading challenge with hidden rules against fair trading practices

  Business response

  10/03/2024

  Dear BBB,
  
  Thank you for the opportunity to respond to the complaint submitted by Mr. Juan Pena regarding the closure of his trading challenge account. We take these matters seriously and strive for transparency in all of our practices.
  
  Contrary to the claim made by the customer, there were no hidden rules that led to the closure of the account. All relevant rules, including the daily drawdown rule, are clearly outlined on our website from the moment users visit our homepage. Specifically, the daily drawdown rule of 5% is applicable to all of our simulated challenge products. This rule is prominently detailed in our help center and can be reviewed here: Daily Simulated Drawdown Limit Article.
  
  To clarify, the daily drawdown is calculated based on either the equity or balance at the start of the trading day—whichever is higher. For this specific case, Mr. Pena’s account had a balance of $47,797.02 and an equity of $50,665.08 at 5 PM EST on the day in question. Since his equity was higher, it was used to calculate the drawdown limit. The daily drawdown limit meant that Mr. Pena’s equity could not fall below $48,131.83. Unfortunately, his equity fell to $48,121.12, which breached the drawdown limit. This information is available to the user directly on their dashboard, and a screenshot is attached for reference.
  
  Regarding the trades that were part of the complaint, only those still open after 5 PM EST on September 16th were relevant to the calculation of the daily drawdown breach. The following trades were still active at that time:
  
  •7782220156099626491
  •7782220156099631102
  •7782220156099631099
  •7782220156099626495
  •7782220156099626493
  •7782220156099650062
  •7782220156099639924
  •7782220156099634059
  •7782220156099633876
  •7782220156099657094
  •7782220156099656521
  •7782220156099652082
  •7782220156099650147
  •7782220156099657637
  •7782220156099663156
  •7782220156099657279
  
  At the start of the trading day, Mr. Pena had an open position of 3.41 lots on BTCUSD, with the price opening at 57,660.42. By 7:48 PM EST, the price had risen to 58,405.33, which was one minute before the trades were closed out. This price movement resulted in a drawdown of $2,540.14, which exceeded the allowable limit of $2,533.25 (5% of the starting day’s equity). While the breach was minor, even exceeding the drawdown by a small amount still constitutes a violation of the rules, as outlined in our policy.
  
  In conclusion, there was no manipulation or hidden rule involved in this account’s closure. The customer simply experienced a loss due to market conditions that triggered the drawdown rule, which is standard and publicly disclosed. Therefore, we do not believe a refund is warranted in this case.
  
  We hope this explanation provides a clear understanding of the situation and our adherence to transparent practices.
  
  Sincerely,
  TopTier Trader Customer Service

• Initial Complaint

  08/28/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I purchased a $10k challenge account from top tier. Upon sign up in the details it is stated that allowed leverage is 1:100. I passed both phases of the challenge following that guideline. Upon completion of the challenge I was notified that my completion was denied due to using a leverage beyond 1:20 on a gold trade. This was not stated anywhere in the information given at signup.

  Business response

  09/05/2024

  Good Afternoon,

  Due to the detail of the situation we have added a PDF document to explain and provide additional information. Please refer to the Documentation added for the full assessment. If there are any additional questions please direct all future communications to the following:

  *****************-Head of Support

  ********************************

   

  CC: ***********************- CEO

  ***********************************

  Customer response

  09/05/2024

   
  Complaint: 22209284
  
  I am rejecting this response because:

  The rules of the challenge should be given in full at the time of purchase. To say a pivotal rule that results in violation of an account to only be found in the *** section of your website is unfair to anyone who signs up.

  Furthermore, when attempting to view rules on your website the link does not work as shown in the screenshots provided. To say that we have rules that you have to abide by but not have the rules be accessible is not a fair business practice. 

  Lastly, the changes that were said to be made have not been changed as seen in the screenshots provided. 

  
  Sincerely,
  
  ***********************

  Customer response

  09/05/2024

  I would also like to be made aware of the methods used to convey the change made on August 1, 2024. The message states that there is an attempt to inform users of changes 30 days prior to and 30 days after the date of the change. Nowhere did I see information on the update of the policy. And this challenge would have been done within the window of 30 days post change.

  Business response

  09/06/2024

  As stated in the initial letter, the full articles on our website have been published without changes since dates noted as follows (I have attached the screenshots with highlighted links):

  ************************************************************************************************
  spective - This article has been published on our website since 5/30/2024 with no changes.

  ********************************************************************* This article has been published
  since May 30th, 2024 with no changes.

  The article shared below has been in place since Jan 8th, 2024 with updates shared as
  needed on a continuous basis. Although it should be noted that this particular part of the policy
  has not been changed or updated since publication.
  **********************************************************************************

   

  The conclusion refers to any changes that are made in the future as part of our commitment to make sure traders are informed, this has been in place since April of 2024. However, the articles reference above HAVE NOT had any changes made since their publication on the dates listed above and the screenshots shown, therefore there were no communications about changes, as there were none since publication and those articles have remained true for months prior to the incident reported 8/28/2024. Additionally within the email received of the violation we again refer back to our policies for further review (also added as a screenshot). 

  Additionally, please note this link as well ***********************************************, specifically funded account terms.

  Customer response

  09/06/2024

   
  Complaint: 22209284
  
  I am rejecting this response because:

  It is being stated that the policies referenced were updated in April. When detailing the violations of both phases of the account it was stated, "During the review, it was identified that the customers tier 1 account #****** violated the Max
  Lot rule, which was implemented as of August 1, 2024."

  Where was the conveyance of this change? And regardless of when the implementation was made, that is information that is integral to the completion of challenges but not stated when selling access to them. Would it not be fair to provide a detail of requirements/expectations at purchase?

  
  Sincerely,
  
  ***********************

  Customer response

  09/09/2024

  For clarification, the BBB has closed this complaint because it was felt that efforts were exhausted in finding a resolution?

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩