Is Top Markets Solutions Ltd a Scam?

At FXCanary, our Scam Risk Score is built on a dispassionate audit of what a broker is, not what it claims to be. We weigh regulatory standing, the jurisdiction’s strength, transparency around costs and conflicts, the existence of independent user feedback, and any red flags hiding in registry records or aggregated industry data. For Top Markets Solutions Ltd — the Cyprus-based firm behind the Earn brand — the score comes in at 34 out of 100. That’s not a passing grade; it’s a “Guarded” rating, meaning the broker is not an outright scam but presents enough uncertainty to warrant serious caution.

When we began our review, public user reviews were non-existent. That silence is itself a data point: in the forex world, a lack of complaints can be good, but a complete absence of independent experience sharing is often found around smaller, newer, or less visible firms. It leaves the burden of proof entirely on the official licence and the firm’s own disclosures. For Earn, that licence is genuine — but a licence alone never tells the whole safety story.

Top Markets Solutions Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under CIF licence 158/11. We cross-checked this against the public CySEC register and the broker’s own domain, earn.eu — both match. The firm’s registered address is Esperidon 5, 4th floor, Strovolos, 2001 Nicosia, and its company registration number is HE272810. These are not invisible shell details; they are verifiable public records.

A CySEC CIF (Cyprus Investment Firm) licence is significant. It binds the company to the Markets in Financial Instruments Directive (MiFID II), meaning it can passport its services across the European Economic Area. That brings with it strict capital requirements, mandatory client fund segregation, transaction reporting, and oversight by a regulator that, while occasionally criticised for leniency in the past, has sharpened its enforcement in recent years. On paper, this is the strongest pillar of Earn’s safety case.

However, we note that the broker’s own disclosed risk warnings show two different percentages of losing retail CFD accounts — 45.34% on some pages and 55.60% on others. This sloppiness, while not fatal, does not inspire confidence in the firm’s internal controls or attention to detail. A well-run operation should have a single, audited figure, and inconsistencies like this chip away at the perception of operational rigour.

One of the most tangible safety nets for an Earn retail client is the mandated segregation of client money. All funds deposited must be kept in accounts separate from the firm’s own operating capital at EU-regulated credit institutions. In a bankruptcy, those segregated funds are not available to the broker’s creditors and should be returned to clients before any claims from other parties. This protection, however, is only as good as the firm’s compliance; we have no on-the-ground audit to confirm it is being strictly honoured.

CySEC also requires its CIFs to be members of the Investor Compensation Fund (ICF). If the broker becomes insolvent and cannot return client funds, the ICF covers up to €20,000 per claimant. For a retail trader, that provides a safety net of sorts, though high-net-worth clients would see only a fraction of their capital protected. Additionally, EU rules enforce negative balance protection on a per-account basis for retail clients. That means a customer cannot lose more than the total deposited into the account, a crucial shield during black-swan market events.

Earn’s product disclosure confirms that negative balance protection is in place, and the leverage caps — 1:30 for retail on major forex pairs, with higher leverage only for those who opt up to professional status — are exactly what a compliant EU broker must offer. In this respect, the safety architecture is standard, not exceptional.

The broker offers a single account type, the MT5 Sharp ECN, with a $/€100 minimum deposit. Spreads are advertised as starting from 0.0 pips, with a commission of 0.007% half-turn on forex, metals, and indices, and higher for equities and crypto CFDs. These are competitive, realistic numbers, and the transparency is welcome. The broker also provides sample cost breakdowns, including overnight swap rates, which we found readily on its website.

Funding methods include Visa/Mastercard (with a 2.4% inward transaction fee) and wire transfers. Withdrawals via SEPA are cheap (€1 fee), but non-SEPA wires carry a $5 charge, and all withdrawals can take up to 10 business days. That timeframe is sluggish by 2026 standards and could hint at internal processing bottlenecks or old banking relationships. There is no mention of e-wallets on the official site, though one third-party listing claimed Skrill and Neteller — a discrepancy that could confuse clients.

The trading conditions page also publishes real-time spreads and swaps for hundreds of instruments. We view this as a positive: a broker that tries to hide its true cost structure typically does not throw open the doors to live data. Still, without independent user confirmation, we cannot rule out execution slippage or requotes that might alter the actual cost experienced.

Our 34/100 score reflects the tension between a genuine CySEC licence and several cautionary signals. The most prominent is the near-total absence of independent user feedback. A broker that has reportedly been operating for over a decade (the website claims 15 years) should have left more of a public footprint — positive or negative. Its quietness may simply mean it has a small, niche client base; it could equally mean that any discontent has not yet surfaced online. We cannot distinguish between the two, so we err on the side of caution.

One aggregated industry database we consulted tagged Top Markets Solutions Ltd with a “Suspicious Scope of Business” alert and an outdated note about “no trading software.” The latter is clearly wrong (MT5 is offered), but the broad suspicion surrounding the business scope gives us pause. That database also assigned a low trust score, though we do not disclose the specific source. Such automated ratings are not gospel, but they are useful red flags when no other independent data exists.

We also note that the official CySEC page shows the broker’s previous name: “ex Teletrade-DJ International Consulting Ltd.” Rebranding is not inherently suspicious, but in the retail trading industry it can sometimes accompany a reset of a troubled history. We found no adverse regulatory actions against the firm under either name, but the name change adds one more layer of opacity.

With a rising number of clone broker websites mimicking legitimate EU firms, we checked for any warnings about fake Earn domains. Neither CySEC nor other major European regulators have issued a specific alert about impersonators of Top Markets Solutions Ltd at the time of writing. Yet the Earn brand, with its short and generic “earn.eu” web address, could be spoofed by a scammer using a lookalike domain. Traders must be meticulous: the only official domain is earn.eu. Always type it directly into the browser; never rely on a search ad or email link.

The firm’s CySEC licence number (158/11) should be prominently displayed and easy to verify on the regulator’s website. If a so-called “Earn” broker appears with a .com, .net, or other suffix and does not link back to that licence, it is almost certainly a fraud. The lack of user reviews actually heightens this risk — a victim searching for help might find no information at all, making it harder to confirm legitimacy before depositing.

If you decide to open an account despite the guarded warning, there are concrete steps to minimise your risk. First, start with the minimum deposit of $/€100. Test the entire lifecycle: deposit, trade, submit a withdrawal request early.

A broker that makes the first withdrawal difficult is often a broker that will make all withdrawals difficult. Record the time taken and any fees deducted. Second, keep your leverage low — the default 1:30 for retail is already risky for new traders, but you can voluntarily limit it further in your account settings.

Document everything. Save all emails, chat transcripts, and screenshots of your account statements. In the absence of a public reputation, your own paper trail is your best defence if a dispute arises.

If you ever suspect an issue, contact CySEC directly through their complaints procedure; a regulated firm has a strong incentive to resolve complaints before they escalate to the regulator. Finally, never deposit more than you can afford to lose entirely. The ICF’s €20,000 safety net is not a guarantee — it only triggers in insolvency after a potentially lengthy legal process, and there is no guarantee it will cover every valid claim in a massive failure.

Top Markets Solutions Ltd earns a seat at the table of genuine regulated brokers — but it is not a broker we can recommend without reservation. Its CySEC licence, while not top-tier like the UK’s FCA or Germany’s BaFin, still provides meaningful retail protections: segregation, negative balance, a compensation fund. These are the hallmarks of a broker that must operate within a rulebook, not a free-wheeling offshore paradise.

Yet the fog surrounding its operating history, the incongruent risk disclosures, and above all the deafening silence from the trader community add up to a risk profile we rate as “Guarded.” In FXCanary’s view, a well-informed trader should treat the licence as a baseline, not a blanket endorsement. Only after testing the waters with a small, non-critical sum and experiencing the broker’s service firsthand would we suggest upgrading from guarded to cautiously optimistic.

If the 34/100 score makes you uneasy, the market offers no shortage of brokers with longer regulatory track records, more transparent ownership, and vibrant user communities. Many EU-regulated brokers publish audited financial statements, disclose their ownership structure down to the ultimate beneficial owner, and openly share their median execution speeds. Earn provides none of these deeper transparency signals — or at least not in a readily accessible way.

We did not find an audited annual report for Top Markets Solutions Ltd, nor detailed disclosure on the group structure. In a safety review, that matters. A broker that hides its financial health may still be solvent, but the information asymmetry leaves the client guessing. Until the broker builds a verifiable track record of decent treatment and satisfied customers — not just a 15-year anniversary badge on a homepage — the cautious trader has every reason to look elsewhere.