TopFX Review 2024
Website: www.topfx.com
Min. Deposit: US$ 0
Leverage: 1:30
Trading Platforms: MT4, cTrader
Regulation: CySEC, FSA
Headquarters: Cyprus
Founded: 2010
Regulatory Licenses:
- TopFX Global Ltd - authorized by FSA (Seychelles) registration no. 8424819-1
- TopFX Ltd - authorized by CySEC (Cyprus) registration no. 138/11
Updated on April 15, 2024
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Our review methodology involves a deep analysis of the broker's offerings, comparing them across a wide range of criteria to over 1000 other brokers in the industry. We consider factors such as regulatory compliance, trading platforms, tools, customer service, fees, spreads, and educational resources. Our team conducts hands-on testing and also gathers feedback from actual users to ensure a well-rounded evaluation.
TopFX is a globally recognized multi-asset brokerage firm, established in 2010, specializing in providing liquidity and trading opportunities across a broad spectrum of financial instruments. The broker boasts of offering leveraged trading on over 1000 assets, including Forex, Shares, Indices, Metals, Energies, ETFs, and other CFDs, all with exceptionally tight spreads and precise execution. Over the years, TopFX has evolved from merely providing liquidity solutions to becoming a full-fledged broker with a vast client base spread across Europe, Asia, and Africa. The firm’s commitment to offering comprehensive packages for startups has significantly lowered the entry barriers to the competitive Forex industry. Operating as an STP broker, TopFX ensures a secure trading environment, adhering to strict regulatory standards.
Pros
Regulated by CySEC, ensuring a secure trading environment
Offers a wide range of trading instruments and platforms, including cTrader and copy trading
Fast and easy account opening process
Cons
Limited educational resources, making it less suitable for beginners
Customer support is not available 24/7
Differences in offerings between international and European clients
TopFX Review Summary in 12 Points ▲
Headquarters: Cyprus
Regulation: CySEC, FSA
Instruments: Forex, Indices, Shares, Stocks, Metals, Energies, ETFs, CFDs
Platforms: MT4, cTrader
Minimum deposit: $0
Base currencies: Several Currencies offered
Demo Account: Available
EUR/USD Spread: 0.0 pips
Education: Limited
Customer Support: Available 24/5
After extensive research and comparison with over 1000 brokers, our financial experts have concluded that TopFX stands out as a reliable broker with a commendable reputation and competitive conditions for trading Forex and CFDs. The broker is appreciated for its global coverage and ultra-low spreads starting from 0.0 pips. However, the lack of comprehensive educational materials poses a drawback, especially for novice traders. Our overall ranking for TopFX is 8.2 out of 5.0, reflecting its strong offerings despite some areas for improvement.
TopFX has been acknowledged with multiple awards, reflecting its successful operation and delivery of a superior trading environment. The broker has seen its reach expand from a European focus to almost global coverage, a testament to its growth and development. These accolades affirm TopFX’s commitment to excellence in the forex trading industry.
TopFX is not a scam. Our comprehensive investigation has confirmed that the broker is established and highly reliable, holding a top-tier regulatory license accompanied by a compensation scheme. This ensures that TopFX is authorized to offer trading services with essential safety measures in place.
Leverage is a powerful tool that allows traders to control a large amount of money with a relatively small capital outlay, amplifying both potential profits and losses. TopFX offers leverage up to 1:30 on Forex, with varying levels for other instruments, such as 1:20 for Indices and 1:5 for Shares and ETFs. While leverage can significantly increase profit potential, it also raises the risk of substantial losses, making it crucial for traders to use leverage wisely. European clients of TopFX are subject to ESMA regulations, which cap leverage at 1:30 for Forex instruments, aligning with efforts to ensure safer trading conditions for retail traders.
TopFX offers two distinct account types, tailored to suit the preferences and trading styles of a broad spectrum of traders. Whether you opt for ultra-low spreads or sharp execution, both accounts promise to deliver according to your trading needs.
The RAW account allows traders to engage with spreads starting from 0.0 pips, accompanied by a commission of €2.75 per lot per side. This account type is particularly suitable for traders who favor receiving a raw price feed and prefer the transparency of paying commissions separately. Despite this, the RAW account maintains cost-efficiency comparable to the ZERO account.
The ZERO account is designed for traders seeking to benefit from some of the market's lowest all-inclusive spreads. Coupled with ultra-fast execution and deep liquidity, this account type ensures a highly efficient trading environment.
TopFX offers an extensive selection of over 1000 market instruments, including highly traded FX pairs, shares, energies, ETFs, indices, metals, and commodities. This vast range allows international traders access to premier liquidity providers and global exchanges through a proprietary aggregator engine, ensuring optimal pricing from tier-1 banks. However, it's important to note that the availability of certain instruments may vary by jurisdiction, and they are primarily traded as Forex and CFDs.
TopFX's trading fees depend on the chosen account type and the trading platform used. For the RAW account, a commission of €2.75 per side per lot is charged, whereas the ZERO account incurs no commission fees. Our comprehensive comparison of fees across over 1000 brokers ranks TopFX's fee structure at 7.8 out of 5, illustrating its competitive position within the market. However, traders should be aware that fees may vary depending on the entity, with some account types incurring commission fees per lot.
Spreads for trading forex pairs like the EUR/USD are competitively low, starting from 0.0 pips for the RAW account and 0.5 pips for the ZERO account. Indices and commodities trading also offers attractive spreads and commission structures, depending on the chosen account type.
TopFX prides itself on offering a variety of deposit methods, ensuring that client funds are kept in segregated accounts at reputable banks. With a commitment to transparency, TopFX charges no fees for either deposits or withdrawals, though traders may encounter charges from their own banks or payment providers.
Pros
Multiple deposit and withdrawal methods
Negative Balance Protection
No fees on deposits and withdrawals
Cons
Bank or payment provider fees may apply
The broker accepts bank wire transfers, credit/debit cards (Visa, MasterCard), and online payment processors such as PayPal, Neteller, and Skrill for deposits. Notably, TopFX does not require a minimum deposit, allowing traders the flexibility to start trading with any amount. This is a significant advantage when compared to the industry standard minimum deposit of $500.
Withdrawals can be made using bank transfers and e-wallets, with requests processed within 1 business day. Unfortunately, TopFX does not offer a no deposit bonus, a feature some traders may seek.
TopFX presents traders with a choice between the industry-leading MetaTrader 4 and the highly advanced cTrader platforms. Both platforms are acclaimed within the forex trading community for their robustness and comprehensive features. After conducting an extensive analysis and comparing these platforms against those offered by over 1000 other brokers, we assign TopFX trading platforms a score of 4.1 out of 5. While the broker excels by providing access to MT4 and cTrader, the absence of a proprietary trading platform is noted.
Trading Platforms Comparison to Other Brokers
MetaTrader 4 is globally recognized for its user-friendly interface, customizable features, and a wide array of automated trading tools. Through TopFX, traders can access a variety of markets including Forex, Indices, Energies, and Metals. Features include interactive charting, nine timeframes, over thirty pre-installed technical analysis indicators, and the flexibility for customization. Additional highlights are one-click trading, automated trading via Expert Advisors, copy trading through PAMM accounts, trading signals from Trading Central, and the ability to craft your own robots and custom indicators using MQL4. The platform supports multiple languages, enhancing its accessibility.
Is cTrader available at TopFX?
Indeed, TopFX provides the cTrader platform, renowned for its reliability, sophisticated technical analysis tools, and the integration of various trading methods within a single interface. It caters excellently to manual traders by offering a user-friendly interface alongside advanced market analysis and risk management features. cTrader's capabilities include unlimited watchlists, detailed symbol information, and Live Sentiment data. Traders have a wide choice of chart types and 54 timeframes, ranging from one minute to one month. The platform also features advanced take profit and stop-loss options, chart trading with drag-and-drop, and one-click trading among its over seventy technical analysis indicators, lines, and oscillators.
Mobile platform
The trend towards mobile trading is unmistakable, with many traders utilizing multiple devices for their trading activities. The MT4 mobile app, compatible with both Android and iOS, ensures traders can execute trades from any location. It offers three chart types, nine timeframes, 24 analytical objects, and a detailed trading history. Users can execute the same order types as on the desktop version, maintaining full control over their accounts while on the move.
The TopFX cTrader mobile app mirrors the exceptional user experience of its desktop and web counterparts. Available for both Android and iOS, it features responsive charting, comprehensive asset information, and a complete history of executed deals.
TopFX distinguishes itself with a customer support team that is accessible via telephone, email, live chat, or through the broker's website. Aiming for prompt responses, the support is offered in six languages, enabling traders from various regions to receive assistance efficiently. Our evaluation places TopFX's customer support at a score of 4.3 out of 5. We experienced some of the quickest and most informative responses compared to other brokers. The main drawback is the unavailability of support services over weekends.
The broker provides educational articles on a variety of topics, alongside Forex News, Market Holidays, and recent market updates. Although there is no comprehensive global educational program, certain regions benefit from extensive educational initiatives. For instance, in Italy, TopFX conducts 2-3 webinars weekly, with a similar initiative recently launched in Thailand. Based on our comparison with the educational offerings of other brokers, we rate TopFX's education at 3.5 out of 5. The lack of widespread educational resources globally is a downside, particularly for complete beginners who may need to seek webinars and courses elsewhere.
In conclusion, our analysis finds TopFX to be a commendable forex broker, offering flexibility in trading conditions, platforms, and available instruments. Importantly, TopFX is a fully regulated entity, ensuring a high level of safety for traders' funds. However, the notable lack of educational materials may necessitate that beginners look elsewhere for comprehensive learning resources. Based on our findings and expert opinion, TopFX is particularly suited for:
Professional Traders
Traders who prefer the MT4 platform
Those utilizing Expert Advisors for trading
Individuals interested in Copy Trading
Algorithmic or API Traders
Traders focusing on Currency and CFD Trading
Traders employing a variety of trading strategies
Users of the cTrader platform
