TopFX Review

1. What is TopFX?
2. Awards
3. Is TopFX safe or a scam?
4. Leverage
5. Accounts
6. Market Instruments
7. Fees
8. Deposits and Withdrawals
9. Trading Platform
10. Customer Support
11. Education
12. Conclusion

Our Review Method

• Our financial experts at 55Brokers with an impeccable record of over 10 years’ experience in the Forex and CFD market reviewed and checked broker’s offerings including spreads, fees, available platforms, market instruments, verified licenses, and contacted the customer support to see the conditions and give our expert opinion on TopFX

What is TopFX?

TopFX is an international multi-asset brokerage firm specializing in liquidity provision. The broker has been providing liquidity solutions to brokers and other investment firms since 2010. They provide leveraged trading of over 1000 assets across Forex, Shares, Indices, Metals, Energies, ETFs, and other CFDs with the market’s tightest spreads and razor-sharp execution.

• Throughout its decade-long presence in the CFDs industry, TopFX has offered superior liquidity solutions to over 180 Forex brokers, investment firms, and hedge funds.
• Over the last years, TopFX enhanced its offering with comprehensive packages for startups, eliminating the high barrier to entering the competitive Forex Industry.

TopFX is an STP Forex Broker with high standards of secure trading environment, as of the regulation it imposes. The broker has an active customer base across Europe, Asia and Africa, including Indonesia, Thailand, Malaysia, Vietnam and Nigeria. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.

TopFX Pros and Cons

Our experts find TopFX a well-regulated  Cyprus-based broker, offering good trading conditions and transparency. Account opening is fast and there are various trading instruments and platforms available for traders, including advanced cTrader and copy trading.

The cons are a lack of educational sources and materials, also the international proposal is different from the European one. Another frustrating drawback is that customer support doesn’t operate 24/7

Overall TopFX Ranking

Based on conducted research by our financial experts, we find TopFX a reliable broker with a good reputation and competitive conditions for Forex and CFD trading. One of the broker’s distinguishing points is global coverage, as well as ultra-low spreads starting from 0.0 pips. The only shortcoming is the lack of proper educational resources which makes it less preferable among beginner traders.

• TopFX Overall ranking is 8.2 out of 10 based on our testing and compared to over 500 brokers. Have a look at our ranking below in comparison with other industry-leading brokers

TopFX Alternative Brokers

Despite all the benefits and great conditions, our experts noted the lack of comprehensive education driving beginner traders away. Besides, the broker doesn’t provide cryptocurrency trading, also the international proposal is performed through the offshore branch. Here have a look at the selection of alternative broker reviews:

• Interactive Brokers – Excellent Broker for Cryptocurrency Trading
• HFM – Good Collection of Educational Resources
• BalckBull Markets – Excellent for High Leverage trading

Awards

Its successful model of operation and delivery of trading environment has been recognized by numerous rewards and Awards from popular exhibitors or publishers that the broker continues to receive. In fact, we also observed the development of TopFX which before was mainly localized in Europe now getting almost global coverage. Here are some of the awards granted to TopFX:

Is TopFX safe or scam?

No, TopFX is not a scam, our research showed that the broker is established and highly reliable holding a top-tier regulatory license tailored with a compensation scheme. Simply put, the broker is authorized to offer trading services with all the necessary safety measures.

Is TopFX regulated?

Yes, TopFX is authorized and regulated as a Cyprus Investment Firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 138/11 in accordance with the Markets in Financial Instruments Directive (MiFID II). In simple terms, it means the broker is regulated and authorized to offer its trading service along with the necessary safety measures and controls applied.

Along with the main license, the broker serves another entity in the offshore zone, in Seychelles regulated by Financial Services Authority (FSA). Even though we do not recommend trading with offshore brokers only, additional regulations from Europe provide the necessary guidelines to comply with safety measures.

See our conclusion on TopFX Reliability:

• Our ranked TopFX Trust Score is 8.5 out of 10 for its good reputation, excellent service, and proper regulatory compliance. The broker holds a top-tier license and is obliged to compensate clients for loss. However, the conditions for safety vary depending on the entity

How are you protected?

All client funds are kept securely, completely separate from TopFX’s own funds. TopFX adheres to strict policies and has taken all necessary measures to ensure that client funds are protected. Additionally, all company activities are reviewed on a regular basis by internal and external auditors.

The CySEC has multiple requirements, that have also complied with the MiFID directive including capital adequacy, financial reporting to the regulators, and undertaking a detailed audit, making control over TopFX activity constant and unparalleled.

In addition, TopFX is also a member of the ICF (Investor Compensation Fund) resolves issues in unlikely events, and compensates investors. Read more about CySEC by the link.

Even though the additional entity is located in the offshore zone, recent offshores are also creating more strict licensing rules, while in addition to ESMA regulations TopFX is considered a safe broker to invest and trade with.

TopFX Leverage

Leverage is the tool by which you may trade a large amount of money, through its capability to magnify the initial balance therefore money you operate. Yet the probability of profits or losses increases in parallel, which makes it important to learn how to use leverage smartly.

Using leverage enables you to gain a larger exposure to a particular market with a smaller capital. TopFX offers leverage of up to 1:30, which means that for every $1 in your account, you can trade up to $30 in value:

• Forex – 1:30
• Indices – 1:20
• Shares and ETFs – 1:5
• Metals – 1:10
• Energie – 1:10

The risk level is defined also by the leverage level you use since higher leverage dramatically increases your high risk to lose money as well. 

For this reason, world authorities and regulators restrict leverage to use to specify safer levels for retail traders. Therefore, TopFX Cyprus entity together with its operations established under ESMA rules offers lower leverage levels as defined by the regulator. This means that European traders or those clients that are registered with TopFX European entities will fall under ESMA regulation that recently limited Leverage.

• Trading with European TopFX entity the maximum leverage level is set to 1:30 for Forex instruments.

Account types

TopFX offers two account types, you can choose ultra-low spreads, and sharp execution on both accounts, therefore, choosing an account type comes down to your personal preference.

RAW account, you get to trade with spreads starting from 0.0 pips and commissions €2.75 per lot per side. The TopFX RAW account is ideal for traders who prefer to receive a raw price feed and pay commissions separately. For some traders it may be a factor contributing to increased order execution transparency, however, the TopFX RAW accounts have the same cost-efficiency like their ZERO accounts.

• As a Liquidity Provider, they offer unbeatable pricing that’s hard to find elsewhere. Contrary to the standard industry practice of making the standard, no-commission accounts more expensive than the raw spread accounts, TopFX offers the exact same pricing for both types.
• When you choose the TopFX ZERO account, you get to trade with some of the lowest all-inclusive spreads in the market. In addition, the broker’s ultra-fast execution and deep liquidity ensure a highly-efficient trading environment.

Instruments

TopFX delivers more than 1000 Markets to trade (including most traded instruments making TopFX FX, Shares, Energies, ETFs, Indices, Metals, and Commodity Broker), so international traders gain access to the world’s premier liquidity providers and global exchanges through sources proprietary aggregator engine with the best possible pricing from tier-1 grade banks. 

• TopFX Markets Range Score is 8 out of 10 for a wide range of instruments, however, the only drawback is that the instruments are primarily traded as Forex and CFDs, and the availability of some instruments depends on the jurisdiction

TopFX Fees

So going to the important points about trading fees, we highly recommend you verify the correct conditions as fees are based on the account type you select, as well as may be slightly different according to the platform you will use for trading. TopFX fees depend on the type of account you choose, so make sure you have chosen the one that meets your requirements. 

For Raw Account the broker charges 2.75 EUR commission per side per lot, whereas for Zero account type there is no commission. 

• TopFX Fees are ranked 7.8 out of 10 based on our research and compared to over 500 brokers. The fees vary depending on the entity, also for some account types the broker charges a commission fee per lot

Spreads

Forex: Trade 89 currency pairs with spreads from 0.0 pips when you choose the RAW account and 0.5 pips when you choose the ZERO Account.

Indices: Be bullish or bearish on 14 global Indices with spreads starting from 0.4 pips and commissions of €2.75 per lot or opt for an all-inclusive spread account.

Commodities: Trade CFDs on Gold or Brent oil with spreads starting from 3 pips. As with FX and Indices, you can either choose a RAW or ZERO account.

• We ranked TopFX Spreads 7.7 out of 10 based on our findings and compared to other brokers. Spreads for EUR/USD are lower than the industry average starting from 0.0 pips, spreads for other assets are attractive as well

Deposit and Withdrawal Methods

TopFX offers multiple deposit methods, Negative Balance Protection, and zero fees on deposits. All client funds are held in segregated accounts with reputable banks. 

TopFX charges no fees for deposits and withdrawals, however, you might incur fees charged by your bank or payment provider. Your funds are kept in segregated accounts at reputable banks, separate from TopFX’s own funds. Therefore, TopFX will never use your funds for operational or other purposes.

• TopFX Funding Methods are ranked 8.2 out of 10. The minimum deposit is among the lowest ones, the broker charges no fees for deposit/withdrawal. Also, the funding methods range is quite wide which is a good point

Here are some of the positive and negative points of TopFX Funding Methods:

Deposit methods

The broker accepts the following payment methods:

• Bank wire transfer
• Credit/Debit Cards (Visa, MasterCard)
• Online payment processors, such as PayPal, Neteller and Skrill

TopFX minimum deposit

TopFX requires no minimum deposit, which means you can open any account type of the two offered by the broker with the amount you wish to set up.

TopFX minimum deposit vs other brokers

	TopFX	Most Other Brokers
Minimum Deposit	$0	$500

Does TopFX have no deposit bonus?

No, our research showed that TopFX doesn’t provide no deposit bonus. You can find out more about no deposit bonus by this link.

Withdrawals

Available withdrawal methods include Bank Transfers and e-wallets, via TopFX Client Area you are required to complete a withdrawal request form that are processed within 1 business day from the day you submit them.

TopFX Trading Platforms

The trading platform choice offers the selection between industry leaders MetaTrader4 and powerful cTrader. Both platforms have been well-reviewed and accepted by the forex community as the best platforms in the industry.

• We ranked TopFX platforms 8.2 out of 10 based on our research in comparison to other brokers in the market. The broker offers industry-leading platforms like MT4 and cTrader, However, the broker doesn’t have a proprietary platform.

Trading Platforms Comparison to Other Brokers:

MetaTrader 4

MT4 is the most popular platform in the world. Our experts recommend it for its user-friendliness, customizable interface, and extensive selection of automated trading tools.

This platform, available through TopFX, offers traders Forex, Indices, Energies, and Metals trading, Interactive charting, 9 timeframes, 30+ pre-installed technical analysis indicators, easy customization to your preferred trading settings, 1-click trading, automated trading with Expert Advisors, Copy trading via PAMM accounts, Trading signals from Trading Central, Ability to build your own robots and custom indicators with MQL4, Available in multiple languages.

Is cTrader available at TopFX?

Yes, TopFX offers cTrader and the platform is famous for its reliability, advanced technical analysis tools, and the ability to combine different trading methods on one interface. As a manual trader, you need a reliable platform that offers a user-friendly interface combined with advanced market analysis and risk management tools.

• cTrader features: unlimited watchlists which can be detached and moved around your workspace, detailed symbol information and Live Sentiment data, a wide selection of chart types: Candlesticks, Bar, HLC, Line, Heikin, Dots, Renko and more, 54 timeframes, from one minute to one month, helpful information on your order’s volume such as pip value, commission cost and required margin, 70+ technical analysis indicators, lines, and oscillators, advanced Take Profit and Stop Loss, chart trading with drag-and-drop, one-click trading.

Mobile platform

Mobile trading is steadily gaining ground with the majority of traders using more than one device type to place and monitor their trades. Available for both Android and iOS, the MT4 mobile app allows you to trade from anywhere. It features 3 chart types, 9 timeframes, 24 analytical objects, and detailed history of trades. You can create the same order types as on the desktop version and be in total control of your trading account while on the move.

TopFX cTrader Mobile App

The TopFX cTrader mobile app offers everything you need to maintain the same exceptional user experience of the desktop & web platforms, while you are on the move. It’s available for both Android and iOS and features responsive charting, comprehensive information about the available assets, the full history of executed deals, and a lot more.

Customer Support

Another advantage of TopFX to point out is its customer support team which can be reached via telephone, email, Live Chat, or by filling out the ‘contact us’ form on the broker’s website. The broker support team is dedicated to delivering the fastest response. The support is available in 6 languages allowing traders from different countries to get quality support.

• We ranked TopFX Customer Support 8.6 out of 10. We got some of the fastest and most knowledgeable responses compared to other brokers,  also quite easy to reach during the working days. The only point is that it’s not available on weekends

Education

So the last point in our TopFX Review is education materials, and here we saw that broker provides education articles for numerous topics along with Forex News, Market Holidays, and recent market updates. 

There is currently no comprehensive education on a global scale, however, there are particular regions with very comprehensive education programs like for example Italy, where TopFX conducts at least 2-3 webinars per week. You can check the webinar list here. The broker has also initiated educational webinars in Thailand.

• We ranked TopFX Education 7 out of 10 based on our research and as compared to other brokers in the market. The broker, unfortunately, doesn’t offer comprehensive educational resources on a global scale, however, you can find gooq quality webinars for some regions

TopFX Review Conclusion

Overall, our experts find TopFX a quality trading strategy broker which offers flexibility in terms of conditions, platforms, and instruments it proposes. Also, TopFX is a fully regulated broker, a crucial factor in terms of your money safety. However, the only con could be the lack of educational sources and materials, so complete beginners would need to search for webinars and courses somewhere else.

Based on Our findings and Financial Expert Opinion TopFX is Good for:

• Professional Traders
• Traders who prefer the MT4 platform
• EAs running
• Copy Trading
• Algorithmic or API Traders
• Currency Trading and CFD Trading
• Suitable for a Variety of Trading Strategies
• cTrader trading