TopFX Review (2023)

What is TopFX?

TopFX is an international prime brokerage firm specializing in liquidity provision. The broker has been providing liquidity solutions to brokers and other investment firms since 2010. Their expertise in liquidity provision ensures that traders can trade over 1000 assets across Forex, Shares, Indices, Metals, Energies 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 also with high standards of secure trading environment, as of the regulation it imposes. 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

TOpFX is a well-regulated broker based in Cyprus, 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 lack of education sources and materials, also international proposal is different to the European one.

Awards

Its successful model of operation and delivery of trading environment been recognized by numerous rewards and Awards fro popular exhibitors or publishers.

Is TopFX safe or a scam

No, TopFX is not a scam it 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 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 necessary guidelines complied with safety measures.

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 of a detailed audit, making control over TopFX activity constant and unparalleled.

In addition, TopFX is also a member of the ICF (Investor Compensation Fund) that 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, recently offshores are also creating more strict licensing rules, while in addition to ESMA regulations TopFX is considered as a safe broker to invest and trade with.

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.

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, 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.

Fees

So going to the important points about trading fees, be sure to verify correct conditions as fees are based on the account type you select, as well may be slightly different according to the platform you will use for trading.

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.

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 gaining 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. 

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.

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

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.

Trading Platforms

The trading platform choice offers the selection between industry leaders MetaTrader4 and powerful cTrader.

MetaTrader 4

MT4 is the most popular platform in the world. Traders choose 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.

cTrader

TopFX cTrader for 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 types 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 like on the desktop version and be in total control of your trading account while on the move.

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

The broker’s customer support team can be reached via telephone, email, Live Chat, or by filling the ‘contact us’ form on the broker’s website.

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 webinars list here. The broker has also initiated educational webinars in Thailand.

Conclusion

Overall, TopFX is 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 education sources and materials, so complete beginners would need to search for webinars and courses somewhere else.