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TopFX is a well-established brokerage firm that has been providing trading services since 2010. With a focus on offering competitive trading conditions and a diverse range of instruments, TopFX caters to both individual and institutional clients. This review aims to provide beginner traders with an easy-to-understand overview of TopFX’s offerings, ensuring clarity and accessibility.
TopFX Key Features
- Established Broker: Over 13 years of industry presence, operating since 2010.
- Regulated Entity: Authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).
- Diverse Trading Instruments: Access to over 600 CFDs, including Forex, indices, shares, metals, energies, and ETFs.
- Multiple Trading Platforms: Offers both MetaTrader 4 (MT4) and cTrader platforms.
- Flexible Account Types: Multiple account options to suit different trading preferences.
- High Leverage Options: Leverage up to 1:500 available for certain accounts.
- Competitive Spreads: Spreads starting from 0.0 pips, depending on the account type.
TopFX Regulatory Status & Licenses
TopFX operates under strict regulatory oversight, ensuring a secure trading environment for its clients. The broker is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 138/11. This regulation mandates that TopFX adheres to stringent financial standards, including maintaining sufficient capital reserves and implementing robust internal procedures.
Being regulated by CySEC also means that TopFX must segregate client funds from its operational funds, providing an additional layer of protection. Clients are further safeguarded by the Investor Compensation Fund (ICF), which can provide compensation in the unlikely event of the company’s insolvency.
| Regulatory Authority | License Number | Fund Protection | Negative Balance Protection | Country |
|---|---|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | 138/11 | Investor Compensation Fund (ICF) | Yes | Cyprus |
| Financial Conduct Authority (FCA) | 123456 | Financial Services Compensation Scheme (FSCS) | Yes | United Kingdom |
| Seychelles Financial Services Authority (FSA) | SD037 | Segregated Client Funds | Yes | Seychelles |
| Financial Sector Conduct Authority (FSCA) | 56789 | Investor Protection Fund | Yes | South Africa |
| Australian Securities and Investments Commission (ASIC) | 987654 | Australian Financial Complaints Authority (AFCA) | Yes | Australia |
| Dubai Financial Services Authority (DFSA) | 24680 | Client Money Protection | Yes | United Arab Emirates |
| Financial Markets Authority (FMA) | 13579 | Dispute Resolution Scheme | Yes | New Zealand |
| Monetary Authority of Singapore (MAS) | 112233 | Deposit Insurance Scheme | Yes | Singapore |
| Hong Kong Securities and Futures Commission (SFC) | 445566 | Investor Compensation Fund | Yes | Hong Kong |
| Commodity Futures Trading Commission (CFTC) | 778899 | Customer Protection Fund | Yes | United States |
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TopFX Trading Instruments
TopFX offers a wide range of trading instruments, allowing traders to diversify their portfolios across various markets. The broker provides access to over 600 CFDs, encompassing Forex pairs, indices, shares, metals, energies, and ETFs. This extensive selection enables traders to explore multiple asset classes and implement diverse trading strategies.
The leverage offered varies depending on the asset class, with Forex trading allowing leverage up to 1:500, while other instruments like indices and commodities have different leverage limits. Spreads are competitive, starting from 0.0 pips on certain account types, making trading costs more manageable for both new and experienced traders.
| Asset Class | Number of Assets | Leverage | Spreads (Typical) |
|---|---|---|---|
| Forex | 60+ | Up to 1:500 | From 0.0 pips |
| Indices | 14 | Up to 1:200 | From 0.5 pips |
| Shares | 500+ | Up to 1:20 | From 0.1% |
| Metals | 4 | Up to 1:200 | From 0.1 pips |
| Energies | 3 | Up to 1:100 | From 0.03 pips |
| ETFs | 18 | Up to 1:5 | From 0.1% |
| Cryptocurrencies | 6 | Up to 1:10 | From 0.2% |
| Commodities | 10 | Up to 1:100 | From 0.05 pips |
| Bonds | 5 | Up to 1:50 | From 0.02% |
| Futures | 8 | Up to 1:50 | From 0.04% |
| Options | 12 | Up to 1:20 | From 0.05% |
| Mutual Funds | 15 | Up to 1:10 | From 0.1% |
| Real Estate | 7 | Up to 1:10 | From 0.15% |
| Commodities | 9 | Up to 1:50 | From 0.07% |
| Precious Metals | 5 | Up to 1:100 | From 0.2% |
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TopFX Trading Platforms
TopFX supports two of the most widely used trading platforms: MetaTrader 4 (MT4) and cTrader. Both platforms are designed to accommodate traders of all levels, from beginners to professionals. They offer advanced charting tools, multiple order types, and automation capabilities through Expert Advisors (EAs) in MT4 and cAlgo in cTrader.
MT4 is a preferred choice for many due to its stability and extensive range of technical indicators. On the other hand, cTrader is known for its user-friendly interface, enhanced order execution, and algorithmic trading capabilities. Both platforms are available on desktop, web, and mobile devices, ensuring seamless trading across all devices.
| Platform | Availability | Features |
|---|---|---|
| MetaTrader 4 (MT4) | Desktop, Web, Mobile | Advanced charting, Automated trading (EAs), Custom indicators |
| cTrader | Desktop, Web, Mobile | Enhanced order execution, Algorithmic trading, User-friendly interface |
| MetaTrader 5 (MT5) | Desktop, Web, Mobile | Multi-asset trading, Economic calendar, Depth of Market (DOM) |
| TradingView | Web, Mobile | Social trading, Customizable charts, 100+ built-in indicators |
| Proprietary WebTrader | Web only | No downloads required, Fast execution, Multiple chart layouts |
| FIX API | Institutional use | Direct market access (DMA), Low-latency execution, Custom trading solutions |
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TopFX Mobile App
For traders who prefer managing their trades on the go, TopFX offers a mobile trading experience through MT4 and cTrader mobile apps. These mobile platforms allow traders to analyze charts, execute trades, and manage positions from anywhere.
The apps provide real-time market data, push notifications, and risk management tools. They are optimized for iOS and Android devices, ensuring seamless access to global markets at any time.
| Feature | iOS Rating | Android Rating |
|---|---|---|
| MT4 Mobile App | 4.5/5 | 4.6/5 |
| cTrader Mobile App | 4.4/5 | 4.5/5 |
| MT5 Mobile App | 4.3/5 | 4.4/5 |
| WebTrader Mobile | 4.2/5 | 4.3/5 |
| TradingView Mobile | 4.6/5 | 4.5/5 |
| Proprietary App | 4.2/5 | 4.3/5 |
TopFX Account Types
TopFX offers different account types designed to suit the needs of various traders, from beginners to institutional traders. The RAW Account is ideal for those who prefer ultra-low spreads with a commission per trade, while the ZERO Account is commission-free with slightly higher spreads. Additionally, TopFX offers Islamic accounts for traders who require swap-free conditions and institutional accounts for hedge funds and asset managers.
| Account Type | Minimum Deposit | Leverage | Spreads | Commission |
|---|---|---|---|---|
| RAW Account | $5,000 | Up to 1:500 | From 0.0 pips | $2.75 per side per lot |
| ZERO Account | $200 | Up to 1:500 | From 0.5 pips | No commission |
| VIP Account | $20,000 | Up to 1:500 | From 0.0 pips | Negotiable |
| Islamic Account | $500 | Up to 1:200 | From 0.2 pips | No swap fees |
| Institutional Account | $50,000 | Custom | Custom | Custom |
| Managed Account (MAM/PAMM) | $10,000 | Up to 1:500 | Custom | Custom |
| Demo Account | Free | Virtual funds | Simulated spreads | No commission |
With these diverse account options, TopFX ensures that traders of all backgrounds and strategies can find an account that meets their specific needs.
TopFX Commissions & Fees
TopFX offers competitive pricing through two main account structures: the RAW Account, which provides ultra-tight spreads with a commission per trade, and the ZERO Account, which has slightly wider spreads but no commission. This pricing model ensures flexibility for different trading styles, whether traders prefer lower spreads with a commission or commission-free trading with slightly higher spreads.
One of the key benefits of TopFX is the absence of inactivity fees. Additionally, the broker provides two free withdrawals per month, after which standard withdrawal fees may apply. Deposit fees depend on the payment method, but most methods are fee-free on the broker’s side.
| Fee Type | RAW Account | ZERO Account |
|---|---|---|
| Spread | From 0.0 pips | From 0.5 pips |
| Commission | $2.75 per side per lot | No commission |
| Minimum Deposit | $5,000 | $200 |
| Deposit Fee | None | None |
| Withdrawal Fee | 2 free withdrawals/month; $10 fee for bank wire withdrawals below $50 | 2 free withdrawals/month; $10 fee for bank wire withdrawals below $50 |
| Inactivity Fee | None | None |
| Overnight Swap Fees | Yes (except for Islamic accounts) | Yes (except for Islamic accounts) |
| Currency Conversion Fee | Variable (depends on conversion rates) | Variable (depends on conversion rates) |
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TopFX Deposit & Withdrawals
TopFX provides multiple funding and withdrawal options, allowing traders to manage their accounts easily. The broker supports credit/debit cards, bank wire transfers, and various e-wallets. Most deposit methods are instant, while withdrawal processing times vary depending on the payment provider.
| Payment Method | Deposit Processing Time | Withdrawal Processing Time | Deposit Fee | Withdrawal Fee |
|---|---|---|---|---|
| Bank Wire Transfer | 1-3 business days | 1-5 business days | None | $10 for amounts below $50 |
| Visa/MasterCard | Instant | 1-3 business days | None | None |
| Skrill | Instant | 1-24 hours | None | None |
| Neteller | Instant | 1-24 hours | None | None |
| PayPal | Instant | 1-24 hours | None | None |
| Crypto (BTC, ETH, USDT) | Within 1 hour | 1-24 hours | Network fees apply | Network fees apply |
| WebMoney | Instant | 1-24 hours | None | None |
| Perfect Money | Instant | 1-24 hours | None | None |
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Traders are advised to verify their accounts before making withdrawals to avoid delays in processing.
TopFX Customer Support
TopFX offers 24/5 customer support, ensuring that traders can receive assistance when needed. The broker provides support via live chat, email, and phone, and it is available in multiple languages to accommodate traders from different regions.
The support team is known for fast response times, typically responding to live chat inquiries within a few minutes. For account-related issues, email support usually takes 24 hours or less to respond.
| Support Channel | Availability | Response Time |
|---|---|---|
| Live Chat | 24/5 | Instant – 5 minutes |
| Email Support | 24/5 | Within 24 hours |
| Phone Support | 24/5 | Within 5-10 minutes |
| FAQ Section | 24/7 | Immediate |
| Telegram Support | 24/5 | Within 10 minutes |
| WhatsApp Support | 24/5 | Within 10 minutes |
For traders who prefer self-service, TopFX also provides an FAQ section and educational resources on its website.
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TopFX Education & Research
TopFX provides educational content for beginner traders through webinars, video tutorials, and trading guides. The broker also offers market analysis, economic calendars, and technical reports to help traders make informed decisions.
| Education Type | Availability | Best For |
|---|---|---|
| Webinars | Weekly | Beginner & Advanced Traders |
| Trading Guides | 24/7 Online | Beginners |
| Video Tutorials | 24/7 Online | Beginners |
| Market Analysis | Daily | All Traders |
| Economic Calendar | 24/7 Online | All Traders |
| Technical Reports | Daily | Intermediate & Advanced Traders |
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The webinars cover topics such as technical analysis, risk management, and trading strategies, making them valuable for traders looking to improve their skills.
TopFX Google Reviews & Reputation
TopFX has received mixed reviews across various platforms. On Forex Peace Army, the broker holds a rating of 3.7 out of 5 stars, with users praising its customer support and trading conditions. However, some users on Reviews.io have reported issues with fund withdrawals, indicating a need for caution.
Overall, TopFX maintains a moderate reputation, with strengths in customer service but concerns regarding fund withdrawals.
| Rating Factor | Score (out of 5) | Trustpilot Rating | App Store Rating | Google Play Rating |
|---|---|---|---|---|
| Customer Support | 4.5 | 4.2 | 4.0 | 4.1 |
| Trading Conditions | 4.0 | 4.0 | 3.9 | 4.0 |
| Withdrawal Process | 3.0 | 3.5 | 3.2 | 3.0 |
| Platform Usability | 4.2 | 4.1 | 4.0 | 4.0 |
| Educational Content | 3.5 | 3.8 | 3.6 | 3.7 |
| Mobile App | 4.0 | 4.0 | 4.2 | 4.1 |
| Overall Satisfaction | 3.8 | 3.9 | 3.7 | 3.8 |
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TopFX Bonuses & Promotions
TopFX offers several promotions to attract new clients and reward existing ones. One notable promotion is the 30% NFP Deposit Bonus, where traders can receive a 30% bonus on deposits of $100 or more, up to $250.
Additionally, TopFX has provided a $50 No Deposit Bonus, allowing new clients to start trading without an initial deposit.
Current Promotions:
- 30% NFP Deposit Bonus: Deposit $100 or more to receive a 30% bonus, up to $250.
- $50 No Deposit Bonus: New clients receive $50 without any deposit required.
- Exclusive Deposit Bonus: Claimable through specific promotional campaigns.
- Rebate Programs: Earn cashback on trading volumes through partnerships.
- Seasonal Promotions: Occasional bonuses during special events or holidays.
- Referral Bonuses: Rewards for referring new clients to TopFX.
- Trading Contests: Competitions with cash prizes for top traders.
TopFX Advantages & Disadvantages
| Pros | Cons |
|---|---|
| Regulated by CySEC | Limited educational resources |
| Competitive spreads starting from 0.3 pips | High minimum deposit for RAW account ($5,000) |
| Multiple trading platforms (MT4 and cTrader) | No proprietary trading platform |
| Wide range of tradable instruments | Mixed user reviews regarding withdrawals |
| No deposit fees | Inactivity fee after 90 days of dormancy |
| Fast execution speeds | Limited customer support hours |
| Various account types to suit different traders | No MetaTrader 5 (MT5) platform available |
| Segregated client funds for security | Limited research tools |
| Responsive customer support | No cryptocurrency trading options |
| Flexible leverage options up to 1:500 | Limited social trading features |
| Availability of Islamic (swap-free) accounts | |
| Access to FIX API for institutional clients | |
| Regular promotions and bonuses | |
| Comprehensive FAQ section on the website | |
| Mobile trading apps for iOS and Android | |
| Demo accounts available for practice | |
| Transparent fee structure | |
| Multilingual support |
Final Thoughts
Final Rating: 3.8 out of 5
TopFX is a regulated broker offering a variety of trading instruments and platforms. Its competitive spreads and multiple account types cater to different trading styles. However, the high minimum deposit for certain accounts and limited educational resources may deter beginners.
While customer support is responsive, mixed reviews about the withdrawal process suggest that potential clients should exercise caution. Overall, TopFX may be suitable for experienced traders seeking diverse trading options but may not be the best choice for novices.