TopFX Broker Review 2024

TopFX is a forex broker with over 600 CFDs on various instruments. Operating since 2010, this company is regulated by the Cyprus Securities and Exchanges Commission (CySEC), a high-tier financial authority.

The regulator of TopFX makes it appear as a reliable broker, but is it in practice? In this comprehensive, balanced TopFX review, we will investigate everything about this company in detail.

Company Information & Regulation

TopFX has been in the forex industry since 2010, primarily serving as a liquidity provider for other brokers and investment firms. However, they've expanded their services to cater to retail traders as well, offering a comprehensive suite of trading instruments and tools.

Key Points About TopFX Company:

• Founded: 2010
• Headquarters: Cyprus
• Regulation: Cyprus Securities and Exchange Commission (CySEC), license number CIF 138/11

Summary of Key Specifics

To give you a quick overview of what TopFX offers, here's a summary table of the broker's key features:

Account Types + Comparison

TopFX offers two main account types, in addition to a demo one, to cater to different trading styles and preferences:

• RAW: Ideal for high-volume traders and scalpers, available on both cTrader and MT4 platforms
• ZERO: Suitable for beginners and traders who prefer all-inclusive pricing, also available on cTrader and MT4

In the table below, we will review these two accounts in more detail:

You can convert either of these accounts into an Islamic one, in case you are a Muslim trader. The choice between RAW and ZERO accounts ultimately depends on your trading style and volume.

How to Sign Up & Verify Your Account on TopFX

The first thing you need to do to trade on the broker is sign up. Here's a helpful guide to opening an account on TopFX:

• Visit the website and click the "Open a Live Account" button;
• Fill in the registration form with your full name, email, and phone number;
• Choose your country and create a password;
• Select your account type (RAW or ZERO) and preferred trading platform (MT4 or cTrader);
• Click "Create Account";
• Click "Open a Live Account";
• Complete the form with additional details and answer the questions.

Your account has been created. For verification, upload photos of the required documents on the website.

Which Trading Platforms Are Used With TopFX?

Trading platforms are the environments for trading in financial markets. TopFX offers two popular platforms to its clients. We will take a look at each in the next sections.

cTrader

This one is a trading platform with a modern interface and attractive skin. Features:

• Modern, intuitive interface
• Advanced charting capabilities with 60+ built-in indicators
• One-click trading and market execution
• Customizable layout and workspaces
• Trading based on signals
• Automated trade with the help of robots

Download this platform for your mobile devices through these links:

• Google Play Store (Android)
• Apple App Store (iOS)

MetaTrader 4

MT4 is a very popular trading platform used by many traders for almost 2 decades now. Key Specifics:

• Industry-standard platform with a wide user base
• Extensive library of custom indicators and Expert Advisors (EAs)
• MQL4 programming language for creating custom tools
• Multi-chart setup for monitoring multiple instruments

You can get the platform for your smart phones through the links below:

• Android
• iOS

Spreads and Commissions in Trading and Other Operations

TopFX takes a fair approach in this regard, having lower-than-average commissions. Here's a breakdown of the spreads and fees for each account type:

For deposits and withdrawals, no fees are charged by the broker. Also, you will be charged with no inactivity costs. Overall, TopFX is doing a solid job with commissions and fees for clients.

Deposit & Withdrawal Methods

TopFX offers a vast range of payment methods and tools to meet the needs of traders. Payment Options in TopFX:

• Credit/Debit cards (Visa, Mastercard)
• Bank wire transfer
• E-wallets, including PayPal, Neteller, Skrill, etc.
• Other local payment methods (varies by country)

Copy Trading & Investment Options Offered on TopFX

Per our latest investigations, the broker offers no copy trading or social trading features on its platforms. This means that traders cannot automatically copy the trades of other successful investors or earn passive income through other methods.

For those interested in copy trading, it may be necessary to look for alternative brokers that offer such features or use third-party copy trading platforms in conjunction with their TopFX account.

Are There Any Bonuses and Promotions?

Based on the official resources, TopFX does not offer any specific bonuses or promotional offers to new or existing clients. This approach aligns with stricter regulatory guidelines, particularly from CySEC, which has placed limitations on bonus offerings in the forex and CFD industry.

It's worth noting that promotional offers in the forex industry can change frequently. Traders interested in potential future promotions should keep an eye on TopFX's official website or contact customer support for the most up-to-date information.

Support Contact Methods and Working Hours

TopFX provides customer support through multiple channels:

• Live Chat: Accessible directly from the website
• Email: support@topfx.com
• Phone: +357 25 352244
• Online Contact Form: Available on the official website

The support team at the broker is ready to answer your inquiries 24/7.

Trust Scores & Reviews

The brokerage has received mixed reviews from traders, as reflected in its ratings on popular review platforms such as the Trustpilot. TopFX Trust Scores:

• Trustpilot: 3.9/5 stars, based on more than 390 reviews
• ForexPeaceArmy: 3.7 out of 5 with 30+ ratings

Overall, the company has achieved acceptable scores. However, It's important to approach these reviews with a balanced perspective. While they provide valuable insights into user experiences, individual experiences can vary.

Conclusion and final words

TopFX is considered a reliable broker with CySEC being its regulator and the higher-than-average trust scores. Also, it features MetaTrader 4 and cTrader as two of the most popular trading platforms.

However, the lack of crypto trading and investment options might be a big issue for some traders. Moreover, the broker offers limited educational content.

Overall, it depends on your preferences and purposes since TopFX appears to be a suitable choice for trading Forex, stocks, indices, etc.