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TopFX Broker Review 2024

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TopFX Broker Review 2024
Use of Expert Advisors/Bots
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Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:TopFX
Founded:Cyprus
Min Deposit:50
Max Leverage:30
Headquarter:Cyprus
US Accepted:
About
TopFX is a Cyprus-based forex broker regulated by CySEC, offering over 600 CFDs on multiple instruments. It provides MetaTrader 4 and cTrader platforms with competitive pricing and fast execution. However, it lacks copy trading, cryptocurrency options, and robust educational content, limiting its appeal.
Contact
John Kennedy, IRIS HOUSE, 7th Floor, Flat/Office 740B, 3106, Limassol, Cyprus
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Regulated By CySEC, Ensuring Client Fund Protection
Fast Execution Speeds With No Dealing Desk (NDD) Model
Wide Range Of Tradable Instruments
Competitive Pricing
Choice Of Popular Trading Platforms
Cons
Lack of Cryptocurrency Trading
No Social/Copy Trading Features
Very Limited Educational Content

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.

TopFX Review
TopFX Review: All aspects and details about the broker

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:

Broker

TopFX

Account Types

Raw, Zero

Regulating Authorities

CySEC

Based Currencies

USD, EUR

Minimum Deposit

50 EUR

Deposit Methods

Credit/Debit Cards, Bank Wire Transfers, E-wallets, and Other Local Payment Methods

Withdrawal Methods

Credit/Debit Cards, Bank Wire Transfers, E-wallets, and Other Local Payment Methods

Minimum Order

0.01 Lot

Maximum Leverage

1:30

Investment Options

None

Trading Platforms & Apps

cTrader, MetaTrader 4

Markets

Forex, Indices, Shares, Metals, Energies, ETFs

Spread

From 0 Pips

Commission

From 0 on ZERO Account

Orders Execution

No Dealing Desk (NDD)

Margin Call/Stop Out

30/50%

Trading Features

Use of Expert Advisors/Bots

Affiliate Program

No

Bonus & Promotions

No

Islamic Account

Yes

PAMM Account

None

Customer Support Ways

Email, Phone Call, Ticket, Live Chat

Customer Support Hours

24/7

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:

Account Type

RAW

ZERO

Currency

USD, EUR

Leverage

Up to 1:30

Liquidity

TopFX

Min./Max. Trade Size

0.01/100 Lots

Stop Out Level

50%

Minimum Deposit

Depends on Payment Method

EAs/Bots

Allowed

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:

TopFX sign up button
Click the button specified in the screenshot to start the process of registration
  • 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:

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
TopFX MT4
MetaTrader 4 is one of the trading platforms on TopFX

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

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:

Account Type

Spread

Commission

RAW

From 0 Pips

2.75 EUR Per Side Per Lot

ZERO

From 0.5 Pips

Zero

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:

TopFX trustpilot
Users have given a good score to TopFX on the Trustpilot website
  • 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.

FAQs

What trading platforms does TopFX offer?

The broker provides two trading platforms: MetaTrader 4 (MT4) and cTrader.

What are the account types available at TopFX?

You can choose from two trading accounts which are RAW and ZERO on the brokerage.

Is TopFX a regulated broker?

Yes, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC), a well-known financial authority in Europe.

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