TopFX Review 2022
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|TopFX Facts & Figures|
TopFX is a Cyprus headquartered broker offering MT4, cTrader and copy trading.
• Best Client Trading Experience Broker - Global Forex Awards
|Bonus||$50 No Deposit Bonus|
|Instruments||Forex, indices, shares, metals, energies, ETFs, CFDs|
|Payment Methods||Credit Card, Debit Card, Mastercard, Neteller, PayPal, Skrill, Visa, Wire Transfer|
|Min. Trade||0.01 lots|
|Regulated By||CySEC, FCA, FSA|
|Mobile Apps||iOS & Android|
|Auto Trading||Yes (EAs)|
|Trade a variety of CFDs with competitive trading conditions.|
|FTSE Spread||From 1.5|
|GBPUSD Spread||From 0.2|
|Oil Spread||From 2.0|
TopFX offers leveraged trading on a long list of currency pairs.
|GBPUSD Spread||From 0.2|
|EURUSD Spread||From 0.2|
|EURGBP Spread||From 0.2|
Clients with a TopFX FSA regulated account can trade six crypto CFDs.
|Coins||BTC, BCH, ETH, LTC, XRP, DASH|
TopFX is a regulated online broker providing access to more than 1,000 popular financial markets. Clients can use the MetaTrader 4 and cTrader terminals, plus an intuitive copy trading solution. In this TopFX review, we explore all aspects of the Cyprus-based broker, from the registration process and welcome bonus to leverage rates and live account options.
TopFX Ltd was founded in 2010 to provide liquidity and white label solutions to forex brokerages, investment firms and hedge funds. The company has since entered the retail trading market, offering leveraged forex, CFD and ETF investing.
TopFX follows an STP trading model and has an active customer base across Europe, Asia and Africa, including Indonesia, Thailand, Malaysia, Vietnam and Nigeria. The brand has picked up several awards and customer reviews highlight the fast withdrawals and competitive trading costs.
The online broker is licensed with the CySEC (Cyprus Securities and Exchange Commission), the UK FCA (Financial Conduct Authority), and the Seychelles FSA (Financial Services Authority). These are reliable agencies and provide a degree of trust for traders.
Both platforms have been well-reviewed by the forex community, suiting the needs of different traders. MT4 has been praised for its simplicity, flexibility, and support for algorithmic trading, while cTrader is equipped with more sophisticated tools and copy-trading capabilities.
cTrader has become an increasingly popular rival to the MetaTrader platforms. Its interface is clean and modern, with customisable charts and watchlists. The platform features over 70 technical analysis indicators plus 54 different timeframes.
cTrader offers 3 types of market depth and level 2 pricing. Users can implement algorithmic trading through cBots, which perform the same function as MT4’s Expert Advisors. cTrader is also one of the fastest retail trading platforms, with a 3ms internal processing time.
Features of cTrader include:
- Detailed symbol information and live sentiment data
- Advanced Take Profit and Stop Loss orders
- Range of charting modes
- One-click trading
- Easy navigation
TopFX has also branched out into copy trading via the cTrader terminal. This allows investors to rank strategies and mirror the positions of successful traders. Users can also modify the funds allocated to a specific strategy and access detailed reporting on all opened and closed positions. The broker’s full suite of trading assets is available.
MT4 is the market leader for forex trading platforms with the highest number of users worldwide. The terminal suits traders of all experience levels thanks to its user-friendly features and range of technical tools. It is worth pointing out, however, that MT4 offers fewer timeframes than cTrader.
TopFX customers can use over 30 pre-installed indicators on MT4, as well as trading bots, known as Expert Advisors (EAs). Additional indicators and EAs can be purchased on the MetaTrader marketplace. Users can also build bots and indicators using the MQL4 programming language.
Features of MT4 include:
- Detailed historical data
- Multiple languages
- Easy customisation
- Interactive charts
- One-click trading
TopFX offers access to over 1,000 markets with a particularly impressive range of currency pairs, spanning majors, crosses and exotics.
Available markets include:
- 90 currency pairs
- 15 stock indices
- 900+ shares
- 3 energies
- 3 metals
- 25 ETFs
Clients that sign up for an FSA-regulated account can also speculate on six cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, Dash and Bitcoin Cash.
The leverage available to TopFX customers depends on where they register an account. Regulators have different leverage restrictions, as detailed below.
Always remember to use appropriate risk management tools when trading on margin.
- Exotic/cross currency pairs – up to 1:20
- Major currency pairs – up to 1:30
- Energy CFDs – up to 1:10
- Metal CFDs – up to 1:20
- Index CFDs – up 1:20
- Share CFDs – up to 1:5
- ETFs – up to 1:5
- Major currency pairs – up to 1:500
- Exotic currency pairs – up to 1:100
- Energy CFDs – up to 1:200
- Metal CFDs – up to 1:200
- Share CFDs – up to 1:20
- Crypto CFDs – up to 1:10
- Index CFDs – up 1:200
- ETFs – up to 1:20
The mobile versions of MT4 and cTrader can be downloaded to iOS and Android devices. The applications allow clients to monitor their accounts and execute trades from any location.
The cTrader app is particularly advanced, with 26 timeframes and 5 chart types, plus the ability to organise instruments into categories via the Watchlists feature. The platform also combines trading signals, market information, and news updates under the Blotter tab. Alternatively, the MT4 app offers fewer chart types (3) and timeframes (9) but has over 30 technical indicators. Both mobile applications are easy to use with slick interfaces.
As a liquidity provider, TopFX offers competitive trading fees. The spreads available depend on whether clients choose a RAW account or a ZERO account. RAW account users can access spreads starting from zero pips, which is offset by a 2.75 EUR commission per side per lot. ZERO account clients get spreads starting from 0.5 pips.
Spreads on currency pairs are generally lower than the industry average of around 1.5 pips. Popular pairs like EUR/USD, GBP/USD, and USD/CAD offer spreads from 0.0 pips, 0.1 pips, and 0.1 pips respectively, with the RAW account.
TopFX does not charge commission on share CFDs or ETFs. Spreads on indices range from 0.9 pips to 10 pips.
TopFX offers two types of accounts: RAW and ZERO. The RAW account charges a flat 2.75 EUR fee on trades but has lower spreads. ZERO users, on the other hand, pay no commission but incur higher spreads.
According to TopFX, both accounts are equally priced in the long-term, with the RAW account best suited to those that prefer a clearer pricing model.
Islamic (swap-free) accounts are available across both the RAW and ZERO formats.
- Commission: 2.75 EUR per side per lot
- Min/Max Trade Sizes: 0.01/100 lots
- Spreads from: 0.0 pips
- Leverage: up to 1:30
- Stop/Out: 35%
- Min/Max Trade Sizes: 0.01/100 lots
- Spreads from: 0.5 pips
- Leverage: up to 1:30
- No commission
- Stop/Out: 35%
Payments to TopFX can be made by PayPal, card (Visa or Mastercard), e-Wallet (Neteller or Skrill), or bank wire transfer. Except for wire transfer, which takes 3-5 working days, transfers are processed instantly. Deposits are fee-free.
TopFX has no minimum deposit requirement for Limassol, Cyprus-based accounts while Seychelles accounts require a 50 USD minimum deposit.
The broker processes all withdrawals within one working day. Funds may take slightly longer to reach clients’ accounts depending on the transfer method (up to 5 days for wire transfer). TopFX does not take a commission on withdrawals.
As a multi-regulated broker, TopFX follows security measures designed to protect trader capital. User funds are kept segregated from the brokers’ pool of money in top-tier European banks (like Barclays). TopFX also provides negative balance protection so traders can’t lose more than their initial deposit. In addition, the company is a member of the ICF (Investor Compensation Fund), which protects client capital in the case of extraordinary events, such as broker insolvency.
Note, clients who trade with TopFX’s Seychelles office do not receive insurance, but are granted negative balance protection and benefit from segregated trading accounts.
The customer service team can be contacted 24 hours a day, 5 days a week. Contact options include:
- Online form: Available under the ‘Contact us’ tab
- Live chat: Available under the ‘Contact us’ tab
- Telephone: +357 25352244
- Email: email@example.com
TopFX’s educational offering varies depending on the territory. In Italy and Thailand, for example, the brand runs twice-weekly webinars. However in English, TopFX’s education resources are limited. This is disappointing, as many brokers offer extensive additional tools for new traders. Economic calendars and pip or profit calculators are also not available.
With that said, clients can still make use of the copy trading solution which is an excellent tool for those new to the financial markets.
Advantages of trading with TopFX include:
- cTrader and MT4 trading systems
- Quick (one-day) withdrawals
- Secure login & client area
- Copy trading platform
- Fast order execution
- Rebate promotions
- No payment fees
- Tight spreads
Downsides of registering for a TopFX account include:
- Limited additional investing tools
- Limited cryptocurrency trading
- No demo account
TopFX is a reliable forex and CFD broker offering competitive fees. The firm is regulated by multiple trusted bodies and offers negative balance protection. In addition, both the MT4 and cTrader platforms are available alongside the broker’s popular copy trading solution. Overall, we’re comfortable recommending TopFX to our readers.
TopFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use TopFX from United States, Japan, Korea, Iran.
Alternatives to TopFX
If you are looking for alternatives to TopFX we have compiled a list of the top 5 brokers that are similar to TopFX below. This list of brokers like TopFX is in order of similarity and only includes companies that accept traders from your location.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
Does TopFX Offer A Welcome Deposit Bonus?
TopFX provides a no deposit bonus of $50 to clients who sign up with the FCA account. This welcome bonus cannot be withdrawn but can be used to speculate on the broker’s range of trading assets.
Does TopFX Have A Minimum Deposit?
For CySEC-regulated accounts, there is no minimum deposit requirement. However, traders signing up for an FSA account must deposit at least 50 USD (or equivalent).
What Markets Can I Trade With TopFX?
Clients can take positions across 1,000+ financial markets, including 90 currency pairs and 900 equity CFDs. In addition, ETFs, indices, precious metals and energies are available. FSA clients can also trade cryptocurrencies.
Is TopFX Based In Cyprus Or The Seychelles?
TopFX is a legitimate broker registered in both Cyprus and the Seychelles. Two different accounts are offered to meet respective regulatory requirements. Importantly, Seychelles clients can access higher leverage rates at the expense of weaker legal protection.
Does TopFX Have A Demo Account?
TopFX does not offer a free paper trading account. This may deter some investors as practice accounts are an excellent opportunity to trial a broker’s services before risking cash.
|TopFX is a Cyprus headquartered broker offering MT4, cTrader and copy trading.|
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