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TopFX Review 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Updated

Dec 2, 2024

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Overall Rating

3.8 / 5

TopFX is #68 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

3 / 5

Accounts & Banking

3 / 5

Assets & Markets

3 / 5

Fees & Costs

4 / 5

Platforms & Tools

3 / 5

Customer Support

3.5 / 5

Minimum Deposit $50

Trading Platforms MT4, cTrader, AutoChartist, TradingCentral

Instruments CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency

Regulators CySEC, FSA

Account Currencies USD, EUR, GBP

Payment Options Visa, Mastercard, Debit Card, Credit Card, Wire Transfer, Swift, Apple Pay, Google Wallet, Skrill, Neteller, Bitcoin Payments, Ethereum Payments, Perfect Money, Dragonpay, M-Pesa, FasaPay, PIX Payment, Sticpay, Bitwallet, Przelewy24, Sofort, iDeal

Awards

• Superiority in Client Fund Security 2024 - Forex Traders Summit in Dubai
• Top Trading Conditions 2023 - Smart Vision Investment Expo
• Best Retail Forex Broker 2023 - Fintech & Crypto Summit Bahrain
• Best Copy Trading Platform 2022 - WikiEXPO

Pros

• TopFX is committed to supporting a diverse range of day traders, including those who prefer manual, algorithmic, and strategy-based trading with a choice of three flexible accounts (Zero, Raw and VIP).
• TopFX continues to deliver first-class support following years of real-money trading with responses on live chat in minutes and email replies in 24 hours for technical assistance.
• Active traders get reliable trade execution with speeds under 25ms, combined with consistent pricing, no slippage or requotes, and fast deposits and withdrawals during testing.

Cons

• TopFX supports only two platforms (cTrader and MT4), so there's no option to trade with MT5 or the increasingly popular TradingView. The lack of a proprietary platform for beginner traders is also an entry barrier.
• Despite a growing selection of 600+ instruments, you can't invest directly in real assets, such as stocks, ETFs, and crypto, and TopFX does not offer interest on uninvested cash like alternatives such as IBKR.
• Although it produces in-house market analysis content, notably the Daily Market Digest, and includes Autochartist and Trading Central, the woeful educational offering is limiting for beginners, especially compared to category leaders like XTB.

This review evaluates TopFX for day trading. Drawing on real-world experience and comparisons with our 500-strong database of brokers, we provide a well-rounded assessment of TopFX’s strengths and weaknesses.

Regulation & Trust

TopFX’s long-standing presence, dating back to 2010, and regulatory oversight by a ‘green tier’ body in line with DayTrading.com’s Regulation & Trust Rating, contribute to its trustworthiness.

• TopFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 138/11. The CySEC is a reputable authority in the European Union known for its investor protection measures. These include negative balance protection and compensation of up to €20,000 per client through the Investor Compensation Fund (ICF) should the broker become insolvent.
• TopFX is regulated by the Financial Services Authority (FSA) of Seychelles under license number SD037. The FSA offers a more flexible environment, often favored by brokers operating in non-EU markets. This allows it to cater to a broader global clientele by providing perks like higher leverage. However, the catch is fewer safeguards, with zero investor protection.

TopFX is not publicly listed on a stock exchange, unlike Plus500 and IG. This means it keeps financial information private, which can reduce transparency compared to listed brokers.

Accounts & Banking

Live Accounts

TopFX offers three main account types to cater to different trading needs:

1. The Zero account is tailored for traders who prefer commission-free trading. Instead of paying a commission, traders experience slightly wider spreads starting from around 1.0 pip. This account is ideal for those who prefer a straightforward cost structure without additional fees per trade.
2. The Raw account is the account I’ve used for years and is designed for traders like me who prefer tighter spreads from 0.0 pips and a commission-based structure. As TopFX doesn’t charge commissions on indices, I’ve found this account the most cost-effective for my trading strategies. A commission is charged per lot traded, typical for raw spread accounts, and should help scalpers and high-frequency traders minimize costs.
3. The VIP account is designed for high-net-worth individuals or professional traders who require personalized service and premium trading conditions. Like the Zero account, this account offers no commissions but grants you a dedicated account manager and other exclusive benefits.

All three account types provide access to a wide range of trading instruments and leverage up to 1:500 (1:30 if you sign up with TopFX’s European entity), and are available on both the MT4 and cTrader platforms.

The stop-out level is 30% on all accounts, Islamic accounts are available, and VPS support for autonomous algorithmic trading is supported regardless of account.

The sign-up process is a touch outdated as it requires traditional credentials and doesn’t offer social login options.

Additionally, the platform lacks two-factor authentication (2FA), such as Google Authenticator, to enhance security.

Christian Harris

Author

Demo Accounts

Setting up demo cTrader and MT4 accounts is a snap with TopFX, and you can set up and trade with a maximum of five non-expiring demo accounts.

I’ve also been delighted that I can get going almost straight away with a demo account without account verification or a deposit. This allowed me to practice trading while my personal information was being verified. Furthermore, all assets and maximum leverage were available to me.

In addition to testing my trading, I explored the excellent cTrader Copy investment platform and bookmarked some interesting strategies to potentially copy.

Unfortunately, MT4’s more limited PAMM offering supports live MT4 accounts only.

Deposits & Withdrawals

Funding and withdrawing options at TopFX are fast, convenient, and low-cost, albeit slightly restrictive compared to some brokers.

Base accounts are also limited to USD, EUR, and GBP, which may increase your trading costs due to conversion fees.

TopFX offers various deposit methods, including credit/debit cards (Visa, Mastercard), bank wire transfers, digital wallets (Neteller and Perfect Money), and cryptocurrencies (BTC, ETH, USDT, LTC).

My experience with TopFX has been consistently positive. Deposits process nearly instantly, regardless of currency or payment method.

Withdrawals usually take longer – and only after I verified my account – but I’ve found that over the years, my debit card and e-wallet withdrawals are typically processed within the same business day and without fees.

Bank transfers, however, can be slower and may incur a fee, which is why I avoid them.

Christian Harris

Author

Assets & Markets

TopFX is a forex and CFD broker, making it an excellent choice for short-term traders.

The downside of specializing in these asset classes is that it doesn’t provide access to real stocks, real ETFs, or real cryptocurrencies (including staking), which won’t appeal to longer-term investors. There’s no spread betting, either, for more tax-efficient trading.

With lot sizes starting at 0.01 (including for indices), TopFX is accessible to beginners, while experienced traders can trade up to 100 lots.

While TopFX offers a good selection of assets, if you have specific priorities you may find better options elsewhere. For example, Eightcap boasts over 120 crypto pairs, CMC Markets has more than 300 currency pairs, and BlackBull Markets offers a vast 26,000 instruments.

Fees & Costs

TopFX consistently offers some of the industry’s lowest spreads and trading fees.

For major currency pairs like EUR/USD, spreads can start at just 0.0 pips on the Raw account with a commission of $2.75 per side per lot ($5.50 per round turn). Even average spreads, which indicate typical trading costs, are exceptionally low.

Beyond forex, TopFX also offers competitive pricing for stocks, indices, and commodities. Our analysis shows that its spreads often match or beat those of other top day trading platforms.

Additionally, TopFX charges low overnight and no monthly inactivity fees, making it an excellent choice for active and occasional traders.

One potential drawback of TopFX is the lack of interest payments on cash balances. This differs from platforms like eToro and Interactive Brokers, which offer interest on idle funds.

Additionally, while TopFX generally doesn’t charge deposit fees, withdrawal fees vary. Bank wire withdrawals, for instance, may incur a $20 fee.

Platforms & Tools

TopFX’s most significant hurdle for inexperienced traders is the lack of a proprietary trading platform, such as those provided by Plus500 or Trading 212.

This leaves you with either MT4 (MT5 not supported) or cTrader. While MetaTrader is popular among forex traders, I find its interface outdated.

Nevertheless, MT4 offers deep market analysis, a vast array of technical indicators, advanced charting tools, Expert Advisors (EAs), and robust backtesting capabilities.

cTrader’s charting capabilities are equally impressive, making it my favorite due to its intuitive interface. MetaTrader and cTrader offer a wide range of built-in indicators and algorithmic plugins. cTrader also provides outstanding features for copy trading.

TopFX needs to expand its platform offerings by supporting MT5 and TradingView.

Competing broker IC Markets has recently elevated its offering by adding support for trading directly within TradingView in addition to the already-supported MT5.

Research

TopFX provides several research tools to help you make informed decisions, but its offerings are still less comprehensive than those offered by category leaders like Interactive Brokers.

TopFX’s website has a ‘News & Analysis’ section that includes a ‘Daily Market Digest‘ by in-house financial analyst Myrsini Giannouli. These well-written articles are typically published daily and focus on forex pairs and popular assets like gold, oil, and Bitcoin.

I find Myrsini’s ‘Weekly Outlook’ pieces very insightful. They provide insights into market trends, economic events, and potential trading opportunities, helping me stay informed about market developments.

While no technical analysis is provided in the illustrative charts, I find the way that Myrsini highlights major support and resistance levels useful for planning potential trades.

Christian Harris

Author

Disappointingly, the YouTube-hosted’ Webinar Library‘ needs to be updated more frequently. At our last update of this review, the most recent video was six months old.

One of the most valuable features I’ve found using TopFX is the access to technical analysis and trading ideas from third-party providers Autochartist and Trading Central, directly within cTrader.

I find Autochartist helpful for automatically identifying chart patterns. At the same time, Trading Central lets me quickly review trade setups and execute automated trades with just a few clicks, including setting take-profit and stop-loss levels.

However, unlike other brokers like Fusion Markets, TopFX doesn’t provide access to Trading Central’s news feed, ‘Market Buzz,’ which would be another valuable feature providing analytics and sentiment indicators.

By entering a specific symbol or name into the search box, Market Buzz lets you easily filter the news to focus on that particular asset. This has been especially helpful when I’ve been tracking an index or currency pair.

Education

Education is a gaping hole in TopFX’s offering.

Whereas many top-tier brokers provide platform tutorials, trading tutorials, webinars, and even experience-led courses, TopFX offers zero educational assistance to help new traders navigate the complexities of trading. There’s not even an FAQ to help novice traders with basic account types and funding/withdrawing questions.

TopFX needs to take note of other major brokers, notably CMC Markets and XTB, and invest in educational resources to help novice traders grasp the fundamentals of trading, risk management, and market analysis.

Customer Support

Based on my years of using TopFX, its customer support is excellent.

Although the broker doesn’t offer multilingual assistance, I’ve found that all my inquiries via live chat and email have been answered quickly and confidently – within minutes with live chat for general inquiries and up to 24 hours for emails requiring more technical assistance.

The website also lists a contact number based in the Seychelles, but I’ve never needed to use it.

The only downside is that, as with most brokers, TopFX’s live chat agents’ technical knowledge has been relatively limited, requiring occasional follow-up emails to technical support.

Should You Trade With TopFX?

TopFX stands out as a competitive broker, especially for active traders. Its fast execution speeds, averaging under 25 milliseconds, offer a significant advantage.

With tight spreads and low commissions, TopFX helps reduce trading costs, making it a popular choice for experienced, frequent traders.

The broker’s versatility is further enhanced by its support for multiple trading styles, including manual, copy, and automated trading, thanks to support for both MT4 and cTrader platforms.

However, while TopFX offers a solid range of popular trading instruments, its overall appeal for those starting their trading journey may be limited due to the lack of an easy-to-use proprietary trading app, the lack of investing in real assets, and the limited educational resources compared to top-tier day trading brokers.

FAQ

Is TopFX Legit Or A Scam?

TopFX is a legitimate broker, not a scam. It has been operating since 2010 and is regulated by one reputable financial authority. This regulatory body enforce strict standards, ensuring that TopFX adheres to transparent and secure practices.

The broker’s long-standing presence in the market, regulatory compliance, and sponsorship of high-profile sporting events contribute to its credibility and trustworthiness.

Is TopFX A Regulated Broker?

TopFX is a regulated broker. It operates under the regulatory oversight of multiple authorities. Its Cyprus-based entity is primarily regulated by the CySEC, a well-respected regulator in the European Union.

TopFX is also licensed by the FSA of Seychelles, which provides less restrictive regulatory oversight for its global operations.

Is TopFX Suitable For Beginners?

TopFX can be a suitable choice for beginners because it offers account types with low minimum deposits, making it accessible for those starting with smaller investments.

However, the biggest considerations for inexperienced traders are the lack of an easy-to-use proprietary trading platform and the limited educational resources compared to the best brokers for beginners.

Does TopFX Offer Low Fees?

TopFX offers low fees that are particularly attractive to day traders. The broker provides tight spreads, starting at 0.0 pips on certain account types. Additionally, TopFX charges low commissions, especially on its Raw account, designed for traders seeking the lowest trading costs.

There are also no deposit fees, reducing the overall cost of trading with TopFX. However, it’s important to note that fees can vary depending on the account type and the specific instruments being traded.

Does TopFX Have A Mobile App?

TopFX offers mobile apps for its supported third-party trading platforms, MT4 and cTrader. These apps are available for iOS and Android devices and allow you to manage your accounts, execute trades, and monitor the markets on the go.

The mobile apps provide a user-friendly interface and include many of the features available on their desktop counterparts, such as charting tools, indicators, and order management options, making them suitable for short-term traders who need flexibility and mobility.

Top 3 Alternatives to TopFX

Compare TopFX with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

TopFX Comparison Table

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TopFX vs Other Brokers

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