TopFX Review: Reliable Broker
The first thing that we would like to stress is that TopFX has two branches, i. e. two domains. One operates in Cyprus while the other is in Seychelles.
That being said, one has been regulated by a reputable European financial authority for over a decade while the other one is an offshore provider. Clients started complaining, which we addressed in the TopFX Review.
|Broker status:||Regulated Broker|
|Regulated by:||CySEC & FSA|
|Owned by:||TopFX Ltd. & TopFX Global Ltd.|
|Headquarters Country:||Cyprus & Seychelles|
|Supported Platforms:||MT4, cTrader|
|Minimum Deposit:||50-100 $ depending on the payment method|
|Cryptocurrencies:||Yes – BTC, ETH, LTC…|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Shares, ETFs|
|Free Demo Account:||Available|
|Accepts US clients:||No|
Is TopFX a Safe and Regulated Broker?
As we said, TopFX has a domain approved to operate by the Cyprus Securities and Exchange Commission (CySEC) – topfx.com. However, there’s an offshore branch based in Seychelles, which is this one – topfx.com.sc.
We believe that the Cypriot side is doing everything by the book. The offshore one is suspicious given that providers from islands such as Seychelles, Vanuatu, SVG, etc. aren’t very reliable.
Cyprus belongs to the EEA zone and is thus under the jurisdiction of the European Securities and Markets Authority (ESMA). That means that CySEC requires brokers to have a minimum operating capital of 730,000 EUR. On the other hand, opening a brokerage in Seychelles costs 50,000 $.
The Seychelles FSA is far less demanding than European regulators. Offshore brokers from Seychelles aren’t liable to pay clients compensation in case they go insolvent or something whereas CySEC has a compensation scheme worth up to 20,000 EUR.
Judging by traders’ complaints, the issues with the TopFX broker are related to spreads. Basically, the account types should come with really tight spreads, but the reality is different.
Traders claim the spreads are being manipulated. If this really is the case, then this is one pretty sophisticated attempt to jeopardize trading. All in all, you must be careful with TopFX, especially if you’re opening an account with the Seychelles branch.
TopFX operates from both Cyprus and Seychelles. We found numerous client complaints against the broker’s business. Dissatisfied traders mainly come from Italy, Poland, Cyprus, Iraq, Sweden, and Malaysia.
TopFX Available Trading Platform
Let’s take a look at the TopFX trading platform selection. We have MetaTrader 4 and cTrader. Needless to say, both choices are phenomenal.
The trading community holds MT4 and cTrader in very high regard. Mobile trading is also available for both platforms.
cTrader is an exceptional platform. According to the TopFX website, this software offers detailed symbol information & live sentiment data, 54 timeframes, from one minute to one month, 70+ technical analysis indicators, lines and oscillators, and many more features.
There’s also a web and mobile version available for Android and iOS. Traders can utilize copy trading and benefit from successful strategies using cTrader.
Arguably the best software in trading, MetaTrader 4 is a trailblazer that offers cutting-edge tools. Traders have to opportunity to use automated trading, trading signals from trading central, interactive charting, 1-click trading, and much more.
As the aforementioned cTrader, MT4 is also available for mobile devices. To sum up, the offer of TopFX trading platforms is great, but you should still be careful.
What Traders Are Saying About TopFX
TopFX has been around for more than a decade. It’s normal that a broker like that isn’t everybody’s cup of tea.
The complaints we found prompted us to do this review and show we you have to be careful even with long-standing brokers such as TopFX. Trustpilot even detected a number of fake reviews. The issue here seems to be the manipulation of spreads.
Please avoid this broker at all cost. There is a massive manipulation on spreads to take you out of position. Up to 7times normal spread…
- Trustpilot user, March 6, 2022.
They Are doing against of their policy terms. Once you trade on a raw account, suddenly it return to a wide-ranged spread material. It’s not reliable at all…
- Trustpilot user, August 19, 2022.
TopFX’s Trading Assets and Instruments
The broker offers a wide range of trading instruments. Clients can trade FX pairs, CFDs on popular asset classes, and digital assets. Here’s a list of TopFX trading instruments:
- FX pairs – EUR/USD, GBP/SKD, EUR/TRY…
- Indices – IBEX35, CAC40, AEX…
- Commodities – crude oil, natural gas, wheat…
- Shares – JPMorgan, CAT, Visa, Walmart…
- Crypto – BTC, BCH, DSH…
- ETFs – MSCI Australia, MSCI Brazil, MSCI Italy…
TopFX Service Countries
TopFX was active all around the world. Especially the offshore Seychelles branch. Here’s a list of countries where this broker picked up clients:
- Dominican Republic;
In the last three months, TopFX avered over 100k visits to its website, half of it coming from Italy.
What Are The Different TopFX Account Types?
TopFX offers two different account types. Traders can choose between a:
- Raw account;
- Zero account.
They are essentially the same in terms of max leverage (1:500), trading platforms, currencies (EUR, USD), and minimum trade size (0.01 lot). Both types have an Islamic account option.
The main difference lies in the spreads and commissions. The Raw account better suits intraday traders and scalpers since it offers 0.0 pips and commissions of 2.75 $ per side per lot. The Zero account has commissions calculated into spreads, which start from 0.5 pips.
Can a Trader Use a Demo Account?
Yes. Traders can open a free demo account to practice. The TopFX demo account is available for both trading platforms and accounts.
If you decide to go with TopFX and open a demo account, be careful when switching to a live one because really money is at stake.
What Methods Of Deposit And Withdrawal Does TopFX Accept?
TopFX offers so many deposit & withdrawal options. Over 30 of them! Here’s a short overview:
- Credit/debit cards;
- Wire transfer;
- Cryptocurrencies (BTC, ETH, USDT…);
- E-wallets (Skrill, Neteller, DragonPay…).
The deposit fees are zero. However, TopFX charges withdrawal fees – 1-5.5% depending on the payment method, from the third withdrawal onwards. The minimum deposit and withdrawal amount also vary – 50 $ for cards, 100 EUR for banks, 0.001 BTC, etc.
The TopFX promotion segment is essentially a bonus on your deposit. Namely, you get a 50% deposit bonus, which is not withdrawable.
Keep in mind that ESMA banned brokers from issuing bonuses, so this promotion applies only to the offshore Seychelles branch.
Bonuses are tricky and could be easily used against you. Most bonus clauses require clients to reach an insanely high trading volume to be able to withdraw funds so watch out for it.
TopFX Terms & Conditions – What You Need to Know
The T&C section seems pretty legit. If TopFX violated any terms and conditions, we bet it’s the provisions regarding trading conditions.
We say that because of the clients’ complaints about spreads being wider than they should be. It doesn’t seem that there are withdrawal issues with TopFX.
What Should I Do If I Have TopFX Problem?
If TopFX really is running some kind of scheme to trick traders, then it’s no joke. The broker has a legitimate and an unreliable branch, so the most important thing is to choose the right one.
If not, you could be in for a nightmare. After all, TopFX has an average trust score of 67 out of 99 and no Tier 1 license. If you do decide to trust TopFX, please be careful and notify us if any issues pop up.
If this broker steals your money, you can contact us for help!
What Is TopFX?
TopFX is a broker that offers FX, CFD, and crypto trading. The broker is based in Cyprus and Seychelles.
Is TopFX a Regulated Broker?
The Cypriot branch of TopFX is regulated by CySEC and abides by the rules. The Seychelles branch, however, operates offshore is carries risks.
Is TopFX Available in the United States or the UK?
TopFX accepts traders from the United Kingdom but not from the United States.
Does TopFX Offer a Demo Account?
Yes. Traders can use the free TopFX demo account and practice trading before opening a live account.