TopFX Review: Discover Its Unique Trading Platform

December 28, 2023
9:30 am
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In the dynamic world of forex trading, TopFX has emerged as a notable player, offering a range of services tailored to meet the diverse needs of traders globally. It provides advanced trading platforms like MetaTrader 4 and cTrader, combined with the convenience of mobile trading, making it a preferred choice for many traders.

As we delve deeper into this forex trading broker review, we will explore its regulatory credentials, diverse account types, and product range. This overview will also cover deposit and withdrawal processes, fees, promotions, and customer support, providing a comprehensive picture of what traders can expect from TopFX review.

TopFX: Overview

Established: 2010
Headquarters: Cyprus
Trading Platforms: MetaTrader 4, cTrader
Mobile Trading: Yes
Minimum Deposit: $0
Account Types: Zero, Raw, VIP

Open an Account

TopFX, established in 2010 and headquartered in Cyprus, has become a distinguished name in the forex brokerage industry. This prominence is partly due to its strategic location in a business-friendly environment, offering a stable and regulated trading framework.

The firm provides traders access to the renowned MetaTrader 4 and cTrader platforms, recognized for their intuitive interfaces, advanced analytical tools, and mobile trading capabilities.

Regulation and Registration

TopFX, overseen by the Seychelles Financial Services Authority, ensures strong investor protection and security. TopFX Global Ltd, registered in Seychelles under the number 8424819-1. They also hold a Securities Dealer License (SD037) from the Financial Services Authority (FSA) of Seychelles, showcasing its compliance with regulatory standards.

Account Types of TopFX

Zero Account

Minimum Deposit – MT4: $500
Spreads: From 1 pip
Commissions: Zero
Leverage: Up to 1:1000
Trade Size: 0.01 to 100 lots
Platforms: cTrader or MT4
Features: Scalping, Hedging, EAs/Robots allowed
Islamic Accounts: Yes

Raw Account

Minimum Deposit – MT4: $5,000
Spreads: From 0.0 pips
Commissions: $2.75 per side per lot
Leverage: Up to 1:1000
Trade Size: 0.01 to 100 lots
Platforms: cTrader or MT4
Features: Scalping, Hedging, EAs/Robots allowed
Islamic Accounts: Yes

VIP Account

Minimum Deposit – MT4: $50,000
Spreads: From 0.2 pips
Commissions: Zero
Leverage: Up to 1:1000
Trade Size: 0.01 to 100 lots
Platforms: cTrader or MT4
Features: Scalping, Hedging, EAs/Robots allowed
Islamic Accounts: Yes

Deposit and Withdrawal

TopFX provides multiple deposit and withdrawal options with no deposit fees and negative balance protection. Deposits are instantly credited at least 50 EUR or equivalent, and various currencies are supported. The first two monthly withdrawals are free, with regular fees applied afterwards. Bank wire withdrawals above 100 USD/EUR are free, but a flat fee applies for lower amounts.

Client funds are held in segregated accounts at reputable banks, ensuring safety and separation from company funds. TopFX does not accept third-party deposits; all funds must originate from accounts in the client’s name.

Products in TopFX

Forex
Shares
Indices
Metals
Energies
ETFs
Cryptocurrencies

Trading Platform of TopFX

MetaTrader 4
cTrader

Fees of TopFX

TopFX charges fees beyond the spread, including commission fees for certain account types, overnight holding fees (Swap), and fees for depositing and withdrawing funds. These additional charges are part of the platform’s fee structure, and traders should consider them when managing their trading costs with TopFX.

TopFX Promotions

TopFX offers an exclusive deposit bonus for enhancing trading power. Clients can claim up to a 100% bonus on deposits up to $500, 50% on deposits up to $10,000, and 25% on deposits over $10,001.

Additionally, it has a cashback offer on cTrader, providing $1 cash back per $100k volume traded. The bonus is available for the first two initial deposits and is credited within 24 hours of request. It’s important to note that the bonus is for trading purposes only and cannot be withdrawn. Clients can claim their bonus by contacting support after depositing.

Customer Support

Email: [email protected]
Phone: +2484671987
Livechat: 24/5

Pros & Cons

Pros

MetaTrader 4 and cTrader availability.
Autochartist on cTrader.

Cons

No average spread data.
Limited market research.
No MetaTrader 5.
Scarce educational content.

Pros Explained

MetaTrader 4 and cTrader provide diverse trading experiences.
Integration of Autochartist in cTrader provides enhanced analytical capabilities for traders.

Cons Explained

The absence of information on average spreads makes it challenging to assess trading costs.
TopFX shows a significant deficit in providing a wide range of comprehensive market research tools.
The lack of the newer version of MetaTrader limits access to the latest technological features.
A limited selection of learning resources is available for traders to enhance their trading knowledge and skills.

Is TopFX Worth Considering?

Deciding whether TopFX is worth considering depends on individual trading needs and preferences. Its strengths lie in offering both MetaTrader 4 and cTrader platforms and advanced charting tools like Autochartist in cTrader. However, the lack of average spread data, limited market research, the absence of MetaTrader 5, and scarce educational resources may provide disadvantages for some traders.

Ultimately, if TopFX aligns with your trading strategy and platform preferences, it could be a viable choice, but weighing these pros and cons against your specific requirements is essential.