TopFX Review
TopFX is an online trading broker that provides online trading of over 1,000 financial instruments across several asset classes, such as forex, indices, stocks, metals, energy, ETFs, and more, through many advanced trading platforms. The broker's all-in-one broker solution provides traders all over the world with a comprehensive set of services.
TopFX is an online forex and CFD broker that operates from the Seychelles. TopFX has been providing its liquidity and other trading services since 2010. The broker is authorised and regulated by CySEC and FSA.
TopFX provides over 1,000 markets to trade. These products are from popular asset classes, including forex, commodities, cryptocurrencies, shares, indices, and ETFs. In addition, the broker provides access to cTrader and MT4 through multiple devices to facilitate trading with ECN execution. Moreover, zero raw spreads and minimal commission also come in handy for TopFX clients.
Over 50 accepted currencies and multiple payment options help clients of TopFX to process transactions globally. However, TopFX lags in providing competitive educational and research resources.
TopFX has the expertise of over a decade of providing liquidity and trading services to institutional and retail clients alike. The broker is strictly regulated by CySEC and has negative balance protection. The broker offers over 1,000 trading instruments from various asset classes with ECN executions and spreads as low as 0.0 pips.
In addition, the broker offers demo accounts for beginners which can be a great way to see what the broker has to offer without making a financial commitment. Moreover, TopFX offers swap-free Islamic accounts for Muslim traders. Crypto trading and funding are also provided by the broker which is great for crypto enthusiasts.
TopFX also offers copy trading for investors who are looking to take a step back from trading. In addition, the broker offers two trading platforms, cTrader, and MT4 trading platforms. The broker offers 24/7 customer support to its clients through various options.
On the other hand, TopFX is not a public company. Therefore, its financial information is not available. In addition, the broker does not offer banking services. TopFX has a very limited collection of educational resources. There are no guides, videos, webinars, and important informational tools like an economic calendar and market news. Moreover, the broker charges certain withdrawal fees.
TopFX has a sufficient product portfolio for its individual and institutional traders. The broker offers a good range of over 1,000+ trading instruments from multiple popular asset classes: forex, cryptocurrencies, commodities, indices, shares, and ETFs.
However, TopFX does not offer options trading and government-yield bonds. For a better selection of financial instruments, you might want to consider IG instead as they have a huge range of over 18,000 tradeable instruments for you to choose from.
TopFX Instruments Summary
| Instruments | TopFX |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
TopFX has two account options for its clients. The commission fees are quite low on the raw spread account but not as low as what you can get with FXTRADING.com. On the other hand, the fixed spreads on the zero account are similar to those over at easyMarkets.
Raw Account: Day traders who want to scalp markets can choose a Raw account to make use of 0.0 pip spreads and a small commission fee of $2.75 per lot per side.
Zero Account: Traders who want to make use of commission-free trading can choose a Zero account with tight spreads starting from 0.5 pip.
| Fee | Raw Account | Zero Account |
|---|---|---|
| Commission (per standard lot per side) | $2.75 | $0 |
| Spreads from | 0.0 | 0.5 |
Deposit and Withdrawal Fees
TopFX does not charge any fee for deposits processed by any payment option. However, there are certain withdrawal fees for each payment option. The summary of withdrawal fees against each payment option is as follows:
Debit/Credit Cards: 1%
Wire Transfers: 25 EUR for EU clients and 25 USD for global clients
Crypto: 0.001BTC
Electronic payment services: 1%-5.50% (depends on the e-wallet)
Inactivity Fees
TopFX does not charge any fee from the accounts that have been dormant/inactive for some time.
TopFX provides traders with the two most popular retail trading platforms, MT4, and cTrader. Both provide automated trading solutions, putting them in first and second place in this sub-sector. Copy-trading is provided at both through the built-in capability. If you are looking for a broker that has both of these platforms and MT5, you could consider Bold Prime.
cTrader Desktop
Many traders choose TopFX cTrader for its dependability, comprehensive technical analysis tools, and the possibility to mix many trading systems on a single interface. As a manual trader, you want a dependable platform with a user-friendly interface, as well as comprehensive market analysis and risk management capabilities. This platform can do all of that and lots more.
cTrader Replicate is the appropriate choice if you want to copy strategies from other traders or offer your own approach for others to copy. cBots are trading robots used by cTrader. They can be used for a more objective approach that avoids human mistakes. Choose from a wide range of cBots, including Trend, Range, and strategy-based bots. Create your own robot and indicator scripts and optimise them through backtesting.
Follow Trading Central’s practical in-platform suggestions to save time and effort. The cTrader FIX API is ideal for high-frequency, professional, and institutional traders because of its ultra-low latency connection and strong performance. Mobile trading is gaining traction, with the majority of traders employing several device types to place and monitor positions.
The TopFX cTrader mobile trading app provides everything you need to enjoy the same outstanding user experience as the desktop and online platforms while on the go.
cTrader’s key features include:
- There are an unlimited number of watchlists that can be disconnected and moved about your workplace
- Live Sentiment data and detailed symbol information
- A wide range of chart types are available: Candlesticks, bars, HLC, lines, heikin ashi, dots, Renko, and other indicators
- There are 54 periods ranging from one minute to one month
- Important information about the magnitude of your purchase, such as the pip value, commission cost, and needed margin
- There are over 70 technical analysis indicators, lines, and oscillators to choose from
- Advanced Take Profit and Place a Stop Loss Order
- Drag-and-drop chart trading
- One-button trading
- Benefits for Copiers
- Benefits for Strategy Providers
- With a chart overlay, you can see all Take Profit and Stop Loss targets
- Choose a symbol and just click a button to follow the “Buy” or “Sell” advice
- Confirm your own research with a second opinion from a reputable trade specialist
- Because of its single protocol, it is simple to set up
- Trade execution delay has been reduced
- The ability to send vast volumes of data almost instantaneously
- Integrating proprietary algorithmic trading systems is simple
cTrader Mobile App
Using the “Watchlists” function, you may categorise your favourite instruments. Create separate Watchlists for each asset class, or use the “Find Symbols” option in the Main menu to find the symbol you wish to trade. The TopFX cTrader app provides you with useful features for managing your exposure and getting the most out of your trading.
Here are some of the key features of the cTrader Mobile App:
- A clear picture of your trade volume in terms of real money
- With the app’s user-friendly capabilities, you may do technical analysis on the go
- There are 26 periods ranging from one minute to one month
- Candlesticks, Bar Chart, Line Chart, Dots Chart, and Area Chart are the five chart types
- 6 Diagram Horizontal, Vertical, and Trend Lines, Ray, Equidistant Channel, and Fibonacci Retracements
- Trading Central and Autochartist provide actionable trading signals
- Orders, closed positions, live and demo account creations, security logins, deposits, and withdrawals are all listed
- FxStreet News and Economic Calendar Updates
- The projected Buy and Sell margin necessary to initiate a trade in the currency of your account
- The value of your Take Profit and Stop Loss objectives in the currency of your account
- The TopFX cTrader software for mobile provides enhanced copy trading
- The TopFX cTrader software keeps track of your executed trades for you
MetaTrader 4 (MT4)
You can also choose to trade on perhaps the most popular CFD trading platform in the world. The TopFX MT4 platform is user-friendly and customizable, and it provides all of the tools you need for a smooth trading experience. The MT4 mobile app, which is available for both Android and iOS, allows you to trade from anywhere. It has three chart kinds, nine timeframes, 24 analytical items, and complete trading history. You may generate the same order types as on the desktop version while on the go and have complete control over your trading account. Give your trading advantage with the MQL Suite of trading tools, which includes 250 indicators, panels, expert advisors, and other capabilities arranged in ready-to-use profiles that even new traders can try to take advantage of.
Key characteristics of the MT4 platform include:
- Forex, Indices, Energies, and Metals are all traded
- 9 periods are charted interactively
- 30+ technical analysis indicators are pre-installed
- A simple modification to your favourite trade settings
- Trading in one click
- Expert Advisors are used to automate trading
- PAMM accounts are used to replicate trading
- Trading Central offers trading signals
- MQL4 allows you to create your own robots and custom indicators
- Available in a variety of languages
Copy Trading
Copy-trading appeals to traders with little or no trading expertise, as well as those who do not have the time to trade their own method. It can, however, be valuable to other traders as well. Even if you have an established strategy, you may choose to utilise a mix or compare the performance of your approach to that of a copied plan.
TopFX cTrader Copy
cTrader allows you to copy tested trading techniques from other traders while maintaining complete control over the whole copy trading operation.
cTrader Copy features:
- Filter strategies based on ROI, strategy age, strategy popularity, fees, and copying capital
- View the full performance history of each approach for maximum transparency. Access the strategy’s profit factor, maximum balance drawdown, total positions, successful trades, total pips gained, and other information
- It is simple to add or delete the assigned funds
- With the press of a button, you may start and stop copying
- Using distinct copy trading accounts, you may manage your risk. Rather than consolidating all of your strategies into a single account, TopFX cTrader allows you to analyse and apply equity stop losses to each unique strategy
- Copy trades on the go with the cTrader app for Android and iOS
TopFX MT4 PAMM
PAMM, which stands for Percentage Allocation Management Module, is a simple approach to participating in the markets if you don’t have the time or confidence to conduct your own trades.
Your MT4 trading account is linked to a Master account, which handles a number of sub-accounts. When the Master account creates a trading position, it is mirrored in your account and any other sub-accounts. The revenues and losses of the Master account are distributed proportionally to the sub-accounts.
MT4 PAMM features:
- Invest quickly and easily in your selected PAMM account
- You can deposit and withdraw monies whenever you wish
- On MT4, the world’s most popular trading platform, you may trade in first-rate circumstances
Always remember that when copying trades, there are no guarantees on how well they will perform. You should never risk more than you can afford to lose. Historical results are not a guarantee of future performance. If you are looking for a copy trading solution, then eToro is an industry leading social trading platform worth consideration.
TopFX Platforms Summary
| Platform | TopFX |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | ✓ |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other (FIX API) | ✓ |
TopFX’s educational material is basically lacking. TopFX’s learning centre would benefit from the addition of written articles and an extension of its selection of instructive films. To help you learn about trading and investing, the best brokers in this category include instructive videos and articles, as well as quizzes and progress monitoring. However, TopFX do have some excellent market analysis tools in Autochartist and Trading Central.
Weekly Outlook
This section reveals a weekly summary of notable macroeconomic events that may result in market movements.
Daily Market Suggest
This section addresses market analysis and the fundamentals of certain markets on a daily basis.
Latest News
TopFX offers a handful of market news in this section.
Autochartist
Autochartist is a tool that uses technical indicators such as Fibonacci retracements to discover chart patterns. It continuously analyses the markets, alerting you to trade possibilities in real-time. I think this is an excellent tool for automated market analysis and it is great that the broker provides it free of charge. You can use it to find customised trading signals and send you notification when it does, which can save you from hours of sifting through charts.
Trading Central
Trading Central is the world’s largest provider of financial market information and investment analytics. This comprehensive research solution combines award-winning analyst research with proprietary pattern recognition to provide 24-hour multi-asset coverage of global markets. Just like Autochartist, I think this is a superb tool for conducting comprehensive market analysis. You can also get both Trading Central and Autochartist through some other brokers including GO Markets.
TopFX Research and Education Summary
| Resources | TopFX |
|---|---|
| Market Analysis | ✓ |
| Guides | x |
| Videos | x |
| Webinars | x |
| Autochartist | ✓ |
| Trading Central | ✓ |
| Economic Calendar | x |
| Other | x |
TopFX provides wire transfers, debit/credit cards, e-wallets, and cryptocurrencies for processing transactions. The broker processes transactions from instant to 3-5 business days, depending on the payment option. In addition, the broker accepts payment in over 50 currencies, which provides its global clients an advantage as you can avoid currency conversion fees if using an account in your own currency.
TopFX Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | ✓ | ✓ |
The Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA) authorise and regulate TopFX.
TopFX Regulation Summary
| Regulator | TopFX |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other (FSA) | ✓ |
TopFX Safety
TopFX is the trading business of Fondex Limited, a Seychelles-registered corporation and subject to all EU and local rules, including the European Markets in Financial Instruments Directive (MiFID II). All customer monies are held in a safe location that is totally independent of TopFX’s own assets. TopFX follows rigorous regulations and has taken all necessary precautions to secure customer assets. Furthermore, internal and external auditors analyse all firm activities on a regular basis.
TopFX offers clients support during weekdays via live chat, phone, and email. I think they could improve in this aspect by offering support on weekend to keep up with competitors who do such as FP Markets.
Overall, TopFX is a solid trading broker with a wide range of platforms, tools and products to choose from. They have very competitive trading conditions including tight spreads and low commission fees. There is also a good range of funding options to choose from and the addition of industry leading market analysis tools is a distinct advantage they have in such a competitive market. Furthermore, TopFX is a fully licenced broker, which can be critical in terms of fund protection. The main disadvantage may be a lack of educational resources and materials, so beginners may need to look elsewhere for additional support.
