Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

ForexTime
9.5 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT FOREXTIME
TopForex
8 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT TOPFOREX
AvaTrade
9.7 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AVATRADE
About

ForexTime is regulated by CySEC. ForexTime have provided Forex, Metals, CFD trading services since 2011.

TopForex is regulated by CySEC. TopForex have provided Forex, CFD trading services since .

AvaTrade is regulated by the Central Bank of Ireland, ASIC (Australia), FSA (Japan), FSB (South Africa) and BVI. AvaTrade have provided Forex trading services since 2006.

Why choose them?
  • Yes Over 7 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 9 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Central Bank of Ireland, ASIC, FSA, FSB and BVI
Headquarters Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus 1 Siafi, Porto Bello Building, 3rd Floor, flat/office 303, 3042 Limassol, Cyprus Dublin, Ireland

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting No No Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 57 59
Commodities Offered 0 16
Stocks Offered 173 99
Bitcoin No No Yes
Majors Yes Yes Yes
Indices No Yes Yes
US Stocks No Yes Yes
Penny stocks No No No
Energies No Yes Yes
Metals Yes Yes Yes
Agriculturals No Yes Yes
FTSE No Yes Yes
Dow Jones No No Yes
Dax No Yes Yes
Nikkei No Yes Yes
ETFs Yes No Yes
IPO No No Yes
See all instruments

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See all instruments

84.19% of retail investor accounts lose money when trading CFDs with this provider

See all instruments

71% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 Yes No Yes
MT4 Mac No No Yes
WebTrader Yes Yes Yes
Mirror Trader No No Yes
ZuluTrade No No Yes
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms No Xstation AvaTradeAct, AVAOptions

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes Yes No
Available Languages

Italian, Malay, Polish, Dutch, English, Arabic, Chinese, Czech, Indonesian, Russian, Serbian, Slovak, Spanish, French, German, and Greek

English, French, Italian, Hungarian, Greek, Slovak, Serbian, Dutch, Spanish, Romanian, Russian, Polish, Slovenian, Czech, Bulgarian, Arabic, and Mandarin

English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch

See platform & features

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See platform & features

84.19% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

71% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by ForexTime and TopForex

Demo account Yes Yes Yes
Mini account Yes No Yes
Micro account Yes No Yes
Standard account Yes No Yes
ECN Account Yes No No
Islamic account Yes No Yes
Zero spread account Yes No No
VIP account No No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See account options

84.19% of retail investor accounts lose money when trading CFDs with this provider

See account options

71% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes No Yes
Hedging Yes No Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No No
Direct market access No No Yes
STP broker Yes No No
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 0.01 Lot
Max trade Varies Varies None
Min deposit $10 $100 $100

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes No Yes
Price alerts Yes No Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes No Yes
Standard account Yes No Yes
Paypal No No Yes
Neteller Yes No Yes
Skrill No Yes Yes
Payment processing time 1 business day Varies Varies
Withdrawal processing time 2 business days Varies Varies
See all funding options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See all funding options

84.19% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

71% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US US BE,BR,NZ,US,KE,IN,GH
Contact email Send Email Send Email Send Email
Phone number 44 203 734 10 25 +357 2503 0299 (44) (0) 8005200423
Live Chat Yes Yes Yes
Website http://www.forextime.com/ https://www.topforex.com http://www.avatrade.com/
Spreads:
EUR/USD (Average: 0.7 pips) 1.7 pips + $4.00 Not offered 0.9 pips
GBP/USD (Average: 1.1 pips) 2.6 pips + $4.00 Not offered 1.6 pips
USD/JPY (Average: 1.1 pips) 2.5 pips + $4.00 Not offered 1.1 pips
AUD/USD (Average: 0.8 pips) 1.8 pips + $4.00 Not offered 1.1 pips
USD/CHF (Average: 2.3 pips) 2.0 pips + $4.00 Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) 2.0 pips + $4.00 Not offered 2.0 pips
NZD/USD (Average: 3.6 pips) 2.0 pips + $4.00 Not offered 1.8 pips
EUR/GBP (Average: 2.4 pips) 2.2 pips + $4.00 Not offered 1.5 pips
View all spreads

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

View all spreads

84.19% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

71% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee Yes, after six months. Yes No
Commission No No
Deposit Fee No Yes No
Withdrawal Fee Yes Yes No
View All Fees

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

View All Fees

84.19% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

71% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from http://www.forextime.com/. Last updated on 01/11/2019.

All information collected from https://www.topforex.com. Last updated on 01/11/2019.

All information collected from http://www.avatrade.com/. Last updated on 01/11/2019.

Company

ForexTime is an online broker that service a wide range of clientele including retail and institutional clients. They offer a large amount of trading instruments including forex, metals, CFDs, ETF CFDs and share CFDs. They utilise the latest technology for trading including the MT4 and MT5 Trading platform across PC, MAC and smartphones. They provide currency convertors, margin calculators and market analysis to stay on top of the financial markets.

ForexTime has a goal to become the industry leader by putting their clients needs at the center of every decision. This is why they offer tight spreads from a low as 0.1, variety of trading instruments, 7 different accounts to suit every type of investor, fast and secure withdrawals and deposits on top of their free forex education program which including weekly webinars.

TopForex is an online forex trading service provider who are regulated by CySEC. To open an account with TopForex, minimum deposits start from $250.

With TopForex you can trade Forex, shares, commodities, and indices. If you like to trade on the go, TopForex have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

TopForex offer MetaTrader4, MetaTrader4 Mobile, xStation, xTab, xMobile, xSocial platforms to make your trades and support 16 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by TopForex for the most popular instruments are:
3.1 EUR/USD, 5 FTSE 100, 1.63 GOLD,
3 GBP/USD, 20 DOW/JONES, 0.09 Crude Oil,
see all the spreads here.

Since 2006, Avatrade have attracted over 20,000 traders to their platform. While their spreads are not the most competitive, they do offer traders a range of great features, such as guaranteed stop losses, the ability to hedge / scalp, and low margins.

For more information about trading with AvaTrade, we have put together an indepth AvaTrade review with the pros and cons about this broker.

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ForexTime or TopForex?

ECN execution or low spreads?

If you’re a trader looking for a broker that offers ECN execution (as opposed to a market maker), ForexTime is likely the better choice. However, if you want a broker with lower spreads on currency pairs like EUR/USD, TopForex may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider ForexTime to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

ForexTime and TopForex are both regulated by CySEC

AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

ForexTime has been around for 8 years, while TopForex have been around for 10 years. Our third alternative broker, AvaTrade, have been around for 13 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both ForexTime and TopForex use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on ForexTime or TopForex in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both ForexTime and TopForex are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

ForexTime are based in Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus, while TopForex are based in 1 Siafi, Porto Bello Building, 3rd Floor, flat/office 303, 3042 Limassol, Cyprus .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both ForexTime and TopForex offer forex trading. ForexTime have a slightly larger variety of currency pairs with 57 pairs, compared to offered by TopForex. Also, if you’re looking to trade cryptocurrencies,

If you’re looking to trade commodities like gold, silver or oil, ForexTime may be a better fit as TopForex does not offer commodity trading.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both ForexTime and TopForex offer this. ForexTime also offer the new & improved MT5 platform. Our alternative broker, AvaTrade, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. AvaTrade, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

ForexTime does allow scalping and hedging. While TopForex does not allow scalping or allow hedging. You can trade with EAs (expert advisors) on ForexTime but you can't trade EAs (expert advisors) with TopForex.

In terms of risk management tools, ForexTime does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but TopForex doesn't offer this.

ForexTime also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

ForexTime accept Neteller while TopForex accept Skrill.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, ForexTime charges 0.10 points, while TopForex charges points. Therefore, TopForex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: ForexTime or TopForex?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, ForexTime is more reliable based on our criteria above. ForexTime has a wider range of instruments to trade. ForexTime offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.