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TopFX Review 2024

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

June 13, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TopFX, founded in 2010, offers a small but still significant range of forex and CFD instruments with 60 forex pairs and 655 tradeable symbols. However, its overall offering is considered below average due to the lack of educational resources and advanced trading platforms, making it less suitable for novice traders.

Overall Rating

6.7 / 10

Minimum Deposit

Depends on payment method

Trust Score info

High Risk
67

Pros and Cons

thumb_up_off_alt Pros

  • Support for popular third-party Platforms: MetaTrader 4 and cTrader are both available.
  • Decent range of securities: While by no means competitive with top-of-the-line brokers, 655 tradeable symbols is nothing to scoff at.

thumb_down_off_alt Cons

  • Limited educational resources: No significant educational presence.
  • No MetaTrader 5 support: Lacks the latest MetaTrader platform.
  • No proprietary platform: Does not offer its own trading platform.

Ratings Summary

  • Investment Types - 7.0/10
  • Commissions & Fees - 7.5/10
  • Trading platforms - 7.5/10
  • Research - 5.5/10
  • Mobile Apps - 7.5/10
  • Education - 5.5/10
  • Overall - 6.7/10

Can I trust TopFX?

TopFX is a MiFID-regulated broker via Cyprus' CySEC, which provides a level of security and oversight. However, it is not a publicly traded company, nor is it authorized by ASIC or the FCA. According to ForexBrokers.com, TopFX has a trust score of 67, indicating a high-risk level. Therefore, caution is advised when considering this broker.

TopFX is currently licensed and/or authorised by the following regulatory bodies:

  • Tier-1 Regulators - Regulated in the European Union via the MiFID passporting system
  • Tier-2 Regulators - None
  • Tier-3 Regulators - None
  • Tier-4 Regulators - Financial Services Authority (FSA)

Is TopFX good for beginners?

TopFX is not recommended for beginners due to the lack of educational resources. The broker does not offer advanced or beginner educational videos and has a below-average rating for education and beginner support. Those new to trading may find it challenging to start with TopFX.

Feature TopFX logoTopFX
Education (Forex or CFDs) info No
Client Webinars info No
Videos - Beginner Trading Videos info No
Videos - Advanced Trading Videos info No
Investor Dictionary (Glossary) info No
TopFX educational videos Facebook page TopFX client portal

TopFX commissions and fees summary

TopFX provides an average commission and fee structure. Clients have a choice of either a spread-only or commission-based account on either MetaTrader 4 or cTrader. While it does not charge an inactivity fee, active trader or VIP discounts are not available. TopFX does not publish its average spread information so it is difficult to ascertain the true cost of trading. Overall, TopFX's commission and fee structure is average and does not stand out compared to other brokers.

Feature TopFX logoTopFX
Minimum Deposit info Depends on payment method
Average Spread EUR/USD - Mini info 1.03 info
Average Spread EUR/USD - Standard info 1.03 info
All-in Cost EUR/USD - Active info 0.88 info
Active Trader or VIP Discounts info No

TopFX trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

TopFX offers a robust trading platform experience, primarily through MetaTrader 4 and cTrader, both of which are highly recommended for their reliability and features. The broker does not provide MetaTrader 5 or a proprietary platform. Overall, the platforms and tools provided are considered average, making TopFX a solid choice for experienced traders who prefer MetaTrader 4.

Trading platforms offered: MetaTrader 4 and cTrader.

Trading tools: Standard tools available through MetaTrader 4 and cTrader.

Copy trading: Yes, it offers copy trading options.

Feature TopFX logoTopFX
Virtual Trading (Demo) info Yes
Proprietary Platform info No
Desktop Platform (Windows) info Yes
Web Platform info Yes
MetaTrader 4 (MT4) info Yes
MetaTrader 5 (MT5) info No
DupliTrade info No

TopFX trading platform screenshots

TopFX MetaTrader 4 desktop trading platform TopFX MetaTrader 4 desktop trading platform charts TopFX cTrader web trading platform TopFX cTrader desktop trading platform charts TopFX cTrader desktop trading platform TopFX cTrader desktop trading platform algo trading TopFX cTrader desktop market order window

Mobile trading apps at TopFX

TopFX offers mobile trading apps that are considered average, making it a convenient option for traders who need to manage their accounts on the go. The apps provide the necessary features to execute trades efficiently.

Feature TopFX logoTopFX
Android App info Yes
Apple iOS App info Yes
Mobile Economic Calendar info Yes
Mobile Alerts - Basic Fields info Yes
Mobile Charting - Draw Trendlines info Yes
Mobile Watchlist info Yes

TopFX mobile app screenshots

TopFX MetaTrader 4 MT4 mobile trading app TopFX MetaTrader 4 MT4 mobile trading app watchlist TopFX MetaTrader 4 MT4 mobile trading app charts TopFX MetaTrader 4 MT4 mobile trading app economic calendar

How do I open an account with TopFX?

  1. Visit the TopFX website.
  2. Click on "Open Account" or "Register."
  3. Fill in the required personal information and contact details.
  4. Submit identification documents for verification.
  5. Fund your account using one of the supported payment methods.
  6. Start trading once your account is approved and funded.

What can I trade at TopFX?

TopFX offers a broad range of trading instruments, including 60 forex pairs and a total of 655 tradeable symbols. This selection is below the industry average of 3,623 tradeable symbols, providing a decent but not extensive variety for traders.

Feature TopFX logoTopFX
Tradeable Symbols (Total) info 655
Forex Pairs (Total) info 60
Social Trading / Copy Trading info Yes
Cryptocurrency (Physical) info No
Cryptocurrency (Derivative) info Yes
Spread Betting info No

TopFX research screenshots

TopFX cTrader web cTraderCopy strategies TopFX cTrader desktop economic market news TopFX cTrader desktop economic calendar TopFX cTrader desktop cTraderCopy

Account funding at TopFX

TopFX supports several account funding methods, including bank wires, Neteller, PayPal, credit cards, and Skrill.

Feature TopFX logoTopFX
Visa/Mastercard (Credit/Debit) info Yes
Bank Wire (Deposit/Withdraw) info Yes
PayPal (Deposit/Withdraw) info Yes
Skrill (Deposit/Withdraw) info Yes
Neteller (Deposit/Withdraw) info Yes

About TopFX

TopFX was founded in 2010 and has grown to offer a variety of forex and CFD trading options. Despite its broad range of tradeable symbols and support for MetaTrader 4 and cTrader, it is not publicly traded and lacks some regulatory authorizations. With a trust score indicating high risk, TopFX is best suited for experienced traders familiar with managing such risk levels.

Compare TopFX

See how TopFX stacks up against other brokers.

TopFX vs Eightcap TopFX vs Markets.com TopFX vs Trade Nation TopFX vs Alpari TopFX vs RoboForex TopFX vs ACY Securities TopFX vs Moneta Markets TopFX vs FXPrimus TopFX vs TeleTrade TopFX vs XTB TopFX vs Octa TopFX vs Charles Schwab TopFX vs Xtrade TopFX vs Forex4you TopFX vs easyMarkets TopFX vs BlackBull Markets TopFX vs Swissquote TopFX vs DooPrime

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.

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