TopFX Review - Pros & Cons Revealed

Editor’s Verdict

TopFX offers traders MT4 and cTrader, a balanced asset selection, and low trading fees for day traders. It provides quality in-house and third-party research, maintains 40+ payment processors, and a high-paying partnership program. My in-depth TopFX review evaluated its trading conditions and assessed its competitiveness, discovering some impressive benefits for certain categories of traders.

Is TopFX the right Forex broker for you?

Keep reading and see.

Overview

TopFX offers cutting-edge trading conditions to day traders with $5,000+ portfolios.

TopFX Five Core Takeaways

• Trading platform upgrades via Trading Central and Autochartist.
• Competitive, commission-based trading fees for $5,000+ portfolios.
• 1:1000 maximum leverage for non-EEA traders plus negative balance protection.
• High-paying partnership program with $1M+ in monthly payouts.
• 40+ payment processors with localized options for its core growth markets.

TopFX Regulation & Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database. TopFX has two regulated subsidiaries with a clean track record.

Is TopFX Legit and Safe?

My TopFX review found no misconduct or malpractice by this broker. Therefore, I confidently recommend TopFX and its clean track record, as it is a legitimate and safe broker.

TopFX Regulation and Security Components

• Regulated by the CySEC for EU-based traders and the Seychelles FSA for international clients.
• Founded in 2010
• Segregation of client deposits from corporate funds.
• 2-factor authentication with payment service providers.
• Investor protection fund of up to €20,000 or 90% of assets at the CySEC subsidiary.
• Negative balance protection
• 24/7 monitoring of the TopFX technical environment by a team of experts.

What Would I Like TopFX to Add?

TopFX should offer an investor compensation fund for its Seychelles subsidiary, where most TopFX traders will manage portfolios. TopFX could opt for membership with the Hong Kong-based Financial Commission to undergo third-party audits and provide a €20,000 compensation fund to every TopFX trader. It could also offer a third-party insurance package to enhance protection.

Fees

I rank trading costs among the most defining aspects when evaluating a broker, as they directly impact profitability. TopFX delivers a competitive commission-based cost structure but requires a minimum deposit of $5,000. The commission-free alternative is more expensive but within a reasonable range. Traders with $50,000 portfolios benefit from ultra-low, commission-free trading fees. TopFX is an excellent broker for scalpers, high-frequency traders, and other short-term strategies that close positions intra-day, as its swap rates are high. TopFX does not charge deposit fees, but internal withdrawal costs apply if traders exceed the monthly minimum. Traders may pay for third-party payment processing costs, which TopFX does not control. A $5 monthly inactivity fee applies after 90 days of dormancy.

The minimum trading costs for the EUR/USD at TopFX are:

Here is a snapshot of TopFX trading fees:

The most ignored trading costs are swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

MT4 traders can access swap rates from their platform by following these steps:

1. Right-click the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the commission-based TopFX Raw account.

Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for one night in the TopFX Raw account will cost the following:

Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for seven nights in the TopFX Raw account will cost the following:

Noteworthy:

• As in the example above, TopFX offers positive swap rates on qualifying assets, allowing traders to earn money.
• The cost advantage fades with time, making TopFX best suited for short-term trading strategies.

TopFX Trading Hours

Range of Assets

TopFX offers traders a well-balanced asset selection covering six sectors. The choice of trading instruments supports most trading strategies. The Forex selection is below average but caters well to scalpers, which extends to its choice of cryptocurrency CFDs. Equity traders get liquid assets listed in the UK, the EU, Switzerland, Japan, and Hong Kong.

I wish TopFX would expand on its choice of ETFs, but I like the overall mix of assets, as they provide most traders, except fixed-income portfolios, with a broad-based mix of options.

TopFX offers the following assets:

• 44 currency pairs
• 13 cryptocurrencies
• 8 commodities
• 14 indices
• 18 ETFs
• 500+ equity CFDs

TopFX Leverage

What Should Traders Know About TopFX Leverage?

• Maximum retail Forex leverage is 1:1000.
• Index and commodity traders get 1:200.
• Equity CFD and ETF traders max out at 1:20.
• Cryptocurrency traders get maximum leverage of 1:10.
• Negative balance protection ensures traders cannot lose more than their deposit.
• Traders must always use appropriate risk management with leveraged trading to avoid magnified trading losses.

Noteworthy:

• Maximum leverage at the CySEC-subsidiary is 1:30

Account Types

TopFX offers two commission-free and one commission-based account type. There is no minimum deposit requirement for the commission-free Zero account, but MT4 traders must deposit $500, which is unfair as there is no cTrader deposit requirement.

Traders using cTrader also get a volume-based rebate of $1 per $200,000, or 2.0 lots, in trading volume. The automatic stop-out applies once the margin level drops to 35% in MT4 or 30% in cTrader.

The commission-based Raw account has a $5,000 minimum deposit requirement, and the commission-free VIP account is $50,000. Account base currencies are USD, EUR, and GBP for all account types, and no restrictions apply to algorithmic trading, scalping, or hedging.

The TopFX Demo Account

Demo trading does not grant exposure to trading psychology and can create unrealistic trading expectations. Therefore, I want to caution beginner traders when using demo trading as an educational tool, and they should consider the limitations.

What Stands Out About the TopFX Demo Account?

• TopFX allows traders to select their trading platform, account base currency, leverage, and demo deposit balance.
• Demo accounts have no expiry as long as traders use them.
• There is no limit on how many demo accounts traders open.
• The secure TopFX dashboard allows traders to manage demo accounts.

Trading Platforms

TopFX offers MT4 and cTrader but has its structure geared towards cTrader. Services by Trading Central and Autochartist upgrade the trading environment. Both trading platforms support algorithmic and copy trading. Traders can upgrade MT4 via 25,000+ custom indicators, templates, and EAs.

MT4 is available as a powerful desktop client and mobile app, as TopFX omits the low-quality web-based alternative. TopFX offers cTrader for desktops, the popular web-based option, and as a mobile app.

cTrader has a better user interface, and TopFX offers FIX API, allowing advanced algorithmic traders to connect their trading solutions to the TopFX trading infrastructure. MT4 has more upgrades, customizations, and TopFX features PAMM accounts for traditional account management.

Overview of Trading Platforms

Unique Features

TopFX shines with its fast order execution in its NDD environment. The high-paying affiliate program is also noteworthy.

Research & Education

TopFX employs an in-house two-member team that provides research and education. It complements Trading Central, Autochartist, and traditional account management via MT4 PAMM accounts. The combination places TopFX among the more competitive brokers offering competent research, market commentary, and trading signals.

What About Education at TopFX?

TopFX provides education via free webinars in English and Farsi, and my TopFX review found 57 webinars to date. A weekly webinar schedule adds more content. Beginners can review them on the official TopFX YouTube channel.

My conclusion

• The TopFX webinars provide valuable lessons to traders but lack coverage of core topics.
• I recommend beginners seek in-depth education from third parties, starting with trading psychology and the relationship between leverage and risk management.
• Avoid paid-for courses and mentors.

Customer Support

TopFX provides 24/7 customer support, but I found no FAQ section on the TopFX website. I recommend live chat, but traders can also e-mail or call TopFX. TopFX explains its products and services well, limiting or eliminating the need to contact customer support.

Bonuses and Promotions

During the performance of my TopFX review, a deposit bonus was offered - a non-withdrawable trading bonus applicable to the first two deposits. I like the scaled approach, but not the non-withdrawable nature of it that only applies to two deposits. With the volume-based rebates for cTrader accounts, traders can achieve a valuable profit boost and reduce trading fees.

Therefore, TopFX should consider the two deposits and create a viable strategy. Terms and conditions apply, and traders must read and understand them before accepting TopFX bonuses.

Traders can receive the following TopFX deposit bonuses:

• 100% up to $500
• 50% up to $10,000
• 25% above $10,000

Customer Support Methods
Support Hours	24/7
Website Languages	EN ES AR FR TR JP ZH RU PT EL MS TH PL HU Other

Opening an Account

Traders can open a TopFX account via a fast online application process. It requires a language selection, name, e-mail, country, and phone number. Clicking “Create Account” completes the registration.

What should traders know about the TopFX account opening process?

• TopFX complies with global AML/KYC requirements.
• The CySEC-regulated subsidiary collects personal data, including tax ID numbers, financial data, and trading experience.
• Account verification is mandatory.
• Most traders pass verification by uploading a copy of a government-issued ID and one proof of residency document.
• TopFX may ask for additional information on a case-by-case basis.

Minimum Deposit

The TopFX minimum deposit is $0 for Zero, $5,000 for Raw, and $50,000 for the VIP account.

Payment Methods

TopFX accepts bank wires, credit/debit cards, Skrill, Neteller, Google Pay, Apple Pay, cryptocurrencies, Perfect Money, Plus Debit, Div Pay, Dragon Pay, M-Pesa, FasaPay, PIX, Oxxo, SPEI, Airtel, Vodafone, hellopaisa, Tigo, expresso, Buddy Industries, MTN, Zamtel, Orange Money, ozow, free money, Mobicash, Moov Money, Togocel, STICPAY, CM, VN Pay, and other localized payment processors.

Withdrawal options
Deposit options

Accepted Countries

TopFX accepts traders resident in most countries but singles out the USA, North Korea, Myanmar, and Iran as restricted countries. It also adds that it does not accept traders from “other countries whose domestic regulations classify such investment offering as prohibited.”

Deposits and Withdrawals

The secure TopFX back office handles financial transactions for verified clients.

Key Takeaways from the Deposit and Withdrawal Process at TopFX

• TopFX does not levy internal deposit fees.
• Minimum deposit requirements depend on the payment processor.
• TopFX sends bank wire deposits below $100 back to the sender, who must pay all fees.
• Clients get two free monthly withdrawals before internal costs apply.
• Bank wire withdrawals below $50 incur a $10 flat fee.
• Minimum and maximum withdrawal amounts are payment processor-dependent.
• TopFX processes withdrawal requests within one business day.
• Traders may face third-party payment processing charges.
• Most payment processors have instant to near-instant processing times once TopFX approves a withdrawal request.
• The availability of payment processors depends on the geographic location of traders.
• The name on the payment processor and TopFX trading account must match in compliance with AML regulations.

Is TopFX a Good Broker?

I like TopFX for short-term traders using cTrader with portfolios exceeding $5,000, as it provides a highly competitive trading space featuring fast order processing in an NDD environment. MT4 is available but lacks volume-based rebates. Yet, it enables PAMM accounts for traditional account management services. Algorithmic and copy trading is available, and cTrader portfolios also get the FIX API, which allows advanced algorithmic solutions to connect to the TopFX infrastructure. I rate TopFX among the best brokers for traders meeting the above criteria.

FAQs

How long does a TopFX withdrawal take?

TopFX processes withdrawals within one business day, but it can take longer for traders to receive their funds. It depends on the geographic location of traders and the payment processors. TopFX has many payment processors with instant to near-instant payment processing.

What rank is TopFX?

TopFX ranks among the top 50 brokers for short-term traders with portfolios above $5,000.

Is TopFX a good broker?

My TopFX review determined that TopFX ranks among the most competitive brokers for scalpers, algorithmic traders, high-frequency traders, and other day trading strategies with portfolios exceeding $5,000.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.