TopFX review and ratings

Established 2010
Location Cyprus Seychelles
Regulation CySEC, SFSA
Offices Limassol, Mahe
Broker type STP | ECN
Leverage up to 1:500
Deposit from 10 USD
Spreads low  low
Platforms Web MetaTrader 4 cTrader
Instruments Currencies Crypto Indices Metals Energies Stocks ETFs
Funding methods Wire Transfer Credit Cards PayPal Skrill Neteller PayRedeem UnionPay Perfect Money Bitcoin Ethereum Liteсoin Tether PayTrust88

Company information

TopFX group includes 2 related companies.

TopFX CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
TopFX SEY - located in the Seychelles, regulated by the Seychelles Financial Services Authority (SFSA).

Be aware, CY company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, SEY company accepts European traders, so one can open a trading account there.

Availability

TopFX group accepts clients from all over the world, excluding USA, Japan, North Korea and some other jurisdictions where domestic law classify investment offerings as prohibited.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

60+ Currency Pairs Based on major and minor world currencies.
13 Crypto Pairs Based on Bitcoin, Bitcoin Cash, EmerCoin, Ethereum, Litecoin, Ripple.
14 Indice CFDs Based on baskets of different blue-chip stocks.
6 Metal CFDs Based on Gold, Silver, Platinum and Palladium.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
200+ Stock CFDs Based on shares of US and EU companies.
18 ETF CFDs Based on exchange-traded funds containing various tradable assets.

Most of the trading assets are present on the cTrader platform.

Comprehensive review

TopFX is a forex broker registered and regulated in both Cyprus and the Seychelles, both of which are popular jurisdictions for forex brokers to set up shop. The broker is fully regulated in both countries, and offers leverage of up to 1:30 for clients of its Cyprus branch and up to 1:500 for clients of the Seychelles branch.

A special thing to keep in mind about TopFX is that although the broker is fully regulated, it appears to be possible for EU-based traders to sign up with the offshore branch in the Seychelles. In this way, users based in the EU can get around the strict ESMA regulations and enjoy the much higher trading leverage that is available offshore.

In terms of the instruments that are offered for trading, TopFX has pretty much everything a trader would ask for. That includes all of the commonly traded forex pairs, a good selection of crypto pairs, a pretty standard selection of commodities, as well as major stock indices, exchange-traded funds (ETFs), and more than 200 single stocks listed in the US and European countries.

Unlike many other brokers we have reviewed on FX-List, TopFX supports trading on both the MetaTrader 4 (MT4) and cTrader platforms. These are both very popular platforms among retail forex traders, although MT4 probably is the best-known of the two. Among the major benefits of MT4 is an unmatched selection of technical indicators and trading strategies in the built-in marketplace, while cTrader is known for its easy-to-use interface and good design.

Both platforms exist in downloadable versions for Windows PCs, as well as for Apple computers, and for Apple and Android mobile devices.

As far as account types go, TopFX clients have the choice between either a RAW account with spreads from 0 pips and commissions of EUR 2.75 per side, or a ZERO account with spreads from 0.5 pips and commission-free trading.

With the Cyprus-based branch, trading accounts can be funded with either bank wire transfer, PayPal, Visa, MasterCard, Neteller or Skrill. With the offshore branch in the Seychelles, however, far more funding options are available, including a range of e-wallets such as PerfectMoney, PayRedeem, DragonPay, and many others. In addition, the offshore branch also accepts funding via the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Tether (USDT), which we of course appreciate.

To reach TopFX’s customer support, clients can use either live chat, email or a local phone number in either Cyprus or the Seychelles. The broker states on its website that support is available 24 hours a day, 7 days per week, which we believe is what traders should expect from their brokers these days.

In conclusion, we see TopFX as a decent forex broker to keep an eye on for traders looking to trade on MT4 or cTrader, and who want access to high leverage across a range of trading instruments. We also like that the broker allows European clients to sign up with the offshore branch, giving these traders a chance to do things like fund their trading account with crypto and trade with higher leverage.

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