TopFX Review

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TopFX is a trading broker that offers a good range of trading products and services. You can trade on more than 1,000 financial instruments across different asset classes, including CFDs on forex, cryptocurrencies, indices, shares, metals, energies and ETFs. The broker provides you with a good choice of sophisticated trading platforms for accessing the markets across all of your devices with minimal interference. The minimum deposit of $200 is not the lowest but free demo accounts are available if you want to give them a try without any commitments. I think they broker has a good variety of services which can cater for both new and experienced traders alike.

Summary

TopFX is an established CFD broker that has been providing institutional liquidity to investment firms and retail forex traders since 2010. They provide you with the sophisticated MT4 and cTrader trading platforms offering price streams with no artificial slippage and requotes, ultra-fast execution, competitive spreads and commission fees. In my opinion, the combination of MT4 and cTrader is good for you whether you are a beginner or an advanced trader. I like TopFX’s product portfolio, which covers various asset classes. Another thing I like is the copy trading via PAMM accounts on MT4 and cTrader copy, which can provide you with ample opportunity whether you are an investor or a professional trader.

If you are a beginner, I did find the educational resources to be average. However, third-party research tools like Autochartist and Trading Central provide excellent automated market analysis if you cannot scan the markets on your own for any reason, I find both of these tools very useful to help you find customised trade opportunities.

There are zero spread accounts with competitive commission fees applied which are beneficial if you are an intraday trader, scalper or using automated strategies. I feel that on standard accounts, the spreads aren’t the lowest. Another downside is the inactivity fee, which is charged after 90 days of inactivity. That being said, let’s explore the broker’s services and features in more detail.

Trading Conditions

TopFX uses the ECN execution model to ensure your orders are executed with the lowest latency and minimal price requotes. However, you should be careful during peak trading hours or major news events as there can still be slippage due to volatility. I like how the broker provides you with two account types, both having very competitive trading conditions. You can trade intraday or scalp on zero spread accounts with a commission fee of just $5 per lot per round. On the other hand, you can also trade with floating spreads starting from 0.5 and pay no commission fee at all as all the costs are already included within the spreads. In addition, there are rollovers and swaps on standard accounts.  If you don’t conduct any trading activity on your account for over 90 days, $5 per month will be deducted from your account as an inactivity fee.

All orders are filled automatically, without a Dealing Desk intervening in their execution. At TopFX, they ensure that you get a fair-trading environment without artificial slippage, requotes or price manipulation. Due to the brokers decade-long experience in liquidity services, they have significantly diminished trade latency with most orders being executed within 30 milliseconds. They can deliver to you the same superior level of execution stability as institutional clients. I would always expect to receive stable, uninterrupted price feeds without downtime, gaps or spikes.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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Regulation

TopFX is the trade name of Fondex Limited, a company registered under the Laws of Seychelles and licensed by the Financial Services Authority (FSA) of Seychelles. They are also regulated by the Cyprus Securities and Exchange Commission (CySEC). One of the first things I look at when it comes to choosing a broker, is the regulation that they have. This is because I would always prefer to trade with a regulated broker as they must follow a strict set of rules and procedures that are put in place to protect investors. I am therefore pleased to see that this broker is regulated.

Countries

TopFX does not offer its services to residents of the United States of America, Japan, North Korea, Iran, and other countries where such services are prohibited. If you are from the US, our top USA brokers list can help you find a suitable alternative. In addition, our tool to compare brokers can also help you find a broker according to your needs.

Platforms

TopFX provides you with a choice of two industry leading platforms: MetaTrader 4 (MT4) and cTrader. MetaTrader 4 is one of the best trading platforms in the trading industry due to its user-friendly interface, stability, and features. I have been using MT4 for years and never felt the need to switch to any other platform. However, my second priority would probably be cTrader, which the broker also provides which is great. cTrader comes with a modern design and advanced features such as additional timeframes, chart types, and order types.

Both trading platforms are available on desktop pc and mobile devices and accessible through a web browser, which is a plus point for any trader. I think that the platforms can meet the needs of all levels of traders. No matter how simple or complex your strategies, there are more than enough tools for conducting comprehensive market analysis and effectively managing your trades.

I noticed they don’t provide you with any social trading platform or integration with other social trading platforms such as ZuluTrade or Myfxbook. In saying that, they do provide copy trading on both platforms, compensating for the absence of social trading. In any case, eToro is one of the best social trading platforms if you are interested in social trading.

MetaTrader 4

They provide traders with the MT4 platform, which is one of the most popular platforms among traders globally. It is user-friendly, customizable, and simple enough for beginners to use with demo accounts if you wish to practice trading using virtual funds. MT4 allows you to trade automatically with an expert advisor, copy the trades of other users, and access a suite of powerful indicators. Moreover, I am always comfortable using MT4, as I know I can access my MT4 trading account through my personal computer, on a web browser from any other device, and through the trading apps whilst on the go.

MetaTrader 4 (MT4) Platforms

cTrader

The broker also provides traders with the sophisticated cTrader trading platform. It has three basic functionalities: Trade, Copy, and Automate. The Trade interface for manual trading is a premium, cross-device, DMA platform that boasts of an impressive array of trading and risk management tools to satisfy even the most demanding trader. The Copy functionality of the platform enables you to copy strategies although there is no guarantee of the results and your capital is at risk when trading online. For automated trading, cTrader offers the “Automate” functionality to attract either traders who prefer using robots to trade or algo traders who are looking to develop their own cBots and custom indicators. Both the MT4 and the cTrader trading platforms are available as desktop applications for Windows and Mac computers, WebTrader, and mobile apps for Android and iOS devices.

cTrader

Copy Trading

Copy-trading appeals to traders with low trading expertise or who lack time to trade their own method. Even if you have an established strategy, you may choose to apply a mix or compare the performance of your approach to that of a copied plan. It is worth mentioning here that you should always be careful while copying anyone else’s trades and do proper research.

TopFX provides copy trading on both platforms. Let’s go through each.

MT4 PAMM accounts

PAMM (Percentage Allocation Management Module) is a simple way to invest in the markets when you don’t have the time or confidence to place your own trades. Your MT4 trading account is linked to a Master account, which manages a number of sub-accounts. When the Master account opens a trading position, it is mirrored in your account and all other sub-accounts. The profits and losses of the Master account are distributed proportionally to the sub-accounts.

cTrader Copy

cTrader allows you to copy trading techniques from other traders while maintaining complete control over the whole copy trading operation.

• Filter strategies based on ROI, strategy age, strategy popularity, fees, and copying capital
• View the entire performance history of each approach for maximum transparency. Access the strategy’s profit factor, maximum balance drawdown, total transactions, successful trades, total pips gained, and other information
• It is simple to add or delete assigned monies
• 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

Tools

There are no well-defined standalone trading tools on the broker’s website, but the provided trading platforms should have more than enough built-in tools to satisfy even the most demanding traders. In addition, the broker provides some excellent third-party tools like Trading Central and Autochartist that help you find trading opportunities with the help of artificial intelligence. Although TopFX provides copy trading, they don’t have VPS services to keep trading platforms running 24/7. Many brokers, such as Blueberry Markets, do provide a free VPS if this is something you are looking for.

Trading Central

Trading Central is a leading financial service that provides trading signals on your favourite trading instruments both intraday and long term. I think this is a great tool for automatically scanning the markets to find signals according to your own preferences. It can save you from hours of chart watching and you can set alerts to make sure you know when it is time to act.

Trading Central

Autochartist

Autochartist is another charting software that implements AI for superb chart pattern recognition. You can select the best strategy according to your experience and set alerts. Autochartist will let you know when your trading conditions are met, or a chart pattern occurs that you trade. Alongside Trading Central, I would consider this an industry leading chart analysis tool. I think it is great the broker makes both available free of charge to users. I have seen similar software being sold for thousands elsewhere.

Autochartist

Education

The broker provides you with a good selection of educational resources, including PRs & Interviews, Events, Market Holidays, Trading Articles, and Videos. However, I feel it would be nice if the broker had provided seminars, webinars, and podcasts because these resources help beginners interact and learn from professionals.

Markets

TopFX offers online trading on an impressive choice of more than 1,000 trading instruments across different asset classes, including CFDs on forex, cryptocurrencies, indices, shares, metals, energies, ETFs, and more. However, other popular asset classes, such as options and bonds, are missing. But even then, I really like the available product portfolio and feel there is more than enough for anyone to create a diversified portfolio according to their own interests.

Forex

Trade forex with 60 currency pairs with spreads from 0.0 pips when you choose the RAW account and 0.5 pips when you choose the ZERO Account.

Indices

Be bullish or bearish on 14 global Indices with spreads starting from 0.4 pips and commissions €2.75 per lot or opt for an all-inclusive spread account.

Shares & ETFs

Trade stocks and ETFs with over 500 Share CFDs with tight spreads and zero commission.

Commodities

Trade CFDs on Gold or Brent oil with spreads starting from 3 pips. As with FX and Indices, you can either choose a RAW or ZERO account.

Accounts

TopFX provides you with a basic choice of two trading accounts. The spreads are tight, execution quick and fees very reasonable. The brokers decade-long experience in liquidity provision means that you get transparent pricing, reduced spreads and ultra-reliable execution. No matter which account type you choose, they guarantee institutional-grade conditions and a fair trading environment.  Spreads start from as low as 0.0 pips on the raw account with commission of €2.75 per side per lot, which is great for scalping. Beginners and traders who prefer the commission calculated into the spread can look at the zero account where spreads start from 0.5 pips. This is reasonable when you consider there is no commission charged on top. A minimum deposit of $200 is reasonable but not the lowest as many brokers have a $1 minimum deposit, such as Trade Nation.

I like how they have handy demo accounts available for those who are interested in the broker’s services but want to test the environment before signing up for a real account. There are also swap-free Islamic accounts for Muslim traders that comply with Shariah law and provide interest-free trading.

Support

The broker’s customer support team can be reached 24/5 via telephone, email, live chat, or by filling the ‘contact us form. I think they could improve by providing 24/7 customer support because they offer crypto trading which is 7 days a week. Thus, if you are a crypto trader and have a problem over the weekend, you will only be able to contact them on coming Monday, which could be inconvenient especially in the case of an emergency.

Funding

This is an area in which I think the broker excels. They accept a good variety of convenient funding options. I like how we can use digital wallets as I find this to be the quickest way to get access to my funds. The broker accepts the following payment methods:

• Bank transfer
• Credit/Debit cards
• Online payment processors
• Cryptocurrencies

Conclusion

TopFX is an online broker that give you access to trade a great selection of financial products via the user-friendly yet advanced MetaTrader 4 and cTrader platforms for all of your devices. The broker offers real time price streams, rapid trade execution speeds, reasonable spreads and low fees. They have some excellent tools for you to find trading signals using a combination of professional market analysis. However, they require a minimum $200 deposit and do not accept clients from certain countries due to regulatory restrictions. I also think they could also improve by adding some more account types to cater for more trading strategies. These are minor hiccups that wouldn’t be a deal breaker for me personally. The broker can still be a good option for anyone looking for easy access to the markets in a regulated environment with very competitive trading conditions.

$200

TopFX is an trading broker that offers online trading of more than 1,000 financial instruments across different asset classes, including Forex, Indices, Stocks, Shares, Metals, Energies and ETFs.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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