TopFX Assessment: Regulatory Compliance, Trading Platforms, Instrument Variety, and Advantages and Disadvantages

TopFX is an authorized online brokerage, granting access to an extensive selection of more than 1,000 widely traded financial markets. Customers are equipped with the MetaTrader 4 and cTrader platforms, complemented by an instinctual copy trading solution. In this comprehensive TopFX evaluation, we delve into every facet of the Cyprus-based brokerage, ranging from the registration procedure and the welcome incentive to leverage ratios and the assortment of live account alternatives.

Overview by TopFX

TopFX Ltd was established in 2010 with the primary aim of delivering liquidity and white label solutions to forex brokerages, investment firms, and hedge funds. Subsequently, the firm has penetrated the retail trading realm, providing leveraged forex, CFD, and ETF investment opportunities. TopFX employs an STP (Straight Through Processing) trading model and boasts an active clientele spanning across Europe, Asia, and Africa, encompassing nations such as Indonesia, Thailand, Malaysia, Vietnam, and Nigeria. The brand has garnered multiple accolades, with customer testimonials emphasizing the expeditious withdrawal processes and competitive trading expenses.

This online brokerage operates under the oversight of esteemed regulatory bodies, namely, the CySEC (Cyprus Securities and Exchange Commission), the UK FCA (Financial Conduct Authority), and the Seychelles FSA (Financial Services Authority). These institutions are reputable and instill a degree of confidence among traders.

Trading Platforms

Clients are furnished with access to the MetaTrader 4 (MT4) and cTrader platforms. These platforms are available in desktop applications, web-based versions, and mobile applications for smart devices. Both systems have garnered favorable reviews within the forex community, catering to diverse trader requirements. MT4 has received acclaim for its user-friendly interface, adaptability, and support for algorithmic trading. In contrast, cTrader is endowed with more advanced tools and encompasses copy-trading capabilities.

·       cTrader

cTrader has emerged as a progressively favored alternative to the MetaTrader platforms. Its interface exudes modernity, boasting customizable charts and watchlists. The platform encompasses over 70 technical analysis indicators and incorporates 54 different timeframes. cTrader offers three levels of market depth and level 2 pricing. Algorithmic trading is facilitated through cBots, which fulfill a role analogous to MT4's Expert Advisors. Remarkably, cTrader ranks among the swiftest retail trading platforms, boasting a 3ms internal processing period.

·       The MetaTrader 4 (MT4) Platform

MT4 occupies the pinnacle of forex trading platforms, boasting the largest global user base. The terminal caters to traders of varying experience levels, courtesy of its intuitive features and an array of technical tools. It is imperative to note that MT4 provides fewer timeframes when compared to cTrader.

TopFX clients can harness over 30 pre-installed indicators on MT4, alongside trading bots, denoted as Expert Advisors (EAs). Additional indicators and EAs may be procured from the MetaTrader marketplace. Users also have the capability to create custom bots and indicators employing the MQL4 programming language.

Financial Instruments

TopFX grants access to an expansive portfolio of more than 1,000 markets, encompassing a particularly remarkable assortment of currency pairs, including majors, crosses, and exotics. The available markets encompass:

• 90 currency pairs

• 15 stock indices

• Over 900 shares

• Three energy commodities

• Three precious metals

• 25 Exchange-Traded Funds (ETFs)

Clients who opt for an FSA-regulated account are also positioned to speculate on six cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, Dash, and Bitcoin Cash.

Leverage

The extent of leverage offered to TopFX clients is contingent upon the jurisdiction in which they establish their accounts. Regulatory bodies impose varying leverage limitations, detailed as follows. It is imperative to exercise appropriate risk management techniques when engaging in margin trading.

CySEC Leverage

• Exotic and cross currency pairs - up to 1:20

• Major currency pairs - up to 1:30

• Energy CFDs - up to 1:10

• Metal CFDs - up to 1:20

• Index CFDs - up to 1:20

• Share CFDs - up to 1:5

• ETFs - up to 1:5

FCA Leverage

• Major currency pairs - up to 1:500

• Exotic currency pairs - up to 1:100

• Energy CFDs - up to 1:200

• Metal CFDs - up to 1:200

• Share CFDs - up to 1:20

• Crypto CFDs - up to 1:10

• Index CFDs - up to 1:200

• ETFs - up to 1:20

Mobile Applications

The mobile editions of MT4 and cTrader are available for download on iOS and Android devices, granting clients the ability to monitor their accounts and execute trades from any location. The cTrader application, in particular, distinguishes itself with its offering of 26 timeframes and five chart types, alongside the capacity to categorize instruments using the Watchlists feature. Additionally, the platform amalgamates trading signals, market insights, and news updates within the Blotter tab. Conversely, the MT4 app provides fewer chart types (3) and timeframes (9) but incorporates over 30 technical indicators. Both mobile applications feature user-friendly interfaces.

Fees

In its capacity as a liquidity provider, TopFX presents competitive trading fees. The spreads on offer are contingent upon whether clients opt for a RAW account or a ZERO account. RAW account users can access spreads commencing from zero pips; this is offset by a 2.75 EUR commission per side per lot. In contrast, ZERO account holders benefit from spreads that commence from 0.5 pips.

The spreads for currency pairs are generally lower than the industry norm of approximately 1.5 pips. Popular pairs such as EUR/USD, GBP/USD, and USD/CAD present spreads starting from 0.0 pips, 0.1 pips, and 0.1 pips respectively, within the RAW account framework. Notably, TopFX does not levy commissions on share CFDs or ETFs. Spreads for indices fluctuate from 0.9 pips to 10 pips.

Live Account Options

TopFX extends two account types: RAW and ZERO. The RAW account imposes a fixed 2.75 EUR fee per trade but boasts narrower spreads. In contrast, ZERO account holders do not incur commission fees but are subject to wider spreads. TopFX asserts that both account types are financially equitable over the long term, with the RAW account catering to those who prefer a transparent pricing structure.

Islamic (swap-free) accounts are available across both RAW and ZERO formats.

RAW Account

• Commission: 2.75 EUR per side per lot

• Minimum/Maximum Trade Sizes: 0.01/100 lots

• Spreads from: 0.0 pips

• Leverage: up to 1:30

• Stop-Out: 35%

ZERO Account

• Minimum/Maximum Trade Sizes: 0.01/100 lots

• Spreads from: 0.5 pips

• Leverage: up to 1:30

• No commission fees

• Stop-Out: 35%

Payments

• Deposits: - TopFX accommodates deposits via PayPal, credit cards (Visa or Mastercard), e-Wallets (Neteller or Skrill), and bank wire transfers. Transfers aside from wire transfers are promptly processed, while wire transfers may take between 3 to 5 working days. Importantly, deposits do not incur any fees. Limassol, Cyprus-based accounts have no minimum deposit requirement, while Seychelles-based accounts necessitate a minimum deposit of 50 USD.

• Withdrawals: -TopFX undertakes the processing of all withdrawals within a single working day. The time taken for funds to reach clients' accounts may vary depending on the chosen transfer method; wire transfers, for instance, may take up to 5 days. Notably, TopFX does not levy a commission on withdrawals.

Security

As a multi-regulated brokerage, TopFX diligently adheres to security protocols designed to safeguard trader capital. User funds are meticulously segregated from the brokerage's own pool of capital, held in top-tier European banks such as Barclays. Furthermore, TopFX extends negative balance protection, ensuring that traders cannot incur losses beyond their initial deposit. The firm is also a participant in the ICF (Investor Compensation Fund), which serves as a safety net for client capital in instances of extraordinary events, including broker insolvency.

It should be noted that clients who engage with TopFX's Seychelles office are not eligible for insurance coverage but do benefit from negative balance protection and the assurance of segregated trading accounts.

Customer Support

The customer support team remains accessible 24 hours a day, 5 days a week, via a variety of contact channels:

• Online form: Readily available under the 'Contact Us' tab

• Live chat: Conveniently accessible under the 'Contact Us' tab

• Telephone: +357 25352244

• Email: support@topfx.com

Additional Resources

TopFX's educational offerings vary based on the geographical territory. For instance, in Italy and Thailand, the brand hosts bi-weekly webinars. However, in English-speaking regions, the availability of educational resources is limited. This shortfall is somewhat regrettable, considering that numerous brokers offer an extensive array of supplementary tools tailored to novice traders. Furthermore, economic calendars and pip or profit calculators are conspicuously absent.

Nevertheless, clients can still derive benefits from the copy trading solution, which is a valuable asset for individuals new to the financial markets.

Pros and Cons

✓ Pros

• Supports robust MT4 and cTrader platforms

• Rapid execution, with average speeds under 30ms

• Attractive rebate promotions for active traders

• Spreads commencing from zero pips, accompanied by low commissions

• Comprehensive range of investment options

• No-fee account deposits

• Swift one-day withdrawal processing

✗ Cons

• Absence of a demo account

• Limited opportunities for cryptocurrency trading

• Scarce educational resources and supplemental trading tools

TopFX stands as a dependable forex and CFD brokerage, characterized by competitive fee structures. The firm operates under the regulation of multiple esteemed authorities and extends negative balance protection. In addition, TopFX avails both the MT4 and cTrader platforms, in conjunction with its popular copy trading solution. On the whole, we wholeheartedly recommend TopFX to our readers.

TopFX Broker Details

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