TopFX Forex Trade Platform and Broker Review

TopFX Forex Trade Platform and Broker Review

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TopFX

TopFX is an offshore online forex trading broker and trading platform that offers more than 1,000 tradable financial instruments. TopFX is well-known for offering multiple sophisticated trading platforms and comprehensive trading solutions.

TopFX has between 10 and 50 employees and is headquartered in Seychelles.

 

Is TopFX Regulated?

Yes, TopFX is the trading name of Fondex Limited. This company is registered in the Seychelles with licensing through the Financial Services Authority (FSA) and regulation with the Cyprus Securities and Exchange Commission (CySEC).

 

Is TopFX Regulated in the United States?

No, TopFX is not regulated in Virginia or any other US state.

 

Is TopFX Regulated in Europe?

No, TopFX is not regulated in Europe, but it has cross-border licenses to offer products to European forex traders.

 

Is TopFX regulated in a Tier-1 Jurisdiction?

No, TopFX is not regulated in Tier-1 jurisdiction.

Tier-1 Jurisdiction provides forex brokers with the license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

 

Is TopFX regulated in Tier-2 Jurisdiction?

Yes, TopFX is regulated in Tier-2 Jurisdiction.

Tier-2 Jurisdiction provides TopFX with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

 

What are the Platforms and Tools for Forex Trading in TopFX?

TopFX offers traders with a choice between two popular, award-winning, and advanced trading platforms, namely:

  1. MetaTrader 4 – which is available on desktop, web browsers, and mobile. With TopFX, MetaTrader 4 offers Forex traders all the tools that they need for a seamless, hassle-free, and dynamic trading experience.
  2. cTrader is a powerful and reliable trading platform that is known for its reliability, advanced forex trading tools, and the ability to combine various trading methods in one application.

 

Does TopFX Have a News Blog for Forex News?

Yes. TopFX offers a free news blog for forex news on its official website. Forex traders can easily access the latest financial news on TopFX’s website, featuring the tools that forex traders need to conduct thorough fundamental analysis.

 

Does TopFX Have a Traders Dashboard?

No, TopFX does not have a Traders Dashboard on the official website.

 

Does TopFX Have an Educational Section?

No, TopFX does not feature an educational section on the official website.

 

Is TopFX Legit?

Yes, TopFX is a legit forex broker and the trade name of Fondex Limited, which is a well-regulated and reputable forex trading broker.

 

Is TopFX Safe?

Yes, TopFX is a reliable and safe Forex Trade platform where regulation and stringent safety protocols are concerned. As the trade name of Fondex Limited, TopFX has subsequent licensing and regulation through:

  • The Financial Services Authority (FSA) in Seychelles
  • The Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

 

Through this regulation, TopFX is required to ensure that all client funds are kept in segregated accounts, separate from the broker’s own funds. Strict regulation also ensures that TopFX fulfills its financial obligations and that forex traders are kept safe from fraudulent activity.

 

Is TopFX a Good Broker?

Yes. According to the Forex Suggest review, TopFX is a good broker for security, trading speed, online support, and cryptocurrencies.

In terms of security, TopFX uses strict and reliable innovations such as SSL encryption to ensure that client data and information remain secure on the website and across trading platforms.

In terms of trading speed, TopFX guarantees that all orders are filled within a few milliseconds and that there is minimal slippage and no requotes.

Where online support is concerned, TopFX offers a live chat option that can be accessed under the “Contact Us” section of the website. Support can be contacted 24 hours a day, 5 days a week.

Where cryptocurrencies are concerned, TopFX offers the trade-in CFDs on BTC, XRP, LTC, ETH, and BCH.

 

What is the Offering of Investment in TopFX?

Feature

TopFX
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

 

Does TopFX have Nasdaq?

Yes, TopFX offers the trade of shares on Nasdaq.

Nasdaq, known as the US Tech 100 or the Nasdaq composite, is the second-largest stock exchange by market capitalization. Nasdaq tracks the top technology stocks in the US.

 

What are the Awards of TopFX?

The official website of TopFX does not indicate any awards which have been won by the forex broker.

 

How to Use TopFX for Forex trading?

To use TopFX, a forex trader should have the necessities below:

  1. Traders must have a copy of their identity document along with proof of their residential address for TopFX’s “Know Your Client” or KYC process.
  2. Traders must be 18 years old or older to register a live trading account and start trading.
  3. Traders must be able to pay the $50 minimum deposit when they register an account for the first time.

 

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of TopFX.

 

How to open a Forex trading account with TopFX?

To open a Forex Trading account with TopFX, a trader should follow the steps below.

  1. The forex trader can navigate to the TopFX official website and select “Open a Live Account” from the top bar on the website.
  2. The forex trader can choose between a Raw or a Zero Account by selecting the corresponding banner.
  3. A new page will load with an online application form that must be completed by the forex trader.
  4. The forex trader must provide their language, first and last name, email address, country of residence, mobile number, and preferred trading platform.
  5. Lastly, the forex trader must indicate whether they would like to receive newsletters and special offers before selecting “Create Account.”
  6. The forex trader will be redirected to a new page where they must choose between a live account and a corporate account.
  7. This will redirect them to a more detailed application form where they must provide personal, financial, employment, and trading experience information.
  8. Lastly, the trader must submit a copy of their identity document and proof of residence before their trading account will be approved.

 

What is the Forex Trader Account Types with TopFX?

Forex Trading Platform and Financial Asset Management Institution TopFX have 5 different account types that are offered.

TopFX Account Types are listed below.

  1. Demo Account
  2. Islamic Account
  3. Raw Account
  4. Zero Account

 

1. Demo Account

TopFX offers forex traders with the option to register a demo account. The demo account is funded with virtual capital, but it reflects real-time trading conditions. It can be used as a practice account by beginner forex traders, a risk-free strategy test account, or to explore what TopFX offers.

 

2. Islamic Account

TopFX offers Muslim traders who follow the Sharia Law with the option of converting their live trading account into a Swap-free or Islamic Account. This means that there are no swap or rollover interests on overnight positions while Muslim traders participate in several different global markets.

 

3. Raw Account

The TopFX Raw Account is perfect for forex traders who want a raw price feed with commissions charged separately. The Raw Account has the following features:

  • Spreads from 0.0 pips
  • Account base currency between USD and EUR
  • Leverage up to 1:500
  • Commission from $2.75 per side, per lot
  • Stop-out of 35%
  • Flexible minimum deposit, which depends on the payment method
  • The ability to use expert advisors (EAs) and forex trading robots
  • Access to both cTrader and MetaTrader 4
  • No-Dealing Desk (NDD) execution
  • Access to Islamic Account options
  • Liquidity provided by TopFX, ensuring fast trade execution

 

4. Zero Account

The TopFX Zero Account provides forex traders with low, all-inclusive market spreads, ultra-fast trade execution, and an efficient, competitive trading environment. The Zero Account has the following features:

  • Spreads from 0.5 pips
  • Account base currency between USD and EUR
  • Leverage up to 1:500
  • Commission-free trading
  • Stop-out of 35%
  • Flexible minimum deposit, which depends on the payment method
  • The ability to use expert advisors (EAs) and forex trading robots
  • Access to both cTrader and MetaTrader 4
  • No-Dealing Desk (NDD) execution
  • Access to Islamic Account options
  • Liquidity provided by TopFX, ensuring fast trade execution

 

How to Withdraw Money from TopFX?

To withdraw money from TopFX, the following should be done:

  • Forex traders and existing customers can navigate to the official TopFX website.
  • The forex trader can log into their TopFX Client Area and navigate to the withdrawal section.
  • The forex trader can complete the online withdrawal request form and submit it to TopFX.
  • Traders who withdraw funds must note that withdrawals must be made using the same method which was used when the deposit was made.
  • All withdrawal requests will be processed within one business day from the day that the withdrawal request was received.
  • Depending on the payment provider’s own processing time, funds may take longer than a working day to reach the bank account of the forex trader.

 

How many days do deposits take with TopFX?

The processing time will depend on the payment method which is used.

  • Debit/Credit card – Instantly
  • SEPA Wire Transfer (EU) – 3 to 5 business days
  • Global Bank Wire Transfer – 3 to 5 business days
  • Crypto Wallets – Instantly
  • Perfect Money – Instantly
  • Paymero – Instantly
  • PayTrust – Instantly
  • PlusDebit – Instantly
  • UnionPay – Instantly
  • WeChat – Instantly

 

What are the costs and fees with TopFX?

There are four types of costs with TopFX, namely spreads, commissions, and swap or rollover fees.

The spread is defined as the difference between the bid and the asking price, which is indicated in pips, and which can fluctuate depending on market conditions. TopFX charges commissions as a flat fee per lot per side.

Swap fees are either debited or credited when traders keep long/short positions open after the trading day has concluded.

 

What are the Trading Fees with TopFX?

The Forex Trading Fees with TopFX are below.

The Raw Account:

  1. Spreads: from 0.0 pips
  2. Commissions: $2.75 per side, per lot

 

The Zero Account:

  1. Spreads: from 0.5 pips
  2. Commissions: None

 

What is the minimum deposit in TopFX?

The recommended minimum initial amount is 50 USD.

 

What are the contract specifications in TopFX?

Feature TopFX
Forex Trading Yes
CFDs 900+
Forex Pairs 80+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 5
Social Trading  Yes

 

Does TopFX have promotional offers?

No, TopFX does not have promotional offers.

 

Does TopFX have a welcome bonus?

No, TopFX does not have a welcome bonus for new forex traders.

A welcome bonus is offered to traders who register a real account for the first time and provides them with trading credit.

 

Does TopFX have a deposit bonus?

No, TopFX does not have a deposit bonus for either new or existing forex traders.

A deposit bonus is granted to forex traders either when they register a new account or with every deposit, according to the discretion of the broker.

 

Is there a commission-free trade bonus in TopFX?

No, TopFX does not offer forex traders a commission-free trade bonus.

 

Is there a VIP bonus in TopFX?

No, TopFX does not offer forex traders a VIP bonus.

 

Can you start trading with no money at TopFX?

No, you cannot start trading with no money at TopFX. To start trading, traders must pay a minimum deposit of $50.

 

How does leverage work with TopFX?

TopFX offers varying leverage ratios depending on the asset class being traded:

  • Forex – 1:500
  • Indices – 1:200
  • Metals – 1:200
  • Energies – 1:200
  • Shares and ETFs – 1:20
  • Cryptocurrencies – 1:10

 

Leverage is a useful tool that allows traders to open larger positions by lowering the margin requirement or call that is needed at the start of each trade as collateral. Leverage can maximize the trader’s profit potential, but it can also expose traders to significant losses.

 

Where are the headquarters of TopFX?

TopFX is headquartered in Providence Mahe, Seychelles.

 

Who is TopFX’s CEO?

The CEO of TopFX is Alex Katsaros, who graduated from the University of Macedonia with his MBA specializing in finance and business administration. Alex Katsaros has held the position as CEO of TopFX for the past 8 years.

 

What are the social media accounts of TopFX?

Traders can follow TopFX on the following social media accounts:

  • Facebook
  • Instagram
  • LinkedIn

 

How many employees do work for TopFX?

According to trusted sources, TopFX has between 10 and 50 employees.

 

What are the opinions about TopFX?

TopFX is globally recognized as a trusted brand under the Fondex banner, offering both beginner and professional traders unique, competitive trading opportunities and conditions. TopFX is also well-known for providing a variety of liquidity solutions to brokers and other investment firms.

 

What are TopFX Contests?

TopFX does not run any contests.

TopFX does not currently have any contests, and there are no announcements on the official websites that indicate whether there will be contests held in the future.

 

Does TopFX have online support?

Yes, TopFX has online support in the form of a live chat function, with agents available to help 24/5.

 

Does TopFX offer demo accounts for Forex trading?

Yes, TopFX offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the official TopFX website and select the option to “Open a Live Account.”
  2. The first step is to register for the client portal by completing the short online application form.
  3. Once the forex trader has verified their email address, they can log into their client portal and select the option for a demo account from the options provided.

 

Does TopFX have a mobile app for Forex trading?

TopFX does not offer a proprietary mobile app for forex trading.

Instead, TopFX offers MetaTrader 4 and cTrader in mobile along with a TopFX live trading account. Both these trading platforms are powerful and popular. Each trading platform has its own features, trading tools, analysis, graphs, and several other key features that make them the best in the industry.

Both these trading platforms can be downloaded on Android and iOS, with MetaTrader 4 also available to Windows Mobile devices.

TopFX Metatrader4

Does TopFX publish an economic calendar?

No, TopFX does not publish its own economic calendar on the official website.

An economic calendar is a crucial trading tool that provides traders with the ability to view relevant economic information which is scheduled to be released. Such events could impact the financial markets and, subsequently, the trader’s trading.

To access an economic calendar, forex traders can use the economic calendars which are provided on MetaTrader 4 and cTrader, respectively.

 

What is the communication information of TopFX?

TopFX has one main business address and one main telephone number.

The business address of TopFX is CT House, Unit 8, Office No 8H, Providence Mahe, Seychelles.

TopFX can be contacted telephonically on the following number: +24 846 719 87.

Alternatively, forex traders can navigate to the “Contact Us” page to leave a message by completing the contact request form.