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TopFX Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer

January 25, 2023
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TopFX offers the MetaTrader and cTrader platform suites, and grants access to a medium range of CFD markets and forex pairs. However, TopFX struggles to compete with the best brokers in several categories, including market research and education.

3.5/5 Stars Overall
  • Minimum Deposit: Depends on payment method
  • Trust Score: 67
  • Tradeable Symbols (Total): 655

TopFX pros & cons

thumb_up_off_alt Pros

  • MetaTrader 4 and cTrader are both available.
  • Autochartist integration within the cTrader platform.

thumb_down_off_alt Cons

  • No published average spread data for assessing trading costs.
  • Lacks useful market research.
  • MetaTrader 5 is not offered.
  • Educational content is severely limited. has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Overall summary

Feature TopFX logoTopFX
Overall Rating 3.5/5 Stars
Trust Score 67
Offering of Investments 3.5/5 Stars
Commissions & Fees 4/5 Stars
Platform & Tools 4/5 Stars
Research 3/5 Stars
Mobile Trading 4/5 Stars
Education 3/5 Stars

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Is TopFX safe?

Trust Score

TopFX is considered high-risk, with an overall Trust Score of 67 out of 99. TopFX is not publicly traded and does not operate a bank. TopFX is authorised by zero tier-1 regulators (high trust) and one tier-2 regulator (average trust). Learn more about Trust Score.

Feature TopFX logoTopFX
Year Founded 2010
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 0
Tier-2 Licenses 1
Tier-3 Licenses 0

Offering of investments

TopFX offers 548 CFDs across a variety of popular asset classes that includes equities, ETFs, commodities, metals, and forex.

Cryptocurrency: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents.

Feature TopFX logoTopFX
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 655
Forex Pairs (Total) 60
U.S. Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy Trading Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Disclaimers Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients).

Commissions and fees

TopFX offers two account types – both of which are available on MetaTrader and cTrader. There’s the spread-only ZERO account, and the commission-based RAW account. The RAW account charges a commission of 2.75 EUR per side (5.50 per round turn standard lot). The minimum deposit depends on your chosen payment method. Keep in mind: there are no average spreads available to assess the true cost of trading with TopFX.

Feature TopFX logoTopFX
Minimum Deposit Depends on payment method
Average Spread EUR/USD - Standard N/A info
All-in Cost EUR/USD - Active N/A info
Active Trader or VIP Discounts No
ACH or SEPA Transfers No
PayPal (Deposit/Withdraw) Yes
Skrill (Deposit/Withdraw) Yes
Visa/Mastercard (Credit/Debit) Yes
Bank Wire (Deposit/Withdraw) Yes

Mobile trading apps

With no proprietary mobile app available, TopFX trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.

Apps overview: TopFX offers two mobile trading apps: cTrader and MetaTrader 4 (MT4). iOS and Android versions of both apps are available respectively from the Apple App Store and Google Play store.

Feature TopFX logoTopFX
Android App Yes
Apple iOS App Yes
Mobile Alerts - Basic Fields Yes
Watchlists - Total Fields 7
Watchlist Syncing No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Mobile Charting - Draw Trendlines Yes
Mobile Charting - Multiple Time Frames Yes
Forex Calendar Yes

Other trading platforms

TopFX offers both the cTrader and MetaTrader 4 (MT4) trading platforms. Autochartist is integrated directly into cTrader, but MT4 is the standard out-of-the-box developer version, and there are no notable add-ons to help TopFX stand out from amongst the best MetaTrader and cTrader brokers.

Platforms overview: The MetaTrader 4 suite is available at TopFX for macOS and Windows operating systems, alongside the web version that can be accessed via any modern browser.

Charting: The MetaTrader platform suite is known for its robust user-friendly charts. Zooming in and out and rearranging windows and tabs is a breeze on MT4. It also supports the ability to drag and drop from the default list of nearly 50 indicators. cTrader charts are equally impressive with 65 indicators, four chart types, and dozens of drawing tools.

Autochartist: TopFX offers cTrader with Autochartist directly integrated to help traders find investment opportunities.

Feature TopFX logoTopFX
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
View More

Market research

Market research is lacking at TopFX, which puts it at a disadvantage against most of the brokers I’ve reviewed. I couldn’t find any articles, analysis, videos, or market commentary at TopFX, making it a poor choice for market research – especially when compared to the best brokers in this category.

Feature TopFX logoTopFX
Daily Market Commentary No
Forex News (Top-Tier Sources) Yes
Autochartist Yes
Trading Central (Recognia) Yes
Social Sentiment - Currency Pairs Yes


Educational content at TopFX is largely absent. TopFX’s Facebook page does feature a quarterly recap of stock earnings, some basic platform tutorials, and a few (albeit very brief) educational videos.

Room for improvement: The addition of written articles and an expansion of its range of educational videos would give a needed boost to TopFX’s learning center. The top brokers in this category offer educational videos and articles, and sometimes even quizzes and progress tracking to help you learn about trading and investing. TopFX has lots of space to improve in this category.

Feature TopFX logoTopFX
Has Education - Forex or CFDs No
Client Webinars No
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Videos - Advanced Trading Videos No
Investor Dictionary (Glossary) No

Final thoughts

TopFX has built a good foundation for its platform offering by making both MT4 and cTrader available. It offers a decent variety of instruments, with 548 symbols and 45 forex pairs.

However, TopFX doesn’t offer MT5 or the larger range of markets typically offered by the leading brokers. Moreover, market research is practically non-existent on the TopFX platform, and it lacks meaningful educational content. Finally, publishing its average spread data each month would highlight the true value of its pricing across its two main account types.

About TopFX

Founded in 2010, TopFX is regulated by the Cyprus Securities and Investment Commission (CySEC) and in Seychelles is a brand of Fondex Limited which is regulated by the Financial Services Authority (FSA).

2023 Review Methodology

At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test. 2023 Annual Awards

For the 2023 Annual Awards, brokers were evaluated against’s 8 Primary Categories: Commissions & Fees, Offering of Investments, Platforms & Tools, Mobile Trading Apps, Research, Education, Trust Score, and Overall. also recognized brokers that demonstrated excellence and innovation with our exclusive Industry Awards. To see the complete list of Industry Award winners (and to learn more about our Annual Awards from our Director of Online Broker Research, Steven Hatzakis), check out our Annual Awards page.

Primary categories

TopFX logoTopFX Overall Rating Offering of Investments Commissions & Fees Platforms & Tools Research Education Mobile Trading Apps Trust Score
Rating 3.5/5 Stars 3.5/5 Stars 4/5 Stars 4/5 Stars 3/5 Stars 3/5 Stars 4/5 Stars 67
Rank #1
Streak #1
Best in Class
Best in Class Streak

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

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About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.