What does TopFX look like？
TopFX is the tradename of Fondex Limited. It is a Cyprus-based forex broker offering a wide range of financial products to its traders. It has been providing liquidity solutions to brokers and other investment firms since 2010. TopFX enables all types of clients to trade over 600 assets with institutional-grade conditions and first-class customer support. The address of this broker is CT House, Unit 8, Office No 8H, Providence Mahe Seychelles.
If you want to know whether TopFX is a reliable forex broker or not, please continue to read.
In this article
WikiFX provides inquiry services in the forex field.
WikiFX evaluates the reliability of TopFX based on the facts.
What is WikiFX？
| WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. |
| WikiFX is able to evaluate the safety and reliability of more than 34,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
To explore whether TopFX is a scam or not, we evaluated TopFX from different aspects, such as regulatory status, exposure, etc.
Table of Contents
1.Evaluate the reliability of TopFX based on its general information and regulatory status
To understand TopFX better, we explore TopFX by analyzing three main perspectives:
A. General Info of TopFX
B. Regulatory Status
C. Fund Security
A. General Info of TopFX
TopFX s general info has been shown below:
(source: WikiFX)
Market Instruments
TopFX offers investors access to mainstream and popular financial tradable instruments in the global financial markets, mainly Forex (over 80 currency pairs ), indices, stocks, metals (gold, silver, platinum, palladium), and energy, cryptocurrencies, ETFs, etc.
Minimum Deposit
To meet different forex investors' investment needs and trading experiences, TopFX offers two different types of trading accounts: Raw Accounts and Zero Accounts. TopFX requires no minimum deposit for traders to open an account.
Account Opening
The online application form requires less than two minutes to complete and requires minimal personal information. New traders must provide their name, e-mail, phone number, and desired trading platform, together with their preferred language and country of residence. Account verification remains a mandatory step to complete the swift registration process, complying with AML/KYC stipulations from its regulators. Most clients will satisfy it by submitting a copy of their ID and one proof of residency document.
Leverage
The maximum leverage is 1:500 for Forex, 1:200 for indices, metals, and energies, 1:20 for stocks, 1:10 for cryptocurrencies, and 1:20 for ETFs.
Spreads & Commissions
The minimum spread is 0.0 pips for EURUSD, 0.1 pips for EURGBP, 0.5 pips for German 30 Index, 3.0 pips for XAUUSD, and 0.2 pips for XGUUSD. The minimum spread for raw accounts starts at 0.0 pips, and the trading commission is $2.75 per lot per side. Zero accounts have a minimum spread starting from 0.5 pips, and no commissions are charged.
Trading Platform
TopFX offers traders two high-performance trading platforms in the retail sector, MT4, and cTrader. Both support automated trading solutions, occupying the top two spots in this sub-sector. Copy-trading is equally available at both via the built-in function.
Deposit & Withdrawal
TopFX does not charge any commission for deposits and withdrawals. The main deposit and withdrawal methods supported are Wire Transfer (EUR), VISA & MasterCard (EUR, USD, GBP, CAD, JPY), PayTrust (MYR, THB, IDR, and VND), PlusDebit, UnionPay, WeChat, DivenPay (IDR), Crypto (IDR), Crypto Coins (supporting Bitcoin, Litecoin, Ether, etc.).
Customer Support
Traders can easily reach customer support via live chat. Other methods to contact a support representative are e-mail, web form, and phone number.
(source: WikiFX)
B. Regulatory Status
The legitimate license of TopFX
TopFX is a regulated broker. It is regulated by CySEC with license number: 138/11. It is also regulated by FCA with license number: 579491 and FSA with license number: SD037.
2. The feedback from Twitter
To figure out whether this broker is a scam or not, we made a survey about TopFX on Twitter.
Survey on Twitter:
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TopFX has an official Twitter account, which is registered in September 2010. As of May 10, 2022, It has 389 followers.
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It seems difficult to find feedback from traders on Twitter
3. Exposure related to TopFX on WikiFX
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.
The trader from Vietnam claimed that he/she can not withdraw money from TopFX.
This trader who comes from China can not withdraw his/her money as well.
4. Special survey about TopFX from WikiFX
A. Scoring Criteria
WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.
| The Scoring Criteria of Brokers on WikiFX |
| License index: reliability and value of licenses |
| Regulatory index: license regulatory strength |
| Business index: enterprise stability and operational capability |
| Software index: trading platform, instruments etc |
| Risk Management index: the degree of asset security |
TopFX has been given by WikiFX a good rating of 7.27 /10.
(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)
(source:WikiFX)
According to the above, it seems that Topfx is a well-balanced broker. It is an excellent broker that has done a fantastic job in every category.
B. Field Investigation
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To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers' physical addresses.
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On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
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WikiFX did make an on-site survey on TopFX in 2021 and successfully found their office.
(source: WikiFX)
C. WikiFX Alerts
(source: WikiFX)
5. Conclusion:
TopFX is a regulated, solid broker. However, we advise you to do more research before making a decision. After all, some other brokers are as good as TopFX. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
Click on TopFX's WikiFX page for details
