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Broker Review Contents
TopForex is a broker that provides forex trading services. They provide traders with access to a wide range of assets in a number of markets, such as currencies, indexes, and stocks. They provide a variety of energy, metals, and agriculturals to commodities dealers.
- Established in 2009
- Regulated by CySEC
- Segregates client funds
- Min. deposit from $100
- Inactivity Fee
- Limited range of instruments
- Doesn’t allow scalping (See alternatives)
- Not FCA Regulated (See alternatives)
A minimum deposit of $100 is required to establish a live account. Alternatively, TopForex provides a demo account that you may use to experiment and become acquainted with their website.
Regulated by CySEC (Licence: 242/14), TopForex keeps all customer funds in a separate bank account and works with tier-1 banks to do so. TopForex has been in business since 2009, with headquarters in Cyprus.
Before we get into the specifics of TopForex’s spreads, fees, platforms, and trading tools, you may want to open their website in a new tab by clicking the button below to get the most up-to-date information directly from them.
Full disclosure: If you join a broker through one of our links, we may get a commission.
What are TopForex’s spreads & fees?
TopForex, like most brokers, charges a fee based on the spread, which is the difference between the buy and sell price of an item.
The commissions and spreads shown here are based on the TopForex website’s minimum spreads.
|EUR/USD(Average: 0.7 pips)||3 pips||0.7 pips||0.1 pips|
|GBP/USD(Average: 1.1 pips)||3 pips||1.7 pips||0.1 pips|
|USD/JPY(Average: 1.1 pips)||3 pips||0.6 pips||0.1 pips|
|AUD/USD(Average: 0.8 pips)||4 pips||0.6 pips||0.2 pips|
|USD/CHF(Average: 2.3 pips)||3.5 pips||2.3 pips||0.2 pips|
|USD/CAD(Average: 2.9 pips)||4 pips||0.5 pips||0.3 pips|
|NZD/USD(Average: 3.6 pips)||4 pips||2.8 pips||0.3 pips|
|EUR/GBP(Average: 2.4 pips)||4 pips||0.5 pips||0.1 pips|
Spreads are changeable and are provided solely for informational reasons.
TopForex’s minimum spread for trading EUR/USD is 3 pips, which is quite low when compared to the average EUR/USD spread of 0.70 pips. The table below compares the costs of trading one lot of EUR/USD with TopForex and other brokers.
How much does it cost to trade 1 lot of EUR/USD with TopForex?
If you bought one standard lot of EUR/USD (100,000 units) with TopForex at an exchange rate of 1.1719 and sold it the next day at the same price, you would most likely pay $36. Here is a general breakdown of the fees and how they compare to IG and XTB.
|Spread from:||$ 30.00||$ 6.00||$ 2.00|
|Total cost of a 100k trade:||$ 30.00||$ 6.00||$ 2.00|
|$24 less||$28 less|
|VISIT TOPFOREX||VISIT IG||VISIT XTB|
All fees/prices are for informational purposes and are subject to change.
TopForex allows you to trade a variety of instruments.
TopForex provides over various trading instruments, including over currency pairings. We’ve described all of TopForex’s numerous types of instruments below, along with IG and XTB’s instruments for comparison.
|FX / Currencies||TopForex||IG||XTB|
|# of forex pairs offered||90||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|# of commodities offered||34||21|
|Index & Stock CFDs||TopForex||IG||XTB|
|# of stocks offered||8000||1606|
|SEE TOPFOREX’S INSTRUMENTS||SEE IG’S INSTRUMENTS||SEE XTB’S INSTRUMENTS|
What’s the TopForex trading experience like?
1) Platforms and apps
TopForex provides the well-known MT4 forex trading platform. See our MT4 broker comparison for a list of the best MT4 brokers. They also provide their own Xstation platform.
They now have mobile apps for Android and iOS, making it simpler to monitor and execute transactions while on the go.
2) Executing Trades
TopForex trading platform allows you to trade with size from as little as 0.01 lot. This may differ based on the type of account you create. The maximum trading size depends on the trader and the instrument.
TopForex may have lower entrance criteria as a market maker than ECN brokers, which benefit from bigger volume of transactions and usually have higher capital and minimum trading requirements. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
Margin requirements depend on the trader, account, and instrument. The most recent margin requirements can be seen on their website.
Finally, we’ve included a summary of some of the popular funding methods that TopForex offers its traders.
- Low min deposit
- Demo account
- Credit cards
3) Client support
English, French, Italian, Hungarian, Greek, Slovak, Serbian, Dutch, Spanish, Romanian, Russian, Polish, Slovenian, Czech, Bulgarian, Arabic, and Mandarin are among the languages supported by TopForex.
4) What you’ll need to open an account with TopForex
Because TopForex is regulated by CySEC, every new customer must pass a few simple compliance tests to confirm that you know the implications of trading and that you are permitted to trade. When you establish an account, you will most likely be asked for the following information, so keep it handy:
- A utility bill or bank statement from the past three months showing your address
- A scanned colour copy of your passport, driving license or national ID
You’ll also have to complete a few basic compliance inquiries to prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to access their platform immediately, it is crucial to know that you will not be able to place any trades until you pass compliance, which might take several days depending on your circumstances.
79% of retail investor accounts lose money when trading CFDs with this provider.