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TopForex Review

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TopForex is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and shares. For commodity traders, they offer a range of energies, metals and agriculturals.

Pros

  • Segregates client funds
  • Established in 2009
  • Regulated by CySEC
  • Min. deposit from $100

Cons

To open a live account, you’ll need a minimum deposit of at least $100. Alternatively, TopForex offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by CySEC (Licence: 242/14). TopForex puts all client funds in a segregated bank account and uses tier-1 banks for this. TopForex has been established since 2009, and have a head office in .

Before we dive into some of the more detailed aspects of TopForex ’s spreads, fees, platforms and trading features, you may want to open TopForex ’s website in a new tab by clicking the button below in order to see the latest information directly from TopForex.

Visit TopForex

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

TopForex screenshot Open a demo account

84.19% of retail investor accounts lose money when trading CFDs with this provider

What are TopForex's spreads & fees?

Like most brokers, TopForex takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on TopForex’s website. The colour bars show how competitive TopForex' spreads are in comparison to other popular brokers featured on BrokerNotes.

TopForex
EUR/USD (Average: 0.7 pips) Not offered 0.5 pips 0.8 pips
GBP/USD (Average: 1.1 pips) Not offered 0.5 pips 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered 1.6 pips 4.0 pips
AUD/USD (Average: 0.8 pips) Not offered 0.5 pips 4.6 pips
USD/CHF (Average: 2.3 pips) Not offered 1.6 pips 4.0 pips
USD/CAD (Average: 2.9 pips) Not offered 0.5 pips 4.6 pips
NZD/USD (Average: 3.6 pips) Not offered 2.3 pips 5.7 pips
EUR/GBP (Average: 2.4 pips) Not offered 0.5 pips 3.9 pips

Spreads are dynamic and are for informational purposes only.

As you can see, TopForex’s minimum spread for trading EUR/USD is pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with TopForex vs. similar brokers.

See all Spreads

How much does TopForex charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with TopForex at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $36. Here’s a rough breakdown of the fees and how this compares against City Index & XTB .

TopForex City Index XTB
Spread from: $ 0.00 $ 5.00 $ 2.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 0.00 $ 5.00 $ 2.00
$5 more $2 more
Visit TopForex Visit City Index Visit XTB

All fees/prices are for informational purposes and are subject to change.

General Fees

  • TopForex does charge inactivity fees
  • TopForex withdrawal fees varies on payment method

Commissions

  • TopForex does charge commission on CFD shares

What can you trade with TopForex?

TopForex offers over different instruments to trade, including over currency pairs. We’ve summarised all of the different types of instruments offered by TopForex below, along with the instruments offered by City Index and XTB for comparison.

FX / Currencies TopForex City Index XTB
# of forex pairs offered 84 48
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs TopForex City Index XTB
# of commodities offered 26 21
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs TopForex City Index XTB
# of Stocks offered 4500 1606
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See TopForex's InstrumentsSee City Index's InstrumentsSee XTB's Instruments

What’s the TopForex trading experience like?

1) Platforms and apps

TopForex offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. TopForex also offer their custom Xstation platform.

TopForex Screenshot

TopForex also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See TopForex 's platforms

Trading Features:

  • Low min deposit

Accounts offered:

  • Demo account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

TopForex allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.

As a market maker, TopForex may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that TopForex offers its traders on the right.

Funding methods:

  • Credit cards
  • Skrill

3) Client support

TopForex support a wide range of languages including English, French, Italian, Hungarian, Greek, Slovak, Serbian, Dutch, Spanish, Romanian, Russian, Polish, Slovenian, Czech, Bulgarian, Arabic, and Mandarin.

TopForex has a BrokerNotes double AA support rating because TopForex offer over three languages

4) What you’ll need to open an account with TopForex

As TopForex is regulated by CySEC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore TopForex’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with TopForex you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.topforex.com on 01/07/2019.

84.19% of retail investor accounts lose money when trading CFDs with this provider