TopFX Overview: Company, Regulation and Track Record
TopFX is a forex and CFD broker founded in 2010 by Alex Katsaros, formerly head of product development at cTrader — a background that explains why the broker places unusually strong emphasis on that platform alongside the more common MetaTrader options. Originally built as a B2B liquidity provider before expanding into retail services, TopFX is headquartered in Limassol, Cyprus, and regulated by two bodies: Cyprus CySEC (TopFX Ltd, a Cyprus Investment Firm, license 138/11, MiFID II compliant) and Seychelles FSA (TopFX Global Ltd, registration 8424819-1, license SD037). A related group entity, Fondex Services Ltd, handles payment processing.
Client funds are held in segregated accounts at Tier-1 banks, and the broker guarantees negative balance protection on all retail accounts. Which of the two regulated entities a trader is onboarded under determines the actual protection level and available leverage, so that’s worth confirming directly, as with most multi-jurisdiction brokers.
| Key Aspects | Details |
|---|---|
| Legal Entities | TopFX Ltd (Cyprus CySEC); TopFX Global Ltd (Seychelles FSA) |
| Founded | 2010 |
| Regulation | Cyprus CySEC (License 138/11, MiFID II); Seychelles FSA (License SD037) |
| Minimum Deposit | $5 (Growth account) |
| Maximum Leverage | Up to 1:2000 on forex majors (non-EEA clients) |
| Platform | cTrader, MT4, MT5 |
Account Types and Trading Conditions
TopFX runs three account tiers, all available on MT4, MT5 and cTrader: Growth ($5 minimum, spreads from 1.2 pips, commission-free — the beginner-friendly entry point), Pro ($100 minimum, spreads from 0.5 pips, commission-free), and Zero ($50 minimum, raw spreads from 0.0 pips, $2.75/side commission — $5.50 round-turn — aimed at scalpers and algorithmic traders). Margin call sits at 50% and stop-out at 20% across all tiers, consistently repeated across the broker’s own materials.
| Feature | Growth | Pro | Zero |
|---|---|---|---|
| Minimum Deposit | $5 | $100 | $50 |
| Spreads | From 1.2 pips | From 0.5 pips | From 0.0 pips |
| Commission | None | None | $5.50 round-turn/lot |
| Execution | Market (STP) | Market (STP) | Market (ECN) |
Leverage varies meaningfully by asset class: up to 1:2000 on forex majors, 1:1000 on gold specifically, up to 1:200 on indices and commodities, 1:20 on shares and ETFs (reduced to 1:5 for EU-regulated accounts), and 1:10 on cryptocurrencies and energies. Islamic swap-free accounts are available, and the broker cites execution speeds under 10 milliseconds via NDD routing to Tier-1 liquidity.
Tradable Instruments
TopFX covers 44+ forex pairs, precious metals (gold, silver, platinum, palladium), energies (WTI, Brent, natural gas), 14 stock indices, over 500 share CFDs (Apple, Amazon, Tesla among others), 18 ETFs (including SPY and sector-specific funds), and 13 cryptocurrency pairs including Bitcoin, Ethereum, and Litecoin, traded 24/7. Share CFDs are commission-free on cTrader but carry a 0.1% commission on MT4, so platform choice genuinely affects equity trading costs. Native cTrader Copy social trading is available for followers wanting to mirror other traders’ positions.
Deposits, Withdrawals and Bonuses
TopFX supports credit/debit cards, Google Pay, Apple Pay, Perfect Money, Dragonpay, and cryptocurrency, with no internal fees on deposits. Withdrawals are free for the first two requests each calendar month; the third and any subsequent withdrawal in the same month carries a $10 fee. A separate $5 monthly inactivity fee applies after 90 days of no trading activity, and Wednesday triple-swap charges apply to positions held overnight.
TopFX runs a 50% deposit bonus (capped at $250 credit) and a 100% deposit bonus (capped at $500, requiring a $300 minimum deposit), plus a $50 no-deposit bonus valid for 30 days (requiring 1 lot of trading volume and a $150 minimum before profit becomes withdrawable). A separate cashback rebate program pays up to $8 per round-turn lot on forex, metals and energies, credited monthly and fully withdrawable — a genuinely ongoing benefit rather than a one-time offer.
Pros and Cons
| Pros | Cons |
|---|---|
| Genuine Tier-1 CySEC regulation (MiFID II) alongside Seychelles FSA coverage | Which entity a trader is onboarded under materially affects leverage and protection level |
| Native cTrader focus from a founder with direct cTrader product background | Third and later monthly withdrawals carry a $10 fee |
| Ongoing cashback rebate program (up to $8/round-turn lot), not just a one-time bonus | Share CFD commissions differ meaningfully by platform (free on cTrader, 0.1% on MT4) |
| Very low $5 entry point on the Growth account | $5 monthly inactivity fee after 90 days dormant |
Verdict
TopFX stands out among CySEC-regulated brokers for its genuine cTrader-first positioning, backed by a founder with direct product experience at cTrader itself, and a broad instrument range that includes a relatively rare 18-ETF selection. Its three-tier account structure and ongoing cashback rebate program give both cost-conscious and high-volume traders reasonable options. Traders should confirm which regulated entity (CySEC or Seychelles FSA) applies to their account, since that materially changes both the protection level and the maximum leverage available.
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FAQ
- Is TopFX regulated?
- Yes, through Cyprus CySEC (TopFX Ltd, license 138/11, MiFID II) and the Seychelles FSA (TopFX Global Ltd, license SD037).
- What is TopFX’s minimum deposit?
- $5 on the Growth account, $50 on Zero, and $100 on Pro.
- What is TopFX’s maximum leverage?
- Up to 1:2000 on forex majors for non-EEA clients, with lower caps for indices, commodities, shares, and crypto.
- Does TopFX offer a rebate or cashback program?
- Yes, up to $8 per round-turn lot on forex, metals and energies, credited monthly and fully withdrawable.
- Does TopFX support cTrader?
- Yes, and it’s a particular focus for the broker — its founder previously headed product development at cTrader itself.
