TopFX is a CySEC- and FCA-regulated ECN broker based in Limassol with no stated minimum deposit and raw/ECN pricing (commission-based) rather than a traditional marked-up standard account.
| Regulated entity | Topfx Ltd |
|---|---|
| Regulation | CySEC No. 138/11 + FCA-licensed (FRN unconfirmed) + FSA Seychelles No. SD037 |
| Other Tier-1 regulators | None confirmed |
| Founded | 2010 |
| Headquarters | Limassol, Cyprus |
| Minimum deposit | No minimum |
| Avg. spread (EUR/USD) | Not independently confirmed |
| Platforms | MT4, MT5, cTrader |
| Instruments | 600+ instruments across forex and CFDs |
See TopFX's full regulation dossier → · How to check whether a forex broker is regulated
Derived from the same confirmed data behind this broker's score (regulation, cost, platforms, deposit minimum) -- not a separate editorial judgment.
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails. Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
Beyond the headline spread and minimum deposit above. Where our research hasn't independently confirmed a specific detail, we say so rather than guess -- verify directly with the broker before relying on it.
| Account types | Only a "Zero" account (tight spreads, around €5.50 round-turn commission) was confirmed in sources found; a possible standard/spread-only tier is referenced in some generic listings but wasn't independently confirmed for TopFX specifically. Islamic/swap-free account availability wasn't directly confirmed either -- treat as not found. |
|---|---|
| Execution model | Described as direct-market-access with no dealing-desk intervention, consistent with TopFX's institutional/prime-brokerage origins (built initially as an institutional liquidity provider before expanding into retail). |
| Withdrawals & deposits | Minimum deposit $50; no TopFX-charged deposit fees (third-party card fees of roughly 1-3% may apply). Deposits are instant except SEPA/wire (3-5 days). Minimum withdrawal $100; the first and second withdrawals are reported free, and bank-wire withdrawals above $100/€100 are free, with a flat $10/€10 fee below that threshold. |
| Overnight financing (swap) | Not independently confirmed -- no TopFX-specific swap calculation or Islamic swap-free terms were found in this research pass. |
| Currency conversion cost | TopFX offers multiple base account currencies to reduce conversion need, but no specific conversion-fee percentage was found. |
| Inactivity fee | Not found -- no TopFX-specific figure was located. |
| Customer service | One review site rates it 4.3/5 overall (support 4.2/5); another rates it 3.5/5 overall. Independent commentary describes live-chat replies arriving within minutes and email replies within 24 hours, calling support first-class. |
| Mobile experience | One review site rates mobile apps around 4/5 industry-wide but ranks TopFX low within that comparison (52nd of 63 brokers reviewed) -- its platforms are MT4 and cTrader rather than a proprietary app. |
| Educational offering | Reviewed as a clear weak point -- described as severely limited and limiting for beginners compared to category leaders, despite providing in-house market analysis, Autochartist and Trading Central. |
See how TopFX's spread cost compares across every researched broker → · Forex broker fees explained
Is TopFX regulated?
Yes -- CySEC No. 138/11 + FCA-licensed (FRN unconfirmed) + FSA Seychelles No. SD037. See the regulation dossier on this page for the underlying licence numbers.
Is my money protected if TopFX fails?
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails. Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
What is the minimum deposit at TopFX?
Our research confirms a minimum deposit of No minimum.
What trading platforms does TopFX offer?
TopFX offers MT4, MT5, cTrader.
What is TopFX's average spread on EUR/USD?
Not independently confirmed in our research -- verify directly with the broker.
When was TopFX founded?
TopFX was founded in 2010.
How is TopFX's overall score calculated?
TopFX currently scores 2.87/5 overall under our disclosed nine-category methodology -- regulation & client protection 30%, trading costs 20%, non-trading fees 10%, platforms & tools 10%, execution/trading conditions 10%, product range 5%, deposits/withdrawals 5%, transparency 5%, track record 5%. It is not a comparison to other brokers and not based on hands-on testing.
A dated log of when our own published data about this broker actually changed -- not a reconstructed history of what the broker itself did. See the full change log tool for every broker.
EU clients typically served under Central Bank of Ireland / MiFID passporting rather than a direct CySEC CIF licence -- worth confirming which entity applies to you.
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