Unlike most brokers, TopForex offers a single type of trading account with leverage up to 1:200, available on two trading platforms.
However, it does not seem to provide free demo accounts, and we did not test its services.
The Company. Security of Funds
Goldenburg Group Ltd.
TopForex is a part of Goldenburg Group, which operates several other forex and binary options brokerage brands: FxGlobal, eTrader, TradeCentrum,Topbinary. Goldenburg Group Ltd. is a Cyprus-based company, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Forex broker regulation in Cyprus is not among the world’s tightest, but is one of the most popular across the globe. In order to achieve a license from the CySEC, forex brokers have to hold at least €730,000 as a proof of financial stability, to keep client funds in segregated accounts, report transactions on a regular basis, apply AML policies, etc.
Moreover, all CySEC-regulated brokers are members of the Investor Compensation Fund, which protects clients’ funds in case of company insolvency up to £20,000 per person.
Besides, brokerages regulated in Cyprus are authorized to provide financial services throughout the EU under the MiFID Passporting Regime.
Minimum Initial Deposit
In order to open an account with TopForex, traders have to invest at least $100. Such minimum initial amount is average. Those who deposit via wire transfer must invest at least $ 250.
Spreads & Commissions
The cost of trading with TopForex is quite high, although no commission fees apply. As we said earlier, we could not get a demo account and try out its platforms, but the broker cites as typical a floating spread of 3 pips on majors. Most brokers offer considerably lower spreads, even those who provide fixed0spread trading, and fixed spreads tend to be higher than variable ones (but more stable).
By comparison, by investing the same initial amount that is required by TopForex, one can use spreads fixed at 2 pips with global brokerage HYCM. For further information and comparison, you may look up real-time spreads of 15 leading brokers at our dedicated page.
As regards leverage, TopForex’s offering is average for the market, the maximum ratio provided being 1:200. Although the CySEC issued guidelines, advising brokerages to offer default leverage of 1:50, most Cypriot brokerages provide significantly higher levels.
Here you may take a look at a list of brokers offering leverage up to 1:500 or higher. Keep in mind that the higher the leverage, the higher the danger of great losses.
Like the other brands in the Goldenburg Group, TopForex offers the popular MetaTrader 4 (MT4) and xStation.
The MT4 is available in all forms and shapes: desktop, web and mobile apps. This platform is the most widely used by both forex brokers and traders, as it is easy to use and yet equipped with all professional tools: great charting, many technical analysis indicators, automated strategies (Eas), back-testing options, etc.
xStation, on the other hand, does not lack most of MT4’s features. It is a fully-customizable platform developed by XOpen Hub. It offers the most popular technical analysis indicators, good charting, social trading options and features useful options such as one-click trading and the ability to deal straight from the charts.
Methods of Payment
TopForex’s clients can make deposits to and withdrawals from their accounts via bank cards (Visa, MasterCard), bank transfer and Skrill.
TopForex is a Cypriot forex and CFD broker that offers quite rich product portfolio on two trading platforms. However, it seems to have at least one significant disadvantage: very high spreads.
TopForex Review Conclusion
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