Written by ForexBrokers.com
In this head to head comparison of HFM vs TopFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
HFM and TopFX were both founded in 2010 and neither is publicly traded or operates as a bank. When comparing their regulatory standings, HFM stands out with two Tier-1 licenses and three Tier-2 licenses, showcasing a higher level of trust and compliance. In contrast, TopFX holds one Tier-1 license and no Tier-2 licenses, indicating a more limited regulatory framework.
According to ForexBrokers.com, HFM holds a Trust Score of 86, placing it in the "trusted" category. Meanwhile, TopFX has a Trust Score of 67, which falls into the "high risk" range. These scores highlight the differences in their perceived reliability, with HFM offering more peace of mind for traders concerned about regulatory assurance.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Year Founded | 2010 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When comparing the commissions and fees of online brokers HFM and TopFX, you'll notice some differences. HFM typically charges slightly above the industry average for trading costs. For their standard trading accounts, HFM advertises a typical spread of 1.2 pips, though it's important to keep in mind that this isn't an average, so actual costs might vary. The Zero account from HFM offers an effective spread of 0.7 pips after factoring in commission, but again, this isn't an average figure. Overall, HFM earns a 4-star rating for commissions and fees and is ranked #31 out of 63 brokers by ForexBrokers.com.
On the other hand, TopFX provides two account types that cater to different trading needs. The spread-only ZERO account comes with no commission but features higher average spreads, about 1.03 pips on major pairs like EUR/USD for July 2024. Meanwhile, the RAW account, which is commission-based, charges a fee of 2.75 EUR per side. In total, the all-in trading cost for the RAW account is approximately 0.88 pips, aligning with the industry average. Just like HFM, TopFX receives a commendable 4-star rating for its commissions and fees. However, it trails slightly behind in ranking, placed at #40 by ForexBrokers.com.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.2 | 1.03 |
| All-in Cost EUR/USD - Active | 0.7 | 0.88 |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing HFM and TopFX, both brokers allow forex trading through CFDs or spot contracts, which ensures flexibility and accessibility for traders. In terms of tradable symbols, TopFX offers a broader selection with 655, overshadowing HFM's 500 offerings. However, HFM shines brighter in the forex category by providing access to 102 forex pairs, significantly outpacing TopFX's 60 forex pairs. This makes HFM a preferable choice for forex enthusiasts seeking variety.
Neither HFM nor TopFX provides the option to trade exchange-traded securities on U.S. or international exchanges, which could limit opportunities for investors wishing to trade individual stocks like Apple or Vodafone. Also, while neither platform offers actual cryptocurrency purchases, they both support trading cryptocurrency derivatives. Both brokers extend copy trading services. With a 4-star rating, HFM holds an edge over TopFX's 3.5 stars for the range of investments, and it ranks #36 compared to TopFX's #46 according to ForexBrokers.com, underscoring its slightly stronger portfolio offering.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 655 |
| Forex Pairs (Total) | 102 | 60 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of HFM and TopFX, both brokers offer a range of features appealing to both new and experienced traders. Both provide simulated trading with free virtual demo accounts, allowing users to practice without any financial risk. HFM stands out by offering a proprietary platform developed in-house, unlike TopFX, which does not. Both brokers support MetaTrader 4, with HFM also offering MetaTrader 5, providing greater flexibility to traders seeking advanced functionalities. Additionally, both HFM and TopFX have Windows-based desktop platforms and web-based trading options, as well as the ability to execute trades directly from stock charts. For charting, HFM offers more drawing tools than TopFX, which may benefit those who rely heavily on technical analysis.
In terms of user experience, both brokers include copy trading options, although neither supports DupliTrade or ZuluTrade. Their watch lists are equally comprehensive, with both offering seven columns for tracking stock fields. Despite these similarities, HFM's slightly higher ranking in the Trading Platforms and Tools category on ForexBrokers.com suggests marginally better performance compared to TopFX. However, both are rated four out of five stars, indicating strong overall functionality. As both platforms support essential trading tools, the choice between them may come down to personal preference regarding specific features like proprietary platform availability or additional charting tools.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of HFM and TopFX, users will find several similarities between these two online brokers. Both HFM and TopFX offer apps available for iPhone and Android, ensuring accessibility for a wide range of users. These apps support stock and forex price alerts, making it easier to keep track of market changes in real-time. Each platform provides 30 technical studies for charting, letting users analyze market trends effectively. Both HFM and TopFX also allow users to draw trendlines and view charts across multiple time frames, such as daily, weekly, or intraday. Additionally, each mobile app features a watchlist with real-time quotes, and any drawings on charts are auto-saved for convenience.
However, neither HFM nor TopFX offers watchlist symbol syncing, which means changes made in their mobile apps do not automatically reflect in the online account. Despite these similarities, some distinctions lie in their rankings. According to ForexBrokers.com, HFM is ranked higher for its mobile trading app experience at #39, compared to TopFX at #51, both out of 63 brokers. Still, each app holds a solid four-star rating, indicating user satisfaction with their mobile trading experience. This insight offers potential users a clearer perspective on choosing between the two for their trading needs.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of HFM and TopFX, several key differences emerge. HFM provides daily market commentary, giving traders frequent insights, whereas TopFX does not offer this feature. Both brokers deliver forex news from prominent sources such as Bloomberg and Reuters, ensuring traders have access to top-tier information. Additionally, traders at both firms can benefit from technical analysis tools through Autochartist. However, TopFX stands out with the integration of Trading Central's technical analysis tools, unlike HFM. Both brokers offer sentiment-based trading tools and maintain economic calendars, ensuring traders stay updated on global events.
Despite these similarities, the overall research experience differs between HFM and TopFX. HFM holds a higher research rating with four out of five stars compared to TopFX's three stars. This difference is echoed in their rankings by ForexBrokers.com, with HFM ranked at #20 out of 63 brokers, significantly ahead of TopFX, which sits at #60. Neither broker offers tools from TipRanks or Acuity Trading, which may influence traders seeking these specific resources. Overall, for those prioritizing a comprehensive research suite, HFM presents a more competitive package.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for novice traders, HFM clearly stands out compared to TopFX. HFM provides a variety of learning materials, offering over ten pieces highlighting forex and CFDs. They host regular monthly webinars online and provide a searchable archive for previous sessions. Moreover, HFM caters to both beginners and advanced traders with at least ten educational videos tailored for each group. They even include an investor dictionary featuring over 50 key trading terms, making it easier for newcomers to familiarize themselves with trading jargon. As a result, HFM shines with a 4-star rating in educational offerings and is ranked 37th out of 63 brokers assessed by ForexBrokers.com.
On the other hand, TopFX falls short in providing ample educational resources for beginners. They do not meet the minimum requirement of ten educational pieces focused on forex or CFDs, nor do they offer regular client webinars or an archive of past webinars. TopFX also lacks a collection of beginner-focused or advanced trading videos and does not provide an investor dictionary. This limited educational offering results in TopFX receiving a 3-star rating for education and placing 61st among 63 brokers ranked by ForexBrokers.com. For beginners seeking comprehensive educational support, HFM is clearly the more favorable choice.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that HFM is better than TopFX. HFM finished with an overall rank of #30, while TopFX finished with an overall rank of #61.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both online brokers, HFM and TopFX, do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to trade cryptocurrency derivatives.
In comparing online brokers HFM and TopFX, neither offers ACH or SEPA transfers, while only TopFX supports PayPal for transactions; both brokers accept Skrill, Visa, Mastercard, and bank wire options for deposit or withdrawal of account funds.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | HFM | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | TopFX Review |
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| Regulation | HFM | TopFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2010 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | HFM | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | HFM | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HFM | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 655 | |
| Forex Pairs (Total) | 102 | 60 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | HFM | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.7 | 0.88 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | HFM | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | HFM | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | HFM | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | HFM | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | HFM | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | HFM | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | HFM Review | TopFX Review |
| Overall | HFM | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | TopFX Review |
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