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AvaTradeTopFX Review
Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck
Last modified September 12, 2022
TopFX offers the MetaTrader and cTrader platform suites, and grants access to a medium range of CFD markets and forex pairs. However, TopFX struggles to compete with the best brokers in several categories, including market research and education.
-
Minimum Initial Deposit:
Depends on payment method -
Trust Score:
67 -
Tradeable Symbols (Total):
655
TopFX pros & cons
Pros
- MetaTrader 4 and cTrader are both available.
- Autochartist integration within the cTrader platform.
Cons
- No published average spread data for assessing trading costs.
- Lacks useful market research.
- MetaTrader 5 is not offered.
- Educational content is severely limited.
Overall summary
| Feature |
TopFX
|
| Overall Rating | |
| Trust Score | 67 |
| Offering of Investments | |
| Commissions & Fees | |
| Platform & Tools | |
| Research | |
| Mobile Trading | |
| Education |
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Is TopFX safe?
TopFX is considered high-risk, with an overall Trust Score of 67 out of 99. TopFX is not publicly traded and does not operate a bank. TopFX is authorised by zero tier-1 regulators (high trust) and one tier-2 regulator (average trust). Learn more about Trust Score.
| Feature |
TopFX
|
| Year Founded | 2010 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 0 |
| Tier-2 Licenses | 1 |
| Tier-3 Licenses | 0 |
Offering of investments
TopFX offers 548 CFDs across a variety of popular asset classes that includes equities, ETFs, commodities, metals, and forex.
Cryptocurrency: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents.
| Feature |
TopFX
|
| Forex Trading | Yes |
| Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 655 |
| Forex Pairs (Total) | 60 |
| U.S. Stock Trading (Non CFD) | No |
| Int'l Stock Trading (Non CFD) | No |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (CFD) | 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). |
Commissions and fees
TopFX offers two account types – both of which are available on MetaTrader and cTrader. There’s the spread-only ZERO account, and the commission-based RAW account. The RAW account charges a commission of 2.75 EUR per side (5.50 per round turn standard lot). The minimum deposit depends on your chosen payment method. Keep in mind: there are no average spreads available to assess the true cost of trading with TopFX.
| Feature |
TopFX
|
| Minimum Initial Deposit | Depends on payment method |
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | No |
| Execution: Agency Broker | No |
| Execution: Market Maker | Yes |
Mobile trading apps
With no proprietary mobile app available, TopFX trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.
Apps overview: TopFX offers two mobile trading apps: cTrader and MetaTrader 4 (MT4). iOS and Android versions of both apps are available respectively from the Apple App Store and Google Play store.
| Feature |
TopFX
|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Watchlists - Total Fields | 7 |
| Watchlist Syncing | No |
| Charting - Indicators / Studies (Total) | 30 |
| Charting - Drawing Tools (Total) | 15 |
| Mobile Charting - Draw Trendlines | Yes |
| Charting - Multiple Time Frames | No |
| Forex Calendar | Yes |
Other trading platforms
TopFX offers both the cTrader and MetaTrader 4 (MT4) trading platforms. Autochartist is integrated directly into cTrader, but MT4 is the standard out-of-the-box developer version, and there are no notable add-ons to help TopFX stand out from amongst the best MetaTrader and cTrader brokers.
Platforms overview: The MetaTrader 4 suite is available at TopFX for macOS and Windows operating systems, alongside the web version that can be accessed via any modern browser.
Charting: The MetaTrader platform suite is known for its robust user-friendly charts. Zooming in and out and rearranging windows and tabs is a breeze on MT4. It also supports the ability to drag and drop from the default list of nearly 50 indicators. cTrader charts are equally impressive with 65 indicators, four chart types, and dozens of drawing tools.
Autochartist: TopFX offers cTrader with Autochartist directly integrated to help traders find investment opportunities.
| Feature |
TopFX
|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| Social Trading / Copy Trading | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
| ZuluTrade | No |
| Charting - Indicators / Studies (Total) | 30 |
| Charting - Drawing Tools (Total) | 15 |
| Charting - Trade From Chart | Yes |
| Watchlists - Total Fields | 7 |
Market research
Market research is lacking at TopFX, which puts it at a disadvantage against most of the brokers I’ve reviewed. I couldn’t find any articles, analysis, videos, or market commentary at TopFX, making it a poor choice for market research – especially when compared to the best brokers in this category.
| Feature |
TopFX
|
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | Yes |
| Autochartist | Yes |
| Trading Central (Recognia) | Yes |
| Social Sentiment - Currency Pairs | Yes |
Education
Educational content at TopFX is largely absent. TopFX’s Facebook page does feature a quarterly recap of stock earnings, some basic platform tutorials, and a few (albeit very brief) educational videos.
Room for improvement: The addition of written articles and an expansion of its range of educational videos would give a needed boost to TopFX’s learning center. The top brokers in this category offer educational videos and articles, and sometimes even quizzes and progress tracking to help you learn about trading and investing. TopFX has lots of space to improve in this category.
| Feature |
TopFX
|
| Has Education - Forex or CFDs | No |
| Client Webinars | No |
| Client Webinars (Archived) | No |
| Videos - Beginner Trading Videos | No |
| Videos - Advanced Trading Videos | No |
| Investor Dictionary (Glossary) | No |
Final thoughts
TopFX has built a good foundation for its platform offering by making both MT4 and cTrader available. It offers a decent variety of instruments, with 548 symbols and 45 forex pairs.
However, TopFX doesn’t offer MT5 or the larger range of markets typically offered by the leading brokers. Moreover, market research is practically non-existent on the TopFX platform, and it lacks meaningful educational content. Finally, publishing its average spread data each month would highlight the true value of its pricing across its two main account types.
About TopFX
Founded in 2010, TopFX is regulated by the Cyprus Securities and Investment Commission (CySEC) and in Seychelles is a brand of Fondex Limited which is regulated by the Financial Services Authority (FSA).
2022 Review Methodology
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
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About the Author
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.