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TopForex Review - is it scam or safe?

TopForex Review - is topforex.com scam or good forex broker?

RATING: 2.8 / 3 REVIEWS TopForex
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Typical Spreads
Standard $100 0.01 1:200 3 pips

 

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

 

Company

Country

Regulation

Goldenburg Group Ltd.

Cyprus

CySEC

 

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.

 

Trading Conditions

 

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.

 

Leverage

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.

 

Trading Platform

 

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.

 

Conclusion

 

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. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros Cons
Well-regulated High spreads
MT4 and xStation platforms offered No demo accounts
Choice of many tradeable instruments  

 

Latest news about TopForex
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Traders` reviews for TopForex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

They lie to their customers

Η TOP FOREX δεν εκτιμά κανέναν, γιατί έχει έρθει μόνο για να κλέψουν τα χρήματα και να μην μας καταβάλλουν τους μισθούς. Λένε ψέματα στους πελάτες τους, πρώτα μας κάνουν να τους παίρνουμε με άλλα ονόματα, και μετά στέλνουν τα λεφτά σε μέρη, τα οποία δεν γνωρίζουμε που βρίσκονται.

Translated by Google:

TOP FOREX does not appreciate anyone because it has only come to steal the money and not pay us salaries. They lie to their customers, first make us take them with other names, and then send the money to places we do not know where they are.

Adrian 10/17/2018

Topforex=scum

These people are dangerous.really scummers.

Mixalis 09/14/2018

TopForex - Small trade company and they do not know how to trade

From one pair I lost 15k€ ,they give signals to trade for 1% everyday. I got a signal to trade, buy for the USDMXN ,very risky pair and volatile as I learned later. From the first day it went to the oppposite direction. The broker was like saying "wait it will turn back". But the leverage I had 50:1 and with the new rules 30:1, the high spreads they have and the huge swaps killed my investment. From 20.95 the pair fell to 18.45. No more words for this broker,you can understand more.

Aris 08/23/2018
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