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Top4FX Review - Is it scam or safe?

Top4FX Review - is top4fx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Top4FX
Top4FX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Micro $100 0.01 1:200 Fixed, 3 pips
Standard $100 0.01 1:200 Fixed, 3 pips
VIP $20 000 0.01 1:200 From 2.2 pips

 

Clients of Top4FX are offered a choice of several account types, all of which are provide commission-free trading, leverage up to 1:200 and micro tradeable lots.

 

Although the broker claims to offer variable spreads, starting from 2.2 pips on EUR/USD on all account types, when we tried out Top4FX’s MetaTrader 4 in demo mode, we found out that the spreads are in fact fixed. The spread on EUR/USD is fixed at 3 pips, which is a high value.

 

Most fixed-spread brokers offer a spread of 2 pips on EUR/USD, and some even less – easyMarkets for example provide a spread fixed at 1 pips for this pair. On top of that, easyMarkets is licensed by a reputable regulator (CySEC), while Top4FX is registered offshore.

 

The Company. Security of Funds

 

Company

Country

Regulation

FX Group International Ltd.

Belize

IFSC

Shortline Consultants Ltd.

Cyprus

N/A

 

Founded in 2013, Top4FX is a broker that offers rather extensive product portfolio, which includes numerous currency pairs, CFDs on indices, stocks, commodities, as well as ETFs. According to the broker’s website, the brand is owned and operated by the brand is Too Pro Market Ltd. – a company licensed by the International Financial Services commission of Belize. 

 

Belize is a famous offshore destination for financial service providers, where the regulation and licensing requirements are quite lax. The initial minimum capital requirement for financial and commodity-based derivatives brokers is $500,000 and the annual license fee from amounts to $25,000. In addition, IFSC requires licensed companies to keep client funds in segregated accounts. Unlike UK’s FCA and other financial watchdogs, IFSC has liberal control over forex and binary options brokers. There are many scams registered in Belize and other offshore destinations, so investing in companies registered there is still risky.

 

it appears that Top4FX is mostly targeting Spanish-speaking clients. Spain's financial markets regulator CNMV has recently warned that this broker is not registered in the corresponding registry of the commission and, therefore, is not authorized to provide investment services.

 

Besides, there is another company name mentioned on Top4FX’s website - Shortline Consultants Ltd. The broker claims that the company is headquartered in Nicosia, Cyprus, there are ESMA regulations mentioned, as well as Investors compensation fund. Although not explicitly saying it, the broker tries to suggest that this company is regulated by the Cyprus Securities and Exchange Commission (CySEC). Our check, however, revealed that Shortline Consultants Ltd. is not entered in the CySEC registry of investment firms.

 

Trading Platform

 

Top4FX supports the ever popular MetaTrader 4 (MT4), as well as SIrix trading platforms.

 

Easy to use and designed for all sorts of traders, MT4 is equipped with everything you need to trade the financial markets:  advanced charting tools, technical indicators, back-testing options, automated algorithms (EAs), etc.

 

 

Top4FX’s desktop MT4 platform. Click for a larger image.

 

Sirix, on the other hand, is a browser-based social trading platform. This is no wonder as the platform is equipped with a special social dashboard, where users can follow experienced traders and easily copy their trades. However, we could not access Top4FX’s Sirix web platform – probably the broker will launch it in the near future.

 

Methods of Payment

 

Top4FX supports the following payments methods: bank wire transfer, credit/debit cards WebMoney and local payment methods.

 

Conclusion

 

Top4FX is an offshore forex brokerage with rich product portfolio. It claims to support two platforms and to provide variable spreads, however we could only access its MT4 and found out that the spreads are fixed ant too high. Here are, in a nutshell, the pros and cons of Top4FX:

 

Pros Cons
MT4 available Not regulated
Extensive product portfolio   Wide fixed spreads 
  Making false claims
  CNMV warning against it

 

Latest news about Top4FX
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Traders` reviews for Top4FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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