Many brokers for Forex trading have realized that providing the opportunity for the clients to trade currencies is not enough and that they have to offer much more in order to gain new clients and to keep the already existing clients. Because of that many brokers for Forex trading have introduced many different features that make the Forex trading much more interesting, more successful and with less risk. Besides that, it also promised that it will provide different strategies for Forex trading that would eventually outperform other types of investments. Even though there cannot be found many advertisements this Forex trading broker managed to create the impressive list of clients from all over the world. The reliability and the trustworthiness of this Forex trading broker combined with the safety policies that implements make TopFX broker for Forex trading one of the biggest names in the entire market. The TopFX review will be dealing with the main characteristics of this Forex broker as well as with what it can offer to its clients.
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Background and Regulation
Like big majority of other brokers for Forex trading, the TopFX has also been registered and licensed by the Cyprus Securities and Exchange Commission or CySEC. This Forex trading broker in Cyprus is registered under the name TopFX Ltd under the licence number 138/11 and it was registered back in 2011. Besides being registered in Cyprus, the TopFX Forex broker is also registered by EEA or the European Economic Area as well as the Markets in Financial Instruments Directive or MiFID and that enables it to participate in the market of the entire European Union. This Forex broker is operating in many different parts of the world such as Asia Pacific, West Europe, South East Europe, North Europe, North America, Latin America, Japan, India, China, Middle East & Africa and several other regions in the world. Their offices can be found in all the regions that we previously mentioned. The TopFX company provides their clients with many different instruments such as indices, shares, and commodities that they can trade while using this broker.
Unlike many other brokers for Forex trading, the TopFX does not include the standard MetaTrader 4 platform for their clients to use. Instead, they are providing their clients with the opportunity to use their own trading platform named cTrader. This platform will enable clients or the traders to use the best features available in the market as well as the Tier 1 liquidity solution that might make this process even less risky than it already is. TopFX mobile version is also available for the users who want to use their mobile devices for Forex trading. It does not matter whether a client is using Android or iOS operated mobile devices because this Forex broker has been developed for both operating systems. It was really brave move to provide their clients with their own trading platform and not using the already well established and well known platforms such as MetaTrader 4 or MetaTrader 5 because it would be something new for the clients. Those clients who have some experience of Forex trading have done that most likely using the some of the previously mentioned platforms and moving to a completely new platform might be a bit problematic for those clients.
TopFX Account Types
One of the biggest problems that has surfaced over and over again throughout the years has actually been related to the types of the accounts provided by this Forex broker or more precisely the lack of the selection. TopFX provides their clients with only one account that clients can use when trading with this Forex broker. Clients have the opportunity to open their accounts using different currencies such as EUR, JPY, USD, CHF, and GBP. The minimum amount of the deposit required for this account is $200 or the same amount in some other currency. When we are mentioning the deposits it must also be mentioned that there are no fees that gets charged for depositing certain amounts of money. The leverage with this type of account can be up to 1:500 and it depends on the type of the instruments that the client has chosen to trade with. It must be said also that the opening of this account with this Forex broker is very easy and that it will not take long time nor will it demand any unnecessary documents for the purpose of proving your identity.
Besides the problem concerning only one type of the account there is also the problem or issue with the fact that this Forex broker does not provide any kind of bonuses or promotions for their clients. This, however, might be a especially problematic when attracting new clients because those clients would more likely choose some other Forex broker to use for the trading that provides the bonuses and promotions than the one that does not provide any kind of bonuses or promotions.
As we have already mentioned, the opening of the account with this Forex broker is very easy and it requires a little effort. Just like opening accounts, the depositing funds in those accounts is also very easy process that can be finished by only few clicks. There are several banking methods that TopFX broker is allowing their clients to use and those are different types of the Credit and Debit Cards, Skrill, Webmoney, China Union Pay, Neteller and several others. One of the most important things is the fact that the funds deposited using these methods are very safe and that the risks of mismanagement of those funds are almost impossible.
There are several methods that the clients can use in order to reach the people from the customer support services in case a client gets into problems or some issues appear when trading with this Forex broker. Some of these methods are e-mail, phone call, visiting their office, and live chat. TopFX’s clients need to be aware of the fact that their requests and demands about certain issues will be resolved very quickly.