TopFX is a forex and CFD brand that also sells liquidity to other brokers. Retail clients outside the EU deal with TopFX Global Ltd, licensed by the Seychelles FSA as a securities dealer, or with TopFX Markets Limited, regulated by the British Virgin Islands FSC. TopFX Ltd, a Cyprus investment firm licensed by CySEC since 2011, now presents itself on topfx.eu as serving institutional clients only.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Financial Services Authority Seychelles (FSA) | SD037 | TopFX Global Ltd | Authorised Checked 26 Oct 2026 | Register entry for TopFX Global Ltd (opens in a new tab) 2 |
| British Virgin Islands Financial Services Commission (FSC) | SIBA/L/23/1161 | TopFX Markets Limited | Authorised Checked 19 Apr 2026 | Register entry for TopFX Markets Limited (opens in a new tab) 3 |
| Cyprus Securities and Exchange Commission (CySEC) | 138/11 | TopFX Ltd | Authorised Checked 26 Oct 2026 | Register entry for TopFX Ltd (opens in a new tab) 1 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
TopFX’s three regulated companies are on their regulators’ registers: TopFX Ltd is a CySEC-licensed Cyprus investment firm, TopFX Global Ltd is listed by the Seychelles FSA as a securities dealer and TopFX Markets Limited is listed by the BVI FSC as dealing as principal. The EU site now offers only institutional services and says the Cyprus company does not serve retail clients, so retail clients deal with the Seychelles or BVI company. Their terms segregate client money and give negative balance protection, but they also transfer ownership of margin on open positions to the company, and these clients have no compensation scheme and no independent dispute body. The Cyprus company publishes audited Pillar III disclosures naming its board, with a capital ratio of 102% at the end of 2025, but TopFX does not say who owns the group and its addresses differ between its site, CySEC’s register and its terms. Japan’s FSA warned the Seychelles company in July 2025 for soliciting Japanese residents without registration.
All three companies appear on their regulators’ registers: TopFX Ltd on CySEC’s register under licence 138/11 with the domains www.topfx.com and topfx.eu, TopFX Global Ltd on the Seychelles FSA’s list of securities dealers with the trade name TopFX, and TopFX Markets Ltd on the BVI FSC’s list as dealing as principal (archived copy of April 2026). The FSA and FSC entries do not show licence numbers.
The CySEC, FSA and FSC licences TopFX states match the registers; the FSA and FSC do not display licence numbers, so SD037 and SIBA/L/23/1161 are the numbers TopFX gives. The EU disclaimer calls the Cyprus company “TopFX (Cyprus) Ltd” rather than TopFX Ltd.
CySEC authorises TopFX Ltd to deal on own account in financial instruments 1 to 10, matching its execution policy, under which it acts as principal; the FSA lists the Seychelles company as a securities dealer and the FSC lists the BVI company as dealing as principal, as its terms describe.
The registers show the three companies as current, with no suspension or restriction, and CySEC’s board decisions contain no measure against TopFX Ltd.
The footers and terms give the three companies’ full names, registration numbers and registered addresses; TopFX Ltd’s and TopFX Global Ltd’s numbers match GLEIF.
Reduced the enforcement dimension by 2 points (low severity, 1.3 years before the review).
Not met No compensation scheme covers clients of the Seychelles and BVI companies, which serve TopFX’s retail clients. TopFX Ltd is a member of the Cyprus Investor Compensation Fund, which covers non-professional clients, but its site says it now serves only institutions.
Not met Clients of the BVI company can only escalate to the BVI FSC, the regulator, and the Seychelles terms and complaint form name no outside body; TopFX is not a Financial Commission member. The Cyprus company names the Financial Ombudsman, but it now serves institutions only.
Not met We found no complaint statistics published by TopFX, or by a regulator or ombudsman for its companies.
Partly met Each set of terms names its contracting company, and the EU site says it is operated by TopFX Ltd and serves institutions only. The Seychelles footer says the site is operated by TopFX Global Ltd but also names TopFX Markets Limited, and the BVI site sent sign-ups to the same portal as the Seychelles site, so it is not clear which international company a retail client contracts with.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 123
All three companies appear on their regulators’ registers: TopFX Ltd on CySEC’s register under licence 138/11 with the domains www.topfx.com and topfx.eu, TopFX Global Ltd on the Seychelles FSA’s list of securities dealers with the trade name TopFX, and TopFX Markets Ltd on the BVI FSC’s list as dealing as principal (archived copy of April 2026). The FSA and FSC entries do not show licence numbers.
Permissions cover the services offered 12356
CySEC authorises TopFX Ltd to deal on own account in financial instruments 1 to 10, matching its execution policy, under which it acts as principal; the FSA lists the Seychelles company as a securities dealer and the FSC lists the BVI company as dealing as principal, as its terms describe.
Regulatory claims on the website are accurate 12378
The CySEC, FSA and FSC licences TopFX states match the registers; the FSA and FSC do not display licence numbers, so SD037 and SIBA/L/23/1161 are the numbers TopFX gives. The EU disclaimer calls the Cyprus company “TopFX (Cyprus) Ltd” rather than TopFX Ltd.
Clients can tell which regulated entity serves them 6791011121314
Each set of terms names its contracting company, and the EU site says it is operated by TopFX Ltd and serves institutions only. The Seychelles footer says the site is operated by TopFX Global Ltd but also names TopFX Markets Limited, and the BVI site sent sign-ups to the same portal as the Seychelles site, so it is not clear which international company a retail client contracts with.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Ultimate ownership can be identified 151618
TopFX does not say who owns its companies, the Cyprus company’s Pillar III disclosures do not name its shareholders, and GLEIF records no consolidating parent for TopFX Ltd and natural-person owners, unnamed, for TopFX Global Ltd. We found no official record that names who owns TopFX.
Directors or senior managers are identified 218
The Cyprus company’s 2025 Pillar III disclosures name its six directors, including executive directors Viktoras Zachariadis and Petros Pantzaris; the Seychelles FSA lists Viktoras Zachariadis as a securities dealer accredited with the Seychelles company. We found no managers named for the BVI company.
Financial statements are available 1819
TopFX Ltd publishes Pillar III disclosures for 2017 and 2019 to 2025; those for 2025 say they are audited and show own funds of EUR 764,437 and a capital ratio of 102%. That company now serves institutions only, and we found no financial statements for the Seychelles and BVI companies that serve retail clients.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 6111318
The Seychelles and BVI terms hold client money in segregated client bank accounts, but both transfer ownership of the margin on open positions to the company, which then holds it as a debt to the client and may use it. The Cyprus company’s terms segregate client money under EU rules.
Retail clients have negative balance protection 671113
The Seychelles and BVI terms give negative balance protection, so clients cannot lose more than they deposited; it is applied per client, so a negative balance may be cleared from the client’s other accounts. The EU terms give it to retail clients.
An investor compensation scheme applies 67132021
No compensation scheme covers clients of the Seychelles and BVI companies, which serve TopFX’s retail clients. TopFX Ltd is a member of the Cyprus Investor Compensation Fund, which covers non-professional clients, but its site says it now serves only institutions.
Banking and custody arrangements are disclosed 182223
The Seychelles site names the institutions that receive client payments, such as ClearBank, ABSA Bank (Seychelles), Equals Money, Settlego, Modulr and The 3rooks Money, some in the name of its payment agent Fondex Services Ltd, but does not say which hold segregated client money. The Cyprus company says only that it uses highly rated EU credit institutions.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 2 points.
Warning lists and enforcement records have been searched 425
We searched CySEC’s board decisions, the FCA’s list, the CVM’s declaratory acts, the Indian and Malaysian alert lists and Japan’s FSA lists, and ran web searches for other regulators’ actions. The only entry we found is the Japan FSA’s 2025 warning about the Seychelles company.
Warned by Japan’s Financial Services Agency for soliciting derivatives business without registration 25
1 Jul 2025. Reduced the enforcement dimension by 2 points (low severity, 1.3 years before the review).
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
Independent dispute resolution is available 1326272829
Clients of the BVI company can only escalate to the BVI FSC, the regulator, and the Seychelles terms and complaint form name no outside body; TopFX is not a Financial Commission member. The Cyprus company names the Financial Ombudsman, but it now serves institutions only.
Independent complaint outcomes show no adverse pattern
We found no published ombudsman or dispute-body decisions about TopFX’s companies.
Complaint data is disclosed 19
We found no complaint statistics published by TopFX, or by a regulator or ombudsman for its companies.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Costs are disclosed before account opening 6132430
TopFX publishes minimum spreads, commissions (USD or EUR 2.75 per side per lot on Raw accounts), inactivity fees (5 a month after 90 days) and how swaps are charged. Swap rates are only shown on the platform and no currency conversion charge is stated.
An order execution policy is published 56133132
The Cyprus company’s execution policy and 2024 statement say it is principal and sole execution venue and passes orders to liquidity providers it does not name, and a conflicts policy is published. For the Seychelles and BVI companies we found only the clauses in their terms saying the company is always the counterparty.
Leverage and margin terms are disclosed 61324303334
Leverage and stop-out levels are disclosed for each company (EU retail 1:30 and 50%; Seychelles 35% or 30%; BVI 20%), but the Seychelles site advertised leverage of 1:1000 on its account cards and a forex maximum of 1:500 on its trading conditions page.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
An address and working contact channels are published 121112151617
Addresses, phone numbers and emails are published, but they vary: TopFX Ltd gives Vasamal Building and Iris House on its site and in GLEIF while CySEC’s register and its terms give KSENOS Building, and TopFX Global Ltd gives CT House while the FSA lists Providence Complex Building.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Financial Services Authority Seychelles (FSA) · Reference SD037 2
Securities dealer
Listed by the FSA as a securities dealer with the trade name TopFX and the website www.topfx.com.sc; the licence number is TopFX’s own (the register shows none).
British Virgin Islands Financial Services Commission (FSC) · Reference SIBA/L/23/1161 3
Dealing as principal
Read from an archived copy of the FSC’s register entry taken on 19 April 2026, because the FSC’s website refuses our requests. The entry shows no licence number; SIBA/L/23/1161 is the number TopFX gives.
Cyprus Securities and Exchange Commission (CySEC) · Reference 138/11 1
Reception and transmission of orders, execution of orders on behalf of clients, dealing on own account and portfolio management in financial instruments 1 to 10; ancillary services including safekeeping, granting credit for transactions and foreign exchange connected to investment services.
Licence granted 19 April 2011. Approved domains www.topfx.com and topfx.eu.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
In July 2025 Japan’s Financial Services Agency warned TopFX Global Ltd., of CT House, Office 9A, Providence, Mahe, for soliciting over-the-counter derivatives trading over the internet without registration in Japan, under the service name “TopFX”. The list gives the month only; we use 1 July 2025. The entry was still on the list updated on 23 October 2026.
Firms can respond to their profile and to any finding. No response has been published for TopFX. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 26 Oct 2026 | Trust score 78 out of 100 Sound | 1.2 | Current |
No corrections have been made to this profile.
Lists licence 138/11 granted on 19 April 2011, company registration 274180, the address KSENOS Building, Office No. 502, Troodous 2, Agios Athanasios, 4105 Limassol, the email info@topfx.com and the approved domains www.topfx.com and topfx.eu. Authorises reception and transmission of orders, execution of orders, dealing on own account and portfolio management in financial instruments 1 to 10, with ancillary services including safekeeping, granting credit and foreign exchange, cross-border services to EEA states except Belgium, and services to Belarus, Indonesia, Malaysia, Nigeria, Swaziland, Thailand and Ukraine. No suspension or restriction is shown.
The FSA’s register of capital markets licensees lists TopFX Global Ltd among securities dealers, with the trade name TopFX, the address Office No. A18D, Providence Complex Building, Providence, Mahe, the email compliance.global@topfx.com and the website www.topfx.com.sc. It lists Viktoras Zachariadis as a securities dealer accredited with the company. The register does not show licence numbers.
Internet Archive copy, taken on 19 April 2026, of the FSC’s entry, read because the FSC’s website refuses our requests. The entry, dated 2 April 2026, lists TopFX Markets Ltd with entity type “Dealing as Principal” and status “Currently Regulated Entities”. It shows no licence number.
On 26 October 2026 we searched CySEC’s board decisions (all 1,173 to 2 October 2026 and the latest page, to 16 October 2026), the FCA’s list of investment firms, the CVM’s declaratory acts dataset (downloaded on 26 October 2026), the Reserve Bank of India’s alert list (19 November 2025), Bank Negara Malaysia’s Financial Consumer Alert List and the Securities Commission Malaysia’s Investor Alert List (both read on 26 October 2026), and Japan’s FSA lists of registered firms and warned unregistered firms (23 October 2026) for TopFX, TopFX Ltd, TopFX Global and TopFX Markets, and ran web searches for actions by the FCA, Consob, the CNMV, the AMF, the FSMA, the CVM, the FSA Seychelles and the BVI FSC. The only entry we found is the Japan FSA’s 2025 warning about TopFX Global Ltd. FCA warnings and a 2018 Consob order we found concern differently named firms (such as TopFX Experts and TopFx24) and are not findings about TopFX.
Says the company acts as principal and is the sole execution venue for client orders, that positions can only be closed with it, that market orders are filled at a volume-weighted price aggregated from third-party liquidity providers, and sets out the execution factors. It does not name the liquidity providers.
Agreement with TopFX Markets Limited (BVI 2116078, FSC SIBA/L/23/1161), which uses the domain www.topfx.com/bvi and is always the counterparty to client trades. Client money is segregated from the company’s money, but margin for open positions becomes the company’s property, owed back as a debt (18.4). Negative balance protection means clients can never lose more than they deposited, applied per client. Positions may be closed from a 60% margin level and are closed at 20%. Accounts without trading for 90 days pay USD 5 or equivalent a month. Complaints go by form to compliance, are acknowledged within two business days and resolved within 21 business days. Dated August 2025; we use 1 August 2025.
The TopFX sites build their pages in the browser from this script, which holds the English text for every jurisdiction. The EU footer says the site is operated by TopFX Ltd (HE 274180, CySEC 138/11), that TopFX is its trade name and that it does not serve Belgium or the USA, with the retail loss figure inserted. A disclaimer says “TopFX (Cyprus) Ltd does not offer services to retail clients and individual investors” and that the site is for institutional clients only. The Seychelles footer names TopFX Global Ltd (8424819-1, FSA SD037) as operator of the site and TopFX Markets Limited (BVI 2116078, FSC SIBA/L/23/1161), and says Fondex Services Ltd (HE 406965, Limassol) acts as payment agent for TopFX Global. Funding text says client funds are held in segregated accounts with reputable banks and that negative balance protection applies; the about page says TopFX was founded in 2010 as a liquidity provider. The institutional FAQ says TopFX is regulated by CySEC and registered with the Seychelles FSA.
An Internet Archive copy taken on 24 February 2026. Says TopFX Global Ltd (8424819-1) is authorised and regulated by the Seychelles FSA under securities dealer licence SD037, gives the registered office CT House, Office 9A, Providence, Mahe, and carries a general risk warning without a loss percentage.
Every TopFX address we requested from Cyprus (topfx.com, topfx.com.sc, topfx.eu) sent us to this page, the EU jurisdiction’s institutional page. It presents TopFX as a prime brokerage and liquidity provider for institutions (FIX API, Tier 1 liquidity aggregation, “no last look”), and its data carries a retail loss figure of 85.19% for the risk warning. Sign-up links point to login.topfx.eu.
An Internet Archive copy taken on 4 August 2026 for a visitor the site placed in Austria. It shows the same institutional page, pinned to the EU jurisdiction, with the 85.19% retail loss figure, so EU visitors outside Cyprus were also sent to the institutional offer.
Agreement with TopFX Ltd (HE 274180, CySEC 138/11), headquarters KSENOS Building, Office 502, Troodos 2, Limassol. Clients are treated as retail unless reclassified. Client money is held in client bank accounts segregated from the company’s money, possibly pooled. Retail clients have negative balance protection per account and positions are closed at a 50% margin level; professional clients have no negative balance protection. TopFX Ltd is a member of the Investor Compensation Fund (lower of 90% of covered claims and EUR 20,000). Complaints go to compliance on the complaint form, are acknowledged within five business days and answered within two months, or three at most. Accounts inactive for 90 days are charged a monthly fee. The company may change the terms at any time without prior notice; changes take effect five calendar days after publication on the website. Dated May 2025; we use 1 May 2025.
An Internet Archive copy taken on 29 January 2026. Gives the registered office CT House, Office 9A, Providence, Mahe, Seychelles phone numbers and support, institutional and partner emails. The footer says the site is operated by TopFX Global Ltd and that Fondex Services Ltd (HE 406965, Limassol) acts as its payment agent, and an EU visitor notice asks visitors to confirm that they approach the non-EU company on their own initiative, “with no solicitation by TopFX Global Ltd or any other entity within the Group”.
Agreement with TopFX Global Ltd (8424819-1, FSA SD037). Client money is held in client bank accounts segregated from the company’s money, but margin for open positions becomes the company’s property, owed back as a debt and usable by the company (18.4). Negative balance protection applies per client, so a negative balance may be cleared from the client’s other accounts, with no residual liability (17.4). Positions may be closed from a 60% margin level and are closed at 35% (MetaTrader) or 30% (cTrader). Accounts without trading for 90 days pay USD, EUR, GBP or CHF 5 or JPY 600 a month. Complaints go by form to compliance.global@topfx.com, are acknowledged within two business days and resolved within 21 business days; no independent dispute body is named. Fondex Services Ltd acts as payment agent. Dated April 2025; we use 1 April 2025.
An Internet Archive copy taken on 17 November 2025. The page data shows a personal (retail) home page for the BVI jurisdiction on topfx.com, with its sign-up and log-in links pointing to signup.topfx.com.sc and login.topfx.com.sc, the Seychelles company’s client portal. The page text itself is built by script and was not captured.
TopFX Ltd (HE 274180, LEI 549300QPSW261OOC0080, created 24 September 2010, last updated 22 October 2026) has its legal address at John Kennedy, Iris House, Limassol and its head office at Vasileos Konstantinou 67, Vasamal Building, Limassol. The record reports no consolidating parent, without naming the owners.
TopFX Global Ltd (C8424819, LEI 549300FO4H19U0RC2L82, created 10 January 2019) gives its legal and head office address as CT House Building, Office 9A, Unit 8, Providence Zone, Mahe. The record says the company has no parent company because it is owned by natural persons, whom it does not name.
The script that builds the institutional footer gives, for TopFX Ltd, the business address Vasileos Konstantinou 67, Vasamal Building, Office 101, Limassol and the registered address John Kennedy, Iris House, 7th Floor, Office 740B, Limassol; for TopFX Global, CT House, Office 9A, Providence, Mahe; and for TopFX Markets, Trident Chambers, P.O. Box 146, Road Town, Tortola. It describes TopFX as an international prime brokerage firm specialising in liquidity provision.
Dated 28 April 2026 and approved by the board on 29 April 2026; it says the information is audited by the external auditors and published with the audited financial statements. The company had nine employees in Cyprus at the end of 2025 and holds client funds in segregated accounts at EU credit institutions. Its board: executive directors Viktoras Zachariadis and Petros Pantzaris, non-executive directors Alexandros Zisis Katsaros and Andrey Muhkura, and independent non-executive directors Nicholas William Anastassiades and Prodromos Anastasiou. Own funds were EUR 764,437 against a EUR 750,000 permanent minimum requirement, a total capital ratio of 102%. It gives the address Vasileos Konstantinou 67, Vasamal Building, Limassol and does not name the shareholders.
Lists TopFX Ltd’s documents: terms of business, risk disclosure, conflicts of interest policy, Investor Compensation Fund policy, client categorisation policy, complaint handling form, order execution policy, execution quality statements for 2017 to 2024, RTS 27 and RTS 28 reports, Pillar III disclosures for 2017 and 2019 to 2025, key information documents, costs and charges and the leverage and margin policy. We found no complaint statistics among them.
States that TopFX Ltd is a member of the Investor Compensation Fund for clients of Cyprus investment firms and explains which clients and claims are covered.
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are its members, which secures covered claims of non-professional clients against members.
An Internet Archive copy taken on 7 February 2026. Says TopFX charges no deposit or withdrawal fees and that client funds are kept in segregated accounts at reputable banks. It gives wire transfer details for accounts in the name of TopFX Global Ltd at Settlego Solutions, Equals Money UK, ClearBank and ABSA Bank (Seychelles), and for an account of Fondex Services Ltd for TopFX Global Ltd at The 3rooks Money S.p.A. in San Marino. The beneficiary addresses alternate between CT House, Office 9A and Providence Complex Building, Office A18.D.
An Internet Archive copy taken on 2 February 2026. Withdrawals are requested in the client area, must use the deposit method and are processed within one business day; TopFX charges no fees, although banks and processors may. It lists accounts for wire transfers, several in the name of “Fondex Services Ltd Clients’ Account” at Modulr Finance and one of TopFX Global Ltd at Intraclear Limited in Limassol.
Explains variable spreads with examples, overnight swaps (rates shown on the platform, tripled on Wednesdays or Fridays, converted automatically to the account currency), a commission of EUR 2.75 per side per lot on Raw accounts and none on Zero and Premium accounts, retail leverage up to 1:30, a 50% stop-out, an inactivity fee of EUR 5 a month after 90 days without trading and a closure fee taking the whole balance when a withdrawal request leaves less than EUR or USD 10. No conversion charge is stated.
Lists TopFX Global Ltd., CT House, Office 9A, Providence, Mahe, warned in July 2025 for soliciting over-the-counter derivatives trading over the internet without registration in Japan; the service named is “TopFX”. The entry notes that OnEquity Ltd, FinPros Financial Ltd and PU Prime Limited share the same or a very similar address, while saying their relationship is unknown. The list gives the month only.
Complaints go to compliance@topfx.com on the form, are acknowledged within five working days with a reference number and answered within two months, or three at most. Clients who are not satisfied may refer the matter to the Financial Ombudsman of the Republic of Cyprus, go to court or inform CySEC; the Ombudsman’s and CySEC’s contact details are given.
Complaints go on the form to compliance.global@topfx.com or by post to 8 Pasea Estate Road, Road Town, Tortola; they are acknowledged within two business days and answered within 21 business days, or 90 for complicated cases. Clients who are not satisfied can refer the complaint to the BVI Financial Services Commission, the regulator; no independent dispute body is named.
A blank complaint form for clients of TopFX Global Ltd (FSA SD037). It gives no procedure, timescales or external dispute body.
The Financial Commission’s page says TopFX is not a member, so it cannot review complaints against TopFX.
An Internet Archive copy taken on 14 November 2025, read because the live site sends visitors from Cyprus to topfx.eu. Offers Zero, Raw and VIP accounts with spreads from 1, 0.0 and 0.2 pips, a commission of USD 2.75 per side per lot on Raw, minimum deposits of none, USD 5,000 and USD 50,000 and leverage up to 1:1000. It says client funds are segregated and “kept safely in Tier-1 banks” and lists awards from 2017 to 2023, such as Best Retail Forex Broker 2023 and CEO of the Year 2022, mostly without naming who gave them.
Says the company acted as principal and remained the sole counterparty to client trades in 2024, even where it passed orders to third-party liquidity providers, which it does not name, and that it has no payment or rebate arrangements with execution venues. Dated April 2025; we use 1 April 2025.
Describes how the Cyprus company identifies and manages conflicts of interest with and between clients.
Applies ESMA’s retail leverage limits of 30:1 to 2:1 and the margin close-out rule to retail clients, with higher leverage for professional clients.
An Internet Archive copy taken on 29 January 2026. Gives maximum leverage by asset class (forex 1:500, indices, metals and energies 1:200, shares and ETFs 1:20, cryptocurrencies 1:10), says TopFX offers leverage of up to 1:500 and that orders are filled with no dealing desk intervention. The symbol tables are loaded by script and were not captured.
Risk disclosures for the Seychelles company’s forex and CFD products, identifying TopFX Global Ltd (8424819-1, FSA SD037).
Risk disclosures for the BVI company’s products, identifying TopFX Markets Limited (2116078, FSC SIBA/L/23/1161).
An Internet Archive copy taken on 6 November 2025. The page data shows a personal (retail) home page for the EU jurisdiction on topfx.com, with a retail loss figure of 68.55% and sign-up through signup.topfx.com. The page text itself is built by script and was not captured.
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