TopForex Review – What to expect from the company

TopForex is a CFD Broker that features on its trading platform CFDs on Forex, commodities, indices, shares, equities. TopForex is a subsidiary company of Goldenburg Group Ltd, a corporation that is licensed in Cyprus by the CySEC. The typical spread is for EUR/USD 3.0 pips*, real trading is possible with the minimum deposit of $100. The TopForex website is available in 10 languages including English, German and Spanish.

What do we cover in our TopForex Review?


General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Basic information about the broker

  • Website address: www.TopForex.com
  • Leverage: up to 1:30
  • Instruments: CFDs – Forex, commodities, indices, shares, equities
  • Minimum deposit: $100
  • Demo account: Yes, free of charge
  • Methods of deposit and withdrawal: Wire Transfer, Credit and debit cards (Visa/MasterCard)

TopForex Trading Platform

TopForex offers to its clients MT5. This trading platform features up to 21-time frames, comprehensive price and market analysis and up to 79 analytical tools. MT5 can be downloaded to any computer or can be accessed via just a web browser or a mobile application.

TopForex Spreads

As any other CFD broker, TopForex charges a spread fee. For the most current spread charges, please visit the TopForex.com website. Here is a spread comparison table that contrasts TopForex spreads with popular industry competitors.


Asset EUR/USD USD/JPY GBP/USD AUD/USD
TopForex* 3.0 3.0 3.0 4.0
Plus500** 0.6 0.7 1.1 0.6
IQOption** 1.2 0.9 1.5 1.6

*Typical spreads recorded on 25.06.2019 at 15:24 GMT taken either from the trading platform or from the website of the broker. **Spreads recorded on 26.09.2019 at 11:26 GMT from the trading platform of the broker.

Advantages and disadvantages

Every Broker has its pros and cons, let’s have a look at the ones that elevate & denounce TopForex.

TopForex Pros
  • International support
  • Low minimum deposit
TopForex Cons
  • No e-wallet payments
  • The smallest possible withdrawal amount is $250
  • A little bit above average spreads
  • No CFDs on cryptocurrencies

To sum up the TopForex Review

TopForex adheres to strict regulatory guidelines of the CySEC (No. 344/17). The broker charges a little bit above average spreads on most assets. The number of available CFDs is decent, the broker even features CFDs on some interesting stock titles that are specific to certain countries in the EU. That being said, I am missing CFDs on cryptocurrencies, it would be nice to see at least an option to trade CFD on Bitcoin. What I also don’t like about TopForex is that the only withdrawal option is by bank transfer and one cannot withdraw any less than 250 dollars.

 

Your review can make a difference to other traders, please leave a comment if you have any personal experience with TopForex.



Michael

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