TopFX24 offers a plethora of account types. Its clients can choose between trading with fixed or variable spreads and those who are Muslim are offered swap-free services.
This broker obviously targets European traders, as minimum investment amounts are indicated in EUR and the website is available in English, Italian, Spanish, and German language. Keep in mind that TopFX24 does not accept clients from US, Canada, Belgium, Sudan, Syria and North Korea, Columbia, Quebec, and more.
– MT4 available
TopFX24 offers its services on the widely used Metatrader 4 – a platform that hardly needs presentation to anyone who has some idea of forex trading. More than 10 years after its launch, the MT4 still remains the favorite trading software of most traders, because of its its ease of use, great charting, technical analysis indicators, automated strategies (Expert Advisors), and customization options.
– Competitive spreads on demo accounts
As we tried out TopFX24’s MT4, we found the broker’s spreads floating around 1.3 pips on EUR/USD, which is in line with the industry’s average.
TopFX24’s demo MT4. Click on the image to zoom-in.
However, none of the spreads specified on the broker’s match with those on demo accounts, but we will discuss this later on.
– Many financial instruments offered, including Bitcoin CFDs
Another advantage of trading with this broker is its rich product portfolio, which includes wide range of currency pairs, CFDs on commodities, stocks, indices, precious metals, and cryptocurrencies. Bonds and ETFs are also available.
We especially like the fact that with TopFX24 one can trade in the most popular cryptocurrencies – Bitcoin, Ethereum and Litecoin. If you are keen on trading digital assets, we recommend a couple of reliable and well-regulated brokers.
– High leverage levels available
Leverage levels reaching 1:400, like those offered by TopFX24 are considered high, although a number of brokers offer similar or even higher ratios.
– Registered offshore, unclear company background
TopFX24 is registered offshore, whish generally means it is not regulated and is not to be trusted. Even worse, we are not sure which is the company that owns and operates this brand and website, which is a major red flag.
– Relatively high initial deposit required
TopFX24 requires $250 from its clients in order to open an account. Such initial investment required is slightly high, as most brokers require $100-$200 as a start, and many of them are properly licensed. For example, you can open an account with major brokerage EasyMarkets by depositing $100.
– Very high spreads announced on website
When a broker announces that its spreads exceed 3.0 pips on majors, as is the case with TopFX24, we wonder how this company attracts clients at all. Most brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD, and some even lower. For example, FxPro’s spreads on cTrader accounts are averaged 0.3 pips and involve a commission of $4.5 per lot.
– Spreads announced on website differ from those on demo accounts
Demo accounts are supposed to provide the same trading environment as live ones, the only difference being that you don’t trade with real money. In the case of TopFX24, the difference in the spreads is significant and we are not sure what are the real spreads of this broker.
TopFX24 is a MT4 broker that offers a plethora of account types and financial instruments for trade. However, it does not well-regulated and not to be trusted. All the more so, because it is unclear which is the company behind it and what are its real spreads.
We are not sure which is the company owning and operating the brand, as on different sections of its website are mentioned Investment 4 Futures Ltd., incorporated in Saint Vincent and the Grenadines, and TopFX24 Ltd, “licensed” in another popular offshore destination – Vanuatu. All offshore destinations are simply low-cost places for brokerages to register in and in fact, they are not overseen by a financial watchdog and don’t have to follow any rules.
Besides, the broker’s demo MT4 is powered by Easy FX Solutions – a company registered in Vanuatu that offers brokerage incorporation services. The latter is related to forex brokerage Up4x, which is more likely a scam.
Considering the above, you’d better select a well-regulated European broker. For example, brokers licensed in the UK, tare required to comply with strict rules on minimum capital adequacy, account segregation, transaction reporting, etc. This means that you have maximum protection as a client and your money are safe.
TopFX24 Review Conclusion
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