company reviews
TOPFOREX

About company:

 

TopForex broker is owned by the Cypriot investment company Goldenburg Group Limited, licensed by CySEC. Moreover, the broker is licensed by regulators from 30 European countries. Customer deposits are insured against the broker's bankruptcy and are kept in segregated accounts.

 

TopForex executes orders on the STP basis. The trading portfolio consists of currency pairs, stocks, commodities, indices and bonds. The most numerous of them are currency pairs, of which there are more than 50, and stocks.

 

Trading platforms

 

TopForex provides two trading platforms. The popular MetaTrader 4 terminal is available in a version for PCs, smartphones or tablets. MT4 supports dozens of languages, including Russian. The platform contains many technical indicators and offers a wide range of opportunities when working with charts.

 

The second platform clients can trade on is xStation. It is also available from various devices. XStation can display up to 9 graphs in one window. The platform allows you to create trading robots and business applications and includes the main trading orders - Stop Loss and Take Profit. The big advantage is that the platform is available in Russian.

 

The broker allows its clients to engage in social trading on xSocial. Thanks to the service, traders can analyze successful transactions of other investors and copy them to their account.

 

Terms of trade

 

The minimum trade size is 0.01 lot. When trading, you can use leverage up to 1: 500. The disadvantage is high spreads, which, for example, for currency pairs start from 3 pips.

 

Beginners can open a demo account and practice their skills without the risk of losing money for 30 days. The official website has published many textbooks, methodological articles and videos that teach how to work with trading platforms and directly trade on Forex.

 

Ways of payment

 

TopForex offers several ways to deposit money into a trading account: bank transfer, credit card (Visa, MasterCard) and electronic payment systems (Skrill, UnionPay). The minimum deposit is $ 250. The broker does not charge any fees for deposits and withdrawals.

 

Customer support

 

The broker's support team can be contacted by email, live chat or telephone. The official website, platform and support service are available in Russian.

 

 

TOPFOREX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.

 

In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.

 

As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.

 

What is the benefit of a broker / crypto exchange?  

 

TOPFOREX profits from traders' trades, usually in two main ways

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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.

 

The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.

 

Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.

 

The ways to deceive customers 

 

How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.

 

The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.

 

Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.

 

The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where do brokerage companies and crypto exchanges register?

 

One of the key points – it is the place of registration and regulation of the company's activities.

 

First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.

 

On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

 

If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.

 

No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

 

And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization,   specifies disputes between its members – brokers and their clients.

 

If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to look out for?

 

When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.

 

It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.

 

Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.

 

Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.

 

Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world

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