Topforex Review: Legit Broker or Just Another Scam?

Trading with Forex/CFD brokers licensed by reputable regulators is always reassuring. They allow traders to earn with acceptable risks while ensuring the highest level of security for transactions and the safekeeping of funds. So why did we decide to write a Topforex review? This company is counting on us to believe in its alleged CySEC license and supposedly lucrative trading conditions. However, we are convinced that this is nothing but a scam project, designed to deceive clients and take their money. Here, we present the full truth about this fraudulent firm and the legend it hides behind.

Does Topforex Show Any Risk Factors?

When browsing the official website of this pseudo-broker, you can’t help but feel that its creators never intended anyone to actually read it. The pages are riddled with contradictory information. Even without cross-checking official data, one glance is enough to recognize a scam platform.

Here’s just one example. On the About Us page, under Our Story, the firm claims to have been founded in 2021 by a group of experienced, like-minded traders. Yet on the homepage, we see “results” supposedly from 2019 and awards allegedly received back in 2018. At the same time, the license that the broker claims to hold was issued in 2011, while Whois records show that the working domain top-forex.org was only registered in February 2025.

By the way, the broker’s very recent appearance is also confirmed by online top-forex.org reviews. On Trustpilot, at the time of writing, there are 13 reviews with an average score of 4.2 out of 5. However, the very first comment appeared on March 22, 2025 — just a month after the domain was registered and the site launched. Notably, no experts from established trading portals have written about the company yet. This clearly shows that Topforex is too “young” and insignificant to have attracted professional attention.

The positive reviews on Trustpilot seem more like a marketing effort by Topforex’s owners rather than genuine customer feedback. The posts contain no concrete details about the company’s services, only vague praise. This is exactly what paid-for reviews look like, and we have no doubt they were written not by real users but by hired authors.

A closer look at the company’s “official” data settles the question of its legitimacy once and for all. On the Regulation and Licenses page, the broker claims that Top Forex Ltd., operating under the trade name Topforex, is licensed by the Cyprus regulator CySEC. This would, in theory, imply strict compliance with the MiFID II directive and authorization to provide services in EU & EEA countries.

In addition, the company provides a UK address and states in its Terms & Conditions that it operates in accordance with British law. This would at least require local registration. Well, it is indeed possible for a UK-based company to operate with a CySEC license instead of FCA authorization, as there is an agreement in place between the regulators.

In any case, there is more than enough data to verify. We began by searching for the company in the Companies House database.

As we can see, there is no record of Top Forex Ltd in the Companies House database. This means the company is not registered in the United Kingdom.

But what about the address provided by the broker? Companies House allows searching by address as well. At 100 Bishopsgate in London, 510 companies were found, yet Top Forex Ltd or any similar name is not among them. Once again, we see another legend of this fake firm, which, as it turns out, is very easy to debunk.

We are almost certain that the information about the license is also part of this legend and does not reflect reality. Verifying this is not difficult: the CySEC provides open access to data on regulated firms.

So, what do we see in those records? License No. 138/11 was issued on April 19, 2011, to a company called TopFX Ltd., registered in Cyprus under No. 274180. Clearly, this has nothing to do with a UK company. Moreover, while the company name is similar to what the broker claims, it is still different. This firm operates the official website topfx.com, which is still active and serving clients, and has nothing to do with the site we are discussing today. Additionally, online information indicates that this company also uses the trade name Fondex.

Let’s Break Down the Client Portal

The registration process and the features of the client portal clearly indicate that the broker does not operate under a European license:

• During registration, a new user is only asked for their full name, country of residence, and contact information. European regulators require collection of all personal data, including completing a questionnaire to determine trader status (retail/professional) and testing readiness to trade high-risk instruments, such as CFDs.
• The KYC process should also be completed during registration, before creating trading accounts or funding them. At Topforex, it’s the opposite: immediately after filling out the registration form, the trader gains full access to the client portal, can open trading accounts, deposit funds, and start trading. KYC (verification) is only required when submitting a withdrawal request. This setup is typical for offshore brokers or scammers who do not hold any license.
• Customers are not asked for their date of birth, address, etc., even in the client portal. Moreover, there are no fields in the profile to store this information in the database. Still, documents for verification, such as Proof of Address, are listed.
• Deposits, contrary to the site’s claims of highly convenient and secure payment methods, are accepted only in cryptocurrencies. The company does not even mention obtaining VASP/CASP (Virtual Assets Service Provider/Crypto Assets Service Provider) status in any European country. Without it, any crypto transactions in Europe have been considered illegal since early 2025.
• Without VASP/CASP status, compliance with the AML policies common to European countries — which is a core part of regulating financial services — cannot be ensured.
• During registration, a new user is only asked for their full name, country of residence, and contact information. European regulators require collection of all personal data, including completing a questionnaire to determine trader status (retail/professional) and testing readiness to trade high-risk instruments, such as CFDs.
• The KYC process should also be completed during registration, before creating trading accounts or funding them. At Topforex, it’s the opposite: immediately after filling out the registration form, the trader gains full access to the client portal, can open trading accounts, deposit funds, and start trading. KYC (verification) is only required when submitting a withdrawal request. This setup is typical for offshore brokers or scammers who do not hold any license.
• Customers are not asked for their date of birth, address, etc., even in the client portal. Moreover, there are no fields in the profile to store this information in the database. Still, documents for verification, such as Proof of Address, are listed.
• Deposits, contrary to the site’s claims of highly convenient and secure payment methods, are accepted only in cryptocurrencies. The company does not even mention obtaining VASP/CASP (Virtual Assets Service Provider/Crypto Assets Service Provider) status in any European country. Without it, any crypto transactions in Europe have been considered illegal since early 2025.
• Without VASP/CASP status, compliance with the AML policies common to European countries — which is a core part of regulating financial services — cannot be ensured.

In short, all of this only confirms that Topforex has no understanding of the requirements of European regulators. Why, then, does it claim someone else’s license? It’s very simple: market newcomers usually lack the experience and knowledge to verify official data. For them, merely mentioning a CySEC license is enough to guarantee the company’s reliability. As a result, they are willing to deposit large sums into the accounts of a pseudo-broker, not realizing they are dealing with scammers who will never return their money.

What Does the Top-forex.org Website Reveal?

However, a detailed examination of this pseudo-company’s records isn’t strictly necessary. To understand that it is not a regulated broker, it is enough to simply look at the official Topforex website. The page design isn’t terrible, although it looks rather plain due to a somewhat unfortunate choice of colors and thematic images. Yet the content hardly complies with the rules and requirements of European regulators (and the broker claims to have a CySEC license).

Here are a few illustrative examples:

• On the About Us page, there is almost no important information about the company. It briefly mentions its establishment in 2021, and that’s about the entire informational value. Copies of documents confirming registration and licensing, detailed history, or payment details are nowhere to be found — and nobody was going to publish them. Admittedly, doing so would have been very difficult, given that the broker is fictitious, and all its “assets” consist solely of its official website.
• On the Products pages, users encounter several surprises. For example, regarding indices and cryptocurrencies, the site’s creators clearly had nothing to say, so the market descriptions are limited to just a couple of sentences. In contrast, the page on currency trading mentions leverage of 1:200, and the commodities market page notes that trades incur a commission — though the exact amount is omitted. Overall, the information is almost nonexistent. Yet this is exactly where contract specifications or detailed trading conditions should be provided, as required by regulators.
• Take a look at the Costs and Charges page. At first glance, it seems useful because it lists spreads and commissions for various assets. However, first, not all assets are included (for instance, only four currency pairs are listed); second, exchange-traded commodities and stocks are mixed up in the table; and third, the broker’s commissions exceed those of companies trading directly on the exchanges by at least an order of magnitude. The last point, in fact, makes the page somewhat useful: any competent trader seeing these conditions would immediately reject even thinking about cooperating with Topforex, thereby saving their deposit.
• On the About Us page, there is almost no important information about the company. It briefly mentions its establishment in 2021, and that’s about the entire informational value. Copies of documents confirming registration and licensing, detailed history, or payment details are nowhere to be found — and nobody was going to publish them. Admittedly, doing so would have been very difficult, given that the broker is fictitious, and all its “assets” consist solely of its official website.
• On the Products pages, users encounter several surprises. For example, regarding indices and cryptocurrencies, the site’s creators clearly had nothing to say, so the market descriptions are limited to just a couple of sentences. In contrast, the page on currency trading mentions leverage of 1:200, and the commodities market page notes that trades incur a commission — though the exact amount is omitted. Overall, the information is almost nonexistent. Yet this is exactly where contract specifications or detailed trading conditions should be provided, as required by regulators.
• Take a look at the Costs and Charges page. At first glance, it seems useful because it lists spreads and commissions for various assets. However, first, not all assets are included (for instance, only four currency pairs are listed); second, exchange-traded commodities and stocks are mixed up in the table; and third, the broker’s commissions exceed those of companies trading directly on the exchanges by at least an order of magnitude. The last point, in fact, makes the page somewhat useful: any competent trader seeing these conditions would immediately reject even thinking about cooperating with Topforex, thereby saving their deposit.

Finally, let’s turn to the main page. We spent a long time trying to understand its structure but could not find any logic. It seems the developers simply placed everything they knew in random order just to fill the space.

Is the Broker Offering Fair or Risky Terms for Traders?

We have already discussed some of the trading conditions presented on the Topforex website. Traders who try to piece together these scattered details are likely to be somewhat (or quite) surprised. The reason is that there are numerous contradictions in the information provided.

Let’s start with the account types. The broker offers five:

• Basic. Starting deposit $250, $1 commission per trade (for opening or closing a position), spreads from 2.3 points.
• Standard. Minimum deposit $5,000, spreads from 2 points, no trading commissions.
• Silver. Minimum deposit $25,000, commission-free trading, spreads from 1.7 points.
• Gold. Starting amount $75,000, spreads from 1.4 points.
• Platinum. Deposit from $250,000, spreads from 1 point.
• Basic. Starting deposit $250, $1 commission per trade (for opening or closing a position), spreads from 2.3 points.
• Standard. Minimum deposit $5,000, spreads from 2 points, no trading commissions.
• Silver. Minimum deposit $25,000, commission-free trading, spreads from 1.7 points.
• Gold. Starting amount $75,000, spreads from 1.4 points.
• Platinum. Deposit from $250,000, spreads from 1 point.

Now, let’s return to the Costs and Charges page. Here, we see promised spreads on major currency pairs starting from 0.6 points. Yet, this level is not mentioned anywhere in the account table, even for the most expensive plan. Additionally, the account table states that trading commissions are absent on all plans except Basic, but the Costs and Charges page lists the actual commissions — which, by the way, are far from small. In short, the information published on the website is simply unreliable. This is also why we doubt that the broker actually offers leverage of 1:200.

Potential clients should also pay attention to the minimum deposit amounts. Here we see a classic scammer tactic: attract traders with a low entry threshold, but create extremely disadvantageous trading conditions. To change the situation, one must deposit a much larger amount (compare, for example, the Basic and Standard account deposits — they differ by a factor of 20). Of course, large deposits will never be returned to users under any circumstances.

Technical Support Analysis of Topforex

The broker’s contact information is just as poor as any other data on the official website. First, the developers did not create a separate contacts page. Instead, they placed the following in the footer:

• An address in the United Kingdom (London).
• A phone number with a UK code.
• An email address for support.
• An address in the United Kingdom (London).
• A phone number with a UK code.
• An email address for support.

We have already mentioned the address: it is used by over 500 companies, but Topforex is not among them. Clearly, it is provided to give traders the impression of a “physical” office. The owners likely never imagined that anyone would try to find the company among 500 others.

The phone number is equally dubious. Real landlines with this code are located in Lairg, Scotland — over 1,000 km from the London office. Convenient for the broker, isn’t it? In reality, the number is most likely virtual, used for VoIP telephony.

Additionally, there is no online chat or links to social media profiles on the website. In short, the company simply does not want to interact with its clients. It appears that its staff only persuade newcomers to fund their accounts. In the long run, the scammers are not even pretending to be interested in cooperating with traders — they are solely focused on taking their money.

Strengths and Weaknesses

• Fast loading of the official website pages.
• Low entry threshold of just $250.
• Fast loading of the official website pages.
• Low entry threshold of just $250.

• The platform operates without official registration and, judging by the contact details, exists only in the virtual space.
• The broker has no license and falsely presents a CySEC license as its own, while providing services illegally.
• The trading conditions published on the website are contradictory, and complete parameters of trades and instruments are entirely absent.
• Almost all information on the site, such as the broker’s operational history, is unreliable.
• There are very few reviews online, and the positive ones that exist appear to be paid.
• The platform operates without official registration and, judging by the contact details, exists only in the virtual space.
• The broker has no license and falsely presents a CySEC license as its own, while providing services illegally.
• The trading conditions published on the website are contradictory, and complete parameters of trades and instruments are entirely absent.
• Almost all information on the site, such as the broker’s operational history, is unreliable.
• There are very few reviews online, and the positive ones that exist appear to be paid.