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TopForex Review briefly


TopForex is another registered trademark of Goldenburg Group Limited. It is licensed to provide investment services and is supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC). TopForex uses the STP model to arrange customers’ orders, the company claims. Currency pairs, indices, commodities, and shares are available for online trading via one of the world’s most used trading platforms – MetaTrader 5 (MT5). Spreads are floating and you can start trading by investing USD100.




Regulation is one of the important things you must check before entering into a business relationship with a brokerage firm. TopForex is a trading name of Goldenburg Group Limited, which is supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 242/14. The company says it protects clients’ funds at the highest level in accordance with the Markets in Financial Instruments Directive (MiFID) and the strictest regulatory standards issued by the CySEC. Goldenburg Group Limited is a member of the Investor Compensation Fund (ICF), which guarantees compensation to clients in the event of the company’s bankruptcy. The Company has entered into the Tied Agent agreement with QUAENTAS s.r.o., Tőzsdeikereskedé Kft, Corinth Capital MEPE and Fors Magna S. L.


Account Types


There is one type of live account with equal conditions for all categories of traders. Instruments are quoted with floating spreads, and the average one is 3 pips for the EUR/USD pair. The minimum deposit is USD100 and the leverage can be up to 1:30 for retail clients and up to 1:100 for professional ones. You can also own physical shares, but this involves a management fee.


What Type of Brokerage the Company is?


As the company Goldenburg Group Limited is behind the name TopForex, its Order Execution Policy file is going to show what type of brokerage the company is. The document informs that Goldenburg Group Limited does not execute client orders as a principal to principal against the client; therefore, the company is not the execution venue and transmits client orders for execution with third parties (its liquidity providers). This means that Goldenburg Group Limited uses the Straight Through Processing (STP) model to execute customer’s orders and there is no direct conflict of interest that exists among market makers. At present, the company’s execution venues are financial institutions such as JFD Group Ltd, London Prime Ltd, and NAGA Markets Ltd.

About the slippage the same document explains that under certain trading conditions, it may be impossible to execute orders (including stop loss orders) at the specified price. They will be filled at the first available market price. This usually happens at times of rapid price fluctuations. This means that all types of orders are subject to slippage and stop loss orders are not guaranteed. They will be fulfilled at the first/next available market price.

It is also noted that all retail clients are covered by “Negative Balance Protection“. This means that they cannot lose more than the funds they have in their trading account.




There are general fees that customers pay during trading, such as spread, swap and rollover. However, TopForex will charge you some additional fees. If there is no trading activity in your account for more than six months (there is no trading, withdrawals, or deposits), it has become inactive and will be charged a monthly maintenance fee of up to EUR40 per month. In addition, all transactions on Italian CFDs and ITA40 are subject to Financial Transaction Tax (FTT) between EUR0.5 and EUR200 depending on the nominal transaction.


Deposits and Withdrawals


Deposits can be made by bank transfer and credit or debit cards. The minimum deposit made by credit/debit card is USD100 and the maximum deposit is USD10,000 per transaction. The minimum deposit amount by bank transfer is USD250.

Withdrawals can be made via the bank transfer only.

TopForex does not charge any commission on customer deposits or withdrawals but all fees of intermediary banks are covered by the customer.


Trading Platforms


You can trade via one of the most popular terminals – MetaTrader 5 (MT5). MT5 is a modern and powerful trading platform that has an intuitive interface and a wide range of advanced features. All popular MetaTrader 4 features remain and new ones have been added. You will enjoy the maximum flexibility and the choice of strategies and steps that fit you. You can use built-in plug-ins created to accelerate the ways of trading. There are 21 different timeframes, 38 technical indicators, six new pending orders and many analytical tools. The terminal is available as a desktop version and as mobile app for iOS and Android tablets and smartphones.




Forex – 63 major, minor, and exotic currency pairs are available for trading. The typical spread for the EUR/USD pair is 3 pips and the leverage for retail clients is 1:30. Some of exotic pairs cannot be traded 24 hours but during the working time only.

Indices – CFDs on 14 of the world most traded indices are available including DAX, Dow Jones Industrial Average (DJIA) and FTSE 100. The typical spread for DJIA and DAX30 is 20 points. Leverage is 1:20 for major and 1:10 for minor indices.

Commodities – 23 of the most traded commodities can be traded as CFDs including Gold, Silver, Oil, Wheat and Soybean. The typical spread for the Gold is USD1.6 and it is USD0.09 for Crude Oil.

Shares – TopForex offers CFDs on shares of global companies such as Apple and Google. Shares include more than 600US, near 200 European, 8 British, 9 Hong Kong, and 18 Swiss companies. You will be charged a commission starting from EUR20.




There is an educational section where you can find some e-books about mobile trading, speculations and how to trade as a professional. There are several short videos that warn of the risk when trading CFDs.




TopForex is another brand of Goldenburg Group Limited, which has a CySEC regulation. According to the cross-board agreement, this regulation allows it to provide financial services across European Union. According to the legal documents, the company uses the STP model to execute orders, transferring the risk outside itself, which means that the main conflict of interest does not exist here. The company provides a wide range of trading instruments via the most popular trading terminal MT5. There is only one type of real account and you must invest USD100 to open it. However, the spreads of the currency pairs are not so attractive. Deposits and withdrawals are processed free of fees but all fees of intermediary banks are covered by you.

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