TopFX vs Xtrade Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare TopFX vs Xtrade.
Can I trust TopFX?
TopFX has a trust score of 67, giving it a "High Risk" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust Xtrade?
Xtrade has a trust score of 80, giving it a "Trusted" trust label.
Is TopFX a good broker?
TopFX offers the MetaTraderand cTrader platforms, along with a growing selection of tradeable markets. That said, this broker's lack of substantial regulatory licenses outside of Cyprus brings its Trust Score down. TopFX also lags behind the industry average when it comes to market research and education.
Is Xtrade a good broker?
Founded in 2006, Xtrade is a trusted forex broker that holds multiple regulatory licenses from Tier-1 jurisdictions, boosting its overall Trust Score rating. Though Xtrade offers a proprietary platform, the MetaTrader platform suite is unavailable, and with less than 200 available symbols it just can't compete with the best forex brokers.
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. TopFX is none, while Xtrade is Australia (ASIC Authorised).. Neither have Canada (CIRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized)
What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, TopFX is Cyprus (CySEC Authorised), while Xtrade is Cyprus (CySEC Authorised) and South Africa (FSCA Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses TopFX is none, while Xtrade is Belize (FSC Authorised).. Neither have Bahamas (SCB Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).
Which broker offers more trading platforms?
For trading platforms TopFX supports a Desktop Platform (Windows) and cTrader, whereas Xtrade supports a Proprietary Platform.. Neither have DupliTrade and ZuluTrade
Does TopFX offer MetaTrader? Does Xtrade offer MetaTrader?
For MetaTrader TopFX provides MetaTrader 4 (MT4), while Xtrade provides neither of these. If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.. Neither have MetaTrader 5 (MT5)
How do TopFX and Xtrade differ in terms of minimum deposit? What about average spreads and funding options?
TopFX requires a minimum deposit of Depends on payment method, while Xtrade requires a minimum deposit of $250. From our testing we found TopFX offers spreads of N/A, while Xtrade offers spreads of N/A. TopFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where Xtrade supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).
Which broker offers more tradeable asset classes, TopFX or Xtrade?
TopFX offers a more diverse selection of investment options than Xtrade allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, TopFX has 655, compared to 142 from Xtrade.
Can I trade cryptocurrency with TopFX or Xtrade?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither TopFX nor Xtrade allow you to trade physical cryptocurrencies.
Who offers more research tools, TopFX or Xtrade?
In terms of research and research tools TopFX gives traders the following tools: Autochartist, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. In comparison Xtrade has the tools listed here: Daily Market Commentary, Stock Charts and Forex News (Top-Tier Sources).
Overall winner: TopFX
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We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.