Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighBoth licences are real (CySEC 138/11 and Seychelles FSA), but retail clients get only the offshore one, and Japan's regulator has warned the Seychelles company for unregistered solicitation.
Identity & transparency
3/10 · LowCompanies, numbers and addresses are disclosed and match the registers, but the offshore arm has changed names, and one early 2026 page named the Cyprus company as its operator.
Withdrawals & conduct
6/10 · HighSpecific July to October 2026 reports, all on one platform, of profits cancelled and accounts closed after winning trades. Deposits were reportedly refunded in some cases, and many withdrawals are reported as paid.
Reputation
5/10 · ModerateSplit picture: 4.4 stars from 490 reviews for topfx.com, 2.4 from 32 for topfx.com.sc, plus a Japanese regulator warning. No enforcement action found.
Website claims
4/10 · ModerateThe licences and the since-2010 claim check out, but the offshore site named the wrong operator in early 2026 and promotes 100% bonuses and leverage up to 1:2000.
Operational history
2/10 · LowOperating since 2010, confirmed by the company registry, a CySEC licence from April 2011, and archived 2011 copies of topfx.com showing the licence.
Who they are
A quick desk file on the company behind the brand.
- Brand: TopFX (earlier retail brands: Kawase and Fondex).
- Legal entity: TopFX Global Ltd, Seychelles, registration 8424819-1 (formerly Fondex Limited), runs the retail site topfx.com.sc. TopFX Ltd, Cyprus, HE 274180, is the CySEC-licensed group company and now serves institutional clients only. Fondex Services Ltd, Cyprus, HE 406965, collects payments for the Seychelles company.
- Registered: TopFX Ltd at IRIS HOUSE, 7th floor, office 740B, John Kennedy, 3106 Limassol, Cyprus, incorporated on 24 September 2010. TopFX Global Ltd in Providence, Mahé, Seychelles.
- Website: topfx.com.sc for retail clients outside the EU. topfx.eu and topfx.com for institutional clients.
- Licences: CySEC licence 138/11 (TopFX Ltd) and Seychelles FSA securities dealer licence SD037 (TopFX Global Ltd).
- Offers: CFDs on forex, indices, shares, metals, energies, ETFs and crypto on cTrader, MT4 and MT5. The offshore site offers leverage up to 1:2000 and deposit bonuses of up to 100%.
- Not accepted: residents of the United States, North Korea, Myanmar and Iran. EU visitors are sent to the institutional site.
- Age claim: since 2010, which matches the Cyprus company registry.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Authority (FSA) of Seychelles
Why we reached this verdict
How the evidence adds up.
TopFX is a genuine firm with a long record, so it is not a clone or an invented broker. We rate it high risk because of how its retail business is now run and what its clients report.
- Its identity checks out. CySEC lists Topfx Ltd under licence 138/11, with approved domains topfx.com and topfx.eu and the same phone number as the website. The Seychelles FSA lists TopFX Global Ltd, trade name TopFX, with the website topfx.com.sc.
- Retail clients are offshore. The Cyprus company says it does not serve retail clients. Retail accounts on topfx.com.sc are held by the Seychelles company. That company offers leverage up to 1:2000 and is not covered by the Cyprus Investor Compensation Fund.
- Japan warning. On 23 July 2025, the Kanto Local Finance Bureau, part of Japan's Financial Services Agency, warned TopFX Global Ltd for soliciting over-the-counter derivatives trades in Japan without registration. IOSCO's alert network lists the warning against topfx.com.sc/jp. In January 2022 the offshore site still excluded Japanese residents. By 2026, Japan was no longer on that list. The warning is about selling into Japan without a licence, not about how client money is handled.
- Complaint pattern. From July to October 2026, Trustpilot reviewers of topfx.com.sc described profits cancelled and accounts closed after winning trades, with account numbers and amounts. One cites clause 28.6 of the Terms of Business and says a USD 500 deposit came back but more than USD 850 of profit did not. A similar cluster about removed bonuses and profits appeared in spring 2023. All these reports come from one review platform, so the pattern is not independently confirmed.
- Split reputation. topfx.com has 4.4 stars from 490 Trustpilot reviews, and TopFX answers most negative reviews there. topfx.com.sc has 2.4 stars from 32 reviews.
- The history is real. TopFX Ltd was incorporated on 24 September 2010 and licensed on 19 April 2011. topfx.com showed the CySEC licence by October 2011. Since 2020 the offshore arm has changed names and jurisdictions: Fondex Limited, then Fondex Global Ltd in Bermuda, and now TopFX Global Ltd.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CySEC lists Topfx Ltd under licence 138/11, licence date 19/04/2011, company number 274180, phone +357 25 352 244, with approved domains www.topfx.com and topfx.eu. Its services include executing orders and dealing on own account. The name, domains and phone match TopFX, so the licence is the firm's own. The register still shows an older address (KSENOS Building, Agios Athanasios, Limassol).
Hard proofCySEC registerE2The Seychelles FSA Securities Dealer list names TopFX Global Ltd, trade name TopFX, at Office No. A18D, Providence Complex Building, Mahé, with phone +2484374705 and website topfx.com.sc. TopFX itself publishes this register link. The list shows no licence number or dates; the number SD037 comes from TopFX's own disclosure.
Hard proofFSA Seychelles registerE3The Cyprus Registrar of Companies shows TOPFX LTD, HE 274180, a private company registered on 24/09/2010 with status registered. Its registered office is IRIS HOUSE, 7th floor, office 740B, John Kennedy, 3106 Limassol, the same address the website gives.
E4On 23 July 2025, Japan's Kanto Local Finance Bureau (Financial Services Agency) issued a warning naming TopFX Global Ltd, CT House, Office 9A, Providence, Mahé. The warning says the firm solicited over-the-counter derivatives trades over the internet without registration in Japan, under the service name TopFX. This is a regulator finding of unauthorised solicitation. It does not concern the handling of client money.
Hard proofKanto Local Finance Bureau, Japan FSAE5IOSCO's I-SCAN search for topfx returns the Japan FSA alert of 18 Aug 2025 against TopFX Global Ltd at topfx.com.sc/jp. The other four hits concern different operations with no link to TopFX's domains or companies: TOPFX EXPERTS, Topfxtiertraders and topfxnb on the UK FCA list in 2022, and Topfx24 on Italy's CONSOB list in 2018.
ModerateIOSCO I-SCANE6Trustpilot rates topfx.com.sc 2.4 from 32 reviews, 60% of them one star. From July to October 2026, three reviewers describe profits cancelled and accounts closed after profitable trading, with account numbers and amounts. One cites clause 28.6 of the Terms of Business and says a USD 500 deposit was refunded but more than USD 850 of profit was removed. Another says earnings could not be withdrawn and the account was closed. A fourth reports a deposit left unprocessed for over two months. No company replies appear on this page.
E7One-star reviews on the topfx.com Trustpilot page include a spring 2023 cluster from Pakistan-based clients: bonus credit and profits removed, positions closed, and a USD 1,000 deposit not returned in full. Others include a withdrawal reported pending since August 2023, and a May 2024 review from Cyprus saying EU clients were offered accounts with the Bermuda entity, then lost access when that site closed. Several of these reviews give few details.
E8Trustpilot rates topfx.com 4.4 from 490 reviews: 80% five star and 15% one star. The company replies to 66% of negative reviews, and recent reviewers describe bank-transfer withdrawals that arrived. The ratings cluster at five and one star with few in between, so they should be read with care.
E9TopFX Ltd's live site at topfx.eu says the Cyprus company does not offer services to retail clients or individual investors. Its EU retail page returns not found, and EU visitors to topfx.com.sc are redirected to the institutional site. The topfx.com.sc sign-up page shows an access-restricted notice from TopFX Global Ltd.
Moderatetopfx.euE10TopFX's offshore regulation page, as archived on 24 Feb 2026, says the firm is regulated by the Seychelles FSA. Its footer, however, states that the website is operated by TopFX Ltd, the CySEC firm, and that TopFX is a trade name of TopFX Ltd. CySEC's approved domains do not include topfx.com.sc. The June 2026 homepage footer names only TopFX Global Ltd.
E11The offshore homepage as archived on 17 Jan 2022 names Fondex Limited, registration 8424819-1, with Seychelles licence SD037, and lists Japan among excluded countries. By June 2026, the same registration number belongs to TopFX Global Ltd and Japan is no longer excluded. Japan's warning was issued in July 2025.
E12The offshore homepage as archived on 15 Jun 2026 names TopFX Global Ltd (8424819-1, FSA SD037) and offers leverage up to 1:2000. It claims client funds are segregated in tier-1 banks, excludes the US, North Korea, Myanmar and Iran, and names Fondex Services Ltd (Cyprus, HE 406965) as payment agent.
E13The offshore promotions page as archived on 24 Dec 2024 offers deposit bonuses of 100% on deposits up to USD 500, 50% up to USD 10,000 and 25% above that. The bonus cannot be withdrawn. The page also advertises leverage up to 1:1000.
E14A FinTelegram report of 19 Feb 2023 describes the group structure: TopFX Ltd under CySEC and TopFX Global Ltd in Seychelles, with the earlier Fondex brand moved offshore. It reports that the offshore company accepted EEA residents who confirmed they had approached it on their own initiative, with leverage up to 1:500.
WeakFinTelegramE15FX News Group reported on 25 Nov 2020 that TopFX had launched topfx.com.sc, operated by its offshore subsidiary Fondex Limited and licensed by the Seychelles FSA.
WeakFX News GroupE16The Bermuda site topfx.com.bm, as archived on 15 Jul 2024, said it was inactive and that Fondex Global Ltd was no longer accepting new registrations. The domain no longer resolves.
E17The topfx.com homepage as archived on 11 Oct 2011 reads TopFX Limited, regulated by CySEC, licence 138/11, with the same phone and fax numbers the firm uses today. This shows continuous operation under one brand.
E18Verisign RDAP shows topfx.com was registered on 2009-08-09 through Key-Systems GmbH, before the company was formed in 2010. This is consistent with the claim of operating since 2010.
ModerateVerisign RDAPE19The current Securities Commission Malaysia Investor Alert List has no entry for TopFX, topfx.com.sc or its companies. The only similar name, Top Global Traderfx (topglobal-traderfx.com, 2021), belongs to an unrelated operation.
E20The Cyprus registry shows FONDEX SERVICES LTD, HE 406965, registered on 12/02/2020 and still registered. It is the payment agent named on the offshore site.
The other side
The strongest case in this broker’s favour.
The best case for TopFX rests on its identity and history, which hold up well.
- One brand and one CySEC licence since 2011, a matching company registry entry, and archived pages going back to 2011.
- The Seychelles licence is real, and the FSA register ties it to topfx.com.sc. Many Cyprus groups serve non-EU clients through an offshore affiliate, and EU visitors to the offshore site are now redirected.
- Japan's warning is about registration in Japan, not misuse of client money. Many large offshore brokers are on the same list.
- Brokers usually cancel profits under abuse clauses covering practices such as arbitrage or latency trading. At least one complainant says the deposit was refunded.
- Recent reviewers on topfx.com describe bank-transfer withdrawals that arrived, and the company answers most negative reviews there.
- We found no clone of TopFX's identity and no fake licence.
What would change this
What we would need to see to revise the verdict.
These developments would move the rating.
- Lower risk: retail clients served again by a tier-1 or tier-2 regulated company. TopFX Global Ltd coming off Japan's warning list, either by registering or by leaving the Japanese market. Published evidence for each profit cancellation, and a clear fall in such complaints.
- Higher risk: reports of deposits being withheld, not only profits. Any demand for a fee before a withdrawal is released. A regulator warning about misconduct naming topfx.com.sc or TopFX Global Ltd. Loss or suspension of the FSA or CySEC licence. The same complaint pattern confirmed on a second independent platform.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CySEC register: Topfx Ltd, licence 138/11
Shows the licence date, approved domains topfx.com and topfx.eu, and permitted services. TopFX's own pages do not link to this entry.
Seychelles FSA register: Capital Markets
The register link TopFX publishes. Open the Securities Dealer tab and select TopFX Global Ltd.
Cyprus company registry: TopFX Ltd, HE 274180
Select the entry to see the registration date and registered office.
Japan warning on TopFX Global Ltd (Kanto Local Finance Bureau)
Warning of 23 July 2025 for unregistered solicitation in Japan. The page is in Japanese.
IOSCO I-SCAN search for topfx
International regulator alerts. Only the Japanese alert concerns this broker.
TopFX Ltd licences page
The Cyprus company's own statement of its CySEC licence.
Trustpilot reviews of topfx.com.sc
Reviews of the offshore retail site.
Trustpilot reviews of topfx.com
Reviews of the main brand domain.
Frequently asked questions
Quick answers about this broker’s safety.
Is TopFX a scam?
We do not class TopFX as a scam. It is a real group: TopFX Ltd has held CySEC licence 138/11 since 2011, and TopFX Global Ltd is on the Seychelles FSA register. We still rate it high risk because retail accounts are with the Seychelles company, Japan has warned that company, and clients report cancelled profits.
Is TopFX a fraud?
We found no evidence of fraud, and no fraud charge or court record naming TopFX Ltd or TopFX Global Ltd. The only regulator alert tied to the brand is Japan's July 2025 warning about soliciting Japanese residents without registration.
Is TopFX regulated?
Yes, by two regulators of very different strength. TopFX Ltd in Cyprus holds CySEC licence 138/11 but says it now serves institutional clients only. TopFX Global Ltd, which runs the retail site topfx.com.sc, holds Seychelles FSA securities dealer licence SD037, which gives much weaker protection.
Which TopFX company holds my money?
An account opened on topfx.com.sc is a contract with TopFX Global Ltd in Seychelles. Fondex Services Ltd, a Cyprus company, collects payments as its agent. The CySEC-licensed TopFX Ltd deals with institutional clients through topfx.eu.
Who runs TopFX?
TopFX is run from Limassol, Cyprus, where TopFX Ltd has its registered office and business address. TopFX's own pages name Alex Katsaros as chief executive of TopFX Ltd. Retail clients are served through the Seychelles affiliate, TopFX Global Ltd.
Can I withdraw my money from TopFX?
Many reviewers report withdrawals that arrived, especially by bank transfer. But from July to October 2026, several traders on topfx.com.sc said their profits were cancelled and their accounts closed after winning trades. In at least one case only the deposit was returned. Make a small test withdrawal early.
Is my money safe with TopFX?
That depends on which company you sign with. Clients of the Seychelles company are not covered by the Cyprus Investor Compensation Fund. The claim that client funds are segregated in tier-1 banks comes from the broker itself. High leverage and bonus terms add to the risk.
Why did Japan warn about TopFX?
On 23 July 2025, the Kanto Local Finance Bureau, part of Japan's Financial Services Agency, warned TopFX Global Ltd for soliciting over-the-counter derivatives trades from Japanese residents online without registration. IOSCO's alert list records the warning against topfx.com.sc/jp. In 2022 the offshore site still excluded Japanese residents.
How old is TopFX?
TopFX Ltd was registered in Cyprus on 24 September 2010 and licensed by CySEC on 19 April 2011. The domain topfx.com was registered in August 2009 and showed the CySEC licence by 2011. The Seychelles retail arm dates from 2020.
What is a Seychelles FSA licence worth?
It is a real licence from a recognised but low-tier offshore regulator. It shows the company is authorised as a securities dealer in Seychelles. It offers much less protection than an EU or UK licence and comes with no compensation scheme.
Is TopFX the same company as Fondex?
They are linked. The offshore site topfx.com.sc was run by Fondex Limited, which used the same Seychelles registration number now shown for TopFX Global Ltd. A Bermuda company, Fondex Global Ltd, ran topfx.com.bm until it stopped taking new clients in 2024. That domain no longer works.
Is there a TopFX clone?
Several unrelated operations with topfx in their names appear on UK FCA and Italian CONSOB warning lists, including TOPFX EXPERTS and Topfx24. They are not TopFX. Use only topfx.com.sc, topfx.com and topfx.eu, and check the company name on your contract.
What should I do if TopFX cancels my profits?
Ask TopFX in writing for the exact clause and the trade evidence, keep all records, and file a formal complaint. If it is not resolved, complain to the Seychelles FSA for topfx.com.sc accounts. Do not pay anyone who promises to recover funds for a fee.
What should I check before depositing with TopFX?
Check which company you are signing with, and read the Terms of Business on cancelled trades and bonuses. Choose low leverage, and make a small withdrawal before you add more money.
What we recommend
The practical takeaway from everything above.
If you are considering TopFX, check these points before you deposit.
- Confirm which company you are signing with. An account opened on topfx.com.sc is with TopFX Global Ltd in Seychelles, not the CySEC-licensed TopFX Ltd.
- Read the Terms of Business sections on cancelling trades and profits, including clause 28.6. Think twice before accepting bonus credit.
- Use modest leverage. At 1:2000, a small price move can wipe out an account.
- Make a small test withdrawal early. Keep copies of your trade history, emails and ticket numbers.
- If you live in Japan, note that TopFX Global Ltd is not registered to serve you.
- If a dispute arises, complain to TopFX in writing first. Then go to the Seychelles FSA for topfx.com.sc accounts, or to CySEC and the Financial Ombudsman of Cyprus for TopFX Ltd accounts. Ignore anyone who offers to recover funds for an upfront fee.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 6, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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