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341 firms on file · 202 identified entity records 73 carry a published regulator notice

COUNTERPARTY FILE · last re-checked 2026-09

TopFX (institutional liquidity / prime brokerage) — institutional liquidity provider

TopFX's disclosures indicate some unverified claims and lack of transparency in certain areas.

TopFX Ltd · not examined

evidence score
64/100

Licence, read literally

RegulatorLicence numberJurisdictionTierSource
CySEC138/11CyprusT2open source
FSC BVISIBA/L/23/1161British Virgin IslandsT3open source
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.

Residuals a counterparty carries

2

  1. R01

    Self-measured latency claims

    TopFX claims 'sub-millisecond latency' as a self-measured figure on their institutional page.

    Source: own institutional page

  2. R02

    Unpublished venues

    TopFX has not published any trading venues on their fetched pages.

    Source: firm disclosures page

The claims ledger

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

Testable claims

  • CySEC register: Topfx Ltd, Licence Number 138/11, contact info@topfx.com (https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37585)
  • Own institutional FAQ: 'TopFX is regulated under the Cyprus Securities and Exchange Commission (CySEC) and is registered with the Seychelles Financial Services Authority' (https://topfx.com/bvi/en/institutional)
  • TopFX Markets Limited (BVI, registration number 2116078) is licensed by the Financial Services Commission (FSC) in BVI with Licence Number SIBA/L/23/1161 (https://topfx.com/bvi/en/institutional/licences-regulation)
  • Institutional offering: Tier 1 liquidity aggregation sourced from Tier 1 banks, customised liquidity pools, and direct FIX API connection (https://topfx.com/bvi/en/institutional)

Claims we cannot verify from outside

  • 'Sub-millisecond latency' and liquidity-depth claims are the firm's own marketing figures

Perimeter and coverage

Asset classes
FX liquidity, Metals, Indices, Energies, Cryptocurrencies (CFDs)
Venues
Connectivity
FIX API direct connection ('sub-millisecond latency' per own institutional page), MT4 / MT5 / cTrader platform offering (own site)
Clients accepted
Institutional clients: liquidity solutions tailored by trading volume, asset preferences and risk profile (own institutional page), Retail traders via TopFX Markets Limited (BVI entity) since the brand opened to retail
Explicitly refused
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as disclosure, not as a defect.