TopFX charges EUR 2.75 per side per lot on a Raw account in the Cyprus costs document dated June 2025, and the same page's worked example for a three-lot EUR/USD position prints a commission of EUR 5.50 for the open and the close together.
Updated 9 November 2026 after the costs PDF, the CySEC register card for licence 138/11, the Seychelles account page and the live Pepperstone and IC pricing pages were opened on the same morning and compared line by line.
A charge of EUR 2.75 per side per lot means one standard lot costs EUR 5.50 to open and close, and three lots cost EUR 16.50, yet the worked example debits 2.75 to open and 2.75 to close and calls the total 5.50. The summary table repeats the per-lot rate, so the example reads as if the lot count dropped out of the multiplication. Anyone searching for a TopFX review meets that clash first, and then a second contract: the cards on topfx.com.sc belong to TopFX Global Ltd in Seychelles, use the names Growth, Zero and Pro, show leverage up to 1:2000 and a 20 percent stop-out, and leave the euro amount blank.
A Cyprus table that argues with its own example
TopFX LTD, in the spelling the costs and charges PDF uses, is a Cyprus investment firm, registration HE 274180, at Office 502, 5th Floor, Troodous 2, KSENOS building, Agios Athanasios, Limassol, 4105, with the street printed Troodous. The licence is CySEC 138/11, the document is dated June 2025, and the file was retrieved from topfx.eu/pdfs/costs_and_charges.pdf on 9 November 2026.
The CySEC card titled Topfx Ltd, at cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37585/, lists licence 138/11, licence date 19 April 2011, company registration 274180, telephone +357 25 352 244, fax +357 25 352 266 and email info@topfx.com. SD037 and the IC page's SD018 stay the firms' own licence lines, because only this Cyprus card was opened on a regulator's site.
Spreads in the PDF are variable, and a teaching picture with bid 1.4596 and ask 1.4598 calls a 0.2 pip gap equal to USD 2 per lot by the sum 100,000 times 0.0001 times 0.2, which is USD 10 per pip on a 100,000-unit lot.
The summary table splits the Cyprus book into Raw, Zero and Premium, each at leverage of 1:30, size 0.01 to 100 lots, stop-out 50 percent, and a minimum deposit of "Depends on payment method" with no cash figure. Raw is spreads from 0.0 pips and EUR 2.75 per side per lot on cTrader and MT4. Zero is spreads from 0.5 pips with the fee inside the spread, on those same platforms. Premium is spreads from 0.3 pips, fee inside the spread, and the only tier that adds MT5. Raw is charged on open and on close, "automatically calculated according to the volume traded."
Zero's 0.5 pip floor is USD 5 a lot on that same formula, and Premium's 0.3 pip floor is USD 3, both with commission at zero, while Raw's round turn before any spread is EUR 5.50 a lot. On the morning of 9 November 2026 the ECB daily XML still showed the 6 November fix, 1.1165 dollars per euro. EUR 5.50 times 1.1165 is 6.14075 dollars, about USD 6.14, EUR 2.75 times 1.1165 is 3.070375 dollars, about USD 3.07, and EUR 16.50, the three-lot per-lot total, converts to 18.42225 dollars, about USD 18.42. The 1.1165 figure is our conversion, and the PDF converts at the firm's own rates. At those floors Raw's commission alone sits above Zero and Premium, the PDF gives no average EUR/USD spread, and the textbook 0.2 pip stays out of the sum.
The worked example still understates anyone who copies it, because a three-lot EUR/USD position is charged 2.75 EUR to open and 2.75 EUR to close, total 5.5 EUR, shown unrealised until the close and then converted to account currency. The per-lot line points at EUR 16.50 for those three lots. The chart uses the table rate, and further cost detail is offered at support@topfx.com.
Inactivity is EUR 5, or the currency equivalent, each month after 90 calendar days without a trade while the account stays inactive, and the same clause joins equity reaching zero with "and/or", so missed months can be taken in aggregate. Settlement, safekeeping and a separate transaction fee are absent, corporate actions are passed through, and a withdrawal under 10 euros or 10 dollars can be taken whole as a closure fee. Swaps are marked variable on every tier, with an overnight example of buy minus 0.35 pips and sell 0.095, rollover at 00:00 EET, and a triple swap on Wednesday or on some instruments Friday. A swap-free product is absent from this Cyprus document.
Growth, Zero and Pro on a different contract
A direct request for topfx.eu/en/account-types returned 404 on 9 November 2026, and a European connection asking the Seychelles host for that path is bounced toward the institutional site. The cards were read from topfx.com.sc/en/account-types, whose fetch carried a published-time header of Monday, 9 November 2026, 07:05:18 GMT.
The banner says the site is operated by TopFX Global Ltd under Seychelles FSA securities dealer licence SD037, outside the European Union, and tells EU residents that refusing the confirmation is recommended. The own-initiative form is at topfx.com.sc/pdfs/own_initiative_acknowledgment_form_sc.pdf. The footer lists registration 8424819-1, CT House, Office 9A, Providence, Mahé, telephone +248 4374705 and cs@topfx.com. Fondex Services Ltd, Limassol, HE 406965, is payment agent for the Seychelles licence holder, a different company from HE 274180, and the footer still repeats the Cyprus line on TopFX Ltd and CySEC 138/11.
Growth, Zero and Pro each list cTrader, MT4 and MT5, USD or EUR, a 100,000-unit lot, minimum 0.01, maximum 100 standard lots, leverage up to 1:2000, margin call 50 percent, stop-out 20 percent, and ticks for EAs, a personal account manager and swap-free. Growth is a spread from 1.2 pips with an empty forex-commission cell. Zero is "From 0 on Forex" with the commission cell ticked and no euro or dollar amount. Pro is a spread from 0.5 pips with an empty commission cell. A 20 percent stop-out against the Cyprus 50 percent, and leverage of 1:2000 against 1:30, are different rules.
Lower on the same page, "Our RAW and ZERO accounts are available on both MT4 and cTrader" drops Growth, Pro and MT5, and the cTrader blurb's "3ms internal processing time and 100% uptime over the last seven years" stays the firm's claim. The trading-conditions page offers 0.0 pips on RAW and 0.5 pips on ZERO, while the cards put the from-0 commission tick on Zero and the 0.5 pip empty commission cell on Pro. The forex page gives RAW spreads from 0.0 with commissions, and ZERO "all-inclusive spreads and no commissions at all."
Indices there are "spreads starting from 0.4 pips and commissions $2.75 per lot" on 14 indices, silent on per side, and gold and Brent start from 3 pips, so that dollar 2.75 is an indices line. Leverage on the page is forex 1:500 and indices 1:200, with shares and ETFs at 1:20, metals and energies at 1:200 and cryptocurrencies at 1:10. The cTrader EURUSD row prints leverage 500, minimum lot 0.01 and minimum spread 0.0, a floor. With the cards at 1:2000 and the Cyprus PDF at 1:30, the pages offer four caps.
The Seychelles legal list has risk disclosure, terms, privacy, a deposit-bonus policy, complaint papers, an acknowledgement and an introducer agreement, and a costs-and-charges PDF is absent. The terms file at topfx.com.sc/pdfs/TopFxTerms&Conditions.pdf stayed unopened as text. Swap-free access is an email to cs@topfx.com with proof of faith. The institutional page at topfx.eu/en/institutional/legal-documents carries lossRatio 85.19 percent in the page payload, jurisdiction eu, visitor country be, and that string is recorded as payload data.
Three euro commissions, three platforms
Each peer figure was read on 9 November 2026 from that broker's own pricing page. The bars are euro commission per side on a standard FX lot for the raw-style tier only, because the three firms publish spreads in forms that will not sit on one axis.
Pepperstone EU Limited, HE 398429, CySEC 388/20, prints the schedule at pepperstone.com/en-eu/ways-to-trade/pricing/, where the copyright line still says 2025. Razor is raw spreads from 0.0 on FX and from 0.08 on XAU/USD, with commission from 3.50 dollars per lot per side. The MT4 and MT5 table, one lot of 100,000 base currency, shows EUR 2.60 per side and EUR 5.20 round turn on both FX and XAU, while USD is 3.50 per side and 7 round turn, written 7.00 on XAU. EUR 2.60 times 1.1165 is about USD 2.90, so the currency rows are separate schedules. cTrader is 6 dollars round trip, TradingView is 7, Standard margin FX adds a 1 pip markup with zero commission, the minimum deposit is 10 dollars, and an international wire withdrawal is 20 dollars. The bar is that Razor MT4/MT5 euro cell only.
IC was read at ic.com/en/trading-pricing/spreads. IC and IC Markets Global are names of Raw Trading Ltd, Seychelles registration 8419879-1, FSA licence SD018, copyright 2026. The page cites an average EUR/USD spread of 0.1 pips and a 0.0 floor, and the EURUSD row also prints 0.01, 0.8 and 0.1. A 0.1 average under a 0.8 minimum breaks the column pattern AUDCAD follows, so the EURUSD spread row stays off the bars. MT4 Raw commission is EUR 3.25 per side and EUR 6.5 round turn, beside USD 3.50 and USD 7.0, and EUR 3.25 times 1.1165 is about USD 3.63. cTrader and TradingView charge 3 dollars per 100,000 dollars per side. The page's example at 1.3000 and 1.3100 produces 3.90 and 3.93 dollars. The chart bar is the MT4 cell, EUR 3.25.
On commission alone, TopFX Ltd at EUR 2.75 sits EUR 0.15 above Pepperstone EU's Razor cell and EUR 0.50 below Raw Trading Ltd's MT4 Raw cell. The platforms differ: TopFX Ltd Raw on cTrader or MT4 under CySEC, Pepperstone EU Razor on MT4 or MT5 under CySEC, and the EUR 3.25 cell on MetaTrader at a Seychelles firm. The Seychelles TopFX Zero card still has no euro amount to plot. A familiar name on one licence and the client contract on another is what the Orbex EUR/USD ticket review, the ADSS ticket review and the Hantec piece on a London number and a Mauritius book each had to separate first.
A rating of 3, and the page that would move it
Pros: the June 2025 PDF names a per-side euro commission, a 50 percent stop-out, a EUR 5 inactivity fee and a closure rule under 10 euros or dollars. HE 274180 matches the CySEC card for licence 138/11, dated 19 April 2011, with a phone and an email on the register, and the commission is described as unrealised until the close, with MT5 named only on Premium.
RelatedHow Instant Trading EU Prices an InstaForex EUR/USD Lot
Cons: the three-lot example totals EUR 5.50 against a per-lot EUR 16.50, and the retail page is another company, with other tier names, leverage up to 1:2000 and stop-out at 20 percent. The Zero card ticks a commission with no amount, the 0.0 and 0.5 pip labels move between pages, the European account URL returns 404, the PDF is dated June 2025, the minimum deposit has no number, and Fondex HE 406965 sits in the footer beside the Cyprus firm.
Verdict: the rating is 3.0 out of 5. A 4 would need one contract a client can open whose commission example matches the table. A 2 would discard a specific Cyprus document and a register card that confirms the firm. Three is the score for a readable euro ticket standing beside a public account page that describes another company.
What would move it is one contract on the page the client signs, one commission whose example multiplies by the lots it names, one leverage cap and one stop-out, and a line limiting the June 2025 PDF to TopFX Ltd while TopFX Global Ltd prints the missing Zero amount. Until then EUR 2.75 per side per lot is the Cyprus table rate, converted here at 1.1165 from 6 November 2026, and the Seychelles cards are a different ticket. No EUR/USD level is set here.
Questions the contract leaves open
Which company charges the EUR 2.75?
TopFX Ltd, the Cyprus firm in the June 2025 costs PDF, registration HE 274180 and CySEC licence 138/11. The register card opened on 9 November 2026 repeats that licence, company number 274180 and the date 19 April 2011. TopFX Global Ltd, registration 8424819-1, states Seychelles licence SD037 and runs the account page, where the Zero card ticks a forex commission and prints no euro amount. The 2.75 dollar line on indices is a separate schedule, silent on per side.
Why does the three-lot example total EUR 5.50?
The PDF sets Raw commission at EUR 2.75 per side per lot and says the fee follows volume, so three lots are EUR 8.25 a side and EUR 16.50 round turn. The example instead charges 2.75 to open and 2.75 to close on that three-lot EUR/USD position, total 5.50, shown unrealised until the close and then converted to account currency. The chart follows the summary table, and the example looks short a multiplication by three.
What leverage and stop-out are printed?
The Cyprus table caps Raw, Zero and Premium at 1:30 and sets stop-out at 50 percent. Seychelles cards print leverage up to 1:2000, stop-out at 20 percent and a margin call at 50 percent. Trading conditions print forex at 1:500, the cTrader EURUSD row prints leverage 500 with a 0.0 pip minimum spread, and indices on that page are 1:200. The signed contract is what picks among those pairs.
How do the euro commissions compare on live pages?
On 9 November 2026 Pepperstone EU's Razor MT4 and MT5 table showed EUR 2.60 per side and EUR 5.20 round turn, under CySEC 388/20. The IC Markets Global MT4 Raw schedule, from Raw Trading Ltd under Seychelles licence SD018, showed EUR 3.25 per side and EUR 6.5 round turn. TopFX Ltd's table rate is EUR 2.75 per side. The peers' cTrader schedules are quoted in dollars, and dollar translations here use the ECB reference of 1.1165 from 6 November 2026.
Where are the minimum deposit and the inactivity fee?
The Cyprus PDF says the minimum deposit depends on the payment method and gives no number. Inactivity is EUR 5 a month, or the currency equivalent, after 90 calendar days without a trade, while the account remains inactive. A withdrawal that leaves under 10 euros or 10 dollars can be taken as a closure fee. Seychelles cards route swap-free applications to cs@topfx.com with proof of faith, and the Cyprus PDF marks swaps variable on every tier.
CFDs and margin foreign exchange can consume the entire deposit, spreads and commissions change, and the figures above are reference readings from the pages and the PDF opened on 9 November 2026, offered as analysis rather than a recommendation to open an account or to take a position.