Written by ForexBrokers.com
In this head to head comparison of HFM vs TopFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
HFM and TopFX were both founded in 2010 and neither is publicly traded or operates as a bank. When comparing their regulatory standings, HFM stands out with two Tier-1 licenses and three Tier-2 licenses, showcasing a higher level of trust and compliance. In contrast, TopFX holds one Tier-1 license and no Tier-2 licenses, indicating a more limited regulatory framework.
According to ForexBrokers.com, HFM holds a Trust Score of 86, placing it in the "trusted" category. Meanwhile, TopFX has a Trust Score of 67, which falls into the "high risk" range. These scores highlight the differences in their perceived reliability, with HFM offering more peace of mind for traders concerned about regulatory assurance.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Year Founded | 2010 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
HFM and TopFX offer different approaches to commissions and fees, making them suitable for various traders. HFM's standard trading accounts typically have a spread of 1.2 pips, slightly above the industry average. For those seeking potentially lower costs, HFM's Zero account presents an effective spread of 0.7 pips after including commissions, though these figures are not averages. HFM earns a 4-star rating for commissions and fees and is ranked #31 out of 62 brokers by ForexBrokers.com.
TopFX provides two account types with distinct pricing structures. The RAW account, favored by traders seeking lower spreads, features an average spread of 0.33 pips for the EUR/USD pair during July 2024 and charges a commission of 2.75 EUR per side (5.50 per round turn). This results in all-in costs of about 0.88 pips, which align with the industry average. For commission-free trading, TopFX offers the ZERO account, which has higher average spreads of 1.03 pips for July 2024. Like HFM, TopFX also holds a 4-star rating and is ranked #40 by ForexBrokers.com.
Both HFM and TopFX cater to different preferences, allowing traders to choose based on their cost strategies. HFM may appeal to those who prefer higher spreads with no additional commissions while TopFX could be more attractive to those seeking lower spreads and are comfortable with paying a commission. Each broker provides competitive offerings, though traders should carefully consider their specific requirements and trading style to select the most cost-effective option.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.2 | 1.03 |
| All-in Cost EUR/USD - Active | 0.7 | 0.88 |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing HFM and TopFX in terms of available investments, both brokers allow clients to engage in forex trading through CFDs or spot contracts. HFM boasts a total of 500 tradeable symbols, while TopFX edges ahead with 655 symbols. Despite this, HFM offers a larger selection of forex pairs with 102 options compared to TopFX's 60 pairs. Neither broker offers exchange-traded securities on the U.S. or international exchanges, limiting direct investment in companies such as Apple or Vodafone.
In terms of cryptocurrency offerings, both HFM and TopFX provide the opportunity to trade cryptocurrency derivatives but not actual cryptocurrencies. Additionally, both facilitate copy trading, catering to clients interested in mimicking successful traders. HFM receives a rating of 4 stars for its range of investments, leaving it ranked 36th out of 62 brokers by ForexBrokers.com. Conversely, TopFX garners a slightly lower score of 3.5 stars and ranks 46th, indicating a slight edge for HFM in terms of investment options.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 655 |
| Forex Pairs (Total) | 102 | 60 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing HFM and TopFX in terms of their trading platforms and tools, both brokers offer a range of features for traders. HFM provides a simulated trading environment with free virtual demo accounts, which is also available from TopFX, helping new traders practice without financial risk. However, HFM stands out by offering a proprietary platform developed in-house, whereas TopFX does not. Both brokers support Windows-based desktop and web-based trading platforms, ensuring users enjoy flexibility in how they trade. They each offer copy trading and access to the popular MetaTrader 4 (MT4) platform. HFM additionally supports MetaTrader 5 (MT5), which TopFX does not.
In charting tools, HFM offers 30 drawing tools compared to TopFX's 15, but both brokers allow users to trade directly from stock charts. Watch lists are equally versatile, with both hosting up to seven columns for tracking market movements. While neither broker supports DupliTrade or ZuluTrade, they both have garnered the same four-star rating for Trading Platforms and Tools. In the broader landscape of 62 brokers, HFM holds the 41st rank, slightly ahead of TopFX, which is ranked 44th by ForexBrokers.com.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both HFM and TopFX offer comprehensive trading apps available on iPhone and Android devices, catering to users who seek mobility and flexibility in forex and stock trading. Handy features such as price alerts, trendline drawing capabilities, and the ability to view multiple time frames are included in both apps. With 30 technical studies available for charting, both applications ensure traders have the tools they need to make informed decisions. However, neither broker provides watchlist symbol syncing, meaning updates to your watchlist won't sync across devices, which may be a consideration for users managing trades on both their mobile app and online account.
Both HFM and TopFX apps auto-save drawing tools on charts, which is a helpful feature for busy traders. With the ability to create watchlists featuring real-time quotes, users can track stocks and forex symbols on the go. When it comes to ratings, both brokers receive a solid four-star rating for their mobile trading apps. Yet, HFM ranks slightly higher at #39 compared to TopFX's #51 position among 62 brokers reviewed by ForexBrokers.com, suggesting HFM might have a slight edge in the mobile app user experience. Whether you choose HFM or TopFX, both trading apps seem well-suited for traders looking to stay connected to the market anytime and anywhere.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research offerings, HFM stands out with daily market commentary, which TopFX does not provide. Both brokers offer forex news sourced from top-tier outlets like Bloomberg and Reuters, as well as utilizing Autochartist tools for technical and fundamental analysis. However, TopFX provides additional support with technical analytics from Trading Central, setting it apart from HFM in this area. A sentiment-based trading tool is available with both HFM and TopFX, enhancing traders' insight into market trends.
For comprehensive economic perspectives, both HFM and TopFX offer an economic calendar that highlights global news events. Despite these similarities, HFM has a higher research rating of 4 stars and is ranked 20th out of 62 brokers by ForexBrokers.com, compared to TopFX's 3-star rating and 59th place ranking. Neither broker offers services from TipRanks or Acuity Trading, indicating room for further enhancement in their market research portfolios.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, HFM clearly outshines TopFX. HFM offers a comprehensive suite of educational materials, including a variety of articles, videos, and archived webinars focused on forex and CFDs, with a specific aim to guide beginners through their trading journey. Additionally, HFM hosts monthly educational webinars, ensuring continuous learning opportunities. For those who miss these sessions, HFM provides a searchable archive of past webinars, allowing learners to engage with content at their own pace. The platform also caters to both novices and seasoned traders with over 10 beginner and advanced trading videos each, ensuring that knowledge grows as one's trading skills develop. Furthermore, HFM includes an investor dictionary with definitions of over 50 investing terms, significantly enhancing their educational offering.
In contrast, TopFX falls short in providing similar educational tools for beginners. The broker lacks an organized collection of educational materials, with no monthly webinars or archives of recorded sessions available for later viewing. Moreover, TopFX does not offer the rich variety of beginner and advanced trading videos that HFM users benefit from. The absence of an investor dictionary further limits the educational resources accessible to its users. Despite these limitations, TopFX still manages to earn a three-star education rating, though it is ranked significantly lower than HFM in this regard. Overall, for those keen on a broker that prioritizes education, HFM is the more favorable choice.
| Feature |
HFM
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that HFM is better than TopFX. HFM finished with an overall rank of #30, while TopFX finished with an overall rank of #61.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both online brokers, HFM and TopFX, do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to trade cryptocurrency derivatives.
In comparing online brokers HFM and TopFX, neither offers ACH or SEPA transfers, while only TopFX supports PayPal for transactions; both brokers accept Skrill, Visa, Mastercard, and bank wire options for deposit or withdrawal of account funds.
Please note:
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.
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0 of 5| Overall Rating | HFM | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | TopFX Review |
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| Regulation | HFM | TopFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2010 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | HFM | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | HFM | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HFM | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 655 | |
| Forex Pairs (Total) | 102 | 60 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | HFM | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.7 | 0.88 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | HFM | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | HFM | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | HFM | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | HFM | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | HFM | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | HFM | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | HFM Review | TopFX Review |
| Overall | HFM | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HFM Review | TopFX Review |
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