TopFX
TopFX is a Cyprus-based multi-asset broker and liquidity provider offering 600+ instruments plus proprietary Synthetic Indices via cTrader to retail traders, professional clients, and institutional brokers globally, with a strategic focus on the MENA region.
- Company typePrivate
- Founded2010
- HeadquartersLimassol, Cyprus
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What TopFX does
TopFX is a Cyprus-based forex broker and multi-asset liquidity provider founded in 2010 and headquartered in Limassol, operating under CEO Victor Zachariades. The company serves both retail/professional traders and institutional broker clients, offering access to 600+ instruments across multiple asset classes including forex and CFDs. Distribution is conducted exclusively through the cTrader platform, with the firm functioning as a self-serve execution venue for end traders and a custom liquidity provider for downstream brokers.
The company's core technology centers on its Synthetic Indices product—algorithmic market instruments introduced in July 2025 that simulate fast-moving price action independent of traditional market assets and operate 24/7 including weekends with built-in volatility and news-immune pricing. Synthetic Indices are exclusively delivered through cTrader and form the centerpiece of TopFX's MENA-focused regional rollout launched in August 2025, which pairs the product with 24/7 Arabic-speaking support, free Arabic-language masterclasses, and regional seminars targeting traders active during non-traditional hours.
TopFX generates revenue primarily through transaction fees on brokerage and liquidity provision services, monetizing spreads on trading across its instrument universe for both retail and institutional counterparties. Pricing is not publicly disclosed. The firm expanded its institutional sales capability with the March 2026 hire of Senior Institutional Manager Dimitrios Theodosidis (previously at GTCFX, Exness, Equiti Group, and PrimeXM), signaling investment in institutional channel development alongside its retail MENA push.
TopFX firmographics
Firmographics- Name
- TopFX
- Website
- https://topfx.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- TopFX is a Cyprus-based multi-asset broker and liquidity provider offering 600+ instruments plus proprietary Synthetic Indices via cTrader to retail traders, professional clients, and institutional brokers globally, with a strategic focus on the MENA region.
- Ownership category
- akta.pro rank
TopFX industry classification
Industry- Product category
- Forex Brokerage & Multi-Asset Liquidity
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Investment Banking and Securities Intermediation (523150)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- FX Prime Brokerage / Prime-of-Prime Access Venues (FSAFADAL)
- akta.pro secondary industry
- Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)
Keywords
Where TopFX is headquartered
LocationHeadquarters
- HQ city
- Limassol
- HQ country
- Cyprus
- HQ region
- Europe
Offices1 record
Markets served
TopFX business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Brokerage Services: TopFX operates as a forex broker and multi-asset liquidity provider, generating revenue through spreads and potentially commissions on trading services for retail and institutional clients.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels3 records
TopFX product offering
Product offeringCore offering
TopFX is a forex broker and multi-asset liquidity provider that delivers trading services to retail and institutional clients through the cTrader platform. Its offering spans 600+ instruments across multiple asset classes, including proprietary Synthetic Indices — algorithmic market instruments that operate 24/7 with news-immune pricing — and custom liquidity solutions for brokers.
Product overview
TopFX is a global forex broker and multi-asset liquidity provider headquartered in Limassol, Cyprus, operating under CEO Victor Zachariades. The company offers a portfolio of products centered on custom liquidity solutions to brokers and professional traders, featuring 600+ instruments across multiple asset classes. The core product offerings include Synthetic Indices (algorithmic market instruments available exclusively on the cTrader platform that operate 24/7 with built-in volatility and news-immune pricing) and multi-asset liquidity solutions for institutional clients.
Differentiator
Problem solved
Functional benefit
Products and services
- Synthetic Indices Algorithmic market instruments that simulate fast-moving price action independent of traditional market assets, operating 24/7 including weekends with built-in volatility, news-immune pricing, and institutional-grade execution. Offered exclusively on the cTrader platform and aimed at traders seeking continuous, event-independent price action.
- Multi-Asset Liquidity Solutions Custom multi-asset liquidity solutions provided to institutional brokers and professional traders, encompassing 600+ instruments across multiple asset classes including forex and CFDs. Designed for firms requiring professional-grade liquidity with institutional execution capabilities.
- Retail and Professional Trading Services Multi-asset trading services for retail and professional traders via the cTrader platform, providing access to 600+ instruments across multiple asset classes with institutional-grade execution, ultra-low spreads, and attractive leverage.
Quantifiable outcome
- 73% of MENA traders are most active during non-traditional trading hours
- +2 more outcomes
Companies that use TopFX
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
TopFX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
TopFX partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- cTradercoreTopFX uses the cTrader platform as its exclusive execution venue for synthetic indices and other trading instruments. cTrader provides institutional-grade execution capabilities for TopFX's 600+ instruments across multiple asset classes.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
TopFX competitors and assessment
Company assessmentDirect peers
- IC Markets: Multi-asset CFD/forex broker and ECN-style liquidity provider. Closely comparable to TopFX in product breadth (forex, CFDs, multi-asset), institutional liquidity offering, and reliance on cTrader for execution distribution.
- Pepperstone: Global multi-asset broker offering forex and CFDs to retail and professional traders with institutional liquidity solutions. Comparable to TopFX in target customer (active/professional traders), multi-asset scope, and execution-focused value proposition.
- Tickmill: Cyprus/Mauritius-regulated multi-asset broker and liquidity provider offering forex and CFDs to retail and institutional clients. Directly comparable in jurisdiction mix, product scope, and B2B/B2C liquidity split.
- Vantage Markets: Multi-asset CFD broker offering forex, indices, commodities, and shares with cTrader among its supported platforms. Overlaps with TopFX in platform choice, multi-asset positioning, and emerging-markets growth orientation.
- GTCFX: Multi-asset broker and liquidity provider. Comparable to TopFX in product offering and institutional ambitions; TopFX's recent Senior Institutional Manager hire came directly from GTCFX.
Broad incumbents
- Exness: Large global multi-asset broker with significant MENA and emerging-markets presence. TopFX's new Senior Institutional Manager previously worked at Exness, indicating overlapping talent pool and similar institutional ambitions.
- Equiti Group: Multi-jurisdiction broker and liquidity provider with strong MENA presence. TopFX's institutional hire previously worked at Equiti, signaling comparable MENA-focused multi-asset broker strategy.
- FxPro: Established Cyprus-regulated multi-asset broker with global retail and institutional reach. Comparable to TopFX in jurisdiction, product breadth, and institutional/professional trader focus.
- XM Group: Large Cyprus-regulated multi-asset broker with significant MENA retail presence. Comparable to TopFX in jurisdiction, multi-asset offering, and Middle East distribution strategy.
Others
- PrimeXM: Provider of FX trading technology, aggregation, and liquidity infrastructure serving brokers. Comparable as a counterparty and ecosystem participant; TopFX's institutional hire previously worked at PrimeXM, and the broader addressable market for B2B FX liquidity overlaps materially.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
TopFX social profiles
Digital presenceTopFX financial estimates
Financial estimateRevenue estimate
Valuation estimate
TopFX leadership team
Management profileNumber of profiles
Profiles2 records
TopFX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TopFX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TopFX
What does TopFX do?
TopFX is a forex broker and multi-asset liquidity provider that delivers trading services to retail and institutional clients through the cTrader platform. Its offering spans 600+ instruments across multiple asset classes, including proprietary Synthetic Indices — algorithmic market instruments that operate 24/7 with news-immune pricing — and custom liquidity solutions for brokers.
Is TopFX a public or private company?
TopFX is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was TopFX founded?
TopFX was founded in 2010. It employs 11 to 50 people.
Where is TopFX based?
TopFX is headquartered in Limassol, Cyprus, in the Europe region.
How does TopFX make money?
One revenue line is on record: brokerage Services.
Who are TopFX's main competitors?
Direct peers on record are IC Markets, Pepperstone, Tickmill, Vantage Markets and GTCFX. Broad incumbents are Exness, Equiti Group, FxPro and XM Group. PrimeXM is listed as an others.
Does TopFX have an API?
No public API is recorded for TopFX.
What industry is TopFX in?
TopFX's product category is Forex Brokerage & Multi-Asset Liquidity. Its primary akta.pro industry code is FSAFADAL, FX Prime Brokerage / Prime-of-Prime Access Venues, with a secondary code of FSAFAEAC, Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF). Its NAICS code is 523 and its SIC code is 6211.