2026 · Evidence audit

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

TopFX Ltd is regulated by CySEC and holds a BVI licence. It offers Tier 1 liquidity aggregation and custom liquidity pools via FIX API. Claims of sub-millisecond latency and liquidity depth are self-measured and unverified.

TopFX Ltd · not verified · last re-checked 2026-09 · evidence score 64/100

Licence, read on the register

Regulator	Licence number	Jurisdiction	Tier	Source
CySEC	138/11	Cyprus	tier-2	open source ↗
FSC BVI	SIBA/L/23/1161	British Virgin Islands	tier-3	open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

What the firm commits to

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	Venues	Connectivity	Clients accepted	Explicitly refused
FX liquidity, Metals, Indices, Energies, Cryptocurrencies (CFDs)		FIX API direct connection ('sub-millisecond latency' per own institutional page), MT4 / MT5 / cTrader platform offering (own site)	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

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 a disclosure, not a defect.