VENUE FILE · filed 2026-09 · last re-checked 2026-09
TopFX (institutional liquidity / prime brokerage) — the liquidity layer, one venue at a time
TopFX Ltd provides institutional B2B liquidity and prime brokerage services, enhancing market structure through tailored solutions and direct FIX API connectivity.
TopFX Ltd · not examined · 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-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
- 4testable claims
- 1venue-measured claims
- 0named data centres
- 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 assess than one that doesn't. The refusal list is treated here as disclosure, not as a defect.
What the desk watches next
The follow-up plan attached to this file — each item re-checked on a future pass, dated and kept falsifiable.
- Verification of self-measured latency claims
- Understanding of licence tier implications