TotalFX
Pros and Cons
Pros
- Regulated by Financial Sector Conduct Authority (FSCA)
- Diverse trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Supported platforms: MT4/MT5 with advanced features
- Flexible account types catering to both beginners and experienced traders
- Competitive trading fees with low spreads and commissions
Cons
- Limited regulatory recognition outside South Africa
- Potential lack of advanced educational resources
- Restricted payment methods may affect user experience
- Inactivity fees for dormant accounts
- No options or bonds available for trading
Basic Information
User Reviews
TotalFX Overview
TotalFX is a forex broker founded within the last 1-2 years and is registered in South Africa under the full name ONAM TRADING (PTY) LTD. As a regulated entity, TotalFX operates with oversight from the Financial Sector Conduct Authority (FSCA), which ensures compliance within the forex trading sector, providing a level of assurance to traders regarding the broker’s operational integrity. The regulatory license number is 51105, affirming its legitimate status in the industry.
Is TotalFX Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Sector Conduct Authority (FSCA) | South Africa | Regulated entity, operational integrity oversight |
Is TotalFX Regulated and How Are Client Funds Protected?
TotalFX is a regulated forex broker, licensed by the Financial Sector Conduct Authority (FSCA) in South Africa under the name ONAM TRADING (PTY) LTD, with a regulatory license number of 51105. This regulatory oversight provides a degree of assurance regarding the broker’s operational integrity and compliance with industry standards. Client funds are protected under the regulations set forth by the FSCA, which include measures that ensure the broker adheres to financial best practices. As a regulated entity, TotalFX is subject to scrutiny and must comply with established guidelines designed to safeguard client interests.
Trading Products and Services
What Trading Instruments Does TotalFX Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
TotalFX offers a diverse array of trading instruments across multiple asset categories, catering to the varying needs of different traders. With options in Forex, commodities, indices, stocks, and cryptocurrencies, traders can engage in a wide range of strategies, whether they are beginners or experienced investors. This extensive selection allows for effective portfolio diversification and enables traders to adapt their strategies according to market conditions, enhancing their overall trading experience. By supporting multiple asset categories, TotalFX aims to provide flexible trading solutions that can accommodate various trading styles and investment goals.
Account Types and Trading Conditions
What Account Types and Fees Does TotalFX Offer?
| Account Type | Target User Group | Key Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and general traders | Access to a variety of trading instruments, user-friendly platforms | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, advanced trading tools | Requires trading volume qualifications |
Account Opening Process
TotalFX provides a streamlined account opening process designed for efficiency. Traders must submit personal, employment, and financial information to initiate their account setup. Identity verification is a crucial step, requiring traders to provide a valid ID and proof of address. Additionally, TotalFX allows for account flexibility, enabling users to upgrade to a professional account as their trading experience grows.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.6 | $2.75 per side | Competitive spreads for major pairs |
| CFDs (Stocks) | Varies | $0 | Flexible pricing for stocks |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
Traders should consider various additional fees that may apply. These include potential deposit and withdrawal fees, inactivity fees for dormant accounts, and any applicable platform usage fees. Overnight interest (swap rates) may also be charged, along with currency conversion fees for transactions in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does TotalFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, technical indicators, market search | Demo accounts, API interfaces |
| Web Version | Windows, macOS | Secure login, symbol lookup, price alerts | None |
| Mobile App | iOS, Android | Biometric login, push notifications, one-click trading | None |
TotalFX provides a range of trading platforms designed to meet the needs of various traders. The MT4/MT5 platforms are suitable for both beginners and experienced traders, offering advanced features such as two-factor authentication for secure logins and extensive market tools for effective trading strategies. The web version allows for trading from any browser, while the mobile app ensures traders can manage their accounts conveniently from their smartphones, with real-time alerts and easy access to trading functions. Overall, these platforms emphasize security, fast order execution, and user-friendly interfaces to enhance the trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min $50, Max $10,000/day | USD, ZAR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $5,000/day | USD, ZAR |
| E-wallet (e.g. Skrill, Neteller) | Instant | 1.5% charge | Min $20, Max $10,000/day | USD, ZAR |
Minimum Deposit
TotalFX requires a minimum deposit of $50 to open a retail account. This minimum deposit requirement is consistent across all payment methods, ensuring accessibility for traders.
How to Withdraw
- Log in to your TotalFX account.
- Navigate to the ‘Withdrawal’ section.
- Select your preferred payment method for withdrawal.
- Enter the amount you wish to withdraw, ensuring it meets the limits.
- Confirm your withdrawal request and review any applicable fees.
- Submit your request and wait for the processing time as per your selected method.
Customer Support
TotalFX Customer Support Overview
Support Channels
TotalFX provides several contact methods to assist customers effectively. Traders can reach out via email at support@totalfx.com for inquiries and support requests. Additionally, customers can utilize the live chat feature on the TotalFX website for real-time assistance. For those who prefer direct communication, TotalFX also offers support through telephone at +27 600389903. Lastly, the broker maintains a presence on social media platforms, allowing customers to seek help and stay updated.
Service Availability
TotalFX’s customer support is available from Monday to Friday, ensuring traders have access to help during standard trading hours. The support team is equipped to assist clients in multiple languages, enhancing accessibility for a diverse clientele.
Frequently Asked Questions
Yes, TotalFX is a regulated forex broker licensed by the Financial Sector Conduct Authority (FSCA) in South Africa under the name ONAM TRADING (PTY) LTD, with a regulatory license number of 51105. This ensures compliance with industry standards and provides assurance regarding the broker’s operational integrity.
TotalFX offers a wide range of trading instruments, including Forex pairs such as EUR/USD and GBP/JPY, commodities like gold and crude oil, indices including S&P 500 and FTSE 100, stocks from companies like Apple and Tesla, and cryptocurrencies such as BTC and ETH. This diverse selection caters to various trading strategies and preferences.
Client funds at TotalFX are protected under the regulations set by the FSCA, which include measures that ensure financial best practices are followed. As a regulated entity, TotalFX must comply with established guidelines designed to safeguard client interests and enhance operational integrity.
TotalFX offers multiple customer support channels, including email support at support@totalfx.com, a live chat feature on their website for real-time assistance, and telephone support at +27 600389903. Their support team is available from Monday to Friday and is equipped to assist clients in multiple languages.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.