WikiFX

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As a seasoned trader, it's essential for me to thoroughly vet a broker’s fee structure before engaging with them, especially when considering costs tied to each trade. In my experience researching TopstepFX, there are some very real challenges in this area. Based on the available information, TopstepFX is not a traditional forex broker offering ECN or raw spread accounts. Instead, their service model is focused solely on futures trading through their proprietary platform, TopstepX, and they do not currently offer typical forex or ECN accounts. What concerned me most during my review is the considerable lack of transparency regarding fees, commissions, or any per-lot charge structures. There’s no clear information about commissions for each traded lot, and no mention of the kind of account types (like ECN or raw spread) that traders would expect from regulated, traditional brokers. This lack of clarity might expose traders like myself to unpredictable or hidden costs, which is never advisable when real money is at stake. Equally important, TopstepFX operates without any regulatory oversight, which significantly heightens the risk profile for any trader. Without regulation, traders have little assurance regarding fair practices—especially on something as important as trading commissions. For me, these factors combined make it very difficult to recommend trading with TopstepFX, particularly if you’re accustomed to transparent cost structures seen with established, regulated brokers. I would always encourage others to verify fee details directly with any broker and proceed cautiously if information is unclear or unavailable.