TotalFX

TotalFX is a retail forex and CFD broker established in 2024 and registered in South Africa. The brand is operated by Onam Trading (Pty) Ltd, a company incorporated under the laws of South Africa. The broker positions itself as a modern trading provider, offering access to over 600 CFDs across multiple asset classes. Despite its recent founding, the broker has quickly built a web presence emphasizing low spreads and high leverage.

TotalFX is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under FSP number 51105. As a licensed Financial Service Provider, it is subject to South African regulatory standards, which include capital adequacy requirements and client money segregation rules. The FSCA license is a key factor for traders seeking a regulated environment, though it is important to note that FSCA regulation is not as stringent as tier-1 jurisdictions.

TotalFX offers two account types: Raw and Zero. Both accounts feature a maximum leverage of 1:1000, with no minimum deposit requirement specified. The accounts are designed to cater to different trading styles, with the Raw account likely providing tighter spreads and the Zero account potentially offering commission-free trading. The broker also mentions an Islamic (swap-free) account option in its terms and conditions.

Traders at TotalFX can choose between cTrader and MetaTrader 5 (MT5). cTrader offers a modern interface with copy trading and cashback, while MT5 provides advanced charting and automated trading via PAMM accounts. The instrument list includes forex (60+ pairs), shares, indices, cryptocurrencies, metals, energies, ETFs, and soft commodities, covering a broad range of global markets.

TotalFX promotes several client perks, including a deposit bonus program, cashback on trades, and a partner program with competitive rebates. The broker also highlights a 30% stop-out level, which is relatively low compared to industry standards, potentially increasing risk for leveraged positions. Funding and withdrawal methods are described as hassle-free, though specific payment options are not detailed on the website.

TotalFX appears to target experienced retail traders who seek high leverage and tight spreads. The availability of cTrader and MT5, along with copy trading, also appeals to less experienced traders who wish to follow strategies. However, the high leverage (1:1000) and low minimum deposit may attract risk-tolerant traders, while conservative investors might find the conditions less suitable.