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Fondex is an international forex and CFD broker headquartered in Cyprus, where the company is licensed by CySEC. The company is also licensed offshore by the Seychelles FSA, which allows Fondex to accept clients worldwide and offer higher leverage. Fondex offers over 1,000 trading instruments spanning multiple asset classes, which can all be traded on the popular cTrader platform.
While the brand Fondex was created in 2017, the owner, TopFX Ltd, was founded in 2010 as an institutional liquidity provider and has been licensed by the Cyprus Securities and Exchange Commission (CySEC) since 2011.
Fondex review summary
|Regulation||Cyprus (CySEC), Seychelles (FSA), Bermuda (unregulated)|
|Instruments||Forex, energies, precious metals, stocks, ETFs, indices, cryptocurrencies (restricted in Europe)|
|Minimum deposit||No minimum deposit|
|Account currencies||AUD, CAD, CHF, EUR, GBP, JPY, PLN, USD, THB|
|Minimum spread||From 0.5|
Pros and cons of trading with Fondex
- Free deposits and withdrawals and a wide range of funding methods.
- No minimum deposit requirements.
- Provides an offshore solution to access leverage as high as 1:500.
- Fondex offers copy trading.
- Provides trading signals in the platform.
- Offers crypto trading on the weekends.
- Only one trading platform is available. Fondex does not offer MetaTrader 4.
- Only offers one trading account type.
- The minimum order size for some shares is quite high.
- Does not support scalping. Orders must be open for at least two minutes.
Fondex key features
Fondex account types
While most forex brokers offer a variety of trading accounts, Fondex has opted for a simpler approach by only offering one trading account. The account Fondex offers would be described by most brokers as a standard account as it doesn’t charge commissions, but spreads are marked up.
The company offers a Swap-Free variation of their account, designed exclusively for Islamic traders. Fondex requires customers to complete a special application form and provide proof of faith to qualify for the Swap-Free account type.
Fondex trading platforms
Fondex offers the cTrader platform as its one and only trading platform. Fondex is one of the few brokers that has decided to go against the industry trend and does not offer MetaTrader 4 or MetaTrader 5 and has chosen to focus on offering cTrader.
The Fondex cTrader platform offers manual trading, automated trading and copy trading in one application.
The Fondex brand operates as two companies with two licenses. The European version of Fondex is operated by TopFX Ltd and licensed by the Cyprus Securities and Exchange Commission (CySEC), with license number 138/11.
The global version of Fondex is operated by Fondex Limited, a company registered in Seychelles and licensed by the Financial Services Authority with Securities Dealer License number SD037.
On the fondex.com website, you can easily switch between the European and global versions of the website, and when you register, you can choose between entities.
The Fondex brand is also used by Fondex Global Ltd, which operates the website fondex.pro and is incorporated in Bermuda but is not regulated.
Fondex reputation and scams
Every good forex broker review must assess the company’s online reputation. This Fondex review analyses information from numerous sources to provide a simple overview of what the forex trading community has of Fondex.
Fondex generally has recent positive reviews on Google reviews, Trustpilot, Facebook and Google Play. However, taking a closer look at the Facebook reviews, the majority are generated by spam that the company hasn’t removed from its profile. The Trustpilot reviews are questionable. For example, most Fondex reviews are from first-time users or very new accounts and have the hallmarks of being faked.
Exploring the Fondex ForexPeaceArmy profile, we can see that the company has acquired negative reviews between 2017 and 2020. However, the Fondex reviews seem to improve from 2020, indicating the company has improved and is currently satisfying its clients.
Fondex has never been associated with any scams or received any regulatory warnings for misconduct anywhere in the world.
One of the unique features to highlight in this Fondex review is the broker provides a live chat function inside the trading platform. Having support inside the trading platform means that you can investigate your issue immediately if and when trouble arises.
One trend we observed when researching the company’s online reputation was that many traders felt disappointed by the company’s customer support.
Fondex is present on various social media platforms, and you can find their official websites and profiles below.
- Fondex website: https://fondex.com
- Fondex on Facebook: https://www.facebook.com/fondextrading
- Fondex on Instagram: https://www.instagram.com/fondextrading
- Fondex on LinkedIn: https://www.linkedin.com/company/fondex-trading
- Fondex on YouTube: https://www.youtube.com/channel/UCM9L-5vkREVO1Q6V4b6wIog
- Fondex.pro website: https://fondex.pro
- Fondex.pro on Facebook: https://www.facebook.com/fondex.pro
- Fondex.pro on Instagram: https://www.instagram.com/fondex.pro
- Fondex.pro on Twitter (abandoned): https://twitter.com/fondextrading
Like most forex and CFD brokers, Fondex offers a wide range of trading instruments.
- Forex: 67 currency pairs are offered, and the minimum order size is 0.01 lots (1,000 units)
- Indices: 14 major global indices from the United States, Europe and Asia. The minimum order size is one index.
- Energies: Offers Brent, WTI and natural gas. The minimum order size is 0.01 lots.
- Metals: Offers gold and silver quoted against the US dollar or euro and platinum and palladium quoted against the US dollar. The minimum order size for all precious metals is 0.01 lots.
- Shares: Fondex lists 477 shares on its website while advertising it offers more than 1,000 products. The minimum order size of shares varies depending on the share. For example, the minimum order size for Philip Morris is 12 shares, whereas the minimum order size for Apple is one share.
- ETFs: offers 18 ETFs, primarily regional funds, such as the MSCI United Kingdom or MSCI Singapore.
- Cryptocurrencies: only Fondex Seychelles (Global) and Fondex.pro offers cryptocurrencies. There are 11 crypto pairs available, and Fondex offers cryptocurrency trading on the weekends.
Deposits and withdrawals
Fondex offers numerous payment methods. However, the range of payment methods varies depending on which Fondex entity you’re using. The CySEC regulated version of Fondex has the most payment methods, and the unregulated Bermuda entity has the least options. Fondex does not apply any fees for deposits or withdrawals.
Fondex only offers one trading account type, and the company does not charge commissions on any product offered in the platform. However, the minimum spread is 0.5 pips. The Swaps for every product are easy to find and clearly displayed inside the trading platform.
The leverage Fondex provides depends on which entity you open your trading account with. If you use Fondex Global or Fondex.pro, then you’ll have the option to access leverage up to 1:500 on forex pairs. However, if you are classified as a retail trader and your trading account is with the European Fondex entity, then you’ll be limited to 1:30 leverage, per ESMA regulations.
Guide to opening a Fondex trading account
To open a trading account with the Cyprus or Seychelles regulated entities, you’ll need to visit fondex.com. To open an account with the unregulated version registered in Bermuda, you’ll need to visit fondex.pro.
On the Fondex website, simply find and click one of the many “Start Trading” or “Open Account” buttons. This button will take you to a registration page asking for your email address, phone number, country of residence, and to choose a password for your account. Pay attention to an important question at this step. You are asked to choose which Fondex entity you want to register with; the choices are Fondex (Global) FSA SC or Fondex (EU) CySEC.
After inputting the required information and clicking “Open Trading Account”, you’ll be redirected to the trading platform, where you will be asked to provide more information to complete onboarding.
In the following steps, you’ll be asked for your personal details, complete a questionnaire, and then upload your proof of identity and proof of residence. Once your documents are uploaded, Fondex should review them within 24 hours.
Fondex review conclusion
This Fondex review has covered the benefits and drawbacks of trading with this broker and highlighted some significant differences between each entity operated under the Fondex brand. If you decide to open a trading account with Fondex, you’ll also need to consider whether you want to trade with the European, Global or unregulated versions. The primary difference is leverage, crypto trading and available payment methods.
Frequently asked questions
Is Fondex an ECN/STP broker?
No. Fondex is not a straight-through processing (STP) broker or an ECN broker. The company’s order execution policy states that it reserves the right to manually execute certain orders using a dealing desk.
Is Fondex owned by TopFX?
Yes. The trademark Fondex is owned by TopFX Ltd, and Fondex operates under the TopFX CySEC license.
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