Fondex Forex Broker
Basic Information
Bermuda
2-5 years Suspicious Regulatory License cTrader Suspicious Scope of Business High potential riskCompany profile
Rating Index
Fondex Trading Account
Fondex Forex Broker - Complete Information Guide
1. Broker Overview
Fondex is an online trading platform established in 2017, operating under the full name TopFX Ltd. The company is headquartered in Limassol, Cyprus, and has a significant presence in the financial services industry, focusing primarily on retail forex and contract for differences (CFD) trading. Fondex has gained recognition for its user-friendly trading environment and competitive pricing structure.
The broker serves a diverse clientele, including individual traders and institutional investors, and has made notable strides in the Asian markets. Over the years, Fondex has achieved several milestones, including receiving multiple awards for its trading platform and execution quality. The company is part of the TopFX group, which has a strong reputation in providing liquidity services.
Fondex operates on a hybrid business model, combining features of market-making and STP (Straight Through Processing) execution. This allows them to cater to the needs of both novice and experienced traders by offering a wide array of trading instruments and advanced trading tools.
2. Regulation and Compliance Information
Fondex is regulated by two primary authorities: the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles. The regulatory license numbers are 138/11 for CySEC and SD 037 for FSA.
The regulations ensure that Fondex adheres to strict guidelines regarding the safety of client funds and operational transparency. Client funds are held in segregated accounts with tier-1 banks, ensuring that they are not used for operational expenses and are protected in the event of liquidation.
Fondex is also a member of the Investor Compensation Fund (ICF), which offers additional protection to European clients by providing compensation up to €20,000 in case of insolvency. The broker complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, ensuring that all clients undergo proper verification before trading.
3. Trading Products and Services
Fondex offers a comprehensive range of trading products, including over 80 forex currency pairs, which encompass major, minor, and exotic currencies. Additionally, the broker provides access to a wide variety of CFDs, including:
- Indices: 15 major global indices, such as the S&P 500 and FTSE 100.
- Commodities: Trading in energies like crude oil and natural gas, as well as precious metals such as gold and silver.
- Shares: More than 900 global shares from various sectors.
- ETFs: Access to a selection of exchange-traded funds.
- Cryptocurrencies: Trading options for popular digital currencies like Bitcoin and Ethereum.
Fondex frequently updates its product offerings, ensuring that traders have access to the latest market instruments. The broker primarily focuses on retail trading services but also provides institutional services, catering to a diverse range of clients.
4. Trading Platform and Technology
Fondex exclusively utilizes the cTrader platform for trading, which is known for its advanced capabilities and user-friendly interface. The platform supports both manual and automated trading, allowing traders to execute strategies efficiently.
The cTrader platform is accessible via web browsers, desktop applications, and mobile devices (iOS and Android). Key features of the platform include:
- Market Execution: Orders are executed at the best available price without requotes.
- Advanced Charting Tools: Over 70 technical indicators and multiple chart types for detailed analysis.
- Automated Trading: Support for custom trading robots (cBots) that can execute trades based on predefined parameters.
- Copy Trading: An integrated feature that allows traders to replicate the strategies of successful traders on the platform.
Fondex does not support MetaTrader 4 or 5, which may limit options for traders who prefer these popular platforms. However, cTrader provides a robust alternative with its unique features.
5. Account Types and Trading Conditions
Fondex offers a single account type, known as the Fondex Account, which provides access to all trading instruments and features. Key conditions of the account include:
- Minimum Deposit: There is no minimum deposit requirement, making it accessible for all traders.
- Spreads: Competitive spreads starting from 0.0 pips for major currency pairs.
- Commission: A commission of $2.5 per 100k traded volume for forex, energies, and precious metals; $1 per side for 100 shares and ETFs; and no commission for indices and cryptocurrencies.
- Leverage: Up to 1:500, allowing traders to amplify their positions.
- Minimum Trade Size: The minimum trade size is 0.01 lots for most instruments.
The broker also offers a swap-free account option for Islamic traders, ensuring compliance with Islamic finance principles.
6. Fund Management
Fondex supports multiple deposit and withdrawal methods to facilitate easy fund management. Accepted payment methods include:
- Bank Transfer
- Credit/Debit Cards
- E-Wallets: Such as PayPal, Neteller, and Skrill
- Cryptocurrency: Including Bitcoin, Ethereum, and Litecoin
There is no minimum deposit requirement for opening an account, making it particularly appealing for novice traders. Deposits are processed quickly, with most methods offering instant processing.
Withdrawals are also straightforward, with no fees imposed by Fondex, although third-party fees may apply. The processing time for withdrawals typically ranges from 1 to 3 business days, depending on the method used.
7. Customer Support and Educational Resources
Fondex offers customer support through various channels, including:
- Live Chat: Available 24/5
- Phone Support: +357 25028079
The support team is multilingual, catering to clients in English, Arabic, French, Greek, and Russian. However, response times may vary, and users have reported mixed experiences with the quality of support.
In terms of educational resources, Fondex provides a selection of articles and market analysis tools, but it lacks comprehensive training programs or webinars. The broker offers a demo account that allows new traders to practice trading strategies without risking real capital.
8. Regional Coverage and Restrictions
Fondex services clients from various regions worldwide, with a particular focus on Europe and Asia. However, the broker does not accept clients from certain countries, including:
- United States
- Japan
- North Korea
- Iran
- Belgium
- Canada
These restrictions are in place due to regulatory compliance and local laws governing forex trading.
In summary, Fondex is a competitive broker that offers a unique trading experience through its cTrader platform, a wide range of instruments, and favorable trading conditions. However, potential clients should consider the regulatory status and customer support quality before engaging with the broker.