More about the company
TopFX Ltd., a global investment company established in Cyprus and governed by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority, trades under the name Fondex Limited (FSA).
The acclaimed cTrader trading platform is used by Fondex. The software, which is downloadable and accessible online, is a great all-in-one solution that satisfies the needs of both novice and seasoned traders.
cTrader offers 40 time frames, over 70 indicators, and 9 distinct charts.
Both Trading Central and Autochartist offer signals. You can execute tested tactics on autopilot by using auto trading using cBots. Trading gains and losses can also be controlled thanks to advanced risk management systems.
The main drawback is that traders without a positive opinion of cTrader have no other options. But overall, cTrader is a reliable trading platform.
On Fondex, there are more than 600 trading assets available. More than 80 currency pairs, including majors, minors, and exotics, are accessible through the platform. Additionally, there are 15 significant global indices, and more than 500 equities, metals, energy, and ETFs available.
Spreads and commissions
At Fondex, spreads and trading costs are affordable. For a professional account, spreads begin at 0.0 pip, whereas they are 0.5 pip for a regular solution. The typical spreads for the currency pairs EUR/USD and GBP/USD are 0.78 pips and 0.95 pips, respectively.
The cost of commissions is also openly disclosed: $2.50 is required for every $100,000 traded in currencies, metals, and energy. 100 stocks and ETFs incur a $1 cost per side, but customers pay nothing for indexes and cryptocurrencies.
In terms of cheap trading fees overall, Fondex scores highly in our broker assessments.
The range of leverage is 1:2 to 1:30. The maximum size of positions that day traders can take is constrained by this low value in comparison to some brokers. However, skilled traders can raise their rates to 1:500 by fulfilling the requirements for eligibility.
On the plus side, more cautious leverage can help rookie traders control their risk exposure and minimize their exposure to losses.
The fully featured Fondex cTrader app may be downloaded from Google Play for Android smartphones and the Apple App Store for iOS devices. The asset and market portfolio offered by the mobile app is identical to that of the desktop platform.
In addition to five different types of charts, including candlestick, column, and line charts, there are more than 60 mobile indicators accessible.
While symbol watchlists let traders save their preferred symbols, the market sentiment indicator reveals how other traders are trading.
Price alerts can also be set up to send notifications when specific price levels are achieved. There is also one-touch adaptive trading accessible. Finally, you can view trading methods by using the mobile app’s thorough performance statistics.
Deposit and withdrawal methods
Fondex offers a decent selection of deposit and withdrawal methods:
- Credit and debit cards
- Yandex Money
- Bitcoin wallet
- Bank transfer
- Payment card Paysafecard
Deposits are quickly processed and are cost-free. Additionally, there is no minimum deposit requirement, which is excellent for novice day traders. Withdrawals are processed in the same fashion as deposits and take 24 hours. Withdrawals are free, but your bank can charge.
Bank transfers take 1-3 days for both deposits and withdrawals. You can withdraw a minimum of 50 euros or an equivalent amount. The $250 minimum deposit and withdrawal threshold for USDT is another exception to this norm.
The Fondex demo account comes with 100,000 virtual currency and allows you to test the cTrader platform using real-time market data.
Regulation and licensing
The European Securities and Markets Authority (ESMA) and the Cyprus Securities and Exchange Commission (CySEC) both have regulatory and oversight responsibilities for Fondex (ESMA).
Because of this, the broker undergoes routine audits, offers its clients protection from negative balances, and is registered with the Investor Compensation Fund.
Additionally, the broker keeps customer funds in segregated accounts with Tier 1 institutions in compliance with the licensing requirements.
The broker offers only one type of account. However, different options are available:
- Standard Account—This is the main account. The Standard Edition provides access to all tradable assets. There is no minimum deposit and the minimum trade size is one micro lot. Scalping, hedging, copying, and automated trading are available.
- Swap-Free Account: Suitable for Islamic traders, this account excludes withholding interest or overnight payments. Also, it’s the same as the standard account.
- Professional Account – To qualify, you must meet two of the three criteria. You must have completed 10 major transactions per quarter, have a portfolio over €500,000, or have worked in the financial industry for at least one year. This option offers orders executed in milliseconds, 3 types of market depth, leverage up to 1:500, and a minimum spread of 0.0 pips.
Please note that both accounts are a hybrid ECN/STP execution model combining fast execution with flexible spreads.
Fondex customer support is available in English, French, Russian, Greek, and Arabic 24/5 at:
- Live Chat is an online chat window available in the lower right corner of the website.
- Support phone – +357 25028079
- Email – email@example.com
To protect customer data, Fondex employs industry-standard security protocols, such as 512-bit encrypted transactions. We are content with their security as a result of this, the segregation of customer assets, and compliance with CySEC rules.
Countries with which Fondex works and does not work
Fondex accepts traders from Australia, Thailand, the UK, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders cannot use Fondex from the USA, Canada, Korea, Iran, Belgium, or Japan.
This all-in-one broker provides a large selection of assets, affordable trading costs, and a top-notch interface. As this review has demonstrated, Fondex is especially beneficial for newcomers because it has no minimum deposit requirements, a straightforward standard account, and copy trading is an option.