Fondex is an online broker that was founded in the year 2017. It is a tradename of TopFX Ltd. and is headquartered in Cyprus. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) in Seychelles. Additionally, the broker’s European customers are protected by the Investment Compensation Fund (ICF) which can provide them with compensation in case of company insolvency.
The broker offers only one account type, the Fondex Account, which is also with special swap-free conditions for traders of the Islamic faith.
Fondex offers more than 1000 tradable assets to its customers, including foreign exchange, shares, indices, energies, precious metals, ETFs and cryptocurrencies. The broker offers the unique cTrader platform that can be accessed via desktop, web, and mobile applications. Fondex offers ultra-low spreads starting from 0.0 pips. Similarly, its commissions are also the lowest among other cTrader brokers globally. It also provides advanced charting tools, catering for both newbies and advanced users.
There is no minimum deposit needed to trade with Fondex. In addition to that, the broker also allows its customers to withdraw funds at any time, with no minimum withdrawal. Fondex holds client funds in segregated accounts with Tier-1 banks and these accounts are audited on a regular basis. Customer accounts are also secured in terms of offering negative balance protection and anti-money laundering checks.
Pros and Cons
Pros
- Good Range Of Assets
- No Minimum Deposit
- Unique cTrader Platform
- 24X5 Customer Support
- Advanced Technical Charting
Cons
- Does Not Accept US Clients
- Inadequate Investor Education
Recommended For
Fondex is recommended for newbie traders who are looking for a broker with no minimum deposit requirements. It is also suitable for traders who are looking for brokers that do not charge high commissions and offer tight spreads. The major forex pairs offered by Fondex have ultra-low spreads, starting from 0.0 pips. In fact, this broker offers one of the most competitive rates in the market.
This broker is also ideal for traders who want to utilize technical charts and it offers more than 70 pre-installed indicators. These include nine different types of charts, such as Candlesticks, Bar Charts, HLC Charts, Line Charts, Heikin Ashi, Dots Charts and more. Thus, this broker is highly suitable for experienced traders who prefer to trade with the help of technical analysis.
Regulated By
- Cyprus Securities and Exchange Commission (Cyprus)
- Financial Services Authority, Seychelles (FSA)
Top Features
- Unique cTrader Platform – This broker offers the unique cTrader platform to its users. This is a feature-packed platform that allows traders to trade in four different ways, including manual trading, using in-platform signals, copying other strategies, and using trading bots. This platform can be accessed via both desktop and mobile apps. Fondex cTrader is known to be user-friendly and allows for customized trading strategies.
- Low Commissions and Spreads – Another great feature is that Fondex offers extremely low spreads and commissions. The commissions offered are considered to be the lowest among cTrader brokers globally. Furthermore, trading indices and cryptocurrencies on this platform is absolutely commission-free. This broker offers one of the lowest EUR/USD average spread in the world, at around 0.083 pips.
- A Good Range of Assets – This broker offers a good range of assets to its users. In total, there are more than 1000 instruments to choose from. These instruments include foreign exchange, shares, indices, energies, precious metals, ETFs and cryptocurrencies. This allows Fondex clients to pick and choose the assets with which they are the most comfortable and try out new ones.
- No Minimum Deposit – Fondex does not have any minimum deposit requirements for its traders. This is a great feature because it enables novice investors to test out the platform with small amounts. In addition, there is no minimum withdrawal amount required either. This ensures that traders are able to withdraw their funds as and when they wish to.
Overview
- Type of Broker Market Maker & STP Broker (hybrid)
- Regulation & Licensing Cyprus Securities and Exchange Commission (Cyprus) Financial Services Authority, Seychelles (FSA)
- Clients Accepted from Almost all countries except the US, Japan, North Korea, Iran, Canada, and Belgium
- Assets Offered 80+ Forex Pairs, 900+ Shares, 15 Indices, Energies, Precious Metals, ETFs, Cryptocurrencies
- Platforms Available Fondex cTrader
- Mobile Compatibility Android, iOS
- Payment Types Accepted Wire Transfer, Credit Card, Debit Card, PayPal, Skrill, Neteller, Bitcoin Wallet, giropay, Neosurf, Paysafecard, Poli, Qiwi, Sofort, Webmoney, Yandex Money
Account Types
|
Features |
Fondex Account |
|
Account Currencies |
USD, EUR, GBP, AUD, CAD, CHF, JPY, PLN, THB |
|
Available Leverage |
Up to 1:500 |
|
Minimum Deposit |
Zero |
|
Starting Spreads |
0.0 |
|
Commission Per Trade |
$2.5 per lot/per side for Forex, Energies & Precious Metals; $1 per side for 100 Shares & ETFs; Zero Commissions for Indices & Cryptos |
|
Decimal Pricing |
Five decimals |
|
Trading Instruments |
Forex Shares Indices Energies Precious Metals ETFs Cryptocurrencies |
|
Min. Lot Size Per Trade |
0.01 lots for Forex, Energies, Precious Metals, Indices & Cryptos; 1 lot for shares and ETFs |
|
Max Lot Size Per Trade |
100 lots |
|
Demo Account |
Yes |
|
Swap/Rollover Free |
Yes |
|
Copy Trading Support |
Yes |
Trading Platforms
- Fondex cTrader By Fondex
Trading and Investment Tools
- One Click Trading: Yes
- Trade off Charts: Yes
- Email Alerts: Yes
- Mobile Alerts: Yes
- Stop Order: Yes
- Market Order: Yes
- Trailing Stop Order: Yes
- OCO Orders: Yes
- Limit Order: Yes
- 24hr Trading: Yes
- Charting Package: No
- Streaming News Feed: No
Compliance & Regulation
Fondex™ is a tradename of TopFX Ltd with registration number HE 274180, which is registered as a Cyprus Investment Firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 138/11. As part of this framework, this broker is also a member of the Investment Compensation Fund (ICF). ICF is an organization that has been set up to provide compensation to European traders in case of a broker’s insolvency. Up to €20,000 can be recovered by the ICF, depending on the nature of the claim and the client’s eligibility.
Fondex Limited with registration number 8424819-1 is a company registered under the Laws of Seychelles and is licensed by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No: SD037. All client funds are kept in segregated accounts with Tier-1 banks. In addition, this broker also provides its users with negative balance protection.
Pricing
Fondex offers one of the best commission structures in the market. For instance, the commissions for forex, energies and precious metals start at $2.5 per lot/per side. Furthermore, these dynamic commissions also get reduced based on trading volume. Additionally, this broker charges $1 per 100 shares, while trading indices and cryptocurrencies are completely commission-free.
The spreads offered are also among the best in the industry – all major forex pairs offered by Fondex start at 0.0 pips. In fact, this broker also publishes its average active traders’ spreads on its website, as it has an extensive focus on transparency. Overall, the pricing and fee schedule offered by the broker is considered to be among the most competitive in the market.
Service Details
- Supported Languages: Arabic, English, French, Greek, Russian, Spanish
- Customer Service By: Phone, Chat, Email
- Customer Service Hours: 24h, Monday-Friday
- Telephone Orders: No
- Personal Account Manager: No
Reliability & Security
Fondex offers a trading platform that is based on cTrader. This platform has a very intuitive interface and allows traders to trade in four different ways, as per below:
- Traders can choose to trade manually and make their own trading Users can buy or sell instruments on the basis of the technical charting tools available on the platform.
- Another available method is to trade using free in-platform signals. These signals are incorporated into the platform and are provided by Trading Central and Autochartist. These signals can help traders to make informed decisions by using independent, third-party data.
- Another way to trade is by copying other traders’ strategies on Fondex cTrader Copy. This feature also works by allowing traders to become Strategy Providers, share their strategies with others, and charge up to three different types of fees (Volume, Performance & Management Fee).
- Finally, this platform also allows traders to utilize tested and pre-installed trading robots. Users can also create their own automatic bots in order to execute trades automatically on their behalf.
Overall, the trading platform offered by this broker is extremely reliable. Although Fondex doesn’t offer the MetaTrader 4 or MetaTrader 5 platforms, their own cTrader version does not lag far behind by any means. In fact, Fondex cTrader is full of exciting features that allow traders to customize their strategies to a great extent. This platform is also highly reliable, and we did not come across any issues while testing it.
Fondex has also won multiple awards over the years. These awards indicate that the broker is reliable and well-respected in the market. The key awards won by the broker are listed below:
- Best cTrader Broker, AtoZMarkets.com, 2020
- Best Technology Corporate Leadership, CFI.co, 2019
- Best FX Trading Platform, Finance Magnates, 2018
- Best Trade Execution, World Finance, 2018
- Best Copy Trading Platform, Global Brands Magazine, 2018
- Best Introducing Broker Program, China Forex Expo, 2017
- Best Asian Broker, China Forex Expo, 2017
User Experience
The platform’s overall user experience is extremely smooth. There is only one major account type that is offered to the users, the standard Fondex account. This account offers a range of features such as high leverage of up to 1:500, micro-lot trading, and no minimum deposit.
Fondex also caters for traders of the Muslim faith by offering a swap-free account. This account is fully compliant with all the Islamic trading preferences. Users of the platform can also test out its features by registering for a demo account. The demo account allows users to trade using virtual funds and get familiarized with its key features. The overall user experience at Fondex is very smooth, and there are no major hurdles to note.
In addition to the above, Fondex offers its clients 24/5 support and a live chat feature on their website. This broker also offers additional support in the form of email and in-platform chat. The broker’s support team is highly professional and addresses all queries in a timely and efficient manner. Fondex offers customer support in multiple languages to cater for its clients worldwide.
Final Thoughts
Overall, Fondex is one of the better brokers in the market, especially for inexperienced traders. The platform offered by the broker is extremely user-friendly and allows traders to utilize advanced charting mechanisms in order to make smarter investment decisions. Furthermore, the range of assets offered by the broker is also impressive, ensuring that investors can diversify their portfolios.
There is no minimum deposit and the spreads offered are tight. The customer support that is offered by the broker is also of a high standard. Fondex also excels in terms of its ability to help traders execute different types of trading strategies. Features such as trading bots and copy trading, allow traders to maximize their returns in a variety of ways.
Trading Platform Screenshots
Contact Info
Stratigou Gianni Timagia 19, 3rd floor 3107 Limassol, Cyprus
FAQs
Q: Can I register for a demo account?
A: Yes, Fondex allows traders to register for a demo account. This account is fairly similar to a standard account, with the only difference being that traders can make use of virtual funds only. This account allows traders to assess the functions of the platform without having to risk real money.
Q: Are US citizens permitted to register an account with Fondex?
A: At present, US citizens cannot register or trade with Fondex. Nevertheless, the broker accepts clients from a majority of the countries around the world. Countries other than the US that are not currently accepted include Japan, North Korea, Iran, Canada, and Belgium.
Q: How can European Clients get leverage higher than 1:30?
A: Although leverage is limited by ESMA to 1:30 for most European traders, individuals can meet certain eligibility criteria, such as being professional traders with significant experience, and as a result, they will be able to access leverage up to 1:500.
Q: What are the different account types offered by Fondex?
A: Fondex offers only one account type, the standard Fondex account. The key features of this account include leverage of up to 1:500 (for professional clients) and no minimum deposit. This broker also allows a swap-free option for Islamic traders.
Q: Does Fondex offer mobile trading?
A: Fondex offers full support for mobile trading. Fondex cTrader can be accessed via a browser or via mobile apps. The broker’s app is available for both Android as well as iOS, ensuring that you can use it on almost all mobile devices.
Q: Will my funds be secure with Fondex?
A: Investor funds are highly secured because they are kept in segregated accounts as per regulatory requirements. All user accounts are opened with Tier-1 banks, ensuring further security. The broker is audited on a regular basis, and all traders’ accounts have negative balance protection.
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