Fondex Review 2020

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Regulated By:CySEC

Foundation Year:2017

Headquarters:3rd Floor, Stratigou Gianni Timagia 19, Limassol 3107

Min Deposit:$250

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Jitan Solanki

Last updated: Jan 12, 2020

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“Fondex is an online Forex and CFD broker founded in 2017 and is a brand name of TopFX Ltd which is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker offers low-commission and raw spreads trading on 1,000+ assets across Forex, Indices, Shares, Metals, Energies and ETFs on the cTrader trading platform for desktop, web and mobile.”

Fondex is an online Forex and CFD broker founded in 2017 and based in Limassol, Cyprus. Fondex is a brand name of TopFX Ltd which is a licenced Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission, offering segregated client funds and a negative balance protection policy.

Fondex offers the globally-recognised and award-winning cTrader trading platform for desktop, web and mobile. This has helped Fondex receive awards for Best Trade Execution among others. Through the trading platform users can also access free, in-platform trading signals from Trading Central and Autochartist, as well as having the option to copy trade or use cBots to automate their trades.

Pros:	Cons:
CySEC regulated. 1,000+ tradable assets. Low commissions and raw spreads on some markets. Trade on cTrader trading platform with Trading Central and Autochartist.	Limited trader research tools. Limited trader education services. Live chat can be busy resulting in longer waiting times.

General Information

Official Site:https://www.fondex.com

Demo:Open Demo Account

Regulated By:CySEC

Foundation Year:2017

Headquarters:3rd Floor, Stratigou Gianni Timagia 19, Limassol 3107

Min Deposit:$250

Max Leverage:1:30

Publicly Traded:No

Deposit Options:Credit Card, Neteller, Skrill, Wire Transfer

Withdrawal Options:Credit Card, Neteller, Skrill, Wire Transfer

Tradable Assets:Currencies, Commodities, Indices, Stocks, Crypto

Trading Platforms:cTrader

Commission on Trades:Yes

Fixed spreads:No

Trading Desk Type:ECN, Market Maker, No dealing desk, STP

OS Compatibility:Desktop platform (Windows), Desktop platform (Mac), Web platform

Mobile trading:Android, iOS

Accepts Us Clients:No

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Fondex Video Review

Investor Protection & Regulations

“Fondex is a brand name of TopFX Ltd which is licenced as Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission (CySEC), offering segregated client funds and a negative balance protection policy.”

Fondex is a brand name of TopFX Ltd which is licenced as Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission as confirmed on the CySEC register:

Fondex also provides client protection through:

Being a member of the Investor Compensation Fund
Keeping funds segregated with tier-1 banks
Offering negative balance protection policy

This is confirmed on the broker’s website:

Tradable Products

“Fondex offers users the ability to trade on more than 1,000+ tradable assets covering Forex, Indices, Shares, Metals, Energies and ETFs.”

Fondex offers users the ability to trade on more than 1,000+ tradable assets covering a wide variety of different financial instruments including Forex, Indices, Shares, Metals, Energies and ETFs.

Below is a list of just some of the available markets for trading:

Forex	Indices	Shares
USD.RUB	US Tech 100	Boeing
EUR.SGD	Australia 200	Amazon
GBP.JPY	France 40	Deutsche Bank
Energies	Metals	Swiss RE
WTI	XPD.USD	Puma
Brent	XAG.USD	Christian Dior
Natural Gas	XAU.EUR	Hitachi Capital

* Details regarding the available assets are taken from the Fondex website and trading platform and are correct at the time of this review.

Trading costs with Fondex vary depending on the market being traded. For example, the daily average spread on EUR/USD is 0.28 pips with 2.5 USD commission per 100k traded. However, trading on Indices is commission-free.

Account Opening

“Fondex offers one type of trading account to access all of its 1,000+ markets and advanced trading features. The broker also provides access to demo trading accounts, as well as swap-free Islamic trading accounts.”

Fondex offers just one type of trading account to access all of its 1,000+ markets and advanced trading features. Users can also copy trade or use cBots to automate their trades from the same account. For swap-free Islamic trading accounts, users need to fill out an application form, along with proof of faith.

The minimum deposit to open a trading account is $250 and users can open one by clicking the Open Account button on the broker’s homepage:

Once users input their email, a password and telephone number, the page redirects straight to the cTrader web platform where users can access a range of trading and account services, as shown below:

From here, users can click on Activate Account to start the verification process, as shown below:

After filling in your name, date of birth and address information, users are asked a series of questions relating to education, income, employment and trading experience, as shown below:

The cTrader web-based trading platform is feature-rich and allows users to access a range of trading, auto-copying features, as well as account settings and customisations.

Fondex does not provide services to residents of the United States of America, Japan, North Korea, Iran, Belgium, Canada and other countries whose domestic regulations classify such investment offering as prohibited.

Deposit & Withdrawals options

“Fondex offers a wide variety of deposit and withdrawal methods such as bank wire transfer, Visa and Mastercard debit and credit cards, as well as Neteller and Skrill.”

Fondex offers a wide variety of deposit methods through bank wire transfer, debit or credit card, as well as Neteller and Skrill. Deposits are fee-free and are processed instantly, as shown below:

Deposits can be made in just four steps as shown on the broker’s website:

Withdrawals must be made via the same method used to deposit and are processed within 24 hours. Withdrawals are typically fee-free with a minimum withdrawal of 20 euros via bank wire transfer. There will also be a charge of 5% upon withdrawal of funds if no trading activity has taken place for 90 calendar days, as confirmed below:

Withdrawals can be made in just four steps as shown on the broker’s website:

Web & Desktop Trading Platforms

“Fondex offers the award-winning cTrader trading platform for desktop, web and mobile trading.”

Fondex offers the cTrader trading platform for desktop, web and mobile. Through this trading platform users can access three core features called Copy, Trade and Automate.

Fondex cTrader Copy

The ‘Copy’ feature provided on the cTrader platform from Fondex allows users to copy strategies from other traders. This feature also comes with tools to analyse the performance of different strategies to find one that suits your own needs.

Fondex cTrader Automate

The ‘Automate’ feature on the cTrader platform from Fondex allows users to build their own trading robots using the platform’s inbuilt code editor.

Fondex cTrader Trade

The Fondex cTrader ‘Trade’ platform allows users to manually analyse a wide range of different markets with different technical tools and trading indicators. The platform allows features such as one-click trading as well as multiple options for order execution and a raft of other features, as shown below:

The cTrader platform is an award-winning platform, as shown below on the broker’s website:

All 3 of these features, Trade, Copy and Automate can be accessed by logging into the Fondex cTrader platform, as shown below in the example screenshot of the Fondex cTrader web-based platform:

Be sure to watch the video review where we go through the features of the Fondex cTrader trading platform in much more detail.

Mobile Trading Platforms

“Fondex provides traders with the ability to trade on the cTrader mobile trading app for Android and iOS.”

Fondex provides traders with the ability to trade on the cTrader mobile trading app for both Android and iOS.Users can download the app on the Google Playstore or the App Store, as well as directly from the cTrader web-based platform, as shown below:

The Fondex cTrader mobile trading app allows traders the ability to:

View 26 different chart timeframes
View 50+ different indicators
View quotes of different financial markets in real-time.
Trade directly from the chart with one-click trading options_
and much more.

Trading Features

“Fondex provides some impressive additional trading features such as access to Trading Central signals, AutoChartist and copy trading services all directly from the cTrader trading platform.”

Fondex provides some impressive additional trading features such as access to Trading Central signals directly from the broker’s trading platform.

To access these signals users simply need to login to the Fondex cTrader trading platform.

Users can also access the ‘Copy’ trading service directly from the Fondex trading platform. After selecting the ‘Copy’ button, users can search through a large selection of strategy providers to follow, as shown below:

From here users can also filter strategies to follow by ROI and time among others. Once a user clicks ‘Start Copying’ they can adjust the settings and check the fees and conditions are suitable for them, as shown below:

The broker also provides access to automated trading services with the ability to:

Easily code with a built-in editor
Access a large library of automated robots
Backtest and optimise strategies

However, to use this feature, users need to download the cTrader platform for Windows, as confirmed below:

Commissions & Spreads

“Trading costs with Fondex vary depending on the market being traded, with some instruments offering commission-free trading and others commission-based but with access to raw spreads. Details can easily be found on the broker’s website.”

Trading costs with Fondex vary depending on the market being traded. Generally speaking, only Indices are commission-free instruments to trade on. While Fondex advertises 0 commissions for Shares and ETFs, there are commissions payable as stated in the broker’s Spreads and Trading Conditions section on their website. Details can easily be found on the broker’s website and are summarised below:

Fondex Forex Trading

Forex trading with Fondex is commission-based at 2.5 USD per 100k traded with access to raw spreads. The broker provides details on daily average spreads and swap rates on their website, as shown below:

Fondex Metals Trading

Metals trading with Fondex is commission-based at 2.5 USD per 100k traded. The broker provides details on daily average spreads and swap rates on their website, as shown below:

Fondex Indices Trading

Indices trading with Fondex is commission-free. The broker provides details on daily average spreads and swap rates on their website, as shown below:

Fondex Share Trading

Share trading with Fondex is commission-based at 0.01 cent per lot traded with a minimum commission of 1 USD. The broker provides details on swap rates on their website but not on spreads, as shown below:

Bonus & Promotions

“As a CySEC regulated broker, Fondex does not offer bonuses or promotional schemes.”

At the time of writing, there are no bonus or promotional offerings advertised on the Fondex website.

Customer Support

“Fondex offers customer support via Telephone, Email, a 24/5 Live Chat function and Fax. Other available modes of communication are Telegram & Whatsapp Messaging and Facebook Chat.”

The contact information for Fondex is easily accessible from the homepage of the website. When hovering over the ‘Company’ menu tab, the visitor is presented with 4 options to contact the broker. The ‘Contact Us’ page further lists an Online Feedback Form and other instant messaging services such as Telegram, Facebook chat and Whatsapp messaging.

The Live Chat Function is available on weekdays from 09.00 – 1800 GMT. Upon making an enquiry via the chat function we were greeted with an automated welcome message as shown in the screenshot below. As the response time has proven to be quite long, the message encourages visitors to browse the site while waiting as they will be alerted to incoming messages.

When 20 minutes later we have not yet been contacted by a support agent, we send another message. After a total waiting time of over 25 minutes, we are contacted by a support agent.

Upon scrolling further down the Contact Us page we are presented with three other, external chat functions. Fondex supports Telegram, Viber, Whatsapp messaging and Facebook chat.

Fondex offers client support in 12 different languages including English, Russian, French, Czech, Thai, Vietnamese, Malay, Greek and Italian.

The page further features an Online Feedback Form, where users can share suggestions, questions and report issues.

The most common questions are listed on the FAQ page in the ‘Company’ section of the website. In this extensive and comprehensive overview, the most frequently asked questions are categorised per the theme. A search bar allows users to browse any queries relating to their topic of interest.

For users wishing to speak to someone, Fondex offers Telephone support. The Contact Us page further includes a dedicated support email address and links to the broker’s Social Media channels. Fondex has a presence on all the main Social Media outlets.

Contact Information:

Address: Stratigou Gianni Timagia 19, 3d floor, 3107 Limassol, Cyprus
Email: support@fondex.com
Phone: +357 25028079
Fax: +357 25352266
Social Media:

Research

“Fondex offers limited market research and analysis. They do however offer access to Trading Central which offers smart market research tools and actionable trading signals’’

The ‘News’ section of the Fondex website shows regular updates since September 2019. The listing includes articles on topics ranging from gold trading and trader psychology to updates on the brokers appearances at trade shows. Links to this content are shared through Fondex’s social media channels.

Fondex’s Youtube channel shows that the broker does occasionally offer market analysis and market outlook webinars. The featured analysis content is in Italian and most recent entries date back to March 2019.

Trader Education

“Fondex offers limited learning resources. However, their Youtube channel does feature tutorials on how to use the platform, app and copy trading feature.’’

On the Youtube channel of the broker, the user can find tutorials on ‘How to open a demo account’, ‘How to use Trading Central trading signals’ and a pre-recorded webinar on Copy trading on the cTrader platform.

The ‘News’ section of the website includes a few articles that may be of use to traders.

Trading Experience

“Fondex provides a simple, yet feature-rich trading experience with access to more than 1,000+ tradable asset classes from just one trading account. From this account, users can trade and access copy trading services, view signals from Trading Central and automate trading strategies all from the award-winning cTrader platform for desktop, web and mobile.”

From our observations, Fondex provides a simple, yet feature-rich offering to trade on more than 1,000+ tradable asset classes including Forex, Indices, Metals, Energies, ETFs and Shares. While trading Indices is commission-free, other markets are commission-based but with very competitive rates and the ability to access raw spreads.

Both beginner and advanced traders will enjoy the vast amount of features available via trading with Fondex. This includes the ability to access trading signals from Trading Central, copy trading services and automated trading services. All this can be done from just one account and on the impressive and award-winning cTrader platform.

Having said that, the broker’s research and education tools are limited but what is there is more suited to beginner traders starting out.

FAQ

Is Fondex regulated?

Yes, by the Cyprus Securities and Exchange Commission (CySEC).

Where is Fondex based?

Fondex is based at Stratigou Gianni Timagia 19, 3d floor, 3107 Limassol, Cyprus.

How does Fondex make money?

Fondex makes money through spreads, swaps and commissions on certain tradable asset classes.

How do I deposit in Fondex account?

Funds can be deposited into a trading account through a wide variety of payment services such as bank wire transfer, Visa and Mastercard, Neteller and Skrill.

What is the min. deposit for Fondex?

The minimum deposit for Fondex is $250.

How do I withdraw money from Fondex?

Withdrawals can be made from Fondex via wire transfer, debit or credit card, Neteller or Skrill.

What is the max leverage in Fondex?

The maximum leverage offered by Fondex is 30:1 for clients categorised as ‘retail’.

How do I open an account with Fondex?

An account can be opened at the click of a button on the Fondex website and can be done in just a few steps.

Does Fondex use MetaTrader?

No, Fondex uses cTrader.

Conclusion

“Fondex provides an impressive trading offering with low-commissions on more than 1,000+ tradable asset classes covering Forex, Indices, Shares, Metals, Energies and ETFs, on the award-winning cTrader platform for desktop, web and mobile. The broker also offers advanced features such as signals from Trading Central and copy trading services.”

The broker offers users the ability to trade on more than 1,000+ tradable assets across Forex, Indices, Shares, Metals, Energies and ETFs – all from one trading account. Trading on Indices is commission-free with low commissions for Forex, Energies, Precious Metals, Shares and ETFs trading. The commissions are very competitive and users are also offered access to raw spreads, as well as the ability to open Swap-Free Islamic trading accounts.

Fondex offers the globally-recognised and award-winning cTrader trading platform for desktop, web and mobile. Through the trading platform users can also access free, in-platform trading signals from Trading Central and Autochartist, as well as having the option to copy trade or use cBots to automate their trades.

While trader research and education tools are limited there is some beginner content available on the broker’s website and YouTube channel. The broker also offers a variety of mediums to interact with live customer support agents.

1,000+ tradable assets across Forex, Metals, Energies, Shares, ETFs and Indices.
Award-winning cTrader trading platform available on desktop, web and mobile.
Low commissions with access to raw spreads and transparent fees.
Access to free, advanced trading features such as signals from Trading Central, copy trading and automated trading services.

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