Fondex HeadlinesTrading PlatformMarketsSpreads & CommissionsLeverageMobile AppsPayment MethodsDemo AccountDeals & PromotionsRegulation & LicensingAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportSecurityFondex VerdictAccepted CountriesAlternatives to FondexFAQ
Fondex is a global forex and CFD broker based in Cyprus. Spreads start from 0.0 pips and users benefit from zero-commission trading opportunities through the powerful cTrader platform. This 2022 review of Fondex will unpack account types, mobile apps, demo trading, and more.
Fondex Headlines
Fondex Limited is a trading name of TopFX Ltd, a Cyprus-registered global investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles.
Since opening in 2011, the broker has picked up multiple awards and recognition for its straight-talking platform and low trading costs.
Trading Platform
Fondex uses the globally recognized cTrader platform. The downloadable and web-accessible software is a great all-around system, meeting the needs of beginners and experienced traders.
cTrader has over 70 indicators, 40 time frames and 9 different charts. Multiple types of order execution are available:
Stop Loss and Take Profit orders
Market Order on Open
Trailing Stop Loss orders
One Cancels the Other
Time of The Day
Good till Day
cTrader
Signals are available from Trading Central and Autochartist. Automated trading is also available through cBots, allowing tried and tested strategies to be put on autopilot. In addition, sophisticated risk management tools allow traders to keep a handle on profit and loss.
The only downside is that for traders uncomfortable with cTrader, there aren’t any alternatives available. Overall though, cTrader is a robust and reliable trading platform.
Markets
Over 600 trading assets are available at Fondex. The platform provides access to 80+ forex pairs, including majors, minors, and exotics. Also available are 15 major global indices, over 500 shares, plus metals, energies and ETFs. This is an impressive selection that rivals the top online brokers in 2022.
Spreads & Commissions
Spreads and trading fees at Fondex are reasonable. Spreads start from 0.0 pips with a professional account and 0.5 pips on the standard solution. Average spreads on the EUR/USD and GBP/USD forex pairs are 0.78 and 0.95 pips respectively.
Commissions are also transparent, with $2.5 charged per $100k trading volume on FX, metals, and energies. A $1 charge is levied per side of 100 shares and ETFs, while users get zero commissions on indices and cryptocurrencies.
Overall, Fondex ranks highly among our broker reviews for low trading costs.
Leverage
Leverage levels range from 1:2 up to 1:30. This is low compared to some brokers and limits the size of positions that day traders can take. However, by complying with eligibility criteria, professional traders can increase their rates up to 1:500.
On the plus side, more conservative leverage can help keep a handle on losses and reduce new traders’ risk exposure.
Mobile Apps
A fully functional Fondex cTrader app is available to download from the Apple App Store for iOS devices and Google Play for Android devices. The mobile app offers the same portfolio of assets and markets as the desktop platform.
Fondex mobile app
Over 60 mobile indicators are available, plus five chart types, including candlesticks, bar charts, and line charts.
A market sentiment indicator shows how others are trading, while symbol watchlists allow traders to save their favorite symbols.
In addition, price alerts can be set up to receive notifications when predetermined price levels are hit. Responsive one-tap trading is also available. Finally, the mobile app offers detailed performance statistics so you can review trading strategies.
Payment Methods
Fondex offers a decent selection of deposit and withdrawal methods:
Debit & credit cards
Yandex Money
Bitcoin Wallet
Wire transfer
Paysafecard
Webmoney
Neteller
Neosurf
Giropay
PayPal
Sofort
Skrill
Qiwi
Poli
Deposits are processed instantly and incur zero fees. There is also no minimum deposit requirement, which is great for new day traders. Withdrawals take 24 hours and must be processed using the same method as your deposit. No fees apply for withdrawals, but your bank may have its own charges.
Deposits and withdrawals through bank wire take 1-3 days. The minimum amount you can withdraw is 50 EUR or equivalent. Another exception to the rule is the minimum deposit and withdrawal amount for USDT, which is $250.
Overall, our review was impressed with the range of payment options, the speed of processing, and the low fees.
Demo Account
The Fondex demo account comes with 100k in virtual money and lets you test the cTrader platform using real-time market data. Select ‘Try a free demo’ from the top-right of the broker’s website, enter your email address and telephone number, choose a password, select your country of origin, and then you’re good to go.
Deals & Promotions
Fondex does fall short when it comes to sign-up bonuses and promotions, with no offers available at the time of writing. This is partly because of restrictions from the European Securities and Markets Authority (ESMA). Still, welcome bonuses can be found on other sites and act as an excellent incentive for new traders.
Regulation & Licensing
Fondex is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is overseen by the European Securities and Markets Authority (ESMA).
As a result, the broker is regularly audited, provides its clients with negative balance protection, and is signed up to the Investor Compensation Fund.
Also, under licensing conditions, the broker keeps client funds in segregated accounts with Tier-1 banks.
Additional Features
Fondex does offer some useful additional features. The website has Market News and Educational Articles sections which provide users with extra market insights. However, the quality and depth of content are limited.
Copy Trading
Copy-trading allows users to copy the techniques of high-performing traders. It can be an excellent option for beginners starting out and for traders tight on time. Hundreds of strategies are available, and analysis tools help you find a strategy that will meet your investment goals. In turn, profitable strategies can be offered to other users to bring in extra revenue.
Fondex copy trading
Account Types
The broker offers only one account type. However, different variations are available:
Standard Account – This is the main account. The standard version provides access to all tradable assets. There is no minimum deposit and the minimum trade size is one micro lot. Scalping, hedging, copy, and automated trading are available.
Swap-Free Account – Suitable for Islamic traders, this account removes interest deductions or overnight payments. Aside from that, it’s the same as the standard account. To apply for the swap-free account, traders will need to fill out an application form on the website and email it to customer support along with proof of faith.
Professional Account – To qualify you must meet two of the three criteria. You need to have made 10 big transactions per quarter, have a portfolio that exceeds EUR 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, up to 1:500 leverage, and 0.0 pips minimum spread.
Note, both accounts are a hybrid execution model of ECN/STP, combining fast executions with flexible spreads.
Benefits
There are several advantages to trading with Fondex:
Reliable and user-friendly cTrader platform
Demo account with 100k virtual bankroll
No minimum deposits or payment fees
Reputable brand regulated by CySEC
Low spreads and commissions
Automated trading available
600+ financial products
Drawbacks
Downsides to opening an account with Fondex include:
Limited bonuses and promotions
Restricted to one trading platform
Relatively low leverage levels for retail clients
Trading Hours
Trading hours follow standard market opening and closing times. So forex trading hours open at 22:00 GMT Sunday through to 22:00 GMT Friday. Metals operate from 23:00 GMT Sunday through to 22:00 GMT Friday. Stock indices and shares follow the opening times of their respective market operating hours.
Customer Support
Fondex customer support is available in English, French, Russian, Greek, and Arabic 24/5 via:
Live chat – online chat box available in the bottom right-hand corner of the website
Telephone support – +357 25028079
Email – support@fondex.com
We’d recommend live chat as the first point of contact. During testing for this review, the wait time for chat support was less than a couple of minutes, and representatives could answer most product and platform queries.
To keep up with the latest Fondex news, you can also find the broker on social media:
Facebook
Instagram
YouTube
LinkedIn
Security
Fondex uses industry-standard security protocols to secure client data, including 512-bit encrypted transactions. This coupled with the segregation of client funds and regulatory compliance with the CySEC, means we’re satisfied they are secure.
Fondex Verdict
This all-around broker offers a wide range of assets, low trading fees, and an excellent platform. As this review has indicated, Fondex is particularly good for beginners, with no minimum deposit requirements, a straightforward standard account, and copy-trading available.
Accepted Countries
Fondex accepts traders from Australia, Thailand, United Kingdom, 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 can not use Fondex from United States, Canada, Korea, Iran, Belgium, Japan.
Alternatives to Fondex
If you are looking for alternatives to Fondex we have compiled a list of the top 5 brokers that are similar to Fondex below. This list of brokers like Fondex is in order of similarity and only includes companies that accept traders from your location.
GO Markets – GO Markets is an ASIC-regulated FX & CFD broker.
Infinox – Infinox is a UK-based broker offering MT4 trading with tight spreads.
RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
Admiral Markets – Admiral Markets is leading Forex and CFD broker offering the MT4 & MT5 platforms
UFX – UFX are forex trading specialists that also offer popular stocks, ETFs, indices, and commodities. Offering tight spreads and one of the best ranges of major and minor pairs, they are a great option for aspiring FX investors.
FAQ
How can I start trading with a live Fondex account?
To open a live trading account with Fondex, select the ‘Start trading now’ box in the top-right hand corner of the broker’s website.
Enter some basic contact details and upload identification for verification. Once processed, your account will be activated and you’ll receive login credentials.
Is Fondex regulated?
Yes – Fondex is a trading name of TopFX Ltd and is licensed with the Cyprus Securities and Exchange Commission (CySEC). The broker’s license number is 138/11.
Is there a minimum deposit to start trading with Fondex?
There is no minimum deposit requirement at Fondex. This makes it an excellent broker for novice traders starting out.
Can I copy trade with Fondex?
Yes – you can access the copy system from within the cTrader platform. It’s available from the left-hand side of the main platform interface. From there, users can copy the trades and strategies of successful traders.
Can I lose more than my deposit trading with Fondex?
No – Fondex uses negative balance protection so traders cannot lose more than their initial deposit.
Is Fondex Available In The US?
No – Fondex doesn’t operate in the US and several countries where regulation doesn’t permit it, such as Canada and North Korea. However, most other countries are accepted.
Is Fondex A Good Broker For Beginner Day Traders?
Yes – the platform offers plenty of educational resources, news, alongside lower fees, account protection, and copy-trading. These conditions are ideal for novices.
How Long Does A Deposit & Withdrawal Take?
Deposits are instant at Fondex while withdrawals take 24 hours using most payment methods. With that said, bank wire transfers take 1-3 days.
Which Markets Can You Trade With Fondex?
You can trade over 600 instruments across 7 asset classes: forex, shares, indices, precious metals, energies, cryptocurrencies, and EFTs.
Does Fondex Offer A Demo Account?
Yes, Fondex offers a demo account with 100k virtual capital for day traders to practice and test their strategies.