Fondex Broker Review

Is Fondex Safe?

Founded in 2011 in Cyprus, Fondex is the trade name of TopFX Ltd. In Europe, TopFX Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 138/11. Outside of Europe, Fondex Ltd is licensed by the Seychelles Financial Services Authority (FSA) with a Securities Dealer License No: SD037.

Fondex is also registered with 17 EU Regulators, including the Federal Financial Supervisory Authority (Bafin) and the Financial Conduct Authority (FCA). To maintain licensing and registrations, Fondex is required to fulfil capital adequacy requirements, submit financial reports to the regulators, and undertake a detailed annual audit performed by an independent auditor.

Fondex keeps client funds with Tier-1 global banks in segregated accounts. In the unlikely event of liquidation, segregated funds cannot be used to pay creditors and must be returned to clients directly. Fondex also offers negative balance protection, so it is not possible to lose more than your deposit.

Fondex has also received widespread recognition from the Forex industry, most recently winning the Award for Best cTrader Broker Cyprus 2020 (International Business Magazine Awards) and Best cTrader Broker Award 2020 (AtoZ Markets). Previous awards include Best Trade Execution 2018 and Best Cryptocurrency Broker 2018 (World Finance Awards).

With strong regulation, negative balance protection and industry recognition, we are sure that Fondex is a safe and secure broker to trade with.

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Fondex Trading Conditions

Fondex works with liquidity providers to provide traders with the best prices and fastest execution possible. While it is not a true ECN broker, Fondex provides traders with market pricing sourced from Tier 1 banks, prime of prime brokers, and hedge funds. Spreads are variable but tight, and a low commission is charged on all trades.

Fondex offers over 80 FX pair and 11 cryptocurrency pairs to trade. This is alongside a wide range of indices, equities, metals, energies, and ETFs. Overall, Fondex offers traders more than 1000 instruments to trade.

Account Types

Fondex offers a single account type on the cTrader platform. Maximum leverage is 1:500 and there is no minimum deposit required. Fondex provides raw spreads from its liquidity providers, so always charges a commission per trade.

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Spreads and Commission

Spreads at Fondex are variable and can be as low as 0 pips, though average spreads are wider. The daily average for the EUR/USD is 0.28 pips and the average for the GBP/USD is 0.71 pips. In a very welcome display of transparency, Fondex publishes all its spread data for each instrument in easy to read charts showing fluctuations in the spread over time.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

Fondex

5/ 5

AUD, CAD, CHF, EUR, GBP, JPY, PLN, USD, THB

0.28 pips

USD 7.80

0.60 pips

0.71 pips

0.50 pips

USD 5

InstaForex

2/ 5

USD, EUR, RUB

3.00 pips

USD 30

3.00 pips

3.00 pips

3.00 pips

USD 0

TrioMarkets

3.5/ 5

USD, EUR, GBP, CHF

2.40 pips

USD 24

0.00 pips

0.20 pips

1.00 pips

USD 0

As Fondex provides raw pricing, it charges a commission for every trade and very little on the spread. Commission is set to 2.5 USD per lot per side (5 USD round turn) for all Forex pairs, which is one of the lowest commissions we have seen for this type of broker.

Deposit and Withdrawal

Fondex charges no fees for deposits and withdrawals and processing times are generally very fast across all funding methods:

• Visa/Mastercard/Maestro: No fees for deposits or withdrawals, deposits can be made in EUR, AUD, CAD, CHF, GBP, JPY, PLN, USD, and THB. Deposits are instant and withdrawals are processed within 24 hours. Be aware that this funding method is unavailable for most resident of the EU.
• Bank Transfer: No fees for deposits and withdrawals, though your bank may charge you a fee for the transfer. This is a EUR only method of funding. Both deposits and withdrawals tend to take 1-3 business days.
• Webmoney: No fees for deposits or withdrawals in EUR and USD. Deposits are instant and withdrawals are processed within 24 hours.
• B2BinPay: For those who wish to deposit in cryptocurrency, this method of funding allows deposits and withdrawals in BTC, ETH, LTC and BCH. Deposits take around 5 minutes to process and withdrawals will take around 24 hours. No fees are charged.

Fondex for Beginners

Fondex offers a welcoming environment for new traders, with a large (if unstructured) education section and a market news section that is updated on a daily basis.

Educational Material

Fondex’ education section is collection of articles covering everything from technical analysis and risk management to exit strategies and more general tips for successful trading. Though this section is unstructured, with no course for beginners, the material on offer is detailed and useful. More experienced traders may find some of the articles helpful too, with articles on scalping strategies and a deep dive into trading fundamentals standouts.

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Fondex

No

No

No

Medium

No

InstaForex

No

No

No

Medium

No

TrioMarkets

No

No

No

Low

No

Analysis Material

Though Fondex provides a short market news section, this is not updated frequently throughout the day. New articles are posted daily and are generally brief, though insightful. Fondex has also partnered with Trading Central, the world’s leading market analysis resource, to provide in-platform signals, technical analysis, and market news.

Customer Support

Fondex customer support is available 24/5 via live chat, phone, and email. Support is available in English, Russian, Arabic, French and Greek. Fondex customer support and marketing is also active on social media and can be reached via Facebook, Twitter, LinkedIn and Instagram.

Fondex Trading Platform

Fondex offers support for a single trading platform: cTrader. Advocates of cTrader will tell you that it is more beginner-friendly than MT4 and offers high-speed execution with a cleaner user interface.

Fondex cTrader comes with 70 pre-installed indicators and cTrader Automate allows traders to build their own custom indicators or download them from the cTrader’s bot storefront. cTrader’s intuitive interface makes complex trade orders easy to manage, and it features multiple options for order execution, monitoring and modification:

• Create an unlimited number of watchlists with your favourite instruments and store them in the cloud for easy access from any device.
• Use the Quick Trade tool for extra speed when opening, closing and modifying orders.
• Fondex cTrader’s Market Depth lets you view the full availability of executable prices as they are streamed from our liquidity providers.
• Enter multiple orders and have them filled at once, with no queue.
• Access up to 50 fields of information on your deals, orders, and positions.
• Use Advanced Take Profit to define 1 to 4 levels of Take Profit and scale out of your positions gradually.
• Activate Advanced Stop Loss to have your stop loss moved to a break-even level after the price has progressed a certain number of pips in your favour.
• Set price alerts to be notified when the price of an instrument reaches a certain point.

cTrader also comes complete with an advanced Copy Trading function, a real bonus for beginner traders. The copy trading strategy selection process is easy and straightforward:

• Assess all available strategies via an intuitive interface.
• Rank them according to profit percentage.
• Select the strategy that suits your profile and trading goals.
• Click ‘Start copying’, and all your trades will be executed automatically.

Overall, cTrader is a clean, modern and feature-rich platform that all traders will enjoy using. The user base is smaller than MT4 or MT5, so tutorials and trading bots are not as prevalent online.

cTrader is available via your browser, as a desktop download for Windows PCs and for both Android and iOS devices for those that want to trade on the go.

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Broker

Platform Choice

Copy Trading

Platforms

Fondex

4/ 5

Yes

cTrader

InstaForex

4/ 5

Yes

MT4

MT5

TrioMarkets

4/ 5

Yes

MT4

Trading Tools

Other than the copy trading functionality built in to the cTrader platform, Fondex has also partnered with Trading Central to offer its signals plugin. This plugin combines standard technical analysis, chart analysis and Japanese candlesticks and provides your with actionable information for all types of trading styles.

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Fondex

Yes

Yes

No

No

No

InstaForex

Yes

No

No

No

Yes

TrioMarkets

Yes

No

No

No

Yes

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Fondex offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

 Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Fondex would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 

Overview

Fondex is one of the few brokers that offer the cTrader platform and I think the only broker we have come across that offers support for no other trading platform. This will be an instant turn-off for many traders, especially those who have a long history with MT4. But spreads are tight, and trading commission is one of the lowest we have seen.

Education and market analysis are weaker than many other brokers, but deposits and withdrawals are free and fast. cTrader is also a powerful and modern platform, packed full of features such as native copy trading and powerful automation options. While Fondex will not be for everyone,  cTrader converts and the curious may find it an interesting option.