Our Fondex Review
Fondex is an online CFD and forex broker that was founded in 2017. The broker is based in Limassol, Cyprus. The Fondex name is the brand name of TopFX Ltd, which is licensed by the Cyprus Securities and Exchange Commission. As part of its regulated status, traders get access to segregated client funds and negative balance protection. The Financial Services Authority of Seychelles also regulates it.
Tradable Assets
Traders using Fondex have access to over 1000 tradable assets. The assets offered cover indices, forex, shares, metal, ETFs, and energies. Trading costs on Fondex vary depending on the asset being traded. For instance, the average spread for the EUR/USD pair is 0.1 pips. There is also a $2.5 commission for every $100K traded. The commission does not apply when trading indices.
Fondex Account Types
Traders get access to one account type, which allows them to trade all the over 1000 trading instruments. Via the account, traders will get access to advanced trading features. Fondex also supports swap-free trading via Islamic accounts. Additionally, there is a demo account offered.
When opening an account, traders need an email, password, and phone number. To activate an account, traders need to fill out a form and provide their name, date of birth, and physical address details. The traders are also asked a set of questions regarding their income, education, employment, and trading experience.
Traders from the US, Japan, North Korea, Canada, Belgium, and other nations where domestic regulation prohibits such activity, are not allowed to access the Fondex platform.
Deposits and Withdrawals
The minimum deposit amount is set at $250. There are a wide array of deposit and withdrawal methods supported on the platform. They include Mastercard and Visa credit and debit cards, Skrill, and Neteller.
Withdrawals have to be made using the same method used to make the deposit. They are typically processed within 24 hours. For bank wire transfers, the minimum withdrawal limit is 20 euros. Fondex does not usually charge a fee for withdrawals. However, traders will be charged a 5% fee for withdrawals if their account has been inactive for the past 90 days.
Trading Platforms
Traders get access to the cTrader platform, which is accessible as a desktop application, via the web, or via mobile devices. cTrader offers traders access to three core features known as Copy, Trade, and Automate.
Traders can access the platform via iOS and Android mobile devices. They can download the platform via the Google Playstore or Apple Store. The platform can also be accessed via the web using a modern web browser.
cTrader gives traders access to 26 different chart timeframes, over 50 indicators, the ability to view live quotes from different financial markets, one-click trading directly from the chart, and much more.
Customer Services
Customer support on Fondex is offered via phone, email, fax, and 24/5 live chat. They also offer traders the ability to reach them via Whatsapp, Telegram, and Facebook Chat. The trader also has a FAQ page where traders can get answers to the most common questions.
Trader Education
The educational material on Fondex is limited. However, traders can access their YouTube channel where Fondex provides tutorials on how to use the platform, the mobile app, and the copy-trading feature.
Summary
Fondex is a reliable platform with a great investor protection policy. Traders will be assured that they are using a regulated broker when trading on Fondex, where they have access to over 1000 tradable instruments.
Trading with Fondex was stress-free for me since I’ve started using automated strategies. The policy of friendlliness to cBots, scalping and copytrading I guess can be considered the main advantage of the company. I tried manual trading too and it didn’t work out as good, which I don’t think can be considered a broker’s fault.
At the same time I understand that not all the customers can consider Fondex for daily trading. For example, it might be difficult for conservative traders to get used to the new platform, if they were trading with MetaTrader products all the time. I’m not sure that a bit better trading fees can compensate for this inconvenieince. So basically this depends on whether you are fine with trading via cTrader or not. Highly recommended if you are, not recommneded if this is not an option for you.
There’s a very lucrative commission of $2.5-5, and I’m fine with that because you spend less money on “extra costs”. In general, I can say that this company, despite the fact that it exists only recently, has a fairly good reputation, and I think it’s justified…
This brokerage was a mystery for me until one my good friend suggested to try it. I don’t like MT4, so opportunity to tray trading with another platform was so tempting… Now I’m trading with Fondex and this brokerage offers сTrader platform. What’s the difference? First of all, it’s much more convenient to use. Secondly, it’s more fast and it’s ready-to-use even if you’re non-professional.
The only thing I can’t catch – what progr. lang is used there for algos?
I recently started trading with Fondex, so far everything works for me well)) I like conditions for trading with cryptocurrencies, very favorable! But recently I decided to try something new, so I have a question.
Does a brokerage have automatic trading strategies?
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