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Fondex is a Forex broker founded in Cyprus in 2017 and offering Forex trading services for traders from the EU. He also has an office in Seychelles for international traders. Fondex broker accepts clients from all over the world with the exception of the USA, Japan, North Korea, Iran, Belgium, Canada and some other countries where restrictions apply.
Fondex – regulated broker?
The Fondex group includes two brokerage companies:
- Fondex CY is located in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC);
- Fondex SEY is located in Seychelles and is regulated by the Seychelles Financial Services Authority (SFSA).
All client funds are separated from the company's funds and stored in segregated accounts, as well as participate in the deposit insurance program in case of the broker's insolvency.
What is the maximum leverage in Fondex?
Since the Cyprus branch of Fondex is located in the EU and is controlled by the European Securities and Markets Authority (ESMA), leverage for local traders is limited to 1:30 for major currency pairs. However, international clients through a broker in Seychelles can get a maximum leverage of up to 1:500.
What types of accounts does Fondex offer?
Unlike many other Forex and CFD brokers, Fondex offers only one type of trading account. It is a typical ECN-style account with very low spreads on the most liquid instruments, but with a commission on most transactions.
Spreads and commissions
At the time of writing this review, the commission was US $ 2.5 on each side for US$100,000 traded for currency and commodity CFDs, and US $1 for 100 shares traded for stocks and ETFs. However, no commission is charged for cryptocurrency trading, but instead a spread is used, which averages $10 for the BTCUSD pair and $2.29 for ETHUSD, which seems reasonable for cryptocurrency CFDs.
Fondex offers a modern cTrader trading terminal that gives traders the opportunity to choose whether they want to trade manually, copy trades made by other traders (social trading), or deploy their own automated trading strategies.
Fondex offers a wide range of trading instruments, which includes more than 60 currency pairs, 15 major stock indices, 900 stocks, gold and silver, oil and natural gas, 18 ETFs and popular cryptocurrencies Bitcoin, Ethereum, Ripple, Dash and Litecoin.
What is the minimum deposit in Fondex?
For EU customers, financing options include bank transfers, major credit and debit cards, as well as popular e-wallets such as Skrill, Neteller and PayPal. Other options are also available for international clients, such as PayTrust, Paymero and EPS in addition to financing with cryptocurrencies through a third-party service. Another great thing to note about Fondex is that there is no minimum deposit amount.
Fondex is a Forex broker that can be recommended to traders who trade on the cTrader platform and who would like to get access to a wide range of instruments with a large leverage.
Before youto take a broker, we recommend you to read the reviews of Fondex, as well as see our rating of Forex brokers.
|General information of Fondex|
|Year of foundation||2017|
|EURUSD Spread||0.7 pips|
|Base currencies||USD, EUR|
|Assets||Currency pairs, stocks, indices, ETF, Metals, cryptocurrencies|
|Deposit replenishment||BankTransfer, Visa/MasterCard, Skrill, Neteller, BTC|
|Payment for inaction||—|
- The year of Foundation 2017
- Head office address 3rd Floor, Stratigou Gianni Timagia 19, Limassol 3107, Cyprus
- Maximum leverage 1:500
- Min. Deposit $0
- Regulation CySEC, FSA
- Trading platform
- Payment system to enter Bank Transfers, Debit/Credit Cards , Skrill, Neleller, BitCoin
- Payment system for withdrawal Bank Transfers, Debit/Credit Cards , Skrill, Neleller, BitCoin
- Number of trading instruments 60
- The number of CFD instruments 900
- The number of metals 2