Richard Montana | August 2, 2022
Fondex is an online trading broker that offers a great selection of over 1,000 financial instruments across multiple tradable assets, such as forex, indices, shares, metals, energies, ETFs, and cryptocurrencies. They provide you with convenient market access via the powerful and intuitive cTrader trading platforms for desktop, web and mobile. There is a generous selection of useful trading tools including the excellent Autochartist which can automatically scan the markets for trading signals according to your preferences. If you are a beginner, you will be pleased to find a decent selection of trader education to expand your knowledge and skills. There is also the option of a free demo account if you want to practice trading online without the risk. For those who are ready to get started, the minimum deposit is low at just $1 and the account opening process should only take a few minutes to complete. I think Fondex can be a good choice for anyone who is looking to trade CFDs in a regulated environment on the professional cTrader platform.
Pros & Cons
- Offers over 1,000 trading instruments across 7 asset classes
- Sophisticated cTrader platforms for manual, copy and automated trading
- Excellent Autochartist software for automated analysis
- Decent selection of trading tools and educational materials
- Zero commission fees
- Free demo trading accounts
- Islamic accounts for Muslim traders
- No minimum deposit
- Fast deposits and withdrawals
- Dedicated support team available 24/5
- Cannot accept clients from some countries
- Limited trading account options
- No MetaTrader platforms
- Not the lowest spreads
Based in Seychelles, Fondex is an established trading broker that provides clients with the cTrader platform for trading CFDs with zero commission fees. The broker has very competitive trading conditions to help you execute your trading plan efficiently, offering rapid trade executions and reasonable spreads starting from 0.5 pips. This means that they can be suitable for any strategy, including scalping and automated trading where you need the best possible pricing at all time. The broker is fully regulated and provide you with a good choice of secure deposit and withdrawal methods, as well as access to a dedicated 24/5 multilingual customer support team. The broker has been recognized with several industry awards in honour of its excellent brokerage services, including the Best cTrader Broker and Best Trade Execution. I think this is a testament to the quality of services that they have been providing over the years and would quite happily use them for my daily trading activities.
When it comes to choosing a trading broker, regulation is one of the first thing that I look for. I would always prefer to use a regulated broker as it gives me the peace of mind that they will operate in an honest and transparent manner in order to comply with regulators. Therefore, I am pleased to see that Fondex is a trading name of TopFX who are licensed by the Cyprus Securities and Exchange Commission (CySEC) and they must comply with the Markets in Financial Instruments Directive (MiFID II). Fondex Limited is a company registered under the Laws of Seychelles and is licensed by the Financial Services Authority (FSA) of Seychelles. Fondex states that they keep client funds with tier-1 global banks in segregated accounts. Just keep in mind that not all regulators are the same, so protections and available services may vary.
Fondex states specifically that it 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 offerings as prohibited. If you discover that they do not accept clients from your country for whatever reason, please feel free to use our broker comparison tool to find an alternative option.
Fondex provides traders with the excellent cTrader platform; it is engineered to provide traders with optimal execution speeds and satisfy even the most demanding trader. Fondex cTrader is a powerful platform for manual and automated trading. You will find a great range of professional analysis and charting tools that help you analyse the markets with precision and ease. There are multiple options for order execution, monitoring and modification. I like the advanced risk management tools that enable you to lock in profits and minimise losses. You can keep your finger on the pulse of the markets with FXStreet Economic Calendar and FXStreet News – stay informed on all market events without leaving your trading space. However, I actually prefer MetaTrader because I feel it is more user-friendly and have used it for many years. Unfortunatly, it is not yet available through Fondex but you can get both cTrader and MetaTrader with Pepperstone.
The cTrader platform is available as a desktop application for Windows and Mac computers, a web version that runs directly on most modern web browsers and operating systems without the need to download or install any additional software, and mobile apps that are compatible with Android and iOS devices. The trading apps can be downloaded free of charge from the relevant app stores and are beneficial for traders who wish to manage their accounts and place trades with their mobile devices on the go. I find the app extremely convenient for checking my trades and the latest market news as and when I feel like it.
- Over 70 pre-installed indicators
- Build your own custom indicators
- Choose from 26-timeframes, 4 chart types
- Trade quickly and directly from the charts
- QuickTrade and Market Depth
- Copy signals and trade automatically
With this trading platform, you can access the market in three different ways:
This is the cTrader functionality that is designed specifically for manual traders. It has professional analysis and charting tools that help you analyse the markets with precision and ease, provide multiple options for order executions, and enable you to monitor and modify orders. It also has advanced risk management tools that enable traders to lock in profits and place stop losses. Engineered to provide traders with optimal execution speed and unmatched stability, cTrader is a good choice for fair and efficient trading. I like how you can access a wide array of reporting tools and analyse your trades down to the last detail: full position breakdown, transaction history, market snapshots and a lot more.
This is an algorithmic trading functionality, which can be useful for both novice and experienced traders. When you automate your trades, you allow robots to trade on your behalf. A robot is a software that is pre-programmed to buy or sell a specific instrument at a given time, without any decision-making on your part. A cBot analyses the indicators or the other parameters that it was programmed to use and once the predefined rules are met, it takes a particular action, such as entering, exiting or modifying a trade. For example, if you are using a cBot that trades breakouts, your trade will be entered when the price breaks above a resistance or below a support level. Apart from rules for identifying trading opportunities, a cBot typically contains parameters for managing open positions such as Stop Loss/Take Profit Levels, trailing stops or other risk management features.
Clients can use cBots to fully automate their trades or build their own robot using the broker’s inbuilt code editor. If you have a specific trading strategy that you follow and has been proven effective, then it might be a good idea to automate it. It’s important that your strategy is simple enough and that you are clear about the set of rules that your bot is going to be built on. I didn’t find the automation to be as straight forward as it is in MetaTrader and the available robots are quite limited in comparison. If you are focused on running automated trading systems, then you may want to conisder a MetaTrader broker instead.
The copy feature of Fondex cTrader allows you to copy the tested strategies from other traders. It enables traders to simplify their trading while offering access to a wealth of performance analysis, history, and reporting tools for making informed decisions. Your trades are opened and closed automatically, mirroring your strategy provider’s account, while you retain full control over managing and modifying them. You are also in control of stopping the entire copying process or closing selected positions.
Whilst this can be a good solution for those of you who do not have the time or skills required to trade by yourself, it should be strongly emphasised that there are absolutely no guarantees on how these signals will perform. You should have a clear understanding of all the significant risks involved with trading online. I actually prefer to maintain control over my own trading as I feel that is the best way to learn from your mistakes and become a better trader in the long run.
Fondex has a range of trading tools to assist traders in making their trading decisions. They include in-depth automated market analysis and daily signals from the brilliant Autochartist software, as well as hundreds of strategies to copy via cTrader copy. These leading tools and services can help you to conduct you daily trading activities with relative ease. This is not to mention the absolute abundance of tools that are already included within the cTrader platform. There you will find everything you need to analyse the charts across different timeframes to find signals based on your preferred trading style. It is easy to select the indicators that you wish to use and attach them to your charts. You can save chart templates to use again later and set price alerts to notify you when there is a signal so you don’t need to look at charts all day long.
Autochartist scans financial markets for statistical, technical and economic news and events, which not only saves you time by providing you with ready-to-go trading opportunities, but also makes it the perfect fit for any trading experience level and style. Whether you are trading currencies in Milan, stocks in New York, or indices in Singapore, Autochartist is there, identifying market moving events whenever and wherever markets are open. It allows you to filter market opportunities to fit any trading style. If you’re a trend trader, why not filter on the breakout trade setups, whereas if you’re a swing trader – perhaps it’s worth filtering for emerging or approaching patterns along with extreme movements.
The Autochartist market scanner enables easy navigation through hundreds of trading opportunities at once, helping traders avoid the time-consuming task of scanning every chart individually and potentially missing out on valuable opportunities. Just click on the “Open Chart” button and the correct charts are opened in the required timeframe. Autochartist signals can be generated on any timeframe of interest, allowing for both intraday and swing traders to reap the full scope of Autochartist benefits. If you are interested in particular timeframes or pattern types, use the filters option to refine market activity. Opportunities are updated live every 15 minutes. The software is offered in 28 of the most popular trading languages, providing for a truly global access to analysis, information and content.
It is great to see that the broker provides traders with a vast array of educational resources, which help to improve their overall trading skills and knowledge, as well as update them about the factors that move the markets. I think it is vital that a broker has relevant content to encourage informed decision making. If you are a beginner, IronFX also have a great selection of trading guides and videos. The educational resources that you can peruse through at Fondex include:
News & Webinars
The broker’s website has a news portal, which has the most up-to-date and detailed information on the latest news, products, promotions, services, and events. The broker also organizes online webinars which are aimed at improving the overall trading knowledge of the clients.
There is a frequently asked questions section on the broker’s website that offers instant answers to some common questions traders may have.
The broker’s website has a good selection of educational articles covering a range of topics, including forex market research and breaking financial news. It offers traders the latest updates to shape up their technical analysis and better inform their strategies.
The broker offers a generous selection of over 1,000 financial instruments across 7 asset classes, including forex, indices, shares, commodities, ETFs, and cryptocurrencies. The forex pairs available with this broker include EUR/USD, EUR/JPY, GBP/USD, USD/JPY and other major, minor, and exotic forex pairs. You are able to diversify your investments with the broker’s selection of shares CFDs, Apple, BMW, Amazon, and over 500 global shares. Energies such as Natural Gas, Light Crude Oil, and Brent Crude Oil are available as instruments for short-term and long-term trading. Fondex offers the leading indices, such as NASDAQ, DAX, and the FTSE for trading, as well as precious metals, such as Gold, Silver, and Palladium. Whilst there is enough choice for everyone regardless of your interest, they don’t quite compare with RoboForex who have an even greater selection of tradeable instruments.
Fondex keeps things nice and simple with a single trading account: it features competitive trading conditions, multiple options for standard and advanced order management, spreads from 0.5 pips, and zero commission fees. There are also tools for enhancing your trading efficiency. Over 1000 instruments can be traded using the trading account. It requires no minimum deposit to start trading which is great, and it allows one-click trading, hedging, and has negative balance protection. I appreciate how the broker charges no commission fees but this is because it is included withing the spread which is marked up. This means that you cannot get access to spreads from 0.0 pips which may not be ideal if you are scalping. If that is the case, you could take a look at IC Markets who do have spreads from 0.0 pips and rapid ECN execution speeds.
Demo accounts are also available. These can be beneficial to beginner traders who need to test out the broker’s trading platforms and their trading strategies before going live. The demo accounts come preloaded with virtual funds for traders to practice risk-free trading. This can be a great way to build your confidence although with a minimum deposit of just $1, you could also get a feel for trading in a real environment with minimal risk.
Swap-free Islamic Accounts that comply with the Sharia law are also available upon request. It is always good to see a broker that supports clients with different religious beliefs but is something that I have come to expect nowadays.
The broker offers clients professional customer support services. The support team is multilingual and they are available 24/5 to provide you with the necessary assistance that you may need. They can be reached through an online chat that is available on the broker’s website, as well as via email and telephone. The customer service team is also available on Social media: Facebook, LinkedIn, Instagram, and YouTube. I have always found them quick to respond to my queries and appreciate how they have taken the time to respond to feedback online, both positive and negative. I do think they could improve by extending support to 24/7, but this isn’t really a deal breaker from my perspective.
I was pleased to see that Fondex have a good variety of quick and easy payment options for you to choose from. This includes digital wallets which I find to be the most convenient for moving funds around between my trading accounts. The broker supports a decent amount of currencies, such as EUR, USD, CAD, CHF, RUB, AED, and many more. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. You can deposit and withdraw funds through the following payment methods:
- Bank Wire Transfer
- Credit/Debit Cards
Deposits are credited instantly, whereas withdrawal requests are processed within 24 hours; it may vary with the payment method used. Fondex does not charge any fees for withdrawing your funds, but your payment provider may charge you transaction fees. All withdrawals must be made via the same method you used to deposit. Please note that some payment methods may not be available to specific countries. If any abuse of the deposit and withdrawal process is detected, Fondex reserves the right to charge the account holder the processing fees incurred by their method of payment.
Overall, there is a lot that I do like about Fondex and some areas in which I feel there is room for some improvement. It is great that they have a generous selection of over 1,000 instruments for trading via the sophisticated cTrader trading platforms for all of your devices. There are some handy trading tools for spotting opportunities and educational resources to help educate traders so that they can make informed decisions.
I found them to offer reasonable trading conditions that help you execute your trading plan efficiently including commission free trading and reliable trade executions with minimal re-quotes. There are free demo practice accounts and no initial minimum deposit to commence trading when you feel ready to do so.
Despite the many positives, I would have preferred if there was the option of using the MetaTrader platform as this is what I am already more accustomed to trading with. The spreads are not the lowest I have seen which means that they may not be an ideal choice if you are planning to use scalping strategies.
If you can see past these minor discrepancies, I think they are a solid broker as evident by the fact that they have won several industry awards since its inception, and they are authorized by a couple of regulators. Alternatively, please feel free to browse our best brokers for some alternatives.