Fondex: traders’ reviews, trading conditions overview
Trading with Fondex: Pros and Cons
The mobile version and automated opening/closing process make trading with Fondex easier and more accessible. But how profitable is it? Our review will tell you what to consider when registering on the Fondex platform, as well as share real trader reviews.
Official Registration and Broker’s Longevity
The company has an informative website and active social profiles created in 2017-2018. Fondex doesn’t look like a temporary phenomenon, as such quality resources are not created for typical fraudulent sites.
Although there is no exact information about the company’s longevity on the website, we found reviews from the previous year. The organization is registered in the Seychelles, as confirmed in trade registries.
This offshore provides the company’s confidentiality by concealing data about owners, creation date, and other financial details. Such information is only accessible to law enforcement agencies upon special request.
The domain was registered in 2012 and updated this year. All registrant data is hidden, including the address.
Such a secretive approach and lack of full company information cannot, of course, add to the broker’s credibility.
The site does not mention the presence of Fondex offices in other countries. Only a phone number and email are provided for contact, as well as the option to communicate through messengers. From this, we can conclude that the company most likely does not have offices.
Regulation of Fondex’s Activities
One of the company’s main advantages often highlighted is having licenses from two regulators: FSA and CySEC. However, there are some nuances to consider.
The document from the regulator in the Seychelles doesn’t actually offer any advantages to traders. Obtaining it is quite simple, and even violating requirements can be resolved by paying a fine and continuing operations. Additionally, the license’s expiration date and status cannot be verified, as the official website provides unclear information.
FSA lacks a client complaints handling department and doesn’t have a deposit insurance obligation. If issues arise with the broker, the regulator will pass company data to law enforcement agencies in the client’s place of residence. From there on, it’s the client’s responsibility.
Regarding the license from the Cyprus Securities and Exchange Commission, it is also present and issued to the company TopFX.
The cunning organizers try to convince that Fondex is a trading name of TopFX Ltd and that CySEC regulation applies to them. However, this is not the case. The TopFX website indicates that the companies are separate.
You can stay on the site and become a client of TopFX or choose FSA. However, selecting FSA comes with a warning.
This means that Fondex does not have Cyprus regulation, and all these manipulations are an attempt to confuse traders.
Since there is no Russian translation on fondex.com, it cannot be said that the broker offers services to Russian users. However, the number of reviews in the Russian-speaking Internet indicates active usage of the company’s services. Nevertheless, trading with Fondex without a license from the Central Bank of Russia remains at the user’s own risk.
Trading Conditions: Pitfalls in Fondex
Under the guise of a license, the company has established conditions that are not entirely favorable and are violated in reality. A spread of 0.5 points was promised, but reviews indicate actual values ranging from 4 to 10 points. The absence of commissions is also unreliable, as traders incur fees for opening trades.
Pay attention to the leverage of 1:500. If this leverage is approved by the FSA, it may indicate a low value of the respective regulator. If this decision is Fondex’s own, it’s unclear which regulatory standards they rely on. The maximum recommended leverage level by international regulators is 1:30–1:50.
A proprietary trading platform was developed for executing trades, available in various versions (mobile, desktop, web). Users are promised that it ensures fast and reliable trading. However, in practice, this is not the case, as we will see below.
Reviews About Fondex
You can find numerous reviews online about working with Fondex. Most clients express negativity, stating that Fondex makes profitable trading impossible. We recommend reviewing them.
In one review, a trader from Moscow warns of artificially lowered prices. He provides evidence, showing the difference between Fondex and FXPro quotes.
We hope these reviews will help you understand that partnering with this company is not advisable.
Deception Under the Guise of Regulation
Fondex prepared well before entering the market and attracting funds from “gullible moles.” They crafted a story, created social media accounts, registered, and even obtained a license from an offshore regulator. This helped them attract thousands of clients from around the world.
The scheme is based on technical manipulations as well described in the reviews. By creating their own trading platform, the organizers gained the ability to:
- Annul profitable deals,
- Artificially create requotes without reasons,
- Delay platform operations,
- Distort quotes in an unfavorable direction for the client.
It seems that Fondex found a formula for easy enrichment. License + proprietary platform + manual trade management = income. And most importantly – complaining is futile: FSA does not impose any software requirements. Or scammers operate within the law and can dismiss complaints as technical failures.
Conclusion: Why You Shouldn’t Trust Fondex
Even regulation does not guarantee protection against fraud. Fraudsters obtained a license from a third-rate regulator and use it to manipulate trades. Profitable trading is impossible here, and numerous negative reviews confirm this. We do not recommend collaborating with this company – there are too many risks.