This is a detailed Fondex review that will offer you more information about this online trading broker. Besides that, it will put in balance the pros and cons that it has, making it easier for people to decide whether or not they should put their trust into its services.
This is an online trading brokerage firm that offers clients over 1,000 financial instruments in the form of tradable assets like forex, shares, indices, energies, metals, STFs, and cryptocurrencies.
It also has a large number of trading tools and educational resources meant to help traders. However, there are also a lot of sketchy details that surround Fondex, which we will discuss in this review. Here we go!
More about Fondex
Fondex is based in Seychelles which is already a rather shady location famous for being a safe haven for scam operations. They claim to offer competitive and advantageous trading solutions regardless of your experience level.
Moreover, their official website proudly displays a series of awards that Fondex has supposedly won. However, there is no actual way of verifying this information so you shouldn’t let yourself be fooled by these achievements.
Fondex also claims to be regulated by CySEC under the name TopFX Ltd. It is also supposedly registered under the Laws of Seychelles and claims to keep its clients’ money in tier-1 banks. The important thing that all possible clients should know is that these claims can be displayed on a website without any real basis. Considering the reputation that Seychelles companies have, Fondex cannot really be considered trustworthy, even with those claims.
In fact, a well-known tactic employed by scam brokers is to boast about their achievements and regulations as upfront as possible in order to attract more clients. Usually, the reality is completely different. So, our advice would be to be extra careful if you want to give your money and personal data to Fondex because they may not be who they claim.
Fondex features and trading platforms
Unfortunately, Fondex is not available for people located in the United States, Canada, Belgium, and most Asian countries. So, this is yet another reason why you may not want to choose them as your trading broker.
When it comes to its trading platform, Fondex uses the cTrader platform which is not that popular. It only works for manual trading and claims to offer people everything they need for an optimal and smooth trading experience. This platform is available for desktop users as well as a mobile trading platform, compatible with both Android and iOS operating systems.
There are three ways in which you can access the market should you choose to work with Fondex. These are Trade (designed for manual trading), Automate (fit for both beginner and experienced traders), and Copy (a feature that allows you to copy the trading strategies of other traders and use them for your own benefit).
Fondex also states that they should not be held accountable for any losses derived from these strategies and that all traders should understand the risks of online trading. In few words, you cannot blame them if something happens with your money or data. This is not very encouraging and another reason why you should be skeptical about this broker.
One single trading account
However, the thing that will make most traders turn away from working with Fondex is the fact that they only offer one single trading account option. This is very bad, especially considering how advanced other online brokers are. In fact, the details concerning what this account offers are very few and very unclear, a strategy that’s probably meant to attract curious clients.
You can also go for a demo account on Fondex but again, the information concerning how it actually works and how it can help you is very scarce. This broker also has commission fees starting from $2.5 per sid, broker fees that can vary, and additional fees that are not mentioned nor explained. So, you may end up paying a lot more than you thought after trading on Fondex.
Deposits and withdrawals
On Fondex, you can make deposits using your credit or debit card, bank wire transfers, or E-wallets. However, some payment methods may not work depending on your location. Again, these locations are not mentioned anywhere and you may realize that you cannot make deposits if you are located in a specific part of the world.
The withdrawal requests are supposedly processed within 24 hours. However, according to numerous customer testimonies, there are instances when Fondex will never process certain requests for reasons unknown. So, you may never get your money or you will get it very late and without a significant amount which will be used for various hidden fees.
All in all, we cannot clearly state that Fondex is a scam broker but it’s certainly one that we DO NOT RECOMMEND.
There are too many uncertainties for them to be considered legit and trustworthy. In fact, their marketing strategy that consists of displaying their many awards (that nobody can verify the authenticity of) along with their regulations is certainly sketchy. A truly legit online broker would never do that just to convince people that they are real. So, our advice would be to stay away from Fondex and go for a real and professional online broker instead.