Website: www.fondex.com
Min. Deposit: $0
Leverage: Up to 1:30 (Retail EU) | Up to 1:500 (Pro & Offshore)
Platforms: cTrader (Web, Desktop, Mobile)
Regulation: CySEC, FSA
Headquarters: Cyprus
Founded: 2010
Entities:

• TopFX Ltd – Regulated by CySEC (Cyprus), License No. 138/11

• TopFX Global Ltd – Regulated by FSA (Seychelles), Registration No. 8424819-1

🔍 Overview: What is Fondex?

Fondex, previously known as Kawase Exchange, is a Cyprus-based CFD broker operating under the TopFX brand. The firm combines its institutional-grade liquidity roots with a retail trading platform built entirely around cTrader, offering traders of all levels direct market access (DMA) and professional execution conditions.

Fondex operates globally, with strong regulatory backing in Europe and offshore licensing for broader international reach. Its trading model is built on transparency, zero minimum deposit, and tight spreads—making it a favorite among cTrader fans and algo traders.

✅ Fondex Pros & Cons

Pros:

• Regulated by CySEC (EU) and FSA (offshore)

• Supports advanced cTrader platform with copy trading (cMirror) and algo trading (cAlgo)

• Offers raw spreads starting from 0.0 pips

• No minimum deposit required

• Copy trading and EA-friendly

Cons:

• No MetaTrader support (MT4/MT5)

• 3% withdrawal fee on card/online transfers

• Limited educational content for beginners

🔐 Is Fondex Safe?

Yes — Fondex is regulated in Europe by CySEC, one of the most recognized authorities in the forex world. Client funds are kept in segregated accounts with top-tier EU banks and protected by negative balance protection. EU traders are further covered by the Investor Compensation Fund (ICF) in case of broker insolvency.

For international clients, Fondex operates under a Seychelles FSA license — which offers less investor protection but allows higher leverage (up to 1:500).

Trust Score: 4.5 / 5

⚖️ Leverage at Fondex

• EU Retail Clients: Max 1:30 (per ESMA rules)

• Professional & Offshore Clients: Up to 1:500

• Commodities: Max 1:10

• Indices: Max 1:20

Fondex applies tiered leverage, and traders are encouraged to use it cautiously, especially at higher levels.

💼 Fondex Account Types

Fondex keeps things simple with a single live account offering:

• Raw spreads from 0.0 pips

• Commission-based pricing

• Access to all trading features, tools & assets

• Islamic (Swap-Free) Account also available

Traders can also open a free demo account with full access to the cTrader platform and 600+ instruments.

💸 Fondex Fees & Spreads

Fondex stands out for its transparent fee model. Instead of widening spreads, Fondex uses raw market pricing and adds a fixed commission:

• Spreads: Start from 0.0 pips

• EUR/USD avg: 0.6 pips (including commission)

• Deposit Fees: None

• Withdrawal Fees: Up to 3% for card/e-wallet, 0.9% for bank transfers

Overall Fees Score: 4.2 / 5

📈 Tradable Instruments

Fondex provides access to 1000+ trading instruments, including:

• Forex: Major, Minor, Exotic pairs

• Stocks: Global shares (CFDs)

• ETFs: iShares, PowerShares

• Commodities: Oil, Gold, Natural Gas

• Indices: US, Europe, Asia

• Cryptos: BTC, ETH, LTC & more

Fondex connects directly with Tier-1 liquidity providers, ensuring institutional pricing and deep market access.

💳 Deposits & Withdrawals

Fondex supports the following methods:

• Credit/Debit Cards (Visa/Mastercard)

• Bank Wire

• Skrill, Neteller, WebMoney, Qiwi, UnionPay

Pros:

• No deposit fees

• Instant processing for e-wallets

• Multiple currencies supported

Cons:

• 3% withdrawal fee on card/e-wallet

• $0 deposit minimum (but $200+ recommended)

Score: 4.2 / 5

💻 Fondex Trading Platform

Fondex is a cTrader-exclusive broker. It provides:

• Fondex cTrader Web: Powerful browser-based trading

• Fondex cTrader Desktop: Advanced charting and fast execution

• Fondex cTrader Mobile: Full-featured iOS/Android apps

Copy Trading: Integrated via cMirror
Algorithmic Trading: Supported via cAlgo

Platform Score: 4.3 / 5

📞 Customer Support

• Channels: Live Chat, Phone, Email

• Languages: Multilingual (including Arabic, English, Russian)

• Availability: 24/5 (weekdays only)

Support staff is responsive and knowledgeable, although weekend availability is lacking.

Support Score: 4.5 / 5

📚 Fondex Education & Research

Fondex provides:

• Market News

• cTrader Video Tutorials

• Trading Guides

However, beginner-focused webinars or courses are limited.

Education Score: 4.0 / 5

🧾 Conclusion – Is Fondex a Good Broker?

Fondex is a unique cTrader-only broker offering raw spreads, institutional pricing, and advanced trading tools. While it lacks MT4/MT5 and has some minor fees, it excels in performance, transparency, and professional-grade trading infrastructure.

It’s especially suited for:

• cTrader platform users

• Copy traders & algorithmic traders

• FX & CFD traders looking for raw spreads

• Traders who value execution speed over flashy platforms

Recommended for: Intermediate to advanced traders
Not ideal for: MT4 users or those seeking ultra-low minimum deposits with educational support