Fondex a/k/a TopFX are broker brands operated by the CySEC-regulated investment firm TopFX Ltd. Besides, the broker scheme also works with an offshore broker that also recruits and registers consumers in the EEA countries. The offshore mutation of TopFX is operated through TopFX Global Limited in Seychelles, which is registered as a securities dealer with the FSA Seychelles. The offshore mutation also offers EEA residents leverage up to 1:500. The scheme is related to cTrader founder Andrey Pavlov.
Key Data
| Trading name | TopFX, Fondex |
| Activity | CFD, forex, crypto brokger |
| Domains | https://topfx.com https://topfx.com.sc https://fondex.com |
| Legal entities | TopFX Ltd, Cyprus TopFX Global Ltd, Seychelles |
| Related individuals | Andrey Pavlov (LinkedIn) Alex Katsaros, CEO (LinkedIn) Akis Katsaros, General Manager (LinkedIn) Terina Madeleine |
| Jurisdictions | Cyprus, Seychelles |
| Regulators | CySEC license no 138/11 FSA Seychelles Securities Dealer License No: SD037 |
| Leverage | 1:500 offshore mutation 1:30 CySEC broker |
| Platform | cTrader |
Short Narrative
The TopFX broker scheme seems to be related to Cyprus-based cTrader founder and CEO, Andrey Pavlov. He is one of the non-executive directors of the CySEC-regulated CIF. Apparently, Pavlov is not only the provider of the technical solution but also the operator of brokers. Pavlov’s LinkedIn profile states that he founded Quotix Limited, a liquidity provider, as a subsidiary of Spotware Systems, the cTrader developer. In 2014, the FxPro Group Ltd acquired Quotix.
According to Similarweb statistics from September, about 85% of TopFX offshore broker’s website visitors are from the EU with an average dwell time of more than 7 minutes (see picture left). From this it can be reasonably concluded that the offshore broker does most of its business with EU citizens. Without authorization.
The TopFX offshore mutation registered with the FSA Seychelles differs essentially from the CySEC broker by offering leverage of up to 1:500, which is prohibited in Cyprus and the other EEA regulatory regimes. This obviously violates the regulatory requirements of CySEC, ESMA, FCA, FINMA, and many other regulators worldwide.
Registration with the offshore broker is simple for EEA residents. The individual countries are already specified in the drop-down menu. In this respect, it is only fair to assume that TopFX is systematically circumventing the regulatory requirements in Cyprus and the EEA to attract customers to the offshore entity.
Consumers should avoid unauthorized offshore brokers like TopFX. They are not entitled to Investor Compensation schemes or Financial Ombudsman support.
Share Information
If you have any information about Fondex or TopFX, its operators, or its facilitators, please share it with us through our whistleblower system, Whistle42.
