Offshore Broker Scheme FopFX About To Terminate Fondex Operation; Orange Compliance Rating!

We have already brought several reviews about the TopFX broker scheme, which is regulated through entities in Cyprus and Seychelles. The broker scheme also includes the Fondex brand, which will be terminated soon. TopFX‘s clients come primarily from Italy, with around 90% of the 900,000 website visitors in the last 28 days coming through the offshore broker’s website. Fondex website visitors come primarily from the United States, where the scheme has no authorization. We have awarded an Orange Compliance.

Latest Update

In our review in Oct 2022, the Fondex website stated that Fondex was a tradename of the CySEC-regulated TopFX Ltd. Additionally, Fondex Limited, registered under the Laws of Seychelles and then licensed by the FSA Seychelles, was stated as an operator.

Currently, the Fondex website informs visitors that the Fondex brand will cease its operation at the end of December 2022. New clients should register with TopFX offshore broker (topfx.com.sc). In our review on April 9, 2023, the Fondex site still worked for existing customers.

The TopFX scheme is or was related to cTrader founder Andrey Pavlov.

The TopFX brands use cPanel from Spotware. According to Similarweb, the offshore mutation (TopFx.com.sc) received more than 708.000 visitors, while the CySEC-regulated broker (TopFX.com) only received 95.000 visitors. The offshore mutation of TopFX is many times larger than the CySEC-regulated broker. The offshore broker receives many clients from Italy (around 13%), where it does not have regulatory permission, besides clients from Iraq. CySEC-regulated TopFX receives more than 75% of its visitors from Italy.

Regulatory Check

EEA residents are welcome at the offshore brokers Fondex and TopFX. EEA residents onboarding on the TopFX offshore platform (TopFX.com.sc) are advised that a CySEC entity is responsible for EEA clients. Confirmation is required from the prospective client that they are registering with TopFX Global Limited in the Seychelles at their own request and risk.

The maximum leverage at the TopFX offshore mutation is 1:500 for retail clients. The ESMA regimes and most other regulatory regimes allow a maximum leverage of 1:30 for retail clients.

No pre-KYC deposits: the opening of a live trading account and deposits are only possible after the completion of the KYC check. In this respect, TopFX Approach also complies with the requirements of ESMA and its regulatory regimes.

Since TopFX‘s offshore mutation allows the registration of clients in North America and the EEA without regulatory permission, we give the TopFX broker scheme an Orange compliance rating.

Key Data

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