Fondex, the leading retail Forex and CFD broker and tradename of institutional prime brokerage TopFX, has set up a new entity, Fondex Limited, related to the acquisition of a license from the Seychelles Financial Services Authority (FSA SC).
The Seychelles Financial Services Authority (FSA) is responsible for the licensing, supervision, and development of the non-bank financial services industry of Seychelles. The authority was introduced in 2013, and therefore, is relatively a newcomer in the Forex regulation industry. The small African nation has been working actively to establish itself as a recognized offshore business hub, as it is entirely dependent on importing new businesses to the nation so as to sustain a healthy economy. Regulated brokers have to follow a specific set of regulatory guidelines that are developed under the Financial Services Authority Act of 2013.
Alexander Sologubov, COO of Fondex, said: “The acquisition of this prestigious license is a very important step towards our global expansion. The decision of Seychelles was based on two very important factors – regulation and banking – in order to ensure that our clients will get the same level of services and security on their accounts. Our FSA license is surrounded by a strict regulatory framework, making it also trusted by Tier-1 banks. We are now more ready than ever to offer our services worldwide and provide our clients with an extensive range of trading instruments, the multi-award-winning cTrader, along with some of the most competitive trading conditions in the market.”
Fondex was established in 2017 and acquired its CySEC license in order to provide online trading services in the EU. Still, the trading company has constantly been looking for new ways to expand its business and this new license allows the broker to expand its product and services offered to clients outside Europe keeping the same high standards.
In April 2020, Fondex launched Execution Transparency, a new section on their website showcasing real-time active trader spreads in order to provide an easy-to-understand graphical representation of the broker’s historical spreads, based on the most popular markets traded on Fondex cTrader. Fondex users can view a chart fit to their parameters as they select their preferred instrument from the Popular Markets drop-down list, along with the time period from the chart’s period bar. The spikes on the graph represent the spread values for a selected instrument, on a 15-minute weighted average time frame. A shorter or longer time frame can also be adjusted, by moving the bars on the time period axis.
The broker offers CFD trading on 1000+ instruments across Forex, Shares, Indices, Precious Metals, Energies, ETFs, and Cryptocurrencies. cTrader is the company’s main trading platform available for customers, who can trade manually, copying other traders’ strategies, using cBots and following signals from Trading Central and Autochartist. Spreads start from 0.0 pips and Fondex claims to have the lowest cTrader commissions globally on Forex, Energies, and Precious Metals. Clients’ funds are kept Tier-1 segregated accounts, while also offering them Negative Balance Protection.
