Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
6/10 · HighBoth licences are genuine and active on the issuers' own registers, but neither now records the Fondex name or fondex.com, and the operative cover at the end was tier-3 Seychelles only.
Identity & transparency
4/10 · ModerateEntity, registration number and address were disclosed and are registry-verifiable, but the footer used two names for one registration number and the brand closed with no notice or working contact route.
Withdrawals & conduct
4/10 · ModerateOne vague withdrawal-difficulty complaint in eight years, no pattern axes met, and the company replied to complaints; the real issue is that no portal now exists to request a payout.
Reputation
5/10 · ModerateHistorically net positive with 48 of 70 reviews at four or five stars and a 4.3 rating on the predecessor brand, but the current standing is poor and the footprint has gone quiet.
Website claims
3/10 · LowThe site disclosed its entity, registration number, licence and restricted countries accurately, and dropped the Cyprus claim once it no longer applied. No fake awards or profit guarantees found.
Operational history
4/10 · ModerateA verified sixteen-year group history with no age misrepresentation, offset by the fact that the Fondex-branded operation itself has ceased and its web presence is gone.
Who they are
A quick desk file on the company behind the brand.
- Brand: Fondex, the retail brand of the TopFX group. It traded earlier as Kawase.
- Legal entity: Fondex Limited, Seychelles registration 8424819-1. The same registration number now appears on the Seychelles register under the name TopFX Global Ltd.
- Cyprus entity: TopFX Ltd, registration 274180, incorporated 24 September 2010.
- Registered: Office No. A18D, Providence Complex Building, Providence, Mahe, Seychelles. The site gave its operator address as CT House, Unit 8, Office no.8H, Providence, Mahe.
- Website: fondex.com. It resolves but serves no page on either web port, and the newest archived copy is from January 2024.
- Only licence at the end: Seychelles FSA Securities Dealer SD037. The final version of the site made no Cyprus licence claim at all.
- Offered: CFDs on forex, shares, indices, metals, energies and crypto on the cTrader platform, plus copy trading.
- Not accepted: residents of the United States, Japan, North Korea, Belgium and Canada.
- Age claim: none inflated. The group dates to 2010 and fondex.com was registered in June 2012.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Authority of Seychelles (FSA)
Found by our investigation (1) — the broker does not list these on its own site
Cyprus Securities and Exchange Commission (CySEC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate Fondex high risk and unverified rather than a scam. Nothing we found points to money being taken and kept, and several things point away from it. The risk is that there is no longer a Fondex to deal with.
- Both licences on record are real and in force. The CySEC register shows TopFX Ltd holding licence 138/11, granted 19 April 2011, still active. The Seychelles Securities Dealer register shows the SD037 holder active under the name TopFX Global Ltd.
- Neither licence covers a Fondex service any more. CySEC records TopFX Ltd's approved domains as www.topfx.com and topfx.eu. fondex.com is not among them. The Seychelles register records the trade name TopFX and the website topfx.com.sc. Anything presenting itself as Fondex today sits outside both entries.
- The final version of the business was offshore only. Its own regulation page named the Seychelles authority and nothing else. Seychelles cover is low tier, with no investor compensation scheme and no realistic recovery route for an overseas client.
- The website is gone. fondex.com resolves to an address that answers on neither web port, no archived copy exists after January 2024, and a client writing in May 2025 reported that both the website and the support address had stopped existing. A former client has no portal through which to see a balance or request a payout.
- No warning list names this operation. We checked the FCA, the Seychelles FSA, the Cyprus, Italian, German, French and Belgian regulators and the IOSCO aggregate against the domain, the brand and both legal entities. The only regulator document naming this group is a Seychelles FSA alert of 3 August 2022, and it was issued to protect them: it names flipuniquemarket.live as a site misusing the TopFX name.
- The complaint record does not show a withdrawal trap. Of 70 Trustpilot reviews, 48 are four or five star and 12 are one or two star, spread thinly from 2018 to 2026. One review, from February 2022, mentions difficult deposits and withdrawals without an amount or a date, and the company replied to it. The rest concern support speed, the absence of MT4 and MT5, an anti-scalping rule and an incomplete mobile app. None of the four pattern tests is met.
- The warning that search engines attach to this name belongs to someone else. The FCA published a warning on 12 December 2024 about a firm calling itself fondex investments, based in Manchester, at fondexinvestment.com. That is a different website and a different operation, and we have not counted it against this broker.
- The score reflects a closed service, not misconduct. Forty-five per cent is what the evidence supports: a genuine, long-established group behind a brand that has been retired, whose last regulatory cover was offshore, and which now offers no way in.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The CySEC register entry for licence 138/11 shows the holder as TopFX Ltd, Cyprus registration 274180, licensed 19 April 2011 and active, with approved domains www.topfx.com and topfx.eu. fondex.com is not listed among them.
E2The Seychelles FSA Securities Dealer register lists the licence holder as TopFX Global Ltd, Providence, Mahe, with trade name TopFX and website topfx.com.sc. No entity named Fondex appears anywhere in the capital-markets register.
E3fondex.com resolves in the domain name system to 212.129.43.238, but that address answers on neither standard web port, so the site serves no page to a visitor.
E4The newest archived copy of fondex.com dates from 10 January 2024, with nothing captured since, which places the end of the site's public life in early 2024.
E5The last captured Fondex homepage, from January 2024, was a fully operating CFD site. Its footer read that Fondex is a tradename of TopFX Global Ltd with registration number 8424819-1, licensed by the FSA of Seychelles with Securities Dealer Licence No SD037, and that the website is operated by Fondex Limited at CT House, Unit 8, Office no.8H, Providence, Mahe.
E6The Fondex regulation page, captured 3 December 2023, listed the Seychelles authority as its only regulator and made no Cyprus licence claim, stating that Fondex Limited is licensed by the FSA of Seychelles with Securities Dealer Licence No SD037.
E7The Cyprus company record for TopFX Ltd shows registration number 274180, a registration date of 24 September 2010 and an active status, confirming the group's sixteen-year corporate history.
E8The fondex.com domain was registered on 7 June 2012 through Key-Systems GmbH, with an expiry date of June 2029 and a record last changed in November 2025, so the registration is still being maintained even though no site is served.
E9A search of the Seychelles struck-off and dissolved register for registration 8424819-1 returns no matching record, so the licence holder has not been struck off or dissolved. A separate entry for FONDEX CORPORATION, number 7484, dissolved on 1 January 2022, is an unrelated company with a different name and number.
E10Trustpilot holds 70 reviews for fondex.com with a 1.7 score: 38 five-star, 10 four-star, 10 three-star, 4 two-star and 8 one-star. The negative reviews run from July 2018 to July 2026 and concern support speed, the absence of MT4 and MT5, an anti-scalping rule and an incomplete app. One review, from 18 February 2022, mentions difficult deposits and withdrawals without an amount or date, and the company replied to it.
E11The most recent reviews confirm the service has gone. A client wrote on 16 May 2025 that the support email does not exist and the website does not exist, while trying to obtain tax reports. A client wrote on 28 July 2026 about repeated harassing calls from people posing as a law firm specialising in debt recovery.
E12The Seychelles FSA published an alert on 3 August 2022 naming flipuniquemarket.live as an unlawful website referencing TopFX, the trade name of Fondex Limited, and confirming that the site relates to no entity it licenses. This group was the target of the impersonation, not its author.
E13The only warning-list entry carrying the Fondex word belongs to a different operation: the FCA warned on 12 December 2024 about a firm calling itself fondex investments, based in Manchester, at the website fondexinvestment.com. The domain does not match this broker and the finding has not been attributed to it.
E14The predecessor brand's own review page, for kawase.com, is titled Kawase (now Fondex) and carries 10 reviews rated 4.3 out of 5 from November 2015 to December 2017, all four or five star, one of which praises fast withdrawals. This ties the earlier brand to Fondex by domain and shows no adverse history.
E15The kawase.com domain was registered on 17 February 1999, long before the group existed, which marks it as an aged domain acquired for the earlier brand rather than evidence of a 1999 operating history.
E16An independent review platform rated the broker 4.7 out of 5 and reported that deposits went through without difficulty and that withdrawals did arrive, though more slowly than deposits, with the main criticism being a slow verification and funding flow.
E17A trade publication's editorial review of Fondex, updated 15 July 2024, assessed its platform, pricing and support without recording any user complaints about withdrawals, funds not returned or account closures.
The other side
The strongest case in this broker’s favour.
The case for Fondex is stronger than its current state suggests, and it deserves saying plainly.
- This was a real brokerage with a real corporate spine. TopFX Ltd was incorporated in Cyprus on 24 September 2010 and licensed by CySEC seven months later. Both the company and the licence remain active today.
- Its disclosure was honest. The last live site named its operating company, its registration number, its Seychelles address, its licence number and the countries it would not serve. When the Cyprus licence stopped applying to the brand, the site stopped claiming it, which is the opposite of what a deceptive operator does.
- The client record is net positive. Forty-eight of 70 reviews are four or five star, many of them describing the cTrader platform and copy trading in specific terms, from clients in South Africa, Indonesia, Kenya, Brazil and India. The predecessor Kawase brand holds 4.3 out of 5 across its own reviews, one of which praises fast withdrawals.
- The Seychelles company has not been dissolved. A search of the Seychelles struck-off and dissolved register returns nothing for registration 8424819-1, so the licence holder still exists as a legal person.
- This brand was impersonated rather than impersonating. The Seychelles regulator publicly warned about a site misusing the TopFX name, and the FCA warning that shares the Fondex word points at an unrelated Manchester operation.
- Consolidating a retail brand into a parent brand is ordinary corporate housekeeping. Clients were pointed to TopFX, and we found no reports of balances being confiscated in the process.
What would change this
What we would need to see to revise the verdict.
Specific things would move this verdict in either direction.
- Towards a clean verdict: the operator publishing a wind-down notice with a working contact route, or CySEC adding fondex.com to the approved domains on licence 138/11, or the Seychelles register recording Fondex as a trade name again.
- Towards a clean verdict: credible reports from former clients confirming that balances were transferred to TopFX and paid out on request.
- Towards a worse verdict: a cluster of former clients reporting balances that were never returned after the site went dark, with amounts and dates.
- Towards a worse verdict: any regulator warning or enforcement action naming fondex.com, Fondex Limited or the Seychelles company registered 8424819-1.
- Towards a worse verdict: the Seychelles licence SD037 appearing as cancelled or lapsed, or the licence holder appearing in the struck-off and dissolved register.
- Towards a much worse verdict: fondex.com returning as a live deposit-taking site without current licence cover under that name.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CySEC register entry for TopFX Ltd (licence 138/11)
Check the licence status and, importantly, the approved domains it covers.
Seychelles FSA Securities Dealer register
Open the Securities Dealer tab to find the SD037 holder, now listed as TopFX Global Ltd.
Seychelles FSA alert on misuse of the TopFX name
The regulator naming an unauthorised site that traded on this group's name.
FCA warning about a similarly named firm
A different operation at fondexinvestment.com. Match the domain before you act on it.
Seychelles struck-off and dissolved company search
Search registration 8424819-1 to confirm the licence holder has not been dissolved.
Cyprus company record for TopFX Ltd
Incorporation date and current status of the Cyprus entity.
Client reviews for fondex.com
What clients reported between 2018 and 2026, including after the site went dark.
Frequently asked questions
Quick answers about this broker’s safety.
Is Fondex a scam?
No. We found no evidence that Fondex took client money and kept it. Both licences on its record are genuine and still active, its disclosure was honest, and no regulator warning names fondex.com or Fondex Limited. The problem is different: the brand has been retired and its website no longer works, so there is nothing to deal with and nowhere to send money.
Is Fondex a fraud?
We found no evidence of fraud. There is no regulator warning, no enforcement action and no fraud-related court record naming Fondex Limited, the Seychelles company registered 8424819-1, or fondex.com. The only regulator document naming this group is a Seychelles alert issued to protect it from a site misusing its name.
Is Fondex regulated?
Not under the Fondex name any more. The Seychelles Securities Dealer licence SD037 is active, but the register records its holder as TopFX Global Ltd with the trade name TopFX and the website topfx.com.sc. The Cyprus licence 138/11 is active and held by TopFX Ltd, whose approved domains are www.topfx.com and topfx.eu. Neither entry mentions Fondex or fondex.com.
Can I still withdraw my money from Fondex?
Not through the Fondex website, because it no longer serves a page. Approach the licence holder directly: the Seychelles register lists it as TopFX Global Ltd at compliance.global@topfx.com, with the website topfx.com.sc. If that fails, complain to the Seychelles Financial Services Authority, which supervises licence SD037.
Is fondex.com still working?
No. The domain still resolves in the domain name system, to an address that answers on neither standard web port. No archived copy of the site exists after January 2024, and a client writing in May 2025 reported that both the website and the support email address had stopped existing.
Who owns Fondex?
Fondex was the retail brand of the TopFX group. The contracting company in its final form was Fondex Limited, Seychelles registration 8424819-1, which now appears on the Seychelles register under the name TopFX Global Ltd. The group's Cyprus company is TopFX Ltd, registration 274180.
How old is Fondex?
The group behind it is genuinely long established. TopFX Ltd was incorporated in Cyprus on 24 September 2010 and licensed by CySEC on 19 April 2011, and the fondex.com domain was registered in June 2012. The Fondex brand itself came later, replacing an earlier brand called Kawase. We found no inflated age claim.
Is Fondex a clone of another broker?
No. Fondex was a genuine trade name of the TopFX group, and the licence numbers it quoted belonged to its own group companies rather than to a stranger. If anything the reverse happened: the Seychelles regulator warned in August 2022 about an unauthorised site misusing the TopFX name.
What is the Seychelles SD037 licence actually worth?
Not much in practice. A Seychelles Securities Dealer licence is real regulation but low tier. There is no investor compensation scheme behind it, and an overseas retail client has little realistic route to recover funds. It is a long way from the protection a Cyprus or UK licence carries.
Why does an FCA warning come up when I search for Fondex?
Because a different operation uses a similar name. On 12 December 2024 the FCA warned about a firm calling itself fondex investments, based in Manchester, with the website fondexinvestment.com. That is not this broker. Always match the exact domain rather than the brand word.
Someone called offering to recover my Fondex money. Is that genuine?
Almost certainly not. A client reported in July 2026 being called repeatedly by people posing as a law firm specialising in debt recovery. Recovery-room operators deliberately target the clients of brokers that have closed, and they ask for a fee upfront. No legitimate recovery service works that way. Deal only with the licence holder or the regulator.
What should I check before depositing with any broker like this?
Look up the licence number on the regulator's own register, not on the broker's website. Then check three things on that entry: the exact company name, the status, and the websites the licence covers. If the site you are about to deposit on is not listed there, the licence does not protect you, however real it is.
What we recommend
The practical takeaway from everything above.
What to do depends on whether you are a former client or a prospective one.
- Do not open an account or send money to anything presenting itself as Fondex. The brand is retired and no register records a licensed Fondex service. A site using this name now would not be covered by either licence on record.
- If you still hold a balance, approach the licence holder directly rather than through the dead fondex.com address. The Seychelles register lists the holder as TopFX Global Ltd with the contact address compliance.global@topfx.com and the website topfx.com.sc.
- If that gets you nowhere, complain to the Seychelles Financial Services Authority, which supervises licence SD037 and publishes a complaint-handling route, and to CySEC in respect of TopFX Ltd if your account was opened under the Cyprus entity.
- Do not pay anyone who offers to recover your money. A client reported in July 2026 being called repeatedly by people posing as a law firm specialising in debt recovery. Recovery-room operators target the clients of closed brokers, and paying an upfront fee loses you money a second time.
- Check the website before you act on anything using this name. A firm calling itself fondex investments at fondexinvestment.com is on the FCA warning list and has no connection to this broker. Match the exact domain, not the brand word.
- Keep your records. Statements, deposit receipts and correspondence are what a regulator or a payment provider will ask for, and the client portal that would otherwise hold them is no longer reachable.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 16, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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