MaxFX (Fondex)

Risk Warning

The Cyprus CYSEC regulation (license number: 138/11) claimed by this broker is suspected to be a clone. Please be aware of the risk!

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

MaxFX (Fondex) is allegedly a forex broker registered in Cyprus, claiming to provide its clients with a cTrader trading platform, leverage up to 1:500, tight spreads and 0 commissions on over 600 tradable assets. Here is the home page of this brokers official site:

As for regulation, it has been verified that MaxFX (Fondex) holds a suspicious clone Cyprus Securities and Exchange Commission (CYSEC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.45/10. Please be aware of the risk.

Market Instruments

MaxFX (Fondex) advertises that it offers more than 600 instruments across 7 asset classes in financial markets, including forex, indices, shares, precious metals, energies, ETFs and cryptocurrencies.

Account Types

Apart from free demo accounts, there is only one live trading account offered by MaxFX (Fondex), namely Fondex Trading Account. There is no minimum deposit amount to open an account.

Leverage

The maximum leverage ratio provided by MaxFX (Fondex) is much higher than most brokers, up to 1:500 for retail clients. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

MaxFX (Fondex) claims to provide its clients with spreads from 0.5 pips and no commission charged.

Trading Platform Available

When it comes to trading platforms available,MaxFX (Fondex) gives traders a cTrader platform on web, desktop and mobile devices including tablets and smartphones. cTrader supports manual, copy and automated trading, offering professional analysis and charting tools, multiple options for order execution, monitoring and modification, advanced risk management tools and more.

Deposit & Withdrawal

MaxFX (Fondex) accepts deposits and withdrawals via credit/debit cards (Visa, MasterCard, Maestro), wire transfer, Absa, B2B in Pay and PayTrust.

The minimum deposit amount for USDT is 250, while for SEPA bank wire, the minimum deposit is €100.

No deposit or withdrawal fees will be charged.

As for the processing time of deposit and withdrawal requests, deposits via credit/debit cards and PayTrust can be processed instantly; deposits via B2B in Pay require 5 minutes; deposits or withdrawals via wire transfer require 1-3 business days; Absa deposits require much more time of 3-5 days; withdrawals with credit/debit cards, B2B in Pay and PayTrust will be processed within 24 hours.

Customer Support

MaxFX (Fondex)s customer support can be reached by phone: +2484671987, email: support@fondex.com.sc, live chat or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms like Facebook, Telegram, LinkedIn, Instagram and YouTube. Company address: CT House, Unit 8, Office no.8H, Providence, Mahe, Seychelles.

Pros & Cons