1. What is Fondex?
  2. Awards
  3. Is Fondex safe or a scam?
  4. Leverage
  5. Accounts
  6. Fees
  7. Market Instruments
  8. Deposits and Withdrawals
  9. Trading Platform
  10. Customer Support
  11. Education
  12. Conclusion

What is Fondex?

Fondex or previously known as Kawase Exchange is a European online trading broker based in Cyprus which operates inspired by Japanese concepts such as trust, power, determination, flexibility, and simplicity.

Fondex as a trading name of TopFX uses years of expertise and regulated license to provide high-performance trading experience combined with the latest technologies.

Generally, TopFX is an international brokerage firm specializing in liquidity provision and regulated institutional brokerage services that began its operation in 2010. The retail operation started only 5 years later, while Kawase and than Fondex launched trading in key Asian markets.

Good reputation and reviews from tradersNo comprehensive education
European broker with Japanese technologyNo MT4 offered as alternative
Powerful cTrader platform capabilitiesConditions vary according to regulations
Great copy trading options suitable for beginners
Low commission trading fees
Single account and transparent conditions

Kawase Exchange Review

10 Points Summary
InstrumentsFondex FX, Shares, iShares, Powershares ETFs, Indices, Metals and Commodities
Minimum depositNo deposit requirement
Base currenciesSeveral Currencies offered
Demo AccountAvailable
CostsLow commission trading fees
EducationNo comprehensive education
Customer ServiceCustomer Service


Its successful model of operation and delivery of trading environment been recognized by numerous rewards and Awards fro popular exhibitors or publishers. Also, Fondex clients have voted the company as number one in customer service, value for money and overall client satisfaction that proves Fonex’s good position within the proposals.

Fondex Awards

Is Fondex safe or a scam?

Being headquartered in Cyprus, the company is registered under the name TopFX LTD and respectively conduct its business with imposed regulation by CySEC. Previously TopFX used trading name Kawase and recently was rebranded to Fondex, while still remaining the regulated company also cross border registered with 25 EU regulators to serve clients within the EEA zone.

Regulated by Cyprus CySEC and authorized for EEA crossborder proposalsInternational trading performed via Seychelles entity
Mainstay on transparent conditions
International proposal available
Negative balance protection

How are you protected?

The CySEC multiple requirements, that have also complied with MiFID directive including capital adequacy, financial reporting to the regulators and undertake of a detailed audit, making control over Fondex activity constant and unparalleled.

The money protection and client safety provided in multiple ways also, the traders’ funds are kept in world leading banks and fully segregated, meaning are separated from the company’s actives along protected by negative balance protection.

In addition, Fondex is also a member of the ICF (Investor Compensation Fund) that resolves issues in the unlikely events and compensates investors. Read more about CySEC by the link.

Even though the additional entity is located in the offshore zone, recently offshores also creating more strict licensing rules, while in addition to ESMA regulations Fondex considered as a safe broker to invest and trade with.

Fondex license


Leverage is the mechanism by which you may trade a large amount of money, due to leverage capability to magnify your initial trading size. For example, if your trading account has a 1:30 leverage, and assume that you have $1000 in your account, meaning 1:30 leverage allows you to trade a $30,000 position.

Leverage may magnify your exposure, yet the probability of profits or losses increases simultaneously, which makes it essential to learn how to use leverage smartly.

  • Fondex enables you to trade with leverage up to 1:500 for Professional clients, and retailers may use lower levels due to regulatory restrictions by ESMA. Thus, retail trader leverage goes to 1:30 for major currencies, 1:20 for minor ones and 1:10 for commodities.
  • International traders entitle for 1:500 for major currency pairs


Fondex does not offer different account types and built its proposal into Fondex singe account to suit different trading styles or volumes with spreads from 0 pips.

Fast Account Opening, fully DigitalNone
Single Account feature
No Minimum deposit
Free deposits
Swap-free available
Active Trader account bonuses

Account types

So through a single account you are able to enjoy full benefits Fondex offers, also for Muslim traders there is an option to trade via Swap-free account.

Fondex account


The proprietary price aggregation uses the unique identification of the price with an interval of more than 50 times per second to identify the lowest available quote for an instrument, thus Fondex spreads are raw with trading charges entirely commission based. 

Fees are based solely on commission chargesNo alternative fee conditions
Good range of products
Professional Trader programs
Low Forex and CFD fees
Low commission

Our find on Forex fees

Fondex spreads as mentioned are raw spreads with an additional commission charge of 2.5$ per side and 100k$ traded, which makes it a pretty good choice for active traders and beginners as well. For 100 Shares and ETFs there is a commission of 1$ per side, which is also very low compared to similar brokers and market proposals.

As an example, you may refer to the table below and see typical Fondex spread, as well you may compare fees to another popular broker Equiti.

Fondex spread

Fondex rollover

Also, always consider Fondex rollover or overnight fee as a cost, charged on the positions held longer than a day and determined by the direction you trade and is differential between bids. Holding costs are based on many factors and most often positive swap are paid on buy positions.

The Fondex Swap-free account also offers access to the traders of Islamic belief to enter the trading process with no swap charges or spread widening. In order to apply for this account, you should proceed with a form that requires a proof of faith to complete the process.


Fondex delivers more than 1000 Markets to trade, so international traders gaining access to the world’s premier liquidity providers and global exchanges through sources proprietary aggregator engine with the best possible pricing from tier-1 grade banks. The range of trading markets including most traded instruments making Fondex FX, Shares, iShares, Powershares ETFs, Indices, Metals and Commodity Broker.

Fondex instruments

Deposit and Withdrawal Methods

Deposit or withdrawal of funds is directly available from Fondex cTrader that bypasses the client area making it a convenient process, while the transactions will be performed by the desired method.

Good selection of deposit methodsConditions vary according to regulations
WebMoney and Credit Cards supportedWithdrawals will add on fee
No minimum deposit requirement
Withdrawals will take 1-2 days

Deposit methods

The available methods including

  • Card Payments,
  • Bank Transfers,
  • UnionPay,
  • Qiwi,
  • WebMoney,
  • Skrill,
  • Neteller,
  • Yandex money.

However, some payment methods are available only in specific countries and will only appear if the deposit window launched from the specific region.

What is the minimum deposit for Fondex?

Fondex minimum deposit is 0$, however the recommended amount that allows you to engage in live trading at the beginning is set to 200 units of your chosen currency USD200, GBP200 etc. Which is a reasonable amount for any size of the trader, along with Fondex one account offering with no differences on the account you trade.

Fondex withdrawal


As for the fees and charges, Fondex does not charge deposit fees, yet check carefully with your payment provider in case any fees will be waived from their side.

However, the withdrawals will incur an additional processing fee that is divided by the payment method, e.g. Cards and Online Transfers will add-on 3% fee, and Bank Wire Transfer costs 0.9% for transfers in Euro.


Trading Platforms

An Award-winning Fondex trading platform offering truly bank-grade trading conditions along with fast execution through a depth of market and direct connection to banks with its NDD model.

The proprietary platform is actually one of the greatest advantages from Fondex, its previously known Kawase cTrader Broker and now Fondex cTrader was built as a DMA platform with execution always defined by speed and high characteristics directly connected to the market with no bridge technology. Thus you are gaining access to trade on the same level as the institutional clients do, which is of course a fantastic opportunity.

Mainstay on multiply awarded cTrader Light fast NDD execution Powerful trading capabilities with free toolsNo MT4
Clean view and good charting
Comprehensive analysis
Copy trading and auto trading

Web Platform

The platform delivers extreme unparalleled transparency with a detailed order, deal and position timeline, live order book values and 50 fields of position details.

Desktop platform

Fondex cTrader scales to various devices through Desktop, Web and Mobile versions making the performance accessible to almost everything with Live market sentiment, Charting tools, trading history and session info and on-server trailing stops.

Mirror trading

Furthermore, the cTrader enhances the offering with mirror trading and algorithmic trading through cMirror and cAlgo. Alongside the cMirror was developed to allow mirroring of 1000+ strategies from top traders that increases significantly the possibilities to trade with ease and convenience.

Therefore, you may become either a signal provider and earn a commission or to automate your trading positions through a follow of a strategy and all that is available through one account feature.

Mobile platform

Fondex copy strategy

Customer Support

What is more, Fondex customer support service proved its proficiency and is among the leading positions, providing multilingual support and fast response with Live chat option. Along with its competitive trading conditions Fondex support team can guide you through the account opening, trading process and at any stage.

There is an international phone line and email support, so overall Fondex traders are covered with professional service any trader may need, which is definitely a big plus.

Customer oriented policyNone
Worldwide coverage
Live Chat and phone lines
Support of international languages

Fondex customer service


So the last point in our Fondex Review is education materials, and here we saw that broker provides education articles for numerous topics along with Forex News and recent market updates. However, that’s is all what education is limited for, so if you are very beginner you better sign in for a good education course with webinars and seminars through a third party provider is you still wish to trade with Fondex.

Research tools, yet, are very advanced and at the professional level since Fondex cTrader supports various tools and enlarging capabilities with god analysis features.

Demo accountNo comprehensive education with Webinars or Courses
Platform tutorials and trading articles
Great copy trading capabilities suitable for beginning traders
Advanced trading tools and research
Fundamental analysis and News feed


The Fondex review presents a company brokerage, previously known as Kawase Exchange which relied on its liquidity provision and institution brokerage expertise to deliver competitive offering to the retail clients. The direct access to the market based on exceptional technology solutions while the proprietary platform connected directly to the Banks generates consistency for active traders with various benefits upon the trading size reach and comprehensive trading tools.

Also, Fondex is a fully regulated broker, which is a crucial factor in terms of your money safety, hence with its reliable environment and compliance to requirements. The specified standards of the organization framework manage sensitive information and client’s performance comprises a based risk-management system which all in all makes it a great choice worth considering.

Nevertheless, we would be good to know your personal opinion about Fondex, you may share your experience in the comment area below, or ask us for some additional information.

Bhakti Karmacharya From India | | Sunday, August 30, 2020

I did not like working with Fondex. I read about a broker reviews online, and expected a little different. I’m kind of new to trading and I would like very much to see a brokerage pay more attention to the newbies. And Fondex doesn’t even have any normal training. It’s a pity that I realized that after I opened an account with it. Nobody helps me here, doesn’t give me any advice and other things. I have to deal with everything on my own and it takes a lot of time. The brokerage has a training section, but there you can find only some general articles that are freely available on any site with a trader theme. I started trading with Fondex only because it has low spreads, many people say it’s cool. But it turned out that without normal training, I somehow don’t care what spreads a broker has… So, I don’t even know if I will continue working with this broker, because I understand how important training in trading is. And I don’t want to look for all the necessary materials and pay for different courses by myself. I don’t even know what to do :c

Daniel Antua From Egypt | | Tuesday, June 16, 2020

I like this brokerage, good among other cTrader brokers 1. Spreads really start at 0.0 pips. To be fair, I never saw exactly 0.0, but I saw 0.1 and that’s extremely low 2. cTrader is good trading platform. It’s hard to compare it with MT4, but cTrader is more modern and easy-to-use. At least, my oppinion is positive, it’s not so popular as MT4, but it’s better designed 3. Scalping is available without any restrictions. I’m not a scalper, but I know some people that are scalpers and as they said – brokers don’t like scalpers, so only good brokers accept scalping (a lot of deals is a great load on brokerage servers) 4. CySEC regulation, broker has all licenses and other documents, so it’s 100% legit 5. I checked terms and conditions and they’re clear and without any pirfalls 6. Automated trading and copy-trading available, that’s the great additional services and they’re free. Automated trading is available only in cTrader app, so that’s short disadvantage. Copy-trading is available only in cTrader Web If you aren’t afraid of cTrader (joke), then Fondex can be a great opportunity.

Umar Ravi From India | | Saturday, May 9, 2020

Trading with Fondex is really nice experience and I have a lot of things to share with you, guys. First of all, I’ve finally found a brokerage that don’t offer me this endless MT4. Yeah, Metatrader is ‘golden standard’, but let’s be fair – it’s available since 2005 and it’s old now. And MT5 isn’t much better so. Fondex offers cTrader trading platform – the most close MT4 competitor. What I like in cTrader – there’s all MT4 features + native interface and no lags. Rly, each update don’t crash your trading as this sometimes happens with MT4. However, cTrader has one shortcoming – a few really good brokers, Fondex is one of them. What I also like – algotrading available, check it out. Even if you like trade manually – algorithms may be useful assistance. Also – scalpers are available without any restriction, for me, as a scalper that’s really nice thing. One of my previous brokers just have banned me for that reason 🙁 Don’t think all is too sweety there. There’s no education almost at all. So you should seek for place to learn outside, that’s sad. Overall, my exp is positive. If you ask me – I will suggest to try it 😉

Karma Rajasa From Malaysia | | Sunday, April 26, 2020

I’m trading with Fondex copytrading for the second month and have something to share with you 🙂 Fist of all, copy trading is good way for passive trading, yeah, but that’s not only thing why copy trading is great opporunity. Another one is that you can use copy-trading as the way to learn trading, combining investing with learning. The truth is that after 2 months of copy-trading I want to trade myself, but I understand that I can’t be that confident in my skills yet. So far I guess that’s better to use masters. The money keep working, and I’m busy leanring more about the market. Here is idea is about how to choose the master. Look not only on master’s profits, but also on the strategy. You definnitely don’t want to choose a strategy with extreme drawdowns or suspiciously nice equity curve (that would likely mean the master does not use stops at all). This is especially important if you trade with relatively small amount of money.

No news available.

25 responses to “Kawase Exchange | Fondex”

  1. Like many others I’ve started trading with a dream of making millions overnight. And like many others the dream did not come true. it took time to understand that my discrete trading is more of a gambling approach to markets. It took over a year to come to this conclusion. Fortunately Fondex has got copy-trading solution. I withdrew half of my deposit and left the remaining half to try out the copy trading. I don’t suggest investing in top of the top performers here, as high returns often have some underlying issues like large expected drawdowns. At the moment I’m investing in 3 different strategies with moderate risks and am totally happy with moderate 50-70% yearly returns.

  2. I was looking for a broker who offers copy-trading. My forum mates suggested to try Fondex, so I started to check out the company.
    What I liked – there is a demo account, I noticed such a tendency that new brokers begin to refuse demo accounts for some reason, and I’m glad that Fondex hasn’t gone this way.
    Fondex doesn’t use Metatrader 4 Trading Platform, but cTrader trading platform. Metatrader 4 seems to me to be a decent and popular platform, but cTrader looks pretty good, so it doesn’t really matter to me. It’s good that the trading platform has about 80 tools for analysis (pre-installed). Thus you don’t need to install or configure anything, everything is already done.
    Mobile version avaible. Still, I have only used it once, so far I cannot say anything.
    As far as the trading process is concerned, I’m still testing. I have no conclusions yet. I liked the fact that there is a large set of cryptos, algorithmic trading using FIX protocol and quite low spreads (although they can jump up periodically).
    The funny thing is that I still haven’t tried copy trading, although I was originally looking for a broker for that.
    I’m now thinking about chosing Fondex as my main broker.

    • Yeap, copy-trading is available at the platform. Actually this is one of the biggest advantages of a cTrader. Folowing the master account of a chosen trader is a way to diversify owns strategies portfolio or simply one of the passive investments methods.

  3. There is a nice variety of assets here and trading fees are awesome. However, switching to CTrader may be found difficult if you’ve been using MT4 all your life. Nevertheless, this is just a matter of habit.

    • This is an excellent format for those who do not have the opportunity to deal with the market and trade on their own.
      There you can choose from more than 400 different approaches with one click, you can choose your own strategies and stop this format at any time.
      You can choose how you want to allocate funds for each trade – increase or decrease.
      You also have a stop-loss under your control and you can change it for each specific strategy.
      Some of the strategies are free, while others will require a certain commission from you – it all depends on your provider. But you will immediately see this information, so there are no unpleasant surprises.

  4. This brokerage is exactly what I was looking for – just two reasons.
    1) There’s cTrader. Rly, people, that’s the best trading platform ever, almostly out of competition. I think you should try it at least.
    2) There scalpers allowed. Scalpers are banned in many brokerages for one reason – high server load (due to many deals). There scalpers are allowed, so I can trade and don’t be afraid of a ban.

    • Oh, it’s no big deal, you’ll figure it out quickly.
      You just choose in the rating those traders who make large and regular profits and subscribe to them.
      When they execute orders, they are copied to your account.
      This is the best solution if you do not have the opportunity or time to analyze the market yourself.
      It is very convenient.

    • Yeah, it’s not only allowed, but companu actively promote it. There’s cTrader automated trading platform and it’s good, even taking in account the fact that I don’t like automated trading, I prefer manual trading.

  5. The broker has got all the active trader might need.
    – excellent trading fees
    – scalping allowed
    – cTrader – perfect trading platform
    My personal experience did not encounter much of the problems. First it was a bit difficult to find the most favorable withdrawal method as the company does not have much variety of the trading methods. Yet, the broker is expanding the list of withdrawal methods constantly. I’m sure in a few month they will have all the e-payment systems avaialble there. For now I prefer to wait for at least $500-700 to collect on account and withdraw afterwards via wire transfer.

  6. I tried trading withthis brokerage and got a double-dided feelings. On the one hand, I really liked the cTrader platform, I think it is much more convenient than MT4. On the other hand, I found the cTrader Copy and it’s a really cool service that allows me to choose a trader and follow this strategy. However, cTrader Copy is only available in my browser, which means that I cannot use this platform from my mobile phone. However, cTrader has a mobile application, but copy-trading is not included in.

    • This is a copy of other traders’ trades.
      Here, as well as active trading, you need capital and proper risk management.
      But it can be convenient, if you can not deal with the market yourself for some reason.

  7. A place to try different approaches.
    It’s very rare, actually, because usually companies focus on one direction…
    Here you can work independently, analyzing the market and trying different strategies.
    Here you can scalp and hedge, if you are a supporter of these directions.
    Automatic trading strategies are allowed here.

    • It’s quite effective, with typical limitations of automated trading system. It is more effective than manual trading of a non-professional trader, but certainly not more effective than trading of a professional trader. I see automated trading as a way to diversify risks. I invest part of my money in manual trading, part of my money in automated trading.

  8. My 4 reasons to trade with this brokerage:
    1. CySEC regulated, I checked it out and there’s info on CySEC website
    2. Tight spreads, for major currency pairs lower than 1 pips
    3. Copy-trading available
    4. Scalping allowed

    • I’d suggest using a live chat. I’m not a big fan of phone conversations, moreover that you’ll need to spend time on identification before they can help you anyhow with your account by phone. So the live chat is the fastest and the most convenient method. To tell the truth I’ve never used mail with them apart for sending the docs, but I guess that can work fine either. At least the verification process was very fast in my case too (by e-mail)

  9. I started trading with Fondex because of its quite favorable trading conditions. But of course, while working with a brokerage, I found both its disadvantages and advantages. Its advantages are that it has reeeelly profitable trading conditions. A lot of assets for trading, commission-free entry/exit of money, fast orders execution – that’s not even all that Fondex can show off with. But of course there are also disadvantages – for me personally, the big disadvantage is the lack of training at the broker. Because I understand that trading is not just a business, it is also a constant training, growth over myself. And I would like very much that the brokerage understood it and gave me additional possibilities for it. To tell the truth I doubt now that I want to keep trading myself. The only chance that I leave my depo here is if I can find a decent trading system to automatically follow. Do you have any in mind?

  10. Brokerage offers interesting trading conditions, especially cTrader platform. It was interesting experience and I can say it’s even better than MT4, so I recommend it, just need to get used to it a little.

  11. I have already tried to use automated trading strategies here. Everything works fine.
    There is a question about trading signals. Are those posted every day?

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