Offshore Radar: CySEC-Regulated TopFX Switched Fondex To An ‘Offshore Only’ Scheme!

Ben
Sun, 19 Feb 2023 09:57:44 +0000
Offshore Broker, Reviews & Ratings, Akis Katsaros, Alex Katsaros, Andrey Pavlov, Fondex, Maria Meramveliotaki, Mohammad Osama, Nuvei, Omar Al-Janabi, Payabl, Terina Madeleine, TopFX, TopFX Global

We brought our initial review for the TopFX broker scheme in Oct 2022. At that time, CySEC-regulated TopFX Ltd had been operating the two domains TopFX.com and Fondex.com. Since then, Fondex switched to the “offshore only” gear. Like the TopFX offshore mutation, Fondex is operated through TopFX Global Limited in Seychelles, which is registered as a securities dealer with the FSA Seychelles. The offshore mutations accept EEA residents and offer leverage up to 1:500. Here is our updated review.

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.

FSA-regulated Fondex Limited has since disappeared. So has the CySEC regulation for Fondex and the CySEC-approved domain. The new operator listed is TopFX Global Limited, registered with the FSA Seychelles as a securities dealer. This offshore entity also operates the TopFX Offshore Mutation.

Both offshore brokers use cPanel from Spotware. According to Similarweb, almost 63% of the approximately 40,000 visitors in the last 28 days before February 15 came from the United States (screenshot right). Also, between Nov 2022 and Jan 2023, more than 68% of Fondex’s website visitors came from the United States.

Key Data

Trading name

TopFX
Fondex

Activity | CFD, forex, crypto brokger

Domains

https://topfx.com
https://topfx.com.sc
https://fondex.com

Legal entities

TopFX Ltd, Cyprus
TopFX Global Ltd, Seychelles
Fondex Limited, Seychelles
Spotware Systems Ltd, Cyprus

Related individuals

Andrey Pavlov (LinkedIn)
Alex Katsaros, CEO (LinkedIn)
Akis Katsaros, General Manager (LinkedIn)
Maria Meramveliotaki (LinkedIn)
Omar Al-Janabi (LinkedIn)
Mohammad Osama (LinkedIn)
Terina Madeleine

Jurisdictions | Cyprus, Seychelles

Regulators

CySEC for TopFX license no 138/11
FSA Seychelles Securities Dealer License No: SD037

Leverage

1:500 offshore mutation
1:30 CySEC broker

Platform | cTrader
Payment processors | Payabl, Nuvei

Short Narrative

The TopFX broker scheme is related to cTrader founder and CEO Andrey Pavlov. He is one of the directors of the CySEC-regulated TopFX Ltd.

According to Similarweb statistics, most visitors to TopFX websites, both CySEC and FSA, came from Italy (as was the case in our first review in Oct 2022). The offshore website receives more than 90,000 visitors, 30% more than the CySEC-regulated site.

Regulatory Check

TopFX (offshore) disclaimer for EEA residents

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 there is a CySEC entity 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.

Upon registration, the EEA jurisdictions, as well as most other jurisdictions worldwide, are deposited. This shows that clients in these jurisdictions are seen as a target group.

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

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.

Share Information

If you have any information about Fondex or TopFX, its operators, or its facilitators, please share it with us through our whistleblower system, Whistle42.