Offshore Radar: CySEC-Regulated TopFX Moves Fondex to an ‘Offshore-Only’ Model
Our initial review of the TopFX broker scheme was published in October 2022. At that time, CySEC-regulated TopFX Ltd operated both TopFX.com and Fondex.com. However, since then, Fondex has transitioned to an exclusively offshore model. Similar to TopFX’s offshore shift, Fondex is now operated by TopFX Global Limited, a Seychelles-based entity registered as a securities dealer with the FSA Seychelles. These offshore platforms continue to accept EEA clients and offer high-leverage trading of up to 1:500. Here’s our latest update.
Latest Developments
In our October 2022 review, the Fondex website identified Fondex as a trading name under CySEC-regulated TopFX Ltd. Additionally, Fondex Limited, a Seychelles-registered entity licensed by the FSA Seychelles, was listed as an operator.
However, since then, Fondex Limited and its CySEC regulation have disappeared. The new listed operator is TopFX Global Limited, an FSA Seychelles-registered securities dealer. This offshore entity also operates the TopFX Offshore Mutation.
Both offshore brokers use cPanel from Spotware. According to Similarweb, nearly 63% of Fondex’s 40,000 website visitors (before February 15, 2023) were from the United States. Between November 2022 and January 2023, over 68% of Fondex’s visitors originated from the U.S.
Key Data
| Trading Name | TopFX, Fondex |
| Services | CFD, Forex, Crypto Brokerage |
| Domains | topfx.com, topfx.com.sc, fondex.com |
| Legal Entities | TopFX Ltd (Cyprus), TopFX Global Ltd (Seychelles), Fondex Limited (Seychelles), Spotware Systems Ltd (Cyprus) |
| Key People | 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 (License No. 138/11), FSA Seychelles (Securities Dealer License No. SD037) |
| Leverage | Offshore: 1:500, CySEC-regulated: 1:30 |
| Trading Platform | cTrader |
| Payment Processors | Payabl, Nuvei |
Offshore Expansion and Regulatory Oversight
The TopFX broker scheme is closely tied to cTrader founder and CEO Andrey Pavlov, who also serves as a director of CySEC-regulated TopFX Ltd.
According to Similarweb, the majority of TopFX website visitors—both CySEC and FSA Seychelles versions—originate from Italy (consistent with our October 2022 review). The offshore platform attracts over 90,000 visitors, which is 30% more than its CySEC-regulated counterpart.
Regulatory Disclaimer for EEA Clients
EEA residents can register with offshore versions of Fondex and TopFX. Those signing up on TopFX’s offshore site (TopFX.com.sc) are informed that a CySEC entity is available for EEA clients. However, they must confirm that they are voluntarily registering with TopFX Global Limited (Seychelles) at their own risk.
Despite offshore registration, the Know Your Customer (KYC) process is required before opening a live trading account and making deposits, ensuring compliance with ESMA regulatory standards.
The key distinction remains in leverage limits:
- Offshore TopFX & Fondex: Up to 1:500 for retail clients
- CySEC-regulated TopFX: Max 1:30, as per ESMA regulations
Call for Information
If you have insights regarding Fondex, TopFX, their operators, or facilitators, we encourage you to share them confidentially through our whistleblower system, Whistle42.
