Thndr review: FRA and ADGM licences, EGX, US and UAE stock fees

Overview

Thndr is an investing app whose home page offers stocks, gold and mutual funds in Egypt; its help centre also covers US and UAE stocks. The brand belongs to Axis Markets BV. All facts below come from Thndr’s site, its help centre and the regulators’ registers, checked on 18 October 2026.

Licences and who they cover

Which company handles your orders depends on the market you trade, not on where you live:

• Thndr Securities Brokerage (Egypt): licence 804 from Egypt’s Financial Regulatory Authority (FRA) and a member firm of the Egyptian Exchange (EGX). The FRA register lists licence 804, dated 12 August 2020.
• Thndr Technology Holding for Financial Investments (Egypt): FRA licences for custody, portfolio management and fund management; no number is published.
• Thndr Financial Ltd (Abu Dhabi Global Market): Category 3A licence 240002 from the ADGM Financial Services Regulatory Authority, for the US and UAE markets. The ADGM register shows it as active since 31 January 2024, permitted to deal in investments as agent. US orders are passed to Alpaca, a US broker registered with FINRA and the SEC.

Thndr says some countries or nationalities may not be supported but publishes no list. For the UAE market, non-UAE nationals living outside the UAE need only a passport.

Markets and products

• Egyptian Exchange: stocks and ETFs, plus mutual funds and “Savings Clouds”, which Thndr says are built on an FRA-regulated mutual fund with no guaranteed return.
• US stocks: fractional shares are possible with market orders; prices in the app update with a delay.
• UAE stocks on the Abu Dhabi Securities Exchange (ADX).

Fees

• Egypt: 2 EGP plus 0.1% of each order, plus third-party fees (EGX, MCDR, FRA, risk insurance and stamp duty). Another article describes the same commission as “0.1% with EGP 2 minimum”. MCDR, not Thndr, charges an annual custody fee of 0.01% of your Egyptian stock portfolio. Mutual fund orders carry no Thndr fee.
• US: $0.20 per order, plus 0.1% of the order value, plus $0.0015 per share; third-party fees of $0.000199 per share, and an SEC fee and a Trading Activity Fee (TAF) on sales. Thndr’s example: a $2,000 order for 100 shares costs $2.35 in brokerage.
• UAE: 0.49 AED plus 0.1% per order, plus third-party fees of 0.03125% and VAT.
• Thndr Trader (Egypt) costs EGP 245 a month and refunds Thndr’s commission on 50 Egyptian trades a month; third-party fees still apply.

Deposits and withdrawals

• Egypt wallet: InstaPay (InstaPay charges EGP 0.5–20), e-wallets such as Vodafone Cash (0.7%), bank transfer, or cash at any CIB branch. Egyptian debit cards have been unavailable since 6 September 2026. Withdrawals cost EGP 2.5 each and go only to an Egyptian bank account in EGP or to the e-wallet on your registered number (Vodafone Cash, Orange Money, WE Pay).
• US and UAE wallets: bank transfer in USD, AED or another non-EGP currency, with no Thndr fee (same day from inside the UAE, 3–5 business days from abroad), or a debit card (for the US wallet, 0.84% + 0.84 USD with a UAE card and 4.2% + 0.53 USD with other cards). Credit cards are not accepted. US withdrawals start at 25 USD and carry no Thndr fee.

Investor protection

Thndr says it is a member of Egypt’s Investor Protection Fund, without stating a limit. Client cash sits in trust accounts at Egyptian banks, and EGX shares are registered in your name at MCDR. The pages we read name no protection scheme for US or UAE holdings.

What we could not confirm

• The limit of the Egyptian Investor Protection Fund and which Thndr company it covers.
• A minimum deposit, an inactivity fee or a currency conversion fee.
• EGX membership on the exchange’s own site (its page loaded empty for us).

We have not tested Thndr with our own account yet; this review will be updated when we do.