Fenix Funds Review
Fenix Fund claims to be a Forex trading company which is relatively new broker in the market. Researchers suggest that it offers education materials and wide range of assets. It has its client from all over the world except USA. Fenix Funds has been blacklisted by the FCA and also try to ditch the customers accounts by charging the unexpected fees from them. To gain a better understanding on this, let’s view its advantages and disadvantages.
About Fenix Funds:
As per the researches, Fenix Funds is a UK based broker which started its operation in 2014, The FCA suggests that it is operated by Retrom Ltd which is a Bulgarian entity whereas the website of Fenix funds states that is operated by Marketin Ltd. Which is registered in Saint Vincent and the Grenadines, which contradicts both the statement and makes it clear that it is not regulated broker. Whether the broker has the intension to get it registered or not, is missing. Fenix Funds offers services in Commodities, CFDs, precious metals and over more than 40 currency pairs. The broker offers the Meta Trader 4 platform for trading which works smoothly and is recommended by various other investors.
Fenix Funds started with three account which are Standard, VIP and ECN. The Standard account is a commission free account that offers the minimum required amount of $200 with a spread of 0.5 pips. The ECN account also required the same amount as minimum deposit with a spread of 0 pips and charge $3.5 per standard lot commission. The maximum leverage offered by Standard and ECN account is 1:500 whereas for the VIP account it is 1:200. VIP account offers low spreads from 0.2 pips with no commission and includes a personal account manager in order to advise the new traders. The Fenix funds also enabled its Mobile app which works as smoothly as desktop version and its user interface is suitable for android phones, tablets and iOS devices. Fenix funds stated that it has kept in mind the new investors and to create an ease to operate and understand, they have provided free demo accounts so that the investors can test the trading. The payment methods include wire transfers, credit cards and e-wallets like Skrill and Neteller.
There are various offers and statement made by Fenix funds which contradicts with some of the websites and investors review which resulted in lack of interest of the traders to trade with this broker. Researches suggest that this broker is offering services in UK, without any proper authorization and also the warning has been issued to them by the Financial conduct Authority of UK.
Is Fenix Funds Legit or a Scam?
The first and foremost responsibility of any broking firm should be to get it registered and licensed which is absent in the case of Fenix funds. One cannot clearly define if they are on clear terms with the regulator or not, which ultimately reduces the interest of the investors to trade with them. Misleading information leads investors to lose interest. The forex market is filled with lots of scammers and so it is advisable to trade with a legit and licensed broker.