Fenix Funds Review
As claimed by the Fenix Funds, it is an international offshore forex brokerage firm which is serving thousands of clients all over the world except USA. Fenix Funds are the fresh broker which affirms to have a deep market knowledge and keeps conducting researches on trades and trading activity. The prime responsibility of any broker is to get its company licensed, which is absent in the case of Fenix Funds. However, to get a clear picture of its pros and cons let get straight in this review. Read the full Fenix Funds review here.
About Fenix Funds:
Started in the year 2015 and as mentioned in the website of Fenix Funds, it is operated by Marketin Ltd. With St. Vincent and Grenadines whereas the agreement claims that it has been operated according to the Bulgarian laws. Also, some researchers suggest that it had been registered with CySEC for a year and thereafter this broker has not renewed its license. The reason of non-renewal is still unknown. This contradiction makes it clear that the information regarding its lawful authorization is missing due to which lots of investors may lose interest in trading with this broker. Fenix Funds Claims to offer the variety of trading symbol such as stocks, indices and currency pairs along with the a web based platform and educational courses. The most often traded symbols are EUR/USD with a decent spread. Also some of the crypto assets are also available for trading.
Fenix Funds affirm that they provide a simple and easy to use, its own application for trading which enables the traders to trade easily through Desktop/laptop/mobile. The new investors in the market may get confused regarding the trading symbols and chart analysis, in order to provide the solution this broker offers the Demo account to practice. The education material helps the traders to understand the concept and methods of trading. Fenix Funds offer five accounts which are Student account, Standard account, Investor account, Fenixfunds VIP, Fenixfunds VIP Platinum with minimum amount $250, $5000, $10000, $50000, $100000 respectively. The leverage provided by them is quite high up to 1:500 which provides the chances of high profit with higher risk of loss.
Credit and Debit cards are the option available for the payment. The broker also offers the spread of 0.3 pips which aren’t the least attractive. Some of the researches claims that Fenix Funds has restricted offering its services in UK after the warning has been received by the Financial Conduct Authority of UK under the charge that it has been offering their services without any proper authorization in UK.
Is Fenix Funds Legit or a Scam?
There are various statements claimed by Fenix Funds, which are not true and contradict each other which creates confusion among the investors on whether to trade with this broker or not. The interest of the traders has been reduced due to the absence of its lawful regulation authority. Obviously no investors would be willing to invest a huge amount in a broking firm which is not in clear terms with their regulator. Hence, it is advisable to all the investors to always trade with the Broker who is lawfully registered and licensed instead of getting attracted to services offered.