The first step to open a Forex company is to ensure a proper license and to comply with the necessary legislation to offer certain security and safety to traders. Maintaining a license is a full-time job for every broker. They have to follow new legislation, submit reports to the regulator regularly, and comply with all legal provisions. It is certainly not an easy task to meet the legal obligations and to simultaneously run a dynamic business. Fenix Markets is one of the brokers who are not yet on clear terms with their regulator and it is hard to define the status of Fenix Markets. Many people advise against the broker for that reason, yet, we will give you a full Fenix Markets review to decide for yourself if the broker is trustworthy despite license issues. Let us see what the controversy is about and what else the broker has to offer.
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Background Info
Fenix Markets is a relatively new broker who decided to establish an office in recent 2014. The broker started out as a retail broker in Cyprus. Naturally, the broker registered with CySEC, the ultimate Cypriot authority on the capital market in 2015. Things looked good for a year and the broker operated under the CySEC watchdog, but yet the broker did not renew its license on 28 May 2016 when the first license expired. The reasons are unknown, and we do not know if the broker is looking for another regulator or did the company go bankrupt. We only know that this broker operates illegally for the last nine months. According to many, this is a warning sign and traders should be careful with the broker now. Despite the sudden license termination and end of cooperation, we will proceed with the Fenix Markets service package and what the broker has accomplished in the two years of its existence.
Platform
The broker offers the Meta Trader 4 desktop platform to its traders which is a positive sign. At least, it is known that the MT4 performs smoothly, with minimum latency and fast execution times. The variety of MT4 tools leaves no desires open and every trader can find something for themselves. The broker has more than 40 currency pairs at disposal, commodities, CFDs, and precious metals. The MT4 never gets old, and many professional traders have never switched to another platform since the MT4 offers basically everything for a complete trading experience. The Fenix Markets mobile app can not only be downloaded but also accessed via browser providing the same comfortably as the desktop version (only smaller). The Fenix mobile app is designed to fit and support tablets, iOS, and Android devices.
Account Types
The broker started out well with the MT4 and three account types to cater to different traders around the world. The broker offers a Standard, VIP, and an ECN account. This broker offers some of the most competitive spreads, and that is what draws many traders to the retail and ECN broker. The ECN and Standard account are available at $200. The Standard account offers spreads as low as 0.5 pips, which resembles many ECN accounts. The Fenix Markets ECN account comes with even lower spreads which start from 0 pips, but a commission per trading lot is required and amounts to $3,5 per standard lot. The Standard account is of course commission-free, and traders get what they see. Maximum leverage for the accounts is 1:500, except for the VIP account (1:200). The VIP account offers many conveniences and traders have to dig deeper into their pockets to become a VIP account holder. AVIP account includes a personal account manager, low spreads form 0.2 pips, and no commission. A VPS is also available for all accounts, just that it costs $30 for ECN and Standard account holders.
Fenix Markets Bonus
The broker does not offer the typical no-deposit and deposit bonuses but runs a lucrative referral promotion. Namely, if you convince a friend to join Fenix Markets, both of you get $100 of trading credit. The money can be withdrawn after trading the specified lot volume. The broker also offers a cash rebate bonus amounting to $1.5 per traded lot, and that money can be withdrawn any time with no strings attached. It does not sound a lot, but after a while, it can turn to a significant trading amount.
Banking Options
The broker offers several payment methods for deposits and withdrawals, just like the majority of brokers. Withdrawal processing takes no longer than a business day. The payment methods allowed by Fenix Markets are:
- wire transfer
- credit cards
- e-wallets like Skrill & Neteller
Customer Support
The Fenix Markets support team has to be on top of things if the broker wants to earn a good reputation among traders. So far, the broker covered the basics by offering three-fold contact forms, e.g. phone line, e-mail, and fast reply live chat. The Fenix Markets team is at your disposal 24/5.