Is Fenix Markets Still In Operation? We Give You More Information In This Fenix Markets Review
Fenix Markets is an Australian broker that is regulated by the Australian Securities and Investments Commission (ASIC). Fenix Markets was launched in 2014 and did not enjoy any significant brand exposure in the global FX markets. The company had been in operation until recent times, but their official website now displays a prominent 403 error, which states that the domain has been put on hold for all future visitors. Therefore, we firmly believe that Fenix Markets is no longer a Forex broker, and it wouldn’t be advisable to open a trading account at the broker, either directly, or through any introducing brokers or affiliates.
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Fenix Markets had concentrated their efforts on the Australian markets by being regulated by the strict rules enforced by the ASIC, which we believe is one of the detrimental factors that led to the closing of the brokerage service. The ASIC imposes pretty severe regulatory conditions for financial companies, and the regulator is known for its tough stand against financial crimes and fraudulent practices. Although Fenix Markets had been regulated by the ASIC, its absence from the US and the EU virtually denied the company any opportunity to actively take part in some of the lucrative financial markets in the world. In this Fenix Markets broker review; we will attempt to find out a bit more about the services that were on offer by the company.
Fenix Markets Trading Accounts & FX Conditions
Fenix Markets had created an excellent trading account that provided fantastic cost savings for all of their clients. Traders could open a trading account for as small as $200, which gave access to both a Standard and an ECN account. The Standard account had Fenix Markets spreads starting from 0.5 pips, thereby offering the most competitive spreads in the entire Forex trading industry. We have yet to see any broker offering such amazing spreads for a standard account that had no commissions or other trading fees. The ECN account is even better with spreads starting from 0 pips and a commission of $3.5 per traded lot for both ways. Both accounts have access to a maximum Fenix Markets leverage of 1:500 that is reduced as and when the equity in the account increases. Fenix Markets also provided a higher account known as the VIP account that had a lower leverage of 1:200 and a higher minimum deposit. The VIP account was aimed at institutional traders, where traders can enjoy all-inclusive spreads starting from 0.2 pips. There is no commission on the VIP account, which is also supplemented with VIP services such as personal account manager, instant access to services, and superior customer service. Nevertheless, it is not surprising that the broker was not able to convert any institutional traders for their VIP services, mainly because of the uncertainty of the broker in its market presence. Fenix Markets used to run a referral program that offered a $100 bonus for every referral that opened a trading account at the broker. There were also cash rebates to help traders to recover a part of their trading costs, which offered a maximum of $1.5 per lot traded. As a new broker you would have expected the company to have provided a hefty bonus; unfortunately, clients were not offered any Fenix Markets, neither were they rewarded through any other promotions.
Markets & Trading Platforms
Fenix Markets offered Forex, commodities, and CFDs trading through its MT4 license. Traders get the option of trading over 40 different assets, which are all available on the MT4 terminal. The MetaTrader Fenix Markets platform was provided for both desktop and mobile through the various versions offered by MetaQuotes. Fenix Markets mobile traders could also take advantage of the WebTrader for accessing their accounts remotely. We couldn’t find any faults with the MT4 platform, which is reinforced by the extraordinary popularity that MT4 enjoys in the market. The broker also offered a VPS service for traders on all accounts for a $30 monthly fee. VIP traders were offered free VPS access due to the large trading volume and as a part of the premium services. Traders could also opt for a free VPS if they were able to trade a minimum of 20 standards within a trading month. VPS is an excellent tool for automated trading strategies, and for high-frequency traders that depend on low latency and super-fast execution times.
So, Should I Stay Away From Fenix Markets?
By all means, traders should never attempt to open an account at Fenix Markets. Even if some affiliate or introducing broker advertises the merits of Fenix Markets in return for great performance-oriented gains, be careful about the safety of your funds. There is no way by which you can recover your money, as the broker doesn’t have any official website and all the numbers and emails are non-functional. Even the ASIC releases routine advisories and other information that warn traders against dealing with questionable brokers operating in Australia. As a trader, you have far better options that are both reliable and secure, which should help you to trade the FX markets without any worries. We have compiled a list of recommended Forex brokers that are far better than Fenix Markets or any other brokers that claim to offer you the best of services.