Fenix Markets Review – Getting To Know About A Lesser Known Forex Broker

Fenix Markets hasn’t made any visible splash in the retail FX trading market, and it is safe to assume that it will take a while before the broker can garner any significant interest from a majority of retail traders. Fenix Markets is the Forex trading arm of Bader Capital PTY LTD, which is an Australian company located in the financial district of Sydney. All Australian financial companies are regulated by the Australian Securities and Investment Commission (ASIC), which ensures that the ASIC is the relevant authority in charge of Fenix Markets regulation.
Fenix Markets does not have any presence in Asia, Europe, Africa, or the US; hence, Fenix Markets is not regulated by any other reliable regulatory agencies such as the FCA, CFTC, NFA, or the CySEC. Nevertheless, Fenix Markets does cater to traders from all over the world except for traders located in the United States. The company ventured into the retail Forex trading industry only in 2014, which makes Fenix Markets a young broker that has a long way to go before it establishes itself as a serious player in the FX trading business.


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How Is Fenix Markets Different From The Conventional Brokerage Service?

Fenix Markets is one of the best Forex brokers that offer highly competitive spreads for their standard account. Fenix Markets spreads start from 0.5 pips, which is similar to spreads provided by some of the established ECN brokers. There are no commissions for the Standard account, which helps traders to reduce their cost of trading significantly. Of course, the broker also offers an ECN account that promises to lower the spread to 0 pip. However, the ECN account does come with a commission of $3.5 on standard round turn lot. Both the Standard, as well as the ECN account, is available with a minimum deposit of $200, which is certainly an acceptable amount.
fenixmarkets homeMaybe the broker could have reduced the entry point for the Standard account to allow access to smaller traders, especially since traders have access to a maximum Fenix Markets leverage of 1:500. Lowering the initial deposit to $50 would have certainly opened up the broker to a large part of the retail trader market, which could have helped in increasing the broker’s visibility in the industry. The maximum available leverage is reduced for commodities, CFDs, and indices; however, traders can open positions on currency pairs using the full margin. Trading on such a high leverage is indeed risky; therefore, traders should be highly careful before trading on margin.
There is a VIP account on offer that is available for larger retail traders and institutional clients. Invariably, the VIP account warrants a much larger deposit amount and a lower leverage of 1:200. The VIP account has access to a dedicated account manager, no commission, spreads as low as 0.2 pips, and free VPS access. VPS is an optional package for the Standard and ECN account, which is available starting from $30, or is free if you transact a minimum of 20 lots per month. VPS helps traders to enjoy the cost benefits of the company along with ultra-low latency, which guarantees to open and close positions within milliseconds.

Accessing The Markets With Fenix Markets Trading Platforms

fenixmarkets mt4The broker only offers the MT4 as the standard Fenix Markets platform for desktop trading that is available as an installable application. Of course, there is the option of a WebTrader, but it is best suited for mobile traders who trade the markets on the move. The MT4 is the entire platform you will ever need for trading the currency markets, and Fenix Markets offers access to over 40 different currency pairs, CFDs, commodities, and precious metals. Fenix Markets mobile traders are offered the option of the WebTrader, but you can download and install the MT4 mobile app on your iOS or Android device for an authentic mobile trading experience.

Is Fenix Markets Committed To Good Customer Service?

Fenix Markets is a newcomer, which requires the company to devote their undivided attention towards maintaining an excellent relationship with its clients. While the company has yet to go mainstream, initial signals indicate that the broker is on its way to establishing a good rapport with its customers. Of course, things can be entirely different when the Fenix Markets manages to rope in more clients, as the true grit and responsibility of a broker will only surface once it deals with a large clientele.
Customer support duties are entrusted with a live chat department, email support, and a direct phone number, which should tick off all the necessary requirements of a trader. Traders are also offered 24 hours support throughout the five days of trading, which should help traders to enjoy peace of mind while dealing with the highly risky FX markets.

Are Fenix Markets Clients Reimbursed In Any Way?

Fenix Markets has a referral program that is aimed to spread the word about the broker. If you and a friend decide to join Fenix Markets, both of you get a $100 credited to your trading account, which can be traded, and the profits are withdrawable after transacting the required number of lots. The broker also provides a $1.5 cash rebate per traded lot, which is available for withdrawal without any restriction. Therefore regarding Fenix Markets bonus, you can only receive a $100, yet, there are no deposit bonuses or any other rewards or benefits.
Fenix Markets has designed an excellent Forex trading platform that aims to reduce the cost of trading and offer a better trading environment. The long-term reliability of the broker can only be determined over the next few years, but all indicators currently point to a high-quality FX broker that is committed to its intended customer base.

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