Fenics FX

Overview of Fenics FX

Fenics FX, operated by Fenics Software, Inc. in the United States, has been in existence for 2-5 years. However, it operates without recognized regulatory oversight, raising concerns about the potential risks associated with trading through this broker. Fenics FX offers trading in various financial instruments, including 55 currency pairs in the forex market, CFDs on stocks, indices, and commodities, as well as options trading across different asset classes.

The platform provides two types of accounts: Fenics FX Spot and Fenics FX NDF. These accounts offer low brokerage fees and are associated with various entities. Fenics FX offers a volume-based pricing schedule for spreads, starting from 0.0 pips, and fixed commissions from $0.01 per side. The minimum deposit required is USD 250, and the platform supports various deposit and withdrawal methods with associated fees and processing times.

Fenics FX operates multiple trading platforms and matching engines, offering connectivity to various global endpoints. It supports trading of 55 currency pairs, transaction cost analysis, and integration with third-party providers. The platform also offers credit calculations, multiple order types, and credit management features. However, it lacks recognized regulatory oversight, which raises concerns about its credibility. One review on WikiFX highlights issues such as a pyramid scheme, difficulty in fund withdrawal, financial loss, and alleged agent misconduct, further casting doubt on the broker's reliability.

Pros and Cons

Fenics FX presents a range of pros and cons. On the positive side, it offers various trading platforms, boasts low spreads starting from 0.0 pips, maintains a reasonable minimum deposit requirement, and supports multiple deposit methods without fees. However, potential drawbacks include the absence of recognized regulatory oversight, negative reviews raising credibility concerns, withdrawal fees for bank wire and credit/debit card transactions, limited information on trading volume and market depth, and a lack of detailed information on certain aspects of the platform.

Is Fenics FX Legit？

Fenics FX operates without any recognized regulatory oversight, indicating a lack of valid regulation. This absence of oversight should raise concerns regarding the potential risks associated with trading through this broker. It is essential for traders to exercise caution and conduct thorough due diligence before engaging with such unregulated entities.

Market Instruments

FOREX: The platform allows trading in 55 currency pairs, including major pairs like EUR/USD, USD/JPY, GBP/USD, AUD/USD, and USD/CAD, as well as minor pairs such as NZD/USD, USD/CHF, USD/SGD, EUR/GBP, and EUR/CHF. Exotic currency pairs like TRY/JPY, RUB/USD, PLN/USD, MXN/USD, and ZAR/USD are also available.

CFDs: Fenics FX provides access to a range of CFDs, including individual stocks such as Apple, Microsoft, Amazon, Tesla, and Alphabet. Additionally, traders can participate in CFDs linked to major indices like S&P 500, FTSE 100, DAX, CAC 40, and Nikkei 225. Commodity CFDs, including oil, gold, silver, copper, and natural gas, are also part of their offering.

Options: The platform offers options trading, encompassing both forex options with pairs like EUR/USD, USD/JPY, GBP/USD, AUD/USD, and USD/CAD, as well as CFD options covering stocks, indices, and commodities. This allows traders to engage in a variety of option strategies across different asset classes.

Account Types

1. FENICS FX SPOT:

Fenics FX Spot accounts cater to clients with a focus on the foreign exchange market. To become a client, one can leverage Fenics FX's extensive experience and reputation in the FX industry. Fenics FX clients have the option to use approved Prime Brokers for platform access, with a bilateral (bank to bank) credit structure in place. It's important to note that Fenics FX Spot is offered through Fenics FX, LLC. Brokerage fees associated with Fenics FX Spot are designed to be low, featuring a volume-based fee structure and no additional integration, maintenance, or connectivity costs.

2. FENICS FX NDF:

For non-U.S. participants, Fenics FX offers access to electronic trading of Asian Non-Deliverable Forwards (NDF) through Fenics FX NDF accounts. This service is provided off the venue and features a Central Limit Order Book liquidity system that offers risk-mitigated bilateral credit for counterparties and prime brokers. Fenics FX NDF is made available through entities like BGC Partners (Singapore) Ltd. and BGC Capital Markets (Hong Kong) Ltd., where applicable. Similar to the Fenics FX Spot accounts, Fenics FX NDF offers low brokerage fees, including a volume-based fee structure and no integration, maintenance, or connectivity costs.

Spreads & Commissions

Fenics FX offers a volume-based pricing schedule with spreads starting from 0.0 pips and fixed commissions starting from $0.01 per side. The exact spreads and commissions that clients pay will depend on their trading volume and quality of flow.

Minimum Deposit

Fenics FX's minimum deposit is USD 250 for all account types.

Deposit & Withdrawal

Fenics FX supports deposits via bank wire, credit/debit card, and e-wallets. There is no deposit fee. Fenics FX supports withdrawals via bank wire and credit/debit card. There is a withdrawal fee of $25 for bank wire withdrawals and 2% of the withdrawal amount for credit/debit card withdrawals. The minimum withdrawal amount is $50.

Processing times for deposits and withdrawals vary depending on the payment method used. Bank wire deposits typically take 3-5 business days to process, while credit/debit card deposits and withdrawals typically take 1-3 business days to process.

Trading Platforms

Fenics FX offers a range of trading platforms and technology solutions to cater to the needs of financial institutions and Professional Trading firms (PTF). Lucera®, founded in 2013, provides on-demand infrastructure for the FX sector, addressing challenges such as increasing market data volumes, competition for lower latency, slow client on-boarding, legacy systems, and rising costs. Lucera® ConnectTM, designed by traders, offers real-time connectivity to over 500 global endpoints, lower bandwidth costs, scalability, and reduced operational and regulatory risk.

Fenics FX operates two matching engines: the Fenics FX Spot matching engine located in NY4 and the Fenics FX NDF Off Venue matching engine in SG1. These engines are available for trading between specified times, serving both US and non-US participants. Fenics FX is committed to the FX Global Code of Conduct, publicly registered with NEX and CLS, and provides a highly efficient ECN for liquidity providers and takers, including banks and non-banks. The platform supports trading of 55 currency pairs, in-depth transaction cost analysis (TCA), bespoke liquidity pools, real-time liquidity updates, and integration with various third-party providers for back-office processes.

Fenics FX offers integration options with TRAIANA solutions, including HARMONY, NETLINK, and CREDITLINK, along with FIX and ITCH/OUCH protocols. Credit calculations are based on a Net Open Position per Value Date. The platform supports multiple order types, such as market orders, immediate or cancel (IOC), limit orders, iceberg/hidden orders, good to cancel (GTC), time-weighted average price (TWAP), and pegged orders. Fenics FX also provides a credit hub for pre-trade credit checks and allows prime brokerages (PBs) to allocate credit to their clients, with customizable credit alerts and risk management measures in place to ensure responsible trading practices.

Trading Hours

Fenics FX has specific trading hours outlined in its holiday schedule for 2020. During the Christmas period, the trading hours were closed from December 25, 2020, at 6 am SGT (Singapore time) to December 28, 2020, at 6 am SGT for Singapore, from December 24, 2020, at 10 pm GMT (London time) to December 27, 2020, at 10 pm GMT for London, and from December 24, 2020, at 5 pm ET (New York time) to December 27, 2020, at 5 pm ET for New York. For the New Year, the trading hours were closed from January 1, 2021, at 6 am SGT to January 4, 2021, at 6 am SGT for Singapore, from December 31, 2020, at 10 pm GMT to January 3, 2021, at 10 pm GMT for London, and from December 31, 2020, at 5 pm ET to January 3, 2021, at 5 pm ET for New York.

Customer Support

Fenics FX provides contact information for customer support as follows: Interested parties, including shareholders, companies, and hedge funds, can reach out to their well-established support team through the email addresses Sales@FenicsFX.com and Liquidity@FenicsFX.com. For technical support, inquiries can be directed to Fenicsfxsupport@Fenics.com. Additionally, they offer phone contact details for different regions: New York, NY at +1 646 344 6022, Singapore at +65 6632 3890, and London, UK at +44 (0) 207 894 7929. This information allows customers and stakeholders to get in touch with Fenics FX for assistance and inquiries.

Reviews

A single review of the broker with the identifier FX7979154192 on WikiFX highlights complaints about a pyramid scheme, difficulty in withdrawing funds, financial loss of $45,450, and alleged misconduct by an agent, including communication blockage. These issues cast doubt on the broker's credibility and customer satisfaction.

Conclusion

In conclusion, Fenics FX operates without recognized regulatory oversight, potentially exposing traders to risks associated with trading through an unregulated entity. The platform offers a variety of market instruments, including forex, CFDs, and options, but its legitimacy remains questionable due to the absence of regulatory supervision. Additionally, the minimum deposit requirement is set at USD 250, and the broker imposes withdrawal fees. While Fenics FX provides multiple trading platforms and technology solutions, including integration options with TRAIANA solutions, it has received negative feedback in the form of a single review highlighting concerns about a pyramid scheme, fund withdrawals, financial loss, and agent misconduct. As such, traders should exercise caution and conduct thorough due diligence when considering Fenics FX as a trading option.

FAQs

Q: Is Fenics FX a regulated broker？

A: No, Fenics FX operates without recognized regulatory oversight, which raises concerns about potential risks associated with trading through this unregulated entity.

Q: What financial instruments can I trade on Fenics FX？

A: Fenics FX offers trading in 55 currency pairs (FOREX), individual stocks, major indices, and commodity CFDs, as well as options across various asset classes.

Q: What are the minimum deposit requirements for Fenics FX？

A: The minimum deposit for all Fenics FX account types is USD 250.

Q: How can I deposit and withdraw funds on Fenics FX？

A: Fenics FX supports deposits via bank wire, credit/debit cards, and e-wallets, with no deposit fee. Withdrawals can be made through bank wire and credit/debit cards, with a withdrawal fee for bank wire withdrawals and a 2% fee for credit/debit card withdrawals.

Q: What are Fenics FX's trading hours？

A: Fenics FX follows specific trading hours, including holiday schedules. Please refer to their holiday schedule for detailed information on trading hours during holidays.