Fenext is a Contract for Difference (CFD) broker officially registered on January 31, 2024. This broker primarily offers a wide range of trading markets through platforms such as MT4, MT5, and cTrader, including Forex, commodities, indices, bonds, cryptocurrencies, stocks, futures, and more. It does not operate in the United States, Canada, Israel, New Zealand, Iran, North Korea, and certain other regions.
Registration Information and Regulatory Status:
According to the official website of Fenext, it is registered in Seychelles under the business entity Raw Trading Ltd, which is authorized and regulated by the Seychelles Financial Services Authority (FSA) with a license number of SD018.
Upon verification, the Seychelles Financial Services Authority (FSA) website reveals that Raw Trading Ltd is a business entity registered in Seychelles by the broker IC Markets. Its FSA-approved websites are https://www.icmarkets.sc and https://www.icmarkets.com. Therefore, Fenext is identified as a fraudulent website impersonating IC Markets.
Additionally, this broker's website design is plagiarized from IC Markets, similar to other fraudulent brokers like Linoxx, ExpertSync, Limexx, Venosvista, Continentaloptionslive, and Elon-Mining.
Opening an Account:
To open an account with Fenext: Navigate to the broker's official homepage and click on "Start Trading Now" or "Start Trading" at the top right corner to access the account registration page. Fill in personal information such as name, email address, telephone number, and set a login password. Once submitted, the account registration will be successful.
Trading Accounts:
Fenext offers three different types of trading accounts: cTrader Account, Raw Spread Account, Standard Account.
cTrader Account:
- Trading platform: cTrader
- Commission per lot: $3.0 (round turn $6.0)
- Spread: From 0.0 pips
- Minimum deposit: $200
- Leverage: Up to 1:1000
- Maximum open orders per account: 2000 lots
- Server location: London
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Stop out level: 50%
- One-click trading: Supported
- Islamic account: Available
- Allowed trading methods: All
- Order distance limit: None
- Programming language: C
Raw Spread Account:
- Trading platform: MetaTrader
- Commission per lot: $3.5 (round turn $7.0)
- Spread: From 0.0 pips
- Minimum deposit: $200
- Leverage: Up to 1:1000
- Maximum open orders per account: 200
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Stop out level: 50%
- One-click trading: Supported
- Islamic account: Available
- Allowed trading methods: All
- Order distance limit: None
- Programming language: MQL4
Standard Account:
- Trading platform: MetaTrader
- Commission per lot: $0.0
- Spread: From 0.6 pips
- Minimum deposit: $200
- Leverage: Up to 1:1000
- Maximum open orders per account: 200
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Stop out level: 50%
- One-click trading: Supported
- Islamic account: Available
- Allowed trading methods: All
- Order distance limit: None
- Programming language: MQL4
Trading Platforms:
Fenext's official website claims to offer trading platforms such as MT4, MT5, and cTrader but does not provide related download links. Moreover, there's no broker named Fenext found on these platforms.
Deposits and Withdrawals:
Fenext supports deposits and withdrawals through credit/debit cards, e-wallets, and bank transfers.
Summary:
Traderknows Encyclopedia warns investors that Fenext is actually a scam website that clones the broker IC Markets. Investors are advised to choose brokers who are transparent, strongly regulated, and have a good reputation for investment activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected of fraud" on Traderknows.
