FenzoFx

Shoofar

1-2 years

What is the spread at FenzoFx?

WikiFX Reply

The spread at FenzoFx starts from 0.5 pips for forex trading, which is relatively tight and competitive for active traders who focus on forex markets. However, spreads for commodities, cryptocurrencies, and stocks are subject to market fluctuations and may widen during periods of high volatility. For me, the tight 0.5 pip spread on forex is appealing because it minimizes trading costs, which is crucial for active traders. However, I would want more clarity about the spreads on other asset classes like cryptocurrencies and stocks, as these can often carry wider spreads, which could eat into profits. Overall, the spread for forex is competitive, but I would recommend verifying the spread for other instruments with FenzoFx before opening an account.

Broker Issues

FenzoFx

Fees and Spreads

08-10

United States

Interbank Trader

1-2 years

Is FenzoFx a safe broker to trade with?

WikiFX Reply

The safety of trading with FenzoFx is questionable due to its unregulated status. Trading with unregulated brokers increases the potential risk to my funds as there are no consumer protections in place, such as compensation schemes or strict financial audits. While FenzoFx offers various trading instruments like forex, cryptocurrencies, and commodities, the lack of regulatory oversight means that there are no guarantees in place should something go wrong. In my opinion, a broker’s regulatory status is paramount when it comes to trading safely, and given FenzoFx's unregulated nature, I would be cautious about trading with them. If I were to trade with FenzoFx, I would do so with full awareness of the risks involved, particularly the absence of protection in case of financial disputes or platform malfunctions.

Broker Issues

FenzoFx

Regulation

07-27

United States

edgeisedge

1-2 years

Does FenzoFx charge a commission?

WikiFX Reply

FenzoFx does not charge a commission on forex and commodity trading, which simplifies the cost structure for traders. For me, commission-free trading is always an attractive feature, as it eliminates one variable when calculating the total cost of each trade. However, while there are no commissions, the broker earns from the spread, which starts from 0.5 pips for forex trades. From my experience, I prefer knowing the full cost structure, including how spreads might widen in volatile market conditions. FenzoFx’s model of charging no commission with a spread-based cost is common, but I would recommend understanding how spreads can affect your overall costs, especially for high-frequency traders.

Broker Issues

FenzoFx

Fees and Spreads

07-02

United States

Hhduy

1-2 years

Does FenzoFx offer a demo account?

WikiFX Reply

FenzoFx does not offer a demo account, which is a disadvantage for new traders. In my experience, demo accounts are crucial for practicing trading strategies, familiarizing oneself with the platform, and understanding the risks involved without risking real money. Since FenzoFx does not provide a demo account, new users may find it more challenging to get comfortable with the platform. I would recommend contacting FenzoFx for more details on this, as a demo account would significantly improve the onboarding experience for novice traders.

Broker Issues

FenzoFx

Platform

Account

Instruments

Leverage

07-02

United States