An Investor Lose A Big Amount of Money in Fenix Funds

The delayed processing of withdrawal requests is a big problem, and it typically is an early indicator that something may not be quite right with your broker. When your broker is not processing your withdrawal request, you have to be cautious about it. Brokersview recently learned that an investor has problem getting his money back from the forex broker Fenix Funds, which is operating under the website https://fenix-funds.pro/.

Fenix Funds asked for additional fee

According to the investor named Michael, he was registered to a online auto trading bot then it forwarded to Fenix Funds website. Then he deposited nearly $5,000 in his account and after two months it became more than double.

After two months, Michael requested to withdraw some profit then within 10 minutes he received the money, which proved that he could withdraw profit very quickly. So he invested big amount of money and waited about 4 months and it became over 300% more.

Then Michael requested to withdraw some profits of the balance and the company sent him an email saying that the money was transferred. However, Michael said that he got another email that he had to pay extra fee to withdraw money.

“After paying extra fee then they do not reply my email and do not talk by phone. All invested money eaten by them,”Michael said.

According to Michael, there are 1-3 persons do the full scam and they all use fake name. If someone contacts with any of them, they say they are just the employee and they can not do anything with the finance department.

This is a common tactic among fraudulent brokers, with getting victims to send them money by showing a fake trading platform with big profit. Then when the victim wants to make a withdrawal, the scammer then tells the victim to pay all sorts of fees and commissions and, after all the "fees and commissions" have been paid, the scammer disappears forever.

Fenix Funds was warned by the FCA

0n 7 December 2020, the UK’s Financial Conduct Authority (FCA) blacklisted Fenix Funds as a scam, saying that the broker is targeting people in the UK without its authorization.

(Screenshot from the FCA)

In addition, the broker lacks any kind of regulation and does not even mention being licensed on its website – this is a major red flag as all good brokers are not only registered but will provide their credentials and help you verify they are registered and regulated. Therefore, we strongly advice you to avoid the company.

Forex is a hugely popular form of trading. Like many other trends involving money, there are many scam versions that are seeking to exploit people. In the case of fraudulent forex brokers, sometimes it can be difficult to know for sure they are problematic until you have already entrusted them with your money. Brokersview suggests investors to keep vigilant when choosing forex brokers. we urge investors to avoid offshore brokers altogether and always check for a license through regulatory agencies before opening an online trading account.