FIXI Forex Broker

Note: Regrettably, the official website of FIXI, namely https://www.fixi.com/, is currently experiencing functionality issues. FIXI Review Summary Registered Country/Region United Kingdom Regulation FCA (Suspicious Clone) Market Instruments Currency, Metals, and Indices Leverage 1:400 EUR/ USD Spread 0.8 pips (Std) Trading Platforms MT4 and MT5 Minimum Deposit $100 Customer Support 24/5 phone and email What is FIXI？ FIXI, headquartered in the United Kingdom, presents itself as a financial entity offering trading services in various market instruments, including currency pairs, metals, and indices. Among these are the Standard Account, Pro Account, and Islamic Account, each designed to meet specific trading needs with the minimum deposit of $100. However, the raised suspicions by the FCA and the lack of accessibility to its official website make trade risky. If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics. Pros & Cons Pros Cons Flexible Trading Account Types Suspected Clone Entity Competitive Spreads and Commission Structures Inaccessible Official Website MT4 and MT5 Supported Customer Support Limitations Acceptable Minimum Deposit Pros: - Flexible Trading Account Types: The broker offers three distinct account types - Standard, Pro, and Islamic Accounts, catering to the diverse needs and preferences of traders. This flexibility allows clients to choose an account type that aligns with their trading style, risk tolerance, and specific requirements. - Competitive Spreads and Commission Structures: FIXI aims to provide competitive pricing with favorable spreads and commission structures across its different account types. Lower trading costs can potentially enhance profitability for traders, especially for those engaging in high-frequency trading or large volume transactions. - MT4 and MT5 Supported: The broker supports widely used trading platforms, allowing for seamless trading experiences. - Acceptable Minimum Deposit: FIXI offers a reasonable minimum deposit requirement of $100, making it accessible to a broader range of traders. Cons: - Suspected Clone Entity: The Financial Conduct Authority (FCA) in the United Kingdom has raised suspicions regarding the legitimacy of FIXI, suggesting that it may be operating as a clone entity. This uncertainty surrounding its regulatory status can significantly undermine trust and confidence in the broker. - Inaccessible Official Website: The inability to access FIXI‘s official website raises concerns about transparency, communication channels, and regulatory compliance. A broker’s website is typically a primary source of information for clients, and the lack of access may hinder potential clients ability to conduct thorough research and due diligence. - Customer Support Limitations: While FIXI offers 24/5 customer support via phone and email, the absence of additional support channels, such as live chat or in-person assistance, may limit accessibility and responsiveness, particularly for urgent queries or technical assistance requirements. Is FIXI Legit or a Scam？ The Financial Conduct Authority (FCA) in the United Kingdom has raised suspicions regarding the legitimacy of FIXI, suggesting that it might be operating as a clone entity. This alarming revelation casts doubts on the broker's credibility and integrity within the financial industry. The FCA, responsible for regulating financial firms to ensure market integrity and consumer protection, has specifically pointed out concerns regarding FIXI's claimed license type as a Market Maker (MM), accompanied by license number 448399. Furthermore, the inaccessibility of FIXI's official website adds another layer of concern regarding the reliability and transparency of its trading platform. A broker's website serves as a primary point of contact for clients, offering essential information about its services, regulations, and terms of engagement. The inability to access FIXI's website raises questions about its operational status, communication channels, and adherence to regulatory obligations. Market Instruments FIXI provides a range of trading instruments across various asset classes, including currency pairs, metals, and indices. - Currency Pairs: FIXI offers a selection of major, minor, and exotic currency pairs for trading. Major currency pairs typically include pairs like EUR/USD, GBP/USD, and USD/JPY, which represent the most widely traded currencies in the world. Minor currency pairs, also known as cross currency pairs, involve currencies from smaller economies or regions, such as EUR/GBP or AUD/CAD. - Metals: FIXI allows traders to access the precious metals market, offering instruments such as gold (XAU/USD) and silver (XAG/USD). Trading precious metals can provide diversification and hedging opportunities against inflation or geopolitical uncertainties, as these assets are often considered safe-haven investments. - Indices: FIXI provides trading opportunities in major stock market indices from around the world. Stock market indices represent the performance of a group of stocks from a particular exchange or sector. Popular indices available for trading may include the S&P 500, Dow Jones Industrial Average, FTSE 100, and Nikkei 225, among others. Account Types FIXI offers three flexible trading account types tailored to meet the needs of different traders: Standard Account, Pro Account, and Islamic Account. - Standard Account: This account type is suitable for beginners and traders who prefer standard trading conditions. It typically requires a minimum deposit of $100, making it accessible to a wide range of traders. With a Standard Account, traders can access FIXI's full range of trading instruments, including currency pairs, metals, and indices, and benefit from competitive spreads and execution speeds. - Pro Account: The Pro Account is designed for experienced traders who require enhanced trading conditions and advanced features. It usually requires a higher minimum deposit of $1000, catering to traders with larger capital bases and more sophisticated trading strategies. - Islamic Account: FIXI also offers an Islamic Account option, adhering to Islamic finance principles of Shariah law. Islamic Accounts are swap-free, meaning there are no overnight interest charges on positions held overnight, making them compliant with Islamic beliefs regarding riba (interest). Leverage FIXI offers a maximum leverage of 1:400 to its traders, providing them with the opportunity to amplify their trading positions significantly relative to their initial investment. Leverage allows traders to control larger positions with a relatively small amount of capital, which can potentially magnify profits. For example, with a leverage of 1:400, a trader can control a position worth $400,000 with a margin of just $1,000. However, while leverage can enhance potential returns, it also comes with increased risk. The same magnification that can lead to larger profits in favorable market conditions can also result in more substantial losses if the market moves against the trader. Therefore, it's crucial for traders to exercise caution and manage their risk effectively when utilizing leverage. Spreads & Commissions FIXI offers competitive spreads and commission structures tailored to the different account types it provides. For the Standard Account, traders can benefit from spreads starting from 0.8 pips on major currency pairs like EUR/USD. On the other hand, the Pro Account offers even tighter spreads, starting from 0 pips on major currency pairs, such as EUR/USD. However, traders using the Pro Account are subject to a commission of $4 per lot traded. For traders who require an Islamic Account, FIXI offers a swap-free alternative adhering to Shariah principles. While this account type does not charge overnight swap fees, it typically does not involve commissions on trades either, making it suitable for traders who prefer interest-free trading in compliance with Islamic finance principles. Account Type Spreads (EUR/USD) Commission Per Lot Standard From 0.8 pips None Pro From 0 pips $4 Islamic N/A None Trading Platforms FIXI provides its clients with access to two of the most popular and widely used trading platforms in the industry: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4: MetaTrader 4 (MT4) is renowned for its user-friendly interface, powerful charting tools, and extensive range of technical indicators and analysis tools. It offers traders the ability to execute trades swiftly and efficiently across various financial markets, including forex, commodities, indices, and cryptocurrencies. MT4 also supports automated trading through Expert Advisors (EAs), allowing traders to automate their trading strategies and execute trades based on predefined criteria. MT5: MetaTrader 5 (MT5) builds upon the success of its predecessor, MT4, by offering additional features and capabilities. While retaining the intuitive interface and robust charting tools of MT4, MT5 introduces new asset classes, such as stocks and futures, expanding the range of trading opportunities available to clients. Furthermore, MT5 enhances the execution speed and efficiency of trades, making it a preferred choice for traders seeking advanced trading functionality. Deposits & Withdrawals FIXI facilitates convenient and secure deposit and withdrawal options for its clients, primarily through credit/debit cards and Skrill. Credit & Debit Card Credit and debit card deposits offer a straightforward and widely-used method for funding trading accounts. Clients can easily transfer funds using their Visa or Mastercard, allowing for instant availability of funds to start trading without delays. Skrill Similarly, Skrill serves as an alternative electronic payment method accepted by FIXI. Skrill, known for its simplicity and efficiency, enables clients to transfer funds quickly and securely from their Skrill account to their trading account. Customer Service Customers can get in touch with customer service line using the information provided below: 24/5 Telephone: 4402035106100 Email: fixi-enquiries@fixi.com Conclusion In summary, while FIXI presents opportunities for trading in diverse market instruments and offers flexibility with its account types and MT4 and MT5 supported, the suspicions raised by the FCA and the lack of accessibility to its official website introduce significant uncertainties and regulatory risks that potential clients should carefully consider before engaging with the broker. Frequently Asked Questions (FAQs) Question 1: Is FIXI regulated by any financial authority？ Answer 1: No. It has been verified that this broker currently has no valid regulation. Question 2: How can I contact the customer support team at FIXI？ Answer 2: You can contact via (24/5) telephone: 4402035106100 and email: fixi-enquiries@fixi.com. Question 3: What platform does FIXI offer？ Answer 3: It offers MT4 and MT5. Question 4: What is the minimum deposit for FIXI？ Answer4: The minimum initial deposit to open an account is $100. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.