Introduction
Fenefx is an Iranian proprietary trading firm that enables traders to trade forex and crypto markets using the firm’s capital. With claims of offering professional services and full Persian-language support, Fenefx aims to empower Iranian traders. The firm provides services such as skill evaluation challenges, funding up to $1 million, profit splits up to 90%, comprehensive forex education, and 24/7 support. However, due to the firm’s relatively recent establishment and mixed user feedback, traders should proceed with caution. This article examines Fenefx’s details, account types, rules, credibility, and user feedback to provide traders with comprehensive information for decision-making.
What is Proprietary Trading?
Proprietary trading (prop trading) is a financial trading model where firms allocate their capital to traders to trade in financial markets. Traders share the profits with the firm. This model is ideal for skilled traders who lack sufficient capital. Fenefx, focusing on Iranian traders, particularly in the context of sanctions limiting access to international prop firms, offers a localized alternative.
About Fenefx
Founded in 2023, Fenefx is managed by Mohammad Ahangari. The firm claims to be a reliable prop trading platform with Persian support. Fenefx offers access to trading capital, forex education from beginner to advanced levels, advanced analytical tools, real-time analysis panels, competitive spreads, easy profit withdrawals, and valid certificates upon passing challenges. Additionally, a referral program with a 5% commission on friends’ initial purchases and 24/7 support are among its notable features.
Account Types
Fenefx offers three account types: Two-Step Challenge, One-Step Challenge, and Professional Account (no challenge). Details of each account are provided in the tables below.
Two-Step Challenge
This account involves two evaluation stages where traders must achieve specific profit targets. Upon success, they receive real funded accounts.
| Balance (USD) | Challenge Fee (USD) | Stage 1 Profit Target | Stage 2 Profit Target | Daily Risk | Total Risk | Min Trading Days | Profit Split | Fee Refund |
|---|---|---|---|---|---|---|---|---|
| 5,000 | 54 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
| 10,000 | 88 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
| 20,000 | 138 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
| 50,000 | 298 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
| 100,000 | 498 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
| 250,000 | 998 | 10% | 5% | 5% | 12% | 5 | 80% | 100% |
Notes:
- Accounts increase by up to 30% after three withdrawals with 10% profit.
- Profit withdrawals every 10 trading days, with an 80% split for the first two withdrawals and 90% thereafter.
One-Step Challenge
This account has a single evaluation stage, suitable for traders seeking a faster process.
| Balance (USD) | Challenge Fee (USD) | Profit Target | Daily Risk | Total Risk | Min Trading Days | Profit Split | Fee Refund |
|---|---|---|---|---|---|---|---|
| 5,000 | 70 | 12% | 4% | 8% | 5 | 80% | 100% |
| 10,000 | 114 | 12% | 4% | 8% | 5 | 80% | 100% |
| 20,000 | 179 | 12% | 4% | 8% | 5 | 80% | 100% |
| 50,000 | 387 | 12% | 4% | 8% | 5 | 80% | 100% |
| 100,000 | 647 | 12% | 4% | 8% | 5 | 80% | 100% |
| 250,000 | 1297 | 12% | 4% | 8% | 5 | 80% | 100% |
Notes:
- Similar to the Two-Step Challenge, accounts can be scaled up upon success.
- Lower risk limits compared to the Two-Step Challenge, but a higher profit target.
Professional Account (No Challenge)
This account is for traders who prefer to skip the challenge process, though it offers a lower profit split.
| Balance (USD) | Fee (USD) | Profit Target for Scaling | Total Risk | Min Trading Days | Profit Split |
|---|---|---|---|---|---|
| 1,000 | 58 | 10% | 5% | 5 | 50% |
| 5,000 | 270 | 10% | 5% | 5 | 50% |
| 10,000 | 480 | 10% | 5% | 5 | 50% |
| 20,000 | 978 | 10% | 5% | 5 | 50% |
Notes:
- Profit withdrawals every 5 days.
- Account scaling up to 50% after each withdrawal.
Comparison of Account Rules
To assist traders in choosing the right account, the rules of each account type are compared below:
| Criterion | Two-Step Challenge | One-Step Challenge | Professional Account |
|---|---|---|---|
| Number of Stages | 2 | 1 | No Challenge |
| Profit Target | 10% / 5% | 12% | 10% (for scaling) |
| Daily Risk | 5% | 4% | – |
| Total Risk | 12% | 8% | 5% |
| Profit Split | 80%-90% | 80%-90% | 50% |
| Fee (for $5,000) | $54 | $70 | $270 |
| Fee Refund | 100% | 100% | No |
| Withdrawal Period | Every 10 days | Every 10 days | Every 5 days |
Comparison Analysis:
- Two-Step Challenge suits traders who can manage two stages with higher risk.
- One-Step Challenge offers a faster process but requires a higher profit target with lower risk limits.
- Professional Account is ideal for those avoiding challenges, but it comes with a lower profit split and higher initial fees.
Trading Rules
Fenefx has established specific trading rules that traders must follow:
- Permitted Strategies: Hedging and Martingale are allowed, but copy trading and arbitrage bots are prohibited. Personal bots are permitted if ownership is proven.
- Time Restrictions: Trades must remain open for at least 1 minute (no rapid scalping). Trading 5 minutes before and after high-impact red news is prohibited.
- Risk Limits: Maximum daily risk of 5% (based on the day’s starting balance) and total risk of 12%. Violating these rules, even by 1 pip, results in account closure.
- Other Rules: Trades can remain open over weekends. Exploiting time zone differences is prohibited. Three warnings lead to account closure on the fourth.
- Account Reset: If rules are followed but profit targets are not met, accounts in profit can be reset for free.
These rules aim to manage risk and protect capital, but some traders find them overly strict, particularly regarding news trading and VPN usage.
Credibility and Transparency
Fenefx claims its main office is in the United Arab Emirates, with a support office in Istanbul, Turkey. However, no company registration number is provided, and the listed license (FENE CAPITAL, LLC 2024 3682) is vague with no verifiable details. The website domain was registered on January 8, 2023, and is valid until 2029, indicating the firm’s recent establishment.
Fenefx partners with brokers such as AXI, Oanda, Swiss Quote, and MondFx. However, some users have reported server issues (e.g., a 10-day Oanda outage) and trade cancellations due to slippage.
User Feedback
User feedback about Fenefx is mixed:
- Positive: Some users praise the professional support, successful profit withdrawals, certificate issuance, and helpful education. For example, one user stated, “Excellent… I passed the challenge and received profits.”
- Negative: Others complain about account suspensions due to expert advisors or multiple IPs (a common issue for Iranian users due to VPNs), delayed support (up to 15 days), and server issues. Phrases like “absolute scam” and “zero technical support” have appeared in reviews.
This variance in feedback highlights diverse user experiences.
Deposit and Withdrawal Methods
Fenefx offers various deposit and withdrawal methods:
- Cryptocurrencies, Tether, TopChange, Visa, Mastercard
- Soon to include rial payments via Telegram support
The deposit and withdrawal process is similar after passing challenges. Some users report satisfaction with withdrawal speed, while others note delays.
Customer Support
Fenefx claims to offer 24/7 Persian-language support, even on holidays. Analytical tools like charts and videos are provided to aid decision-making. However, some users report slow response times (up to 15 days) and tickets being closed without resolution.
Pros and Cons
Pros
- Full Persian-language support, ideal for Iranian traders
- Diverse account types with challenge and no-challenge options
- High profit split (up to 90%)
- Comprehensive forex education and analytical tools
- Referral program with 5% commission
Cons
- New firm with limited transparency on licensing
- Negative feedback on slow support and account suspensions
- Reported server issues and slippage
- Risks associated with VPN usage for Iranian users
Conclusion
Fenefx offers attractive opportunities for Iranian traders, particularly with its Persian support, diverse account types, and comprehensive education. However, its recent establishment, lack of transparent licensing information, and mixed user feedback warrant caution. Traders are advised to start with smaller accounts and conduct thorough research before committing significant investments. Connecting with current traders can aid in better decision-making.