Phoenix4x – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Phoenix4x - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://phoenix4x.com
Founded: 2023
Regulations: Not Licensed
Languages: English
Deposit Methods: Cryptocurrency – Bitcoin, Ethereum, Tether, USD Coin, TRON
Minimum Deposit: $10
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Metals, Stocks, Indices, Cryptos
Trading Accounts and Conditions
Phoenix4x does not tell us what type of trading accounts they offer. All that the broker mentions on their website is that the minimum deposit is $10, the leverage is a maximum of 1:100, spreads are tight and start from 0.08 pips, and there are more than 30k traders using their services.
Phoenix4x – Advantages
There are no advantages to trading with Phoenix4x.
Phoenix4x – Disadvantages
Here are all the reasons why we know that Phoenix4x is a scammer and not safe:
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Unregulated Broker
Phoenix4x is based in St. Vincent and the Grenadines (SVG) according to the information on their website. However, there is no telephone number given and the only way that we can get in touch with this broker is an email address. The owner of this brokerage is Phoenix4x LLC, and that they are working on getting licensed. However, at this moment, this broker is not regulated in any way. Which makes them an unsafe bet.
Another issue we have with this broker is the location of their headquarters. SVG is popular with scammers since the SVG FSA (Financial Services Authority) does not oversee forex and binary options brokers. This is a fact that the regulator has publicized clearly on their website. And since brokers are not answerable to any authority, a large number of scammers operate out of this country.
Therefore, because this broker is unregulated and they are based in SVG, we are wary of Phoenix4x and would not consider them a safe bet.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Software
On their website, Phoenix4x promises their clients the use two of the best trading platforms in the world – the MetaTrader 4 and MetaTrader 5 software. These two platforms have been developed by the same company – MetaQuotes. They are both easy to use, with a massive set of market analysis and charting tools to make trading almost intuitive. Added to that, they also offer automatic trading, customizable options, calendars, a huge third-party app marketplace and much more. This is why more than 80% of traders and brokers use these apps for trading.
We have doubts about whether Phoenix4x actually offers their clients these two platforms, and here are reasons why.
We were unable to access either platform without first registering for an account and depositing funds in that account. The broker claims to offer demo accounts, but we could not find any anywhere on their website or even in the client area. There are also no download links to either software anywhere on their website.
Regulated brokers go all out in making sure that their clients (existing and prospective) have full access to their trading platforms – via demo accounts as well as via downloadable links, web-based links and so on. With Phoenix4x, none of these facilities are available.
Thus, we are not even sure if this broker has a working trading platform at all!
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Issues with Trading Conditions
Another indicator of this broker’s scam is their poor trading conditions. Regulated brokers clearly spell out their trading conditions – on their websites where all visitors can see them easily. They also have demo accounts of their trading platforms where traders can test the truth of those advertised trading conditions.
This broker does not even tell us what types of trading accounts they have – if any. Brokers clearly offer multiple trading accounts, each with a separate set of trading conditions. Each of these accounts and their accompanying trading conditions are designed for different types of traders – beginners, advanced and pro traders. It is scammers that do not have this facility for their customers.
We cannot say much about the minimum deposit, except that there seems to be some conflict in information about it. In one section of their website, Phoenix4x claims of have a minimum deposit of just $10. But in another section, the broker claims to ask for a minimum deposit of $100. This lack of consistency once again points to a dishonest broker.
As for the leverage ratios, they are too high. Not only are high leverages too risky, the are also illegal in most strongly regulated markets.
The spreads at 0.08 pips are extremely low. In fact, they are so low that it makes us suspicious. Low spreads are accompanied by high commissions and fees so that the trades are profitable for the brokers also. With this broker, we just do not know what the fees and commissions are, so we do not know the actual cost of a trade.
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Issues with Payments
The lack of information pervades every aspect of this broker’s website. We are told that Phoenix4x will only accept cryptocurrencies as their payment option. This immediately raises a huge issue for us. Cryptocurrencies are the favored payment method for scammers. This is because such payment methods are completely anonymous and permanent. This means that once you use cryptocurrencies to make a payment, you will never see your money again; there is no way to trace or reverse that transaction. So, the fact that Phoenix4x only offers this one payment method raises a red flag for us.
Added to this concern is the fact that there is no information on this broker’s withdrawal policy. We do not know if there is a trading volume target you need to achieve before you will be allowed to withdraw your funds, of if there is a withdrawal fee in place. We also do not know if there is a minimum withdrawal requirement. Basically, we do not know anything about this broker’s payment policies.
Conclusion
Phoenix4x is unfortunately not a broker that you can trust. It would best not to invest with this broker.
Phoenix4x
Pros
- None
Cons
- Unregulated Broker
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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