PhoenixTB – Can You Trust Them?

Website URL: https://phoenixtb.io

Founded: 2023

Regulations: No Regulation

Languages: English, German, Danish

Deposit Methods: Visa, Maestro, MasterCard, Skrill, PayPal, Swift, Neteller, Citibank

Minimum Deposit: $250

Free Demo Account: Not Offered

Number of Assets: Not Mentioned

Types of Assets: Currency, Stocks, Indices, Crypto, Commodities

Trading Accounts and Conditions

PhoenixTB gives us no information about the types of trading accounts they offer their customers. Here is the information that this broker does provides:

• They offer trading in currencies, stocks, indices, cryptocurrencies and commodities.
• Their minimum deposit requirement is $250.
• Their spreads (which we calculated from what was shown on their web-based trading platform) start from 0.6 pips for the EURUSD benchmark currency pair.

Besides these three snippets of information, we have nothing. We do not know the leverage ratios, the order execution methods, the fees and so on.

PhoenixTB – Advantages

There are no advantages in dealing with PhoenixTB. This broker cannot be trusted.

PhoenixTB – Disadvantages

Listed here are all the disadvantages because of which we strongly advise all traders to not do business with PhoenixTB:

• Unregulated and Blacklisted by FCA

The first red flag is PhoenixTB’s lack of regulation, and here is the reason why we know that this broker is unregulated.

A legitimate broker is required to present all corporate information clearly on their website. This information includes their company name, their exact physical address, their contact information (email, phone numbers, social media accounts) and their regulation and licensing information.

According to their website’s footer, PhoenixTB is owned and operated by a company called Lerekki Limited. This company is registered and based in the Marshall Islands.

In their contact us page, the broker provides other details. There are three telephone numbers – a UK number, a Swiss number and a Malaysia number. The addresses provided are for London, UK, Zurich, Switzerland and Ontario, Canada. There is no address provided for the Marshall Islands.

The broker also presents a certificate that is issues by the Market Securities Insurance Commission.

All of this sounds so legitimate that most of us would not bother digging deeper. But here are the red flags.

• The Market Securities Insurance Commission is an independent group that consists of trade experts and industry professionals. This group has banded together to resolve issues related to cryptos and blockchain. They are not a government body and neither are they authorized to issue trading licenses to forex brokers.
• To operate in the locations that this broker has listed, PhoenixTB needs to be regulated by the Financial Conduct Authority (for the UK), the IIROC (Industry Regulatory Organization of Canada) and the CSA (Canadian Securities Administration) for Canada and also the FINMA (Swiss Financial Market Supervisory Authority) for Switzerland. The Marshall Islands regulation holds no value since that jurisdictions does not offer any regulatory oversight to forex brokers.

We checked the FCA’s register and found that not only is PhoenixTB not regulated by this authority, but that the regulator has issued a public interest warning against this broker stating that they are scammers!

Added to this, there is also no record of PhoenixTB with the Swiss and Canadian Authorities.

All of this information clearly tells us that this broker has lied about their legal status and is actually a scammer that is operation outside the bounds of the law.

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• Poor Trading Platform

There are two things that a broker offers: their product (their trading platform) and their services (their trading conditions). Therefore, brokers ensure that prospective clients are offered the best possible trading platforms as well as the most competitive trading conditions in the market. This is how they attract traders to their portals. Legitimate brokers advertise their trading platforms and conditions prominently on their websites. They also offer their clients the chance to carry out a few trades in a safe environment (i.e., a demo account) and test their trading conditions.

With scammers, what they offer is either a lie or there is no information provided. PhoenixTB falls into the second category of scammers. This broker gives us no information about their trading platform – except for vague hints. There is little information about their trading conditions too, but we will deal with that subject in detail in the next point.

We also do not get access to any demo account where we can test their trading conditions safely. And when we finally accessed their trading platform, we found out that PhoenixTB offered their clients a simple, poorly built web-based trading platform – one that we have seen repeatedly with other scam brokers.

• Issues with Trading Conditions

As we said earlier, legitimate brokers present their trading conditions clearly – with all details provided.

PhoenixTB once again avoids giving any kind of details with regard to something as important as their trading conditions. We are given snippets of information, such as their minimum deposit requirements and their spreads. We had to calculate the spreads for ourselves after checking their trading platform.

The minimum deposit is too high. There are many excellent brokers today with whom you may open an account for a deposit that is as little as $10. As for the spreads, they seem advantageous, until you realize that this broker has not mentioned the fees or commissions being charged for each trade.

Other trading conditions are missing, so it makes it very difficult for traders to assess the quality, risk and cost of a trade. This lack of information is normal for scammers.

• Issues with Payments

While PhoenixTB claims to offer their clients multiple payment methods, we were not able to verify if these payment methods actually exist or work.

Added to that, this broker does not specify what their withdrawal process and conditions are. We do not know if you need to meet a minimum trading turnover criteria, or what the minimum withdrawal amount is – or even what the fees associated with withdrawals are. 

Conclusion

PhoenixTB is a scammer and if you deal with them, you are sure to lose all your money.

PhoenixTB

2.3

User Experience

2.2/10

Payment Options

2.0/10

Security

2.5/10

Support

2.2/10

Reputation

2.6/10

Pros

• None

Cons

• Unregulated and Blacklisted by FCA
• Poor Trading Platform
• Issues with Trading Conditions
• Issues with Payments