Score

1.67 /10
Danger

Phoenixmarkets

Regulated in Cyprus

Market Making(MM)

High potential risk

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Comparison

Expose

Exposure

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Website

Score

Regulatory Index3.84

Business Index8.21

Risk Management Index0.00

Software Index4.00

License Index0.00

Open Account
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

WGM Services Limited.

Company Abbreviation

Phoenixmarkets

Platform registered country and region

Cyprus

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2024-11-10
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Phoenixmarkets · Company summary

Note: Phoenixmarkets' official website: https://www.phoenixmarkets.fr/en is currently inaccessible normally.

Phoenixmarkets Information

Founded in 2005, Phoenixmarkets Company Limited is an brokerage company overseen by the Cyprus Securities and Exchange Commission (CYSEC) registered in Cyprus, operating under a Market Making (MM) License.

Phoenixmarkets' homepage

Is Phoenixmarkets Legit?

Cyprus Securities and Exchange Commission (CYSEC)
Current StatusRegulated
Regulated by Cyprus
License TypeMarket Making (MM)
License No.203/13
Licensed InstitutionWGM Services Ltd

Phoenixmarkets is overseen by the Cyprus Securities and Exchange Commission (CYSEC), operating under a Market Making (MM) License with license number 203/13. This signifies that the broker is working within the legal parameters set by the corresponding regulatory bodies.

Downsides of Phoenixmarkets

  • Unavailable Website

Phoenixmarkets's official website is currently inaccessible, raising concerns about its reliability and accessibility.

  • Lack of Transparency

There is a notable lack of information about Phoenixmarkets available online. This lack of transparency is unlike other brokers, making it difficult for investors to make informed decisions.

  • Withdrawal Difficulty

According to a report on WikiFX, a user encountered significant difficulties with fund withdrawals. Despite the request being pending for over a week, the issue remained unresolved.

Negative Phoenixmarkets Reviews on WikiFX

On WikiFX, “Exposure” is posted as a word of mouth received from users.

Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.

As of now, there was only one piece of Phoenixmarkets exposure in total.

Exposure. Demo to Real Account Success

ClassificationDemo to Real Account Success
Date2024-01-10
Post CountryAustralia

Conclusion

It may be difficult for investors to make informed decisions while trading with Phoenixmarkets for the lack of information about Phoenixmarkets available online. It is advisable to choose regulated brokers with transparent operations to ensure the safety of your investments and compliance with legal standards. When selecting a trading platform, prioritize those supervised by recognized regulatory bodies for enhanced security and peace of mind.

User Reviews

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User comment

1

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FX1594468541
more than one year
I had an interesting and useful experience with Phoenixmarkets. Initially, I used their free demo account to learn forex trading. Later, I switched to my real account, and the platform offered helpful technical and financial guidance. Even as a beginner, I managed to make some profits.
I had an interesting and useful experience with Phoenixmarkets. Initially, I used their free demo account to learn forex trading. Later, I switched to my real account, and the platform offered helpful technical and financial guidance. Even as a beginner, I managed to make some profits.
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2024-01-10 16:50
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