Phoenix FX: SCAM OR LEGIT?

About Phoenix FX

Established in 2023 in Saint Lucia, Phoenix FX Limited offers a suite of Forex and CFD trading options without regulatory backing. Appealing to a various trading community, it provides access to multiple markets, including forex, indices, commodities, cryptocurrencies, and stocks. With account types including SUPER, ECN, and MAX, Phoenix FX promotes trading flexibility, facilitated by a low minimum deposit of $10 and the use of the advanced MetaTrader 5 platform. The brokerage compensates with practical trading tools such as economic calendars and calculators.

Is Phoenix FX legit or a scam？

Phoenix FX operates under the regulation of Anjouan Offshore Finance Authority ( AOFA), License No. L 15610/PFX.

Market Instruments

Phoenix FX positions its Forex CFDs at the forefront of its market instruments, showcasing a commitment to deliver a highly liquid, adaptable, and transparent trading environment, emphasizing the provision of competitive spreads and access to major, minor, and exotic currency pairs.

Account Types

This broker offers three trading accounts: SUPER, ECN, and MAX, alongside a demo account for simulated trading experiences.

The SUPER account is aimed at traders desiring minimal entry costs, with a $10 minimum deposit, 1:500 leverage, no commissions, and fixed spreads from 1.5 pips.

The ECN account appeals to those looking for transparency, offering raw spreads with a $10 trade commission, matched with $10 minimum deposit, 1:500 leverage and raw spreads.

The MAX account targets straightforward trading with no commissions and fixed spreads starting at 2.5 pips, also requiring only $10 to start.

Trading Platform

Phoenix FX utilizes the MetaTrader 5 (MT5) platform, acclaimed for its powerful features and versatile trading tools. Its compatibility with MacOS, iOS, Android, and Windows enables traders to access their trading activities on any device, offering unparalleled flexibility and access. The broker also offers the Phoenix FX App for iOS and Android.

Spreads & Commissions

The SUPER account is characterized by no commission fees and fixed spreads starting at 1.5 pips. In contrast, the ECN account offers raw spreads accompanied by a $10 commission on trades. The MAX account operates without commission fees, providing fixed spreads beginning at 2.5 pips.

Deposit & Withdrawal

Phoenix FX supports both traditional and digital payment options, including Ethereum, Bitcoin, Mastercard, Neteller, Skrill, STICPAY, UPI (Unified Payments Interface), and Visa.

Trading Tools

Phoenix FX equips its traders with several trading tools to enhance their experience.

The Economic Calendar, which offers insights into important global events, enabling traders to strategize effectively in response to market movements.

Customer Support

Registered Address:

Ground Floor, The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia P.O. Box 838, Castries, Saint Lucia

Phone:

+971 4450 5631

+971 528444000

Email:

support@phoenixfxltd.com

Contact form is available for traders to leave messages.

Conclusion

Phoenix FX Limited, launched in 2023 in Saint Lucia, marks its presence in the Forex and CFD brokerage industry without regulatory oversight. The broker provides a wide array of trading opportunities in forex, indices, commodities, cryptocurrencies, and stocks, created to attend to various trading preferences. Utilizing the MetaTrader 5 platform, Phoenix FX offers different account options, highlighted by a minimal initial deposit of $10, making it accessible to a wide audience. While the platform's broad market access and trading conditions are attractive, its lack of educational content could deter beginners from choosing Phoenix FX as their gateway to trading education and growth.

Install the WiKiFX app or visit its website to get the latest news about the forex industry.