PhoenixTB Review: Revealing Dangerous Conditions and Shady Policies
Generally, it’s very easy to determine if you can trust this company. In the first place, the PhoenixTB broker claims to be in the United Kingdom. Yet, none of the ownership details are revealed. It is most likely to prevent us from checking the UK databases.
Luckily, our honest PhoenixTB review shows you how to investigate a broker without all the details. But also, what measures can you take to avoid becoming their next victim?
|FX and CFD Trading Scam
|Unregulated scam broker
|Financial Authorities Warnings
|FCA, FMA, FINMA
|If a withdrawal is possible
|Spreads from 0.6 pips;
|If Active on Social Media:
|Norway, Belgium, Denmark, Sweden, Switzerland
|Non-transparent costs; shady software; numerous warnings from regulators; disastrous reviews;
Is PhoenixTB Broker Legit or Scam?
Generally speaking, this brokerage is a definition of a scammer. They hide legal information, operate without regulations, and use shady software. But there are many more clues. One of the most important ones is the warning from the FCA.
In addition to that, two more regulators have published their warnings as well. Just recently, the Austrian FMA warned their citizens. But also, Swiss FINMA was the last one in the queue for that. With all this in mind, traders can only expect problems.
What Do Traders Think Of PhoenixTB Scam?
If there were no warnings from regulators, you could still find many other signs of this fraud. In the first place, look at PhoenixTB reviews on the Trustpilot platform. These are shocking.
Out of 89 comments in total, 75% contain different complaints. Most of the scammed victims come from Norway, Belgium, Denmark, Sweden and Switzerland.
How Do Clients Get Scammed?
Obviously, traders are persuaded through different marketing campaigns to start with $250. Once they do that, they will get numerous calls from the company’s boiler rooms. Every time, they are trying to build a scenario to get more money from a client.
Generally, making profits is not the issue. But getting the money out is. Primarily because those profits are fictive. Every time a trader transfers any money, it goes straight into these swindlers’ pockets. Ultimately, the company cuts communication with a customer if they see there’s no worth in them anymore. But before they make that move, they will use different tricks to extort the last money.
Trading Conditions Another Mystery
As you realize, the company is absolutely non-transparent. Therefore, we are not surprised they don’t have any trading conditions revealed to customers. But with regulated firms, traders don’t have such obstacles. Anyway, if you get any leverage higher than 1:30 in Europe, there might be a problem. Especially if you are not a professional trader.
Since commissions and fees are unknown, we can only hope for the best. But very often, hope doesn’t help when it comes to investing. Only common sense and facts. With this in mind, we can’t trust their advertised spread of 0.6 pips for main forex pairs.
More Problems Expected On The Platform
Since the phoenixtb.io brokerage is hiding its platform, you can’t expect anything good. Otherwise, they would proudly present any reliable technology. Especially because traders know how to diversify good and bad companies these days. If you still don’t know all the tips, check out our TopEU review.
Anyway, traders should know that details on web-based platforms are easily modified. Primarily results, trading balance, and prices. Therefore, we suggest you stick to the proven options, such as cTrader or MetaTrader. Bear in mind that such software is useless with unlicensed brokerages.
What Account Types Traders Can Choose?
Surprisingly, the company doesn’t reveal any account type details. Every trader starts with $250, and that’s the minimum. Sadly, clients can’t use some risk-free features like a demo or micro-accounts, which is quite disappointing considering too many scam firms.
However, the PhoenixTB investment company gives you numerous reasons not to start with any account. Primarily when you know there are brokerages where you can start with $10 only. More useful tips on different options and features can be found in our MyProfitLive review.
Withdrawing The Funds as The Hardest Mission
The main reason why traders have trouble withdrawing funds is the lack of regulations. Whatever the company claims in the T&Cs, they don’t have to comply with it. So, if they do anything wrong, nobody monitors their activities.
That’s why we can’t trust what they say a bit. Anyway, the processing time shouldn’t take more than 2 business days. However, without transparent fees and methods, there could be different issues.
Primarily, the company might offer you crypto transfers to keep their anonymity. Another issue is the non-existent fees and taxes they might request traders to pay. All these tricks can be avoided easily. The ultimate solution is choosing Tier 1 licensed investment firms and trusted tools, such as AI Analysis Tool.
How Can I Make Money While Trading Online?
Making profits online seems easy, at least with scam brokerages. But the main reason for that is the manipulative platform they are using to make it look like that. In reality, it’s way harder unless you have years of experience or are using advanced technology.
One of the options traders are using lately is the AI Analysis Tool. It helps them cut down the learning and analyzing time in trading. Not to mention, the tools provide a client with in-detail analysis and market forecasts.
Ultimately, traders can earn more in less time spent in the market. Many traders are sick of scammers and automated software solutions. That’s exactly what you want to avoid to keep control of the funds, and the AI Analysis Tool could be your perfect match. If you want to see more details, feel free to contact our team and book a consultation.
What is PhoenixTB?
PhoenixTB is an offshore brokerage with a fake UK address and numerous warnings from trusted regulators.
Who is the Owner of PhoenixTB?
The ownership of the PhoenixTB trading brand is unknown since the company doesn’t reveal any details not even in the T&Cs.
How to Withdraw My Profit from PhoenixTB Broker?
With numerous scam warnings, the only way to withdraw the funds is through a refund or a chargeback.