Beware! Pheonixus is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Pheonixus is a Forex broker which says to offer the standard trading instruments for the industry, including Forex, Commodities, Stocks, Indices and Cryptos. They also claim to be among the Europe’s leading financial institutions specialized in Forex and CFDs. They proclaim themselves a leading trading technology provider, but there is a huge discrepancy between what they promise and what they can really deliver. In truth Pheonixus is an anonymous entity with no license or authorization to offer financial products and services, which makes it a very risky Forex broker. You will see some very interesting facts about Pheonixus in the next review.
Pheonixus REGULATION AND SAFETY OF FUNDS
It”s almost impossible to track down anything about Pheonixus, what’s more there aren’t even an address or a contact number provided. They do not present a single line of information about themselves on their web page and there is nothing to be found elsewhere, too. This only proves that Phoenixus is an unlicensed and unauthorized Forex broker and there is nothing they can show.
We certainly know that Pheonixus copies word by word the Terms and Conditions we found on the website of LcoinMarket, also their web pages are almost identical. The only difference is that LcoinMarket at least lists some address, which doesn’t really make any difference because these two shady entities share way too many things in common.
Your funds are not safe if you deposit funds with Pheonixus, it is an utterly anonymous entity which provides no security for its clients. Choosing a broker is sometimes a difficult tasks and you have to prioritize. You should always pick licensed, authorized and regulated agents, because by doing so you have the guarantees that the broker is transparent, legitimate and trustworthy.
The two prominent watchdogs in Europe, for example, are FCA in Britain and CySEC in Cyprus, the Forex brokers licensed and authorized by these regulators can operate throughout the whole EU. Both financial authorities implement stringent rules and regulations which aim to ensure an appropriate degree of protection for the traders and the public, as a whole. Forex brokers under their supervision are forced to hold the clients’ funds in segregated accounts and cannot in any way use them for operational expenses. Also, negative balance protection of its customer accounts should be in place, meaning that a trader cannot lose more than the sum he had deposited.
Pheonixus is not only an unauthorized and anonymous entity, but it also allows indebted accounts, meaning that you can lose much more than the money invested, a big red flag! Our strong advice is to stay away from Pheonixus and choose an EU or UK regulated Forex broker instead, all of the leaders in the retail foreign exchange industry are licensed to operate there, you shouldn’t waste your time with controversial entities.
Pheonixus TRADING SOFTWARE
The only platform that Phoenixus offers is the rather obscure and primitive Activ8Trader, the same found with LcoinMarket. There aren’t any MT4 or MT5 accounts available, despite being mentioned on their web page. Demo trading is not allowed, as well! You should always make sure that the broker you want to trade with offers demo trading account, it’s mandatory for the trader!
The spread with Pheonixus is 1 pip, which is not too bad, but the leverage applied to the account is unknown, another very huge red flag!
Pheonixus offers some sort of copy trading, but it doesn’t really function because there aren’t any Masters available, when you click on the Browse Masters button.
Pheonixus DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Pheonixus is 200 USD. They offer 4 account types which do not present any trading conditions, at all, instead there are some Vip signals and withdrawals for free offered. Their account presentation is made in a very poor and unprofessional manner. The most important thing to note is that their account types are identical with those found while we were doing the LcoinMarket review. Even the colors are the same!
The only funding method is an online payment service, called Naspay. Bank cards or wire transfers are not accepted, despite the fact that Pheonixus lists them as available, these are not working links, and another piece of disturbing information at hand. Highly renowned and reputable Forex brokers offers many funding methods and does not limit the customers to a single option. It is a scam sign!
Pheonixus does not specify minimum withdrawal amount, in fact the whole withdrawal policy is missing and is nowhere to be found. No fees are even mentioned, as well! Bonuses or other incentives are unavailable, despite the fact that there is a link at the bottom of the page, the bonus page is non-existent! There is no Dormant account policy, too. Pheonixus proves to be a careless entity which does not even bother to put in order such important issues as leverage, withdrawal amount, fees or inactive account procedures. It certainly massively degrades its own integrity and cement its unreliability, stay away!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
The scam itself is a hunting game, the scammers are trying to hunt down investors. They will usually present expectations that are unrealistic, but by exploiting the typical human traits such as greed or credulity they will try to make the victim believe that everything promised is truly feasible and not to be missed. The traders who fell pray will start to act upon the instructions from the scammer, and will end up with a deposit. But this usually isn’t enough for the scammer, later, depending on the scam model, the scammer will ask for more money, either to increase the profits, or to cover some losses. The final chapter of the story is always the same, swindled traders and investor who where robbed of their money, with almost no chances to recover the losses.
WHAT TO DO WHEN SCAMMED
Anyone can get involved in scam, scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions dealing with trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!