Phoenix4x Review – 5 things you should know about phoenix4x.com

Beware! Phoenix4x is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Phoenix4x is hardly the reliable, trustworthy broker it makes itself out to be. This is an unregulated offshore company that asks you to deposit before even allowing you to see what sort of trading platform they have to offer – if they offer any functional software at all. Stay away from such brokers because you will certainly end up scammed in the end.

Phoenix4x Regulation and safety of funds

Phoenix4x states that it is currently working on obtaining a license. However, at the moment this broker is completely unregulated. They are also based in St. Vincent and the Grenadines – a favorite location for scam brokers. The reason for this preference is simple – the financial regulator of this country does not monitor the activities of forex brokers at all and does not issue any licenses for them. Brokers in this jurisdiction do not have to answer to anybody or meet any sort of requirements. For this reason, many scam brokers choose St. Vincent and the Grenadines as the base for their activities.

Trading with such unregulated brokers is always risky. Better check out brokers based in strict jurisdictions such as the UK, the EU, or Australia. Such brokers have to answer stern authorities and meet many requirements in order to obtain a license. All such brokers have to:

• maintain a certain minimum capital – at least EUR 730 000 in the UK and the EU, and AUD 1 000 000 in Australia
• keep client money in segregated bank accounts – this means that the broker would have very limited access to your money and would not be able to use it for its own financial endeavors
• provide Negative Balance Protection – you can never lose more money than you have in your account as a retail trader

Phoenix4x Trading Software

Phoenix4x promised access to two well-known trading platforms – MetaTrader 4 and MetaTrader 5. We were not, however, able to access any of these platforms before depositing – even though the broker claimed to offer demo accounts. We were not provided with any sort of download link for either of the two platforms either. As a result, we could not see what the broker’s terminals had to offer – or if Phoenix4x had any functional trading platform in store for us at all.

We would definitely that you check out MT4 and MT5 – but with a legitimate, regulated broker. Both of these platforms have a lot to offer in terms of functionality and good user experience. The useful features you can get access to with these platforms are plenty. You would example, be able to:

• use trading bots to track markets and trade automatically in accordance with an algorithm
• develop custom trading bots and indicators with the platforms’ programming languages
• purchase VPSs to keep your trading bots operating at all times
• use a Strategy Tester
• set signals for prices going up or down, or subscribe to those set by 0ther traders
• purchase add-ons on the MT market

All in all, MT4 and MT5 are great platforms to trade on – check them out with a legitimate broker.

Phoenix4x Trading instruments

Phoenix4x promised access to a variety of markets – forex, metals, stocks, and indices. However, since we did not get access to a trading platform, we cannot confirm that the broker would actually allow us to trade all of these instruments. There are plenty of legitimate brokers that allow their clients to trade hundreds, and sometimes thousands, of trading instruments. Our suggestion would be to trade with such a broker instead of dealing with obvious scammers.

Phoenix4x Spreads and cost of trading

Since Phoenix4x did not provide us with access to a platform, we cannot say anything specific about their spreads. We would like to point out, however, that some of the best brokers in the industry offer amazing spreads – as low as 1 pip on some occasions. For these reasons, dealing with unregulated scam brokers is hardly ever worth it.

Phoenix4x Maximum leverage

Phoenix4x states that it offers leverage of 1:100 – though it did not specify on which trading instruments. What is more bothersome was the fact that the broker would not actually allow us to set our leverage any lower. This is problematic since trading with such high rates can be extremely risky and potentially result in much bigger financial losses, especially in volatile market conditions or if you are an inexperienced new client.

That is why we urge you to only trade with the sort of leverage rates you are absolutely sure you can handle.

Phoenix4x Deposit and withdrawal methods

Phoenix4x only accepts cryptocurrency deposits – in Bitcoin, Ethereum, Tether, USD Coin, and TRON – which is another huge red flag. All crypto transactions are irreversible – this means that you would not be able to get a chargeback on your deposit once you have already transferred money to the scammers. They are also anonymous because they can only be traced to a wallet address – but never to a specific person or organization. For these reasons, we would only recommend that you transfer money using this payment solution if you are completely sure you can trust whoever you are depositing with.

Phoenix4x Minimum deposit

The minimum deposit Phoenix4x asks for is said to be $100. This is in line with an ongoing trend in the world of forex trading – brokers nowadays rarely ask for huge deposits to let you start trading. In fact, some of the most established companies in the industry offer trading accounts that are in the $1-$10 range. That is also why trading with scam brokers is so pointless – opening an account with legitimate ones is just as affordable.

Phoenix4x Withdrawal requirements

Phoenix4x did not provide specific withdrawal requirement information. We feel obligated to point out, however, that such brokers often do have specific withdrawal requirements for their clients. On some occasions, they charge huge withdrawal fees of up to 20-30%. On others, they ask customers to reach crazy turnover thresholds before allowing clients to withdraw. Whatever the case, such brokers usually have one thing in common – they do everything in their power to prevent their customers from withdrawing money. That is why you need to stay vigilant and always look at the fine print.