Phoenixus.io is a wrong place to be if you actually intend to make something out of your forex trading. What they are, is an anonymous broker with a copy-and-edit website that we’ve seen more than once. Read this Phoenixus broker review to understand how experts rate them.
With the increase in the popularity of forex trading, the rate at which online scammers appear also rises. Hence, in order to keep traders from making mistakes, we have made it our duty to review forex broker websites, then help you tell which one is legit and which one’s not. This review tells you all you need to know about Phoenixus Broker.
About Phoenixus Broker
As earlier stated phoenixus.io is an anonymous brokerage company. There is no single piece of contact information on the website, and that includes phone numbers, address, or at least an email. They flaunt themselves as a top choice broker, while claiming to trade in indices, cryptocurrencies, stocks and various commodities, forex pairs, etc. Phoenixus offers up to four types of trading accounts without any actual useful info concerning them.
It didn’t take long at all for us to spot red flags from this broker. This review explains these things, so you can understand why you should stay away from Phoenixus.io.
Phoenixus.io: Why You Should Avoid this Broker
Phoenixus.io is an offshore broker webiste. Trading here will only be at your own peril. Here are some of the red flags we found;
Phoenixus Broker Withdrawal and Deposit Policy
Phoenixus.io has about four plans, the minimum deposit being $200. The fact that this is twice as expensive as the industry average of $100 is the least of their problems. The only payment gateway made available is NasPay, which is not one of the usual gateways we see. What makes it worse is that the website claims to accept other forms of payment such as Credit/Debit cards, bank wire, etc., yet only presents NasPay option.
The biggest withdrawal and deposit red flag here is that the deposit and withdrawal policy does not exist on this site. There are no withdrawal fees stated, no charges or account dormancy fee, not even a minimum withdrawal amount. And what’s more? The terms and Conditions seems to have been copied word for word from Cryptechs broker.
Hence, just like cryptechs, there’s the clause below that subtly prevents you from withdrawing trading profits while referring to them as “Non-deposited” funds;
All these red flags and lots more, are common signs of illicit brokers. You will most likely regret it if you trade with Phoenixus broker.
Phoenixus Trading Platform
Phoenixus mentions somewhere at the bottom of their page that they make use of the MT4 trading platform. This feat would have surprised us, considering the MT4 is mostly used by legit brokers, being the most popular trading platform there is. However, we were quick to discover that this was just another white lie. The only trading platform found was one called “Activ8 trading”, one popular among illicit brokers.
On the four different plans, we see leverage written as “Up to 100”, “Up to 200”, “Up to 400” and “Up to 1000” respectively. No self-respecting broker would even write it that way. There’s the surprising mention of EUR/USD spread as 1 pip, but this doesn’t change anything.
Phoenixus Brokers Licensing and Regulation
Without any mention of contact info, there is no way to know what country Phoenixus broker should be regulated in. Not that it would matter, though, because no financial regulatory agency would endorse a broker with so many loopholes.
With this, we firmly state that Phoenixus is an UNREGULATED broker. They’re illegal and shouldn’t exist.
Conclusion: Is Phoenixus.io a Scam Broker?
YES! Phoenixus is a confirmed scam broker. They are an anonymous, UNLICENSED broker, and are unregulated by any agency. Hence, your funds will not be safe if you deposit with them. We mentioned earlier that no financial agency would endorse this broker, and neither will we. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
Nevertheless, if you’ve got anything else to say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!