PhoenixTB Review – What’s Really Going On With This Broker?

Our detailed PhoenixTB review presents you with the key details about this offshore broker. In the first place, they are not revealing any ownership information. Also, they present themselves as a UK-based broker.

However, the reality is that the company is registered offshore. With this in mind, you can’t expect much since the Marshall Islands has quite weak regulations.

Broker status:	Unregulated
Regulated by:	No regulations
Operating Status:	Active trading scam
Known Websites:	http://phoenixtb.io/, https://www.phoenixtb.pro/
Blacklisted by:	FCA
Owner:	N/A
Headquarters Country:	Marshall Islands
Foundation Year:	2023
Online Trading Platforms:	Web trader
Mobile Trading:	Not available
Minimum Deposit:	$250
Deposit Bonus:	N/A
CFD Trading Option:	Yes
Crypto Asset Trading:	Yes
Available Trading Instruments:	Forex, Indices, Commodities, Stocks, Crypto
Maximum Leverage:	N/A
Islamic Account:	Not available
Free Demo Account:	Not available
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	The FCA’s warning further underscores the potential risks involved in dealing with this entity. Traders should avoid any engagement with this broker. But if you got involved, contact our refund experts for advice.

Is PhoenixTB Legit or a Scam?

The easiest way to reveal scammers is by looking in the regulatory registers. Brokers claiming to be in the UK are making it way easier. Especially if they are not in the FCA register, like in the case of the PhoenixTB scam broker.

Not only are they not listed there but the FCA has issued a warning against them. On top of that, PhoenixTB broker is not licensed by any other reliable authority. For instance, BaFin, ASIC or CFTC.

Traders’ Experience With PhoenixTB

What raises concern about their activities is their Trustpilot reviews. Interestingly, every 3 out of 4 people have negative feedback. Out of 75 comments in total, that’s quite a big number.

Most importantly, everyone complains about the same issue, a withdrawal. In general, this is something that is expected with offshore anonymous brokers. Just keep in mind that there are different refund options available. To find out more about it, feel free to contact our refund experts.

How Does PhoenixTB Work?

Practically, the whole company is based on manipulations. They will get newbie traders through fancy ads about quick money-earning schemes. Once they join, the broker uses their manipulative platform to present fictive results.

Of course, everything is nice and shiny as long as clients are depositing money. Once they start withdrawing, the journey starts. Numerous excuses and issues come up. If you have any, don’t hesitate to reach out to us for advice.

Who Are PhoenixTB Victims?

Phoenixtb.io scam broker has quite an interesting targeting area. On their hitlist, since January 2023, are mainly Nordic countries. Such as:

• Estonia
• Norway
• Finland

Another broker that might be looking for your funds can be found in our Integra Financial Solutions review. But if any of those stole your money, get in touch for chargeback assistance.

What Are Trading Platforms Available?

Luckily, experienced traders already know the downsides of web-based platform. It’s mostly fraudulent and manipulated by the agents. But even if it’s not, PhoenixTB broker has only a few functionalities available. Thus, if you were looking for social trading, copy trading, or algo trading, start looking elsewhere.

Is the PhoenixTB Mobile Trading App Available?

To sum it up, no. PhoenixTB clients that prefer mobile trading will have to bother through the browsers. Not the most convenient method. Especially if you are using sophisticated strategies like scalping.

What Financial Instruments Does The Platform Include?

PhoenixTB broker offers all the instruments like most brokers do. Yet, that doesn’t make them trusted. Anyway, your investment options are:

• Forex – GBP/HKD, EUR/SEK
• Commodities – natural gas, silver
• Indices – ASX200, S&P500
• Shares – Netflix, Alibaba
• Cryptos – ETH, BCH

Account Types Offered by PhoenixTB

Important to realize is that PhoenixTB broker doesn’t have a standard account type classification. Everyone gets the same unknown trading conditions. Even though the minimum deposit is $250, that’s too much for an unlicensed broker.

Can a Trader Use PhoenixTB Demo Account?

Another reason to avoid this broker and skip investing $250, is the lack of a demo account. Without transparent software, you don’t know what to expect. But to understand the importance of it, we suggest you read our FXELIT review.

PhoenixTB Fees, Spreads, Leverage, and Commission

One of the conditions that would also expose their scamming activities is leverage. Yet, they don’t reveal it. For a reason, of course. Just bear in mind that UK brokers can only give you leverage of up to 1:30.

As for the other trading costs, none of them are revealed, except for the minimum spread of 0.6 pips for major pairs. But with their shady software, it can easily be changed without you noticing.

Is PhoenixTB Withdrawal Possible?

According to the company, it takes them up to 48 hours to process a withdrawal request. Afterward, you must wait a couple of days for the funds to reach your account.

Note that without transparent fees and minimum withdrawal requirements, you can expect trouble. Bear in mind that an FCA warning is not issued without a reason. Another great example you can find in the FinanceWise review.

What Should I Do If I Have a PhoenixTB Problem?

In the first place, you should share your opinion anywhere you can. That way you can help other traders see what to expect from this broker. But also, you can file a complaint to domestic regulators. In the end, nothing works better than a refund.

Our specialized team is available to consult you on any withdrawal issue. Whether you want to recover your crypto or request a chargeback. In any case, the first meeting doesn’t cost you anything. So, book yours now!