Table of contents
Pheonixus present users with a simple website that seems to have it all… Read the review to see that nothing is as it seems.
Pheonixus is a broker that is completely out of the grid, with no regulation, no address, no nothing. The website does not hold any regulation details, and the legal documents are sloppy at best. We are 100% sure that Pheonixus is UNREGULATED, making it a risk to all those that invest in it.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The registration process was painfully simple, leading us to a trading platform that revealed to us a EUR/USD spread of 1 pip, a value that is very favorable to traders, and is in fact quite the surprise seeing that the broker is unlicensed. The leverage that we were able to trade with was 1:200. And the assets that are used for trading are Forex Pairs, Crypto, Commodities, Indices, and Stocks.
The languages are English, Spanish, and German.
Although the website on multiple occasions claims that there is an MT4 and an MT5 platform, once we registered we were able to get a hold only of the Activ8 terminal.
The Activ8 is surprisingly decent, offering an interesting approach trading, by giving each individual asset a small tab. This is useful. Trader can even copy trading strategies and pending orders. However, we cannot ignore the signs that pushes this platform more towards novice users.
PHEONIXUS MINIMUM DEPOSIT
According to the user dashboard, the only way to deposit is via NasPay, and the minimum sum required to proceed is $250. The broker claims that there are other means of deposit, info that is scattered throughout the website, but as we have seen the dashboard says completely otherwise.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
PHEONIXUS WITHDRAWAL TIME AND FEES
Withdrawal info is missing. In the laughable payment area, we requested a withdraw, after which we were redirected toi the main dashboard are with nothing confirming our order. Needless to say, Pheonixus will not return your deposit.
ADDITIONAL FEES AND TAXES
After this nonsense the only thing that is left is, of course, an indemnification disclosure:
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
A complete scam, waste of money and time, are the most precise descriptions of Pheonixus. Never invest here!
Pheonixus compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines