PhoenixTB Review – Fake Licenses by Fake Regulators for Fake Brokers
PhoenixTB Review – Fake Licenses by Fake Regulators for Fake Brokers

PhoenixTB has so much dirt on them we kept finding new disturbing elements the more we dug. You can assume something is fishy with a company that boasts about being a leading FX and CFD broker but doesn’t explicitly say who runs them. All those experts and professionals behind PhoenixTB wouldn’t have a reason to stay unnamed if they had nothing to hide. 

However, we can’t say no clues were given. PhoenixTB reveals addresses of some of their offices located in the UK, Switzerland and Canada. You’d think you’re dealing with an acclaimed brokerage enterprise that operates in these heavily regulated areas. Sadly, you’re not. 
For all that matters, PhoenixTB wasn’t regulated anywhere and the counterfeit certificate comes from a hoax of a regulator – MSI supposedly based in London, UK. It’s nothing new to see scam brokers teaming up with other forged websites to deceive the investors and extort money easier. Our PhoenixTB review will discuss this and other problems related to this sham. Along the way, we will mention some other fraudulent brokers we’d like you to pay attention to, if you ever come across their sites.

Regulated by: Unlicensed Scam Brokerage
Scammers Websites:
Blacklisted as a Scam by: N/A
Owner: N/A
Headquarters Country: UK/Switzerland/Canada
Foundation year: 2023
Supported Platforms: Web trader
Minimum Deposit: $20
Cryptocurrencies: Yes (BTC, LTC, ETH, XRP, ADA, EOS)
Types of Assets: Forex, CFDs on Crypto, Commodities, Indices and Stocks
Maximum Leverage: 1:200
Free Demo Account: Not available
Accepts US clients: US clients are not accepted

Is PhoenixTB Legit or Scam?

PhoenixTB found it easier to just forge a license than invest in their business and work hard to obtain it. Of course, what this swindler did was an easy way out of the whole hustle related to acquiring a valid license. PhoenixTB has chosen a way that is completely illicit but apparently deceptive enough to raise their credibility with less experienced investors. 

The MSI certificate that PhoenixTB claims to have is a forgery produced by a fake regulator that is a pure fabrication altogether. MSI Commission, with an alleged London address, doesn’t actually exist in any other form but a wordpress web presentation.

Since the website provides three addresses, we’ve checked them all and only found they’re also unreal. Following this discovery, it was only expected for PhoenixTB not to show in the databases of regulators supervising the areas where the broker claims to operate from. That means that FCA, New SRO, and FINMA have no data pertaining to the regulatory status of PhoenixTB. 

If the company wasn’t regulated by a reputable financial institution, it suggests their unreliability. Contrasting the Tier 1 license standards, PhoenixTB doesn’t provide segregated bank accounts, negative balance protection, leverage restriction and compensation fund. 

How untransparent their website is, we couldn’t make out what the trading conditions offered were. Another circumstance where PhoenixTB breaches the known regulatory standards for prestigious Tier 1 license. Reviews and Comments

PhoenixTB is present on TrustPilot where customers can leave their impressions of the quality of their service. We can’t deny our confusion with the feedback we found. This broker has acquired average ratings so far. 

There’s still a possibility the exceedingly positive ones were paid to be written. It isn’t unusual for the fraudsters to attempt to boost their credibility by posting fake reviews. The negative reviews point at the possible withdrawal problems with PhoenixTB. The persistence of the boiler room agents calling outlines their agenda. Take a look:

Scam, they won’t stop calling you. Even if you say no to and email them expressing very clearly you don’t want to work with them, they will continue to ring with different phone numbers.

This is a scam. once they get your phone number, they will call you 10 x a day. Does not matter if you say NO thousands of times, they just keep calling.

Where are the Main Hunting Grounds of the PhoenixTB Scam?

PhoenixTB is now active less than half a year. During this period they’ve spread their influence and service to several countries already. 

Although the website greets you with a message about not accepting US traders, we suspect the broker doesn’t have a preference for particular customers. All the swindler wishes are the deposits to keep coming. 

The biggest number of reported victims is detected in these countries:

  • Estonia
  • Norway
  • Finland

What is PhoenixTB’s Range of Offerings?

The next problem we encountered while trying to obtain valid information on this site is the non-transparency. It characterizes all the aspects of trading at PhoenixTB. Since we couldn’t access the terminal because we weren’t allowed to open an account, we couldn’t verify if the mentioned instruments are indeed available. PhoenixTB claims to offer the possibility of trading the following asset groups:

  • CFDs on Crypto (BTC, ETH, LTC, XRP, ADA, EOS, DOT, DOGE)
  • CFDs on Commodities (Gold, Silver, Wheat, Cotton, Coffee, Natural Gas)
  • CFDs on Stocks (Meta, Amazon, Apple, Boeing, Barclays, Tesla)
  • CFDs on Indices (Dow Jones, Nasdaq, Nikkei225)

Is There a Risk-Free Demo Account?

Not only is there no trial account available, but PhoenixTB doesn’t currently allow anyone to open an account. No matter how hard we looked, the single available option was for the existing users to log in. Newcomers who’d like to test the trading conditions and the software do not have the ability to do so risk-free. 

Even if a Demo account was available, it wouldn’t be a confirmation of a broker being legit. As a matter of fact, every trial account with an unregulated broker is a representation of an artificial environment that only functions to get you to invest as soon as possible. Our example of this is OneCryp.To broker.

Available Trading Platforms

The technological solution for successful price speculating that PhoenixTB offers is the simple web trader. Being one of the most commonly used in the world of scammers, this terminal is extremely easy to manipulate. Our review on Grotfinance is another place where we’ve discussed the circumstances surrounding this kind of offer.

Web terminals are nothing bad, we have to get that out of the way. Very convenient for beginners to learn on, they can come in handy to those just starting off. However, the severe lack of advanced options and features mandatory for lucrative strategies is the biggest problem. Because of that, you’re limited to several basic operations that can hardly give you an edge on the market where you’re trying to succeed as a Forex trader.

Is Profit Withdrawal Possible?

The minimum deposit required to start trading with PhoenixTB is allegedly only $20. While that may seem attractive at first, hold your horses before you learn about the other things PhoenixTB charges. The broker literally has a fee for everything. You won’t get anywhere until you pay a certain fee. Since most of the services, along with the entire profit, is fictional too, paying to get robbed is what you’re doing if you sign up for it. 

Withdrawals should be done the same transferring channel the funds were originally deposited through. PhoenixTB claims to follow that rule. Moreover, they claim to only need between 3 and 5 business days to process your request and transfer the funds. We don’t exactly believe such words coming from a cyber criminal. 

As mentioned, PhoenixTB appears to be transparent but isn’t in the least. While they claim all fees are revealed, they only mention them, not show them. PhoenixTB declares to change fees without prior notice, charge the inactivity fee, trading fees, processing fees and whatever else they can think of. All driven by the single motive of denying you the right to withdraw your funds!

I Lost Money With the Scam, What Should I Do?

We can’t stress enough the importance of not panicking and keeping a clear mind. These things do happen and we feel for your loss, but sitting around despairing won’t recover the funds. 

What you should immediately do after learning about being scammed, is contact our support channel. The friendly personnel will lead you through all the necessary steps for issuing a chargeback. Furthermore you will be instructed for free where to go and seek for the aid you require. Don’t be shy and contact us today. We’ll do the best we can to assist you in taking back what is rightfully yours.

How Trusted Is PhoenixTB?

PhoenixTB is not a trusted broker dealer. The company is an impostor and pretending to be regulated, but by a fake licensing agency.

Can I Trade Crypto and CFDs With PhoenixTB?

The broker claims to allow traders to be able to trade these instrument classes. Considering they’re not a regulated broker, hardly any real trading will be done, whatsoever.

Can I trade on a mobile device?

PhoenixTB doesn’t have a proprietary mobile app for their traders to use. If anything, perhaps you can access the web trader through your mobile browser.


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