PHOENIX MARKETS Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Software Index
License
CYSEC Regulated 
Phoenix Markets is an amazing broker, and I have traded with this broker for several years, and it did not disappoint me in terms of withdrawal, spreads, order execution... However, I would advise them to lower initial investment capitals. You know what? initial deposit required is way too high for opening a starter account, and I was almost gave up due to this reason.
Phoenix Markets has garnered attention in the online trading community since its establishment in 2013. This review synthesizes insights from various sources regarding the broker's strengths and weaknesses, user experiences, and expert opinions. Overall, Phoenix Markets is seen as a reliable platform for trading, especially for those interested in forex and CFDs. However, potential traders should remain cautious due to the high minimum deposit requirement and varying user experiences regarding customer support.
Note: It is essential to recognize that Phoenix Markets operates under different regulatory entities depending on the region, which may affect the availability of features and services. This review aims to provide a fair and accurate assessment based on the most current information available.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 7 |
| User Experience | 6 |
How We Score Brokers: Our scoring system is based on a combination of user feedback, expert reviews, and factual data regarding broker features and services.
Established in 2013, Phoenix Markets is a Cyprus-based forex broker regulated by the Cyprus Securities and Exchange Commission (CySEC). It offers access to a range of trading instruments including forex, cryptocurrencies, indices, and commodities, primarily through the popular MetaTrader 4 (MT4) platform. With over 10,000 clients, Phoenix Markets aims to provide a user-friendly trading environment.
Regulated Geographic Regions:
Phoenix Markets is regulated by CySEC, which is a reputable regulatory body in Europe. However, it is crucial to note that traders from certain countries, including the United States, the United Kingdom, and Japan, are restricted from opening accounts due to regulatory limitations.
Deposit/Withdrawal Currencies:
The broker accepts deposits in multiple currencies, including USD, GBP, and EUR. However, it does not support popular payment methods like PayPal or Neteller, which may limit options for some users.
Minimum Deposit:
The minimum deposit required to open a trading account with Phoenix Markets is $500. This amount is considered relatively high compared to some other brokers, which may deter novice traders.
Bonuses/Promotions:
Currently, Phoenix Markets does not offer any promotional bonuses or incentives for new traders. This could be a downside for those looking for additional value when starting their trading journey.
Tradable Asset Classes:
Phoenix Markets provides a diverse selection of assets, including over 67 forex pairs, various cryptocurrencies, commodities, and indices. However, it does not offer stock trading, which may limit options for traders seeking to invest in equities.
Costs (Spreads, Fees, Commissions):
The trading costs primarily consist of spreads, which can vary based on the asset being traded. While Phoenix Markets does not charge withdrawal or inactivity fees, the spreads on some instruments, particularly cryptocurrencies, can be relatively wide.
Leverage:
Phoenix Markets offers leverage up to 1:200, which can enhance trading potential but also increases risk. Traders should be aware of the implications of using high leverage in their trading strategies.
Allowed Trading Platforms:
The primary trading platform offered by Phoenix Markets is MT4, which is well-regarded for its advanced charting tools and automated trading capabilities. However, it does not currently support MT5 or cTrader, which may be a limitation for some traders looking for more advanced features.
Restricted Regions:
As mentioned earlier, traders from several countries, including the UK, US, and Japan, cannot open accounts with Phoenix Markets. This restriction is crucial for potential clients to consider based on their location.
Available Customer Support Languages:
Phoenix Markets provides customer support in English and Chinese. The availability of support in multiple languages is a positive aspect, although the responsiveness of their customer service has received mixed reviews.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 7 |
| User Experience | 6 |
Account Conditions:
The minimum deposit requirement of $500 is a significant barrier for new traders. While this amount is not uncommon in the industry, it may deter those who wish to start with a smaller investment. Additionally, the lack of stock trading options can limit the appeal for some investors.
Tools and Resources:
Phoenix Markets provides a variety of educational resources, including tutorials and market analysis tools. However, the absence of social trading features or advanced trading platforms like cTrader may limit the overall trading experience for some users.
Customer Service and Support:
User experiences with customer support have been mixed, with some reports of slow response times and limited availability of live chat support. While the broker offers multiple channels for assistance, improvements in response times and support quality are needed.
Trading Setup (Experience):
The trading experience on the MT4 platform is generally positive, with a user-friendly interface and access to various analytical tools. However, the lack of mobile app support for iOS devices may hinder the trading experience for some users.
Trustworthiness:
As a regulated broker under CySEC, Phoenix Markets has a level of credibility in the industry. However, potential traders should remain cautious and conduct thorough research, especially given the mixed reviews regarding customer support and service.
User Experience:
Overall, users report a satisfactory experience with the trading platform, though there are areas for improvement in customer service and account management. The platform's functionality is robust, but the lack of certain features may impact user satisfaction.
In conclusion, while Phoenix Markets presents itself as a viable option for forex and CFD trading, potential clients should weigh the pros and cons carefully. The high minimum deposit, limited asset classes, and mixed reviews on customer service are critical factors to consider before committing.
