Phoenix Markets Review
Headquartered in Nicosia, Cyprus, Phoenix Markets is an online financial services provider that allows traders to invest in the global financial market by providing them with state-of-the-art trading platforms and tools. The assets offered for online trading include forex, commodities, indices, and CFDs.
Phoenix Markets Review, Pros & Cons
- Sophisticated trading platforms
- A range of trading tools
- Educational resources
- Various financial instruments
- No USA or Canadian clients
- Limited account funding options
- Not the lowest commissions
- No MetaTrader 5 platforms
- No FIX API trading
In this detailed Phoenix Markets review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Phoenix Markets Overview
Phoenix is a trading broker that operates from Cyprus, offering different financial instruments for online trading via some sophisticated trading platforms. Traders are provided with useful trading tools, educational resources, and a client support team. There is a variety of different trading account options to suit all levels of traders.
Phoenix Markets Regulation
Phoenix Markets is the trading name of WGM Services Ltd, a financial services company subject to the regulation and supervision of the Cyprus Securities Exchange Commission (CySEC) under license number 203/13.
Phoenix Markets Countries
The broker does not offer its services to residents of countries or jurisdictions where the use of such services would be contrary to local laws or regulations. Hence, they do not accept clients from the United States of America and Canada.
Some Phoenix Markets’ features and products mentioned within this Phoenix Markets review may not be available to traders from certain countries because of legal restrictions.
Phoenix Markets Platforms
The broker provides traders with the sophisticated MetaTrader 4 trading platform. It comes with a charting and analytical package and gives traders access to automated trading using expert advisors. MT4 is considered one of the best trading platforms amongst some forex and CFD traders worldwide. It is available as a desktop application for Windows and Mac computers, a web trading terminal, and a mobile app that is designed specifically for smartphones running on Android and iOS.
There is also the proprietary Phoenix trading platform, which provides advanced charting options and social trading, which can help investors make the most their trading opportunities. It is available as a WebTrader that can run directly on most modern web browsers without the need to install any software and a mobile trading app that is compatible with Android and iOS devices.
Phoenix Markets Trading Tools
The broker provides an Economic Calendar on their website.
Phoenix Markets Education
The ‘Education’ section of the broker’s website contains a selection of learning materials, such as a trading glossary, FAQs, videos, and market news. They are in place to improve clients’ trading skills and knowledge whilst keeping them informed on the latest happenings in the markets.
Phoenix Markets Instruments
Phoenix Markets offers online trading of forex, commodities, indices, and CFDs.
Phoenix Markets Accounts & Fees
The broker offers several categories of live trading accounts with different features to satisfy traders’ needs and trading capital. They include the Starter, Gold, and Platinum Accounts. The accounts are denominated in GBP, EUR, and USD with the minimum required deposits ranging from $250 to $50,000. They have spreads from 0.05 pips, while leverage of 1:30 and 1:200 is available for retail and professional clients respectively. Demo accounts are also provided for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this Phoenix Markets review. It is imperative to ensure that you check and understand all of the latest information before you open a Phoenix Markets broker account for online trading.
Phoenix Markets Support
The broker’s customer support team can be reached via telephone, email, Live Chat, and social media.
Phoenix Markets Deposit & Withdrawal
Phoenix Markets allows traders to deposit and withdraw funds with any of the following payment methods:
- Wire transfer
- Credit/debit cards
Phoenix Markets Account Opening
Opening a real account with Phoenix Markets is simple. Click on the ‘Register’ button on the homepage and fill the requested details as displayed.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
Phoenix Markets Summary
Phoenix Markets is a regulated trading broker that is based in Cyprus. They provide traders with various intuitive trading platforms for trading a wide variety of assets online. There are multiple account options with unique features, which are designed to suit all kinds of traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.