Phoenix Markets is a new CFD broker, licensed and regulated in Cyprus and owned by WGM Services Ltd.
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Phoenix Markets Forex Review
Investors trading at Phoenix Markets have access to the MT4 (MetaTrader 4) desktop trading platform. You will also find the Sirix Web Trader, along with their mobile trading apps for Android & iOS. Leverage rates are up to the new standard of 50:1. They offer a wide variety of assets for CFD trading including; 50 Forex pairs / Commodities (platinum, gold, silver and oil), Agriculture (Coffee, Sugar, Corn) Market Indices and more.
Day traders will find a long list of underlying assets for CFD trading which includes; Major Forex & Minor Forex Pairs, Market Indexes, Hundreds of Stocks / Shares, Commodities, Crypto Currency and Metals. Multiple account types are offered at this broker, with the minimum deposit requirement for a new trading account starting at $250. The larger account types offer tighter spreads, which go from 3 pips, down to 0.5 pips.
You can open a free demo account at Phoenix Markets to test out their trading software.
Is Phoenix Markets a Legit Broker?
Yes, Phoenix Markets is licensed and regulated by CySEC with license number 203/13.
Officially located at: 11 Vizantiou, 4th Floor, Strovolos 2064, Nicosia, Cyprus. The contact phone number is; United Kingdom: +44 203 514 2059. Customer support email address is: [email protected], and the official website is: https://www.phoenixmarkets.com/.
When reviewing a new CFD broker to see if they are a legitimate broker or a scam, the first item we look for a valid brokerage firms license. Many countries have their own regulatory agency that issues licenses to local brokers. The most popular government regulator for brokers to get a license from is; FCA United Kingdom or from ASIC Australia.
There are hundreds of scam brokers online, and it is important to only trade with a competent, licensed and regulated CFD broker.
Compare Forex Brokers
Searching for a new broker is a hard and tedious process, with many thing to take into account. It is important to compare fees, execution speed, leverage rates and licenses. Take a few minutes to look at other licensed brokers.
*76.4% of retail CFD accounts lose money