PHOENIX MARKETS

General Information & Regulation

PHOENIX MARKETS is owned and operated by WGM Services Ltd, established in 2013, and is a Cyprus registered online forex and CFD broker, currently regulated by CySEC in Cyprus, holding its authorized full license, regulation number: 203/13.

Markets Instruments

PHOENIX MARKETS offers financial instruments including global currency pairs, major global indices, commodities, equity CFDs, and cryptocurrencies.

Minimum Deposit

PHOENIX MARKETS offers three different trading accounts: the Starter Account (minimum initial deposit of EUR 1,000, for Retail accounts), Gold Account (minimum initial deposit of EUR 25,000, for Retail & Pro accounts), and Platinum Account (minimum initial deposit of EUR 99,000, for Retail & Pro accounts). Objectively speaking, the minimum deposit amount set by PHOENIX MARKETS is too high, and investors should be careful to avoid risks.

PHOENIX MARKETS Leverage

PHOENIX MARKETS, as a Cyprus regulated broker, can offer the maximum trading leverage for retail clients is capped at 1:30 forex instruments. While for the professional traders, they can apply the high trading leverage of up to 1:200 after the status is confirmed.

Spreads & Commissions

Spreads start at 3 pips for the Starter account and 1.5 pips for the Gold account, with no commission on forex trading, $10/€/£ per lot for futures trading, 1% for stocks, and 0.5% for cryptocurrencies for both accounts. Concerning the Pro Account, the commission for futures trading for retail traders is the raw spread + $10/€/£ per lot. In contrast, the commission for futures trading for professional traders is the raw spread + $7/€/£ per lot, and the commissions for stocks and cryptocurrencies are 1% and 0.5%, respectively.

Trading platforms

PHOENIX MARKETS offers investors a choice of three trading platforms, namely PHOENIX Webtrader, MT4, and mobile trading platform.

Deposit and withdrawal

PHOENIX only supports traders to deposit and withdraw funds to their accounts through VISA, MasterCard credit cards, and wire transfers. Compared to most brokers that offer popular e-wallet payment methods, the platform's payment methods are too limited.

Customer Support

The PHOENIX MARKETS website has been translated into several languages for traders from different regions. The PHOENIX MARKETS customer support team can be reached through email, telephone, as well as some social media platforms, including Facebook, Twitter, and Linkedin. Unfortunately, live chat support is unavailable, though it is the quickest way to get responded.