Caution Investors PhoenixTB- Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Overview:
PhoenixTB is one of the many fraudulent online trading platforms that have been operating in Belgium without authorization from the Financial Services and Markets Authority (FSMA). The FSMA is the regulator responsible for overseeing the activities of market intermediaries such as investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents. On 06 Sep 2023, the FSMA issued a warning to the public about PhoenixTB and other similar platforms that are scamming investors with false promises of high returns and low risks. The FSMA also advised investors to check its website for a list of authorized firms before engaging in any online trading activity. The link to the FSMA warning is https://www.fsma.be/en/warnings/beware-these-new-fraudulent-trading-platforms-1.
Regulation and Compliance:
PhoenixTB claims to be a licensed and regulated broker that offers trading services in various financial instruments such as forex, stocks, commodities, indices, and cryptocurrencies. However, this is a blatant lie as PhoenixTB is not registered or authorized by any reputable regulatory body in the world. In fact, PhoenixTB is operating illegally in Belgium and other countries where it targets unsuspecting investors with aggressive marketing campaigns and fake testimonials. PhoenixTB does not comply with any of the rules and standards that are designed to protect investors from fraud and abuse. For example, PhoenixTB does not segregate client funds from its own, does not provide transparent and fair pricing, does not disclose its fees and charges, does not verify the identity and suitability of its clients, does not implement adequate security measures to safeguard client data and funds, and does not cooperate with any dispute resolution mechanism or compensation scheme.
Customer Reviews:
As expected, PhoenixTB has received numerous negative reviews and complaints from its clients who have fallen victim to its scam. Many clients have reported that PhoenixTB has refused to process their withdrawal requests, blocked their access to their accounts, manipulated their trades, charged them hidden fees, harassed them with phone calls and emails, threatened them with legal action, and even stolen their personal information and money. Some clients have also reported that PhoenixTB has used fake names, addresses, phone numbers, and websites to deceive them and avoid detection. The following are some examples of the customer reviews that can be found online:
– “PhoenixTB is a scam. They took my money and never let me withdraw it. They keep asking for more deposits and documents. They are rude and unprofessional. Stay away from them.”
– “I invested 10,000 euros with PhoenixTB and made some profits. But when I tried to withdraw my money, they said I had to pay a 20% commission fee. I paid the fee but they still did not send me my money. They stopped answering my calls and emails. They are thieves.”
– “PhoenixTB is a fraud. They manipulated my trades and made me lose all my money. They said I had to deposit more money to recover my losses. They are liars.”
– “PhoenixTB is a nightmare. They stole my identity and used it to open accounts with other brokers. They also hacked my bank account and transferred money to their own. They are criminals.”
Products and Services:
PhoenixTB claims to offer a wide range of products and services to its clients such as:
– A user-friendly and advanced trading platform that supports web, desktop, and mobile devices
– A variety of trading instruments such as forex, stocks, commodities, indices, and cryptocurrencies
– A choice of account types with different features and benefits such as leverage, spreads, commissions, bonuses, etc.
– A comprehensive educational center that provides tutorials, videos, webinars, articles, etc.
– A dedicated customer support team that is available 24/7 via phone, email, live chat, etc.
However, these claims are nothing but false advertising as PhoenixTB does not deliver on any of its promises. In reality,
– The trading platform is unreliable, slow, buggy, and prone to errors
– The trading instruments are limited, outdated, inaccurate, and overpriced
– The account types are designed to lure clients into depositing more money and paying more fees
– The educational center is incomplete, outdated, irrelevant, and plagiarized
– The customer support team is unresponsive, unhelpful, rude, and abusive
Location:
PhoenixTB claims to have offices in several locations around the world such as London (UK), Sydney (Australia), Singapore (Singapore), Dubai (UAE), etc. However,
these claims are also false as PhoenixTB does not have any physical presence or legal entity in any of these countries. In fact,
PhoenixTB operates from offshore jurisdictions that have weak or no regulation or oversight of online trading activities such as St. Vincent and the Grenadines (SVG), Marshall Islands (MI), Seychelles (SC), etc.
These jurisdictions are known for being havens for scammers who can operate with impunity and avoid accountability.
Customer Service:
PhoenixTB claims to have a dedicated and professional customer service team that is available 24/7 to assist its clients with any issues or queries they may have. However, this claim is also false as PhoenixTB does not provide any quality or reliable customer service to its clients. Instead, PhoenixTB provides poor and hostile customer service that is characterized by:
– Long delays and difficulties in reaching the customer service representatives
– Lack of knowledge and expertise on the part of the customer service representatives
– Lack of courtesy and respect on the part of the customer service representatives
– Lack of honesty and transparency on the part of the customer service representatives
– Lack of cooperation and resolution on the part of the customer service representatives
Many clients have reported that PhoenixTB’s customer service has been unhelpful, rude, aggressive, and even threatening when they tried to contact them for various reasons such as:
– Requesting information or clarification about PhoenixTB’s products and services
– Reporting technical issues or problems with the trading platform or the trading instruments
– Requesting withdrawals or refunds of their money
– Filing complaints or disputes about PhoenixTB’s actions or policies
– Seeking compensation or restitution for their losses or damages
Is Your Money Safe in an unregulated company?
The answer is a resounding no. Your money is not safe in an unregulated company like PhoenixTB. When you deposit your money with PhoenixTB, you are exposing yourself to a high risk of losing it all without any recourse or protection. This is because:
– PhoenixTB does not segregate your money from its own. This means that PhoenixTB can use your money for its own purposes such as paying its expenses, covering its losses, funding its operations, etc. This also means that if PhoenixTB goes bankrupt or shuts down, you will not be able to recover your money as it will be considered as part of PhoenixTB’s assets and liabilities.
– PhoenixTB does not provide transparent and fair pricing. This means that PhoenixTB can manipulate the prices of the trading instruments to its advantage and to its disadvantage. This also means that you will not be able to verify or compare the prices that PhoenixTB offers with those offered by other brokers or by the market.
– PhoenixTB does not disclose its fees and charges. This means that PhoenixTB can impose hidden fees and charges on your account without your knowledge or consent. These fees and charges can include commissions, spreads, swaps, rollovers, inactivity fees, withdrawal fees, etc. These fees and charges can significantly reduce your profits or increase your losses.
– PhoenixTB does not verify the identity and suitability of its clients. This means that PhoenixTB can accept anyone as a client without checking their identity, background, financial situation, risk profile, etc. This also means that PhoenixTB can expose you to unsuitable or inappropriate products and services that may not match your needs, goals, expectations, etc.
– PhoenixTB does not implement adequate security measures to safeguard your data and funds. This means that PhoenixTB can compromise your personal information such as your name, address, phone number, email address, bank account details, credit card details, etc. This also means that PhoenixTB can expose your funds to theft, fraud, hacking, phishing, etc.
Conclusion:
PhoenixTB is a scam broker that should be avoided at all costs. It is not regulated or authorized by any reputable regulatory body in the world. It is operating illegally in Belgium and other countries where it targets unsuspecting investors with false promises of high returns and low risks. It does not comply with any of the rules and standards that are designed to protect investors from fraud and abuse. It has received numerous negative reviews and complaints from its clients who have fallen victim to its scam. It does not offer any quality or reliable products or services to its clients. It does not provide any quality or reliable customer service to its clients. It does not safeguard your data or funds from theft, fraud, hacking, phishing, etc.
If you have already invested with PhoenixTB, we advise you to stop trading with them immediately and try to withdraw your money as soon as possible. If you encounter any difficulties or problems in doing so, we advise you to contact the FSMA or your local authorities for assistance and guidance. If you have already lost money with PhoenixTB, we advise you to report them to the FSMA or your local authorities for investigation and prosecution. You may also contact a reputable scam recovery company such as ScamRecovery.net for help in recovering your money.
If you have not invested with PhoenixTB yet, we advise you to stay away from them and never deal with them in any way. There are many legitimate and regulated brokers out there that offer safe and secure online trading services. You can find them by checking the FSMA website for a list of authorized firms before engaging in any online trading activity.
Remember: If it sounds too good to be true, it probably is.
