Phoenix Global Review – Don’t Fall for the Claims

Phoenix Global Review

Most people are well-aware of online brokerage scams when they decide to venture into the world of trading, yet their numbers have continued to rise. How are these fraudsters still able to operate, even though people are aware of their existence?

The primary reason behind it is that people do not do their due diligence when they are looking for a brokerage. A lot of them are eager to get started, so they opt for the first company that seems reliable. This Phoenix Global review will show you that you cannot trust a broker’s word for anything.

After all, it does not make sense for any business to tell you of its own shortcomings or flaws. Likewise, why would a scam give you a warning? Their goal is to steal your money and they are going to put in a lot of effort to accomplish this goal.

This means that they are likely to do their level best to convince you that they are genuine and can offer you great services. Thus, it is your job to diligently check their offerings and ensure they are not leading you on.

Even a slight miscalculation in this regard can result in disaster because you could end up with a fraudulent broker that pockets your money.

If doing a bit of diligence can save you from disastrous consequences, why not make the effort? It is not that difficult to find out the truth once you begin looking because try as they might, scam companies cannot actually be the same as legitimate ones.

They will always have flaws that make it apparent what they really are and this can help you make the right decision.

The key is to not fall for their claims, like the ones made by Phoenix Global about being an international broker regulated and authorized in different jurisdictions, including Australia, the UK, New Zealand and South Africa.

It offers you a ton of commodities, forex pairs, crypto coins and stocks and a seamless trading experience, but you will find that all of this is a blatant lie. These are just claims made to impress people enough to get them to sign up and deposit their money, so it can steal it.

How can you come to this conclusion? Let’s take a closer look at Phoenix Global;

Regulation

Always begin with the regulation of an online brokerage because this can help in distinguishing genuine brokers from fraudulent ones. A legitimate company would get a license from the regulatory authority in its jurisdiction, which is issued after a number of requirements have been fulfilled.

Fraudulent ones would obviously not do so because their story would fall apart. One of the top claims that Phoenix Global makes is that it is licensed and regulated by a number of prominent authorities around the globe.

These include some major names like the Financial Conduct Authority (FCA) in the United Kingdom, the Financial Sector Conduct Authority (FSCA) in South Africa, the Australian Securities and Investment Commission (ASIC) as well as the financial authorities in New Zealand.

This would have been truly fantastic if it were true, but unfortunately, it is not. You should not take anything Phoenix Global tells you for granted and verify its regulation claims.

When you decide to diligently check the online registers of the aforementioned regulatory bodies, you will discover that there is no broker by the name of Phoenix Global listed.

Furthermore, the claim it has made about New Zealand is also false because it is the Financial Markets Authority (FMA) in the country that regulates brokerages.

But, you will find that Phoenix Global has mentioned an entirely different organization altogether, which further shows that the brokerage is outright lying about its licensing and regulatory status.

Trading platform

How do you engage in online trading activities? You have to use the trading platform provided to you by the brokerage you choose. But, you have to remember that not every company is going to offer you the same platform.

It varies from company to company, so you need to check what platform is offered and ensure it can get the job done. The problem with Phoenix Global is that it is quite ambiguous about the trading platform it offers.

There are not a lot of details provided about the trading platform and this is not surprising because you later discover that Phoenix Global does not appear to be supporting a functional trading platform at all.

Once you complete your registration, you will come across a funny looking dashboard that is meant to create the illusion of a trading platform.

This dashboard does not give you the option of launching, or downloading a platform and neither can you use it to execute any trades. The only option that this dashboard offered by Phoenix Global does is allow you to make a deposit, which makes the company’s goal quite evident.

Payment methods

When you have decided to engage in trading, you would obviously have to invest money and this means making a deposit with the broker you decide to use. It is necessary to check the payment methods that are supported by a brokerage because you want them to be easy to use as well as safe.

When you check out the payment methods supported by Phoenix Global, you will find that it claims to offer the e-wallet Perfect Money and a number of crypto assets like Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum and Litecoin.

However, as it turns out, all of this is a list because Phoenix Global only accepts deposits in bitcoin.

This is not surprising, given that most shady and scam platforms only want crypto payments. It is because these are not eligible for a chargeback, which means you will not be able to claim a refund in case of a scam. Moreover, these payments are also generally anonymous and this works in their favor.

Bottom Line

All of this shows that Phoenix Global is not a legitimate brokerage and you should not fall for its claims because it only wants to exploit you.