Phoenix Markets Review – Scam Report

2.8/5 - (17 votes)

Know your options and recover your lost funds. File a complaint.

    Is Phoenix Markets legit?

    We’ll be answering this in the coming paragraphs. We’ll also be addressing if Phoenix Markets is regulated.

    If you have deposited money with Phoenix Markets and you suspect that they are not being honest with you, it is possible to get your money back.
    Many regulated brokers, unregulated companies and investment firms have been found to be scams.

    Under many circumstances there are avenues in place that are there to protect individuals and help them to get their money back.

    We can let you know how it’s possible to recover your money. Fill out the form on this page and we’ll be in touch with you as soon as possible.


    Looking for a trustworthy broker? Check out our Fortrade Review to see if they’re right for you. 


    Is Phoenix Markets legit?

    Phoenix Markets is owned by the same company as EZInvest. For this reason alone Phoenix Markets is considered a scam.




    Is Phoenix Markets regulated?

    Phoenix Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC). They are owned by WGM Services Ltd. and are located in Nicosia, Cyrpus.

    As we’ve addressed before, having a CySEC license without having authorization from other reputable regulatory bodies, can be a red flag. Read more about that here.


    Is Phoenix Markets a scam?

    Despite what any Phoenix Markets review has told you, Phoenix Markets is a scam. We don’t recommend trading with them. If you are already trading with Phoenix Markets we recommend you immediately cease depositing any amount of funds with them, in particular if they are asking for a fee to withdraw your money. DO NOT PAY IT.


    The Phoenix Markets Scam

    As more reports become confirmed, it will become abundantly clear if Phoenix Markets has been scamming all of it’s clients. In our experience a broker with the profile that WGM Services has, is 99% a scam.



    Looking for a regulated broker? Check out our Fortrade Review to see if they’re right for you. 





    If the Phoenix Markets has done anything similar to the below items, you are most likely being scammed by Phoenix Markets.


    Legal Signs of a Scam

    • The company or broker is not regulated.
    • The company or broker is regulated by a foreign regulatory body that is not trustworthy.
    • The company is regulated by CySEC.
    • The company has had it’s license suspended.

    Contact us by submitting your information in the form on the page. We’ll let you know as soon as possible how you can get your money back.


    Behavioral Signs of a Scam

    • The broker has been overly pushy in getting you to deposit your money.
    • The broker does not react positively when you ask for a withdrawal.
    • The broker does not allow you to withdraw your money.
    • The broker has offered you or pushed you to take a bonus.
    • The broker has logged into your personal computer.
    • The broker is charging you to withdraw your funds.
    • Trades have been placed without your consent.
    • The company withdrew funds from your account or charged your credit card without permission
    • The broker asked for a picture of the front and back of your credit card to be sent by email.
    • The broker asked for your government form of ID to be sent in an email or on the website.
    • The broker told you to place a trade and then you immediately after lost all or most of your money.

    Locations that scam brokers are often found in.

    • If the broker that you’re dealing with is located in any of the below locations it is reason for concern, as these areas are notorious for hosting Forex scams as well as Crypto and Binary Options scams.
    • Let us know right away if
    • The broker is located in Saint Vincent and the Grenadines
    • The broker is located in Belize.
    • The broker is located in the Commonwealth of Dominica
    • The broker is located in the Cook Islands.
    • The broker is located in The Marshall Islands.
    • The broker is located in Mauritius.
    • The broker is located in Seychelles
    • The broker is located in Vanuatu.


    Know your rights and get your money back. By filling out your information, we’ll be able to advise you right away.


    Who can you trust to trade with? 

    Scam Complaint Registry recommends Fortrade as a trusted broker. They are licensed and registered with the FCA (UK), ASIC (AU) and the IIROC (Canada). They are based in London and with their strong regulatory backing make them as safe as a broker could be.

    Fortrade Review



    Disclaimer: It is not always possible to recover lost funds. Many cases of recovery scams have been reported where the victim is guaranteed to get their money back. We can assess your case and advise you right away if it’s possible to recover your money.


    1. Akiell Dovenor


      This company, Phoenix Markets where I was lead to whilst trying to use a Bitcoin Revolution site, talked me into investing in CFD’s. Pushing me a lot, in the end I have lost € 50.000,00 before I “pulled the plug”.
      Is there any chance of recovering any of these?
      I am not exploiting my real name yet before I know what my chances are.

      Many thanks for your advise.

      • Steven Filler

        If you paid with credit card, there is a possibility of recovering the funds. Otherwise it is not likely. Be on the lookout for “recovery” scams.

        • Helen

          Hi. I’ve got a friend who’s just been scammed by these guys – any advice re getting their money back?

    2. Steve Cooper

      I’ve just been scammed by Phoenix Markets. I started in March 2021, explained my situation and still their zero morals led to me losing a lot of money I needed for other things. These guys need shutting down.
      It was none stop and constant requests for more money to be added to my account with a view to making a big trade profit from the news coming in the week ahead.
      Then when my account got in a really bad state due to poor advice, poor trades that they recommended, plus utterly stupid strategies like double directing, they said if I deposited another £10,000 or £5000 they could get me out of the mess.
      Today I said enough was enough and decided to look what can be done to get all my invested money back.
      Most of it was on credit card and two were bank transfers from my Visa debit cards.
      Any advise and assistance would be greatly welcome.

      • Debbie Follett

        Hi Steve,
        I have also been subjected to a scam by Phoenix Markets, however im a UK citizen and the UK FCA closed my account with phoenix on the 14th May 2021. I lost 50k which im currently trying to claim back.
        Are you a UK citizen ? If so this must have happened to you ?
        Ive been through everything that you have and more ! I started in November 2021
        Ive been trying to contact other UK citizens to see if we can lobby the FCA or WGM Services

        What are your thoughts ?

    3. Michael William Player

      My experence is the same to other victims shown on your site
      high pressure demands for more deposits and most trades made
      very high profits with almost a trades performed. Unable to get any response to returning the gains made . Always comments like do
      not give up now as your account shows very high gains and you acSotryyccaneasilkaeake 50,0000 pounds if you are more patietnentorr

    4. Michael William Player

      Computer gone haywire unable to correct


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