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PHOENIX MARKETS

Moderate riskForex / CFD broker
🇨🇾 Cyprus · 5-10 years · since 2019-08-09 · WGM Services Limited
CYSEC
Visit site ↗
2.4/5
★★★★★ ★★★★★
116 reviews ›
1
Licenses ›
16
Withdrawal issues ›
$1000
Min. deposit ›
1:200
Max leverage ›
5
Account types ›
29/100
Scam risk ›
1
Clone sites ›
Accounts: Platinum-pro · $/€/£100,000Gold-Pro · €50,000Gold-retail · $/€/£50,000Platinum · $/€/£100,000Starter · $/€/£1,000
▲ 88% positive▼ 11% negative
Independent ratingshow third parties score this broker
WikiFX4.95/10
Trustpilot2.4/5
Forex Peace Army—/5
🛡️ Been scammed or can’t withdraw from PHOENIX MARKETS? Our free assistant writes up your case and shows exactly what to do next →
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No sign that PHOENIX MARKETS actively operates in your country (United States). If you were solicited from here, be extra cautious — it may be an unregulated approach or a clone.
29
Moderate risk
Scam Risk Scoremonitored · 2026-07-28
Lower riskHigher risk
  • Authorised by Tier-1 regulator(s): CYSEC
  • Withdrawal complaints in ~15% of recent reviews
How this score is calculated — view the open algorithm

A transparent weighted score from objective public data — each factor scored 0–100 (higher = riskier), combined by the weights below.

FactorScoreWeight
Regulation & licensing835%
Company age2215%
Clone / impersonation012%
Withdrawal & exposure complaints9612%
Offshore registration108%
Transparency (site/info/social)5010%
Real-user sentiment708%

Based on public regulatory records, industry databases and independent reviews (Trustpilot, Forex Peace Army). Exit Risk reflects recent negative momentum in real reviews. A risk estimate from public data, not a definitive legal judgment; brokers may request a correction.

Company
Legal nameWGM Services Limited
Headquarters🇨🇾 Cyprus
Founded2019-08-09
Years operating5-10 years
Employees0
Official websitephoenixmarkets.com
Trading conditions
Avg execution speed0 ms
Avg slippage0
Swap rating—
Trading cost rating—
Monitored traders0
Monitored orders0
Funding & instruments
Deposit methods · --
Withdrawal methods · --
Instruments--

Regulation & licenses · 1

RegulatorLicense typeLicense No.RegionStatus
CYSECMarket Making License (MM)203/13CyprusRegulated

Account types · 5

AccountMax leverageMin. depositMin. spreadCommissionEA
Platinum-pro1:200$/€/£100,000From 0.5 Pips--✓
Gold-Pro1:200 €50,000From 1.5 pips$/€/£10 per Lot✓
Gold-retail1：30$/€/£50,000From 1.5 pipsNo Commission✓
Platinum1:30$/€/£100,000From 0.5 PipsRaw Spread + $/€/£7 per Lot✓
Starter1:30$/€/£1,000From 3 pipsNo Commission✓
Full reviewIn-depth editorial analysis Scam or safe?Risk score & red flags AccountsTypes · min deposit · how to open Deposit & withdrawalMethods · payout reliability

Review analysis AI

The real-review picture is sharply divided: a majority of users report positive experiences with platform functionality, customer support, and withdrawals, yet a persistent minority describe high-pressure sales tactics, blocked withdrawals, and even fraud allegations. The broker holds a CySEC license, which some defenders cite as proof of legitimacy, while detractors claim regulation does not prevent abusive practices. Overall, trust concerns are significant enough to warrant caution, despite many satisfied clients.

Best for
  • Traders seeking a CySEC-regulated broker with robust educational resources
  • Experienced traders who can meet high minimum deposits ($50,000+) and want pro account features
  • Investors who value fast execution and responsive support
Not for
  • Beginners with small accounts (under $1,000)
  • Traders wary of aggressive account management and pressure to increase deposits
  • Those seeking full transparency on fee structures and execution practices
Period:
What users complain about
What users praise
Where reviewers are from
🇬🇧 GB70
🇺🇸 US12
🇳🇱 NL8
🇮🇹 IT4
🇫🇷 FR3
DK2
Positive vs negative · last 12 months Pos Neg
Mar
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Real user reviews

Where PHOENIX MARKETS operates

Active across 2 markets (by market presence). Licensing rarely covers all of them — where it isn’t locally licensed, you’re onboarded under an offshore entity with weaker protection.

🇹🇭 Thailand
🇮🇱 Israel
🇨🇾 Cyprus Licensed

🇪🇺 Passported across 15 EU/EEA countries under its EU license.

Market presence: WikiFX SkyEye · complaints: our records · licensing: official registers. Where you’re accepted is set by the broker’s own terms — always confirm before depositing.

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What PHOENIX MARKETS says about itself as stated by the broker · not independently verified by FXCanary

Company Background

Phoenix Markets is owned and operated by WGM Services Ltd, established in 2013, and is a Cyprus registered online forex and CFD broker. According to the company, it is currently regulated by CySEC in Cyprus, holding a full authorization license under regulation number 203/13.

Account Types and Minimum Deposits

The broker claims to offer five account tiers: Starter (min $1,000), Gold-retail ($50,000), Gold-Pro ($50,000), Platinum ($100,000), and Platinum-pro ($100,000). It states that pro accounts provide higher leverage up to 1:200, while retail accounts are limited to 1:30 leverage as per regulatory requirements.

Spreads and Commissions

Phoenix Markets advertises competitive spreads starting from 0.5 pips on Platinum accounts and 1.5 pips on Gold accounts. The company says commissions apply to some accounts (e.g., $7 per lot on Platinum) while Starter and Gold-retail are commission-free.

About PHOENIX MARKETS

About Phoenix Markets

Phoenix Markets is the trading brand of WGM Services Limited, a Cyprus-based online broker established in 2013. The company provides forex and CFD trading services to retail and professional clients worldwide. It is headquartered in Cyprus and operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC).

Regulation and Safety

Phoenix Markets holds a CySEC Market Making license (number 203/13), which subjects it to European MiFID II regulations. This license requires the broker to maintain segregated client accounts, participate in the Investor Compensation Fund (ICF) up to €20,000, and adhere to strict reporting standards. However, the broker is not licensed by top-tier regulators such as the FCA or ASIC, which may limit protections for non-EU clients.

Account Types

The broker offers five account tiers, each with distinct minimum deposit requirements and fee structures. The Starter account requires $1,000 and offers fixed spreads from 3 pips with no commission. The Gold-retail and Gold-Pro accounts each require $50,000, with spreads from 1.5 pips and leverage up to 1:30 (retail) or 1:200 (pro). The Platinum and Platinum-pro accounts carry a $100,000 minimum deposit, spreads from 0.5 pips, and commissions on certain trades.

Trading Platforms and Instruments

Phoenix Markets does not disclose its trading platforms in detail, but user reviews mention MT4 or a proprietary web platform. The range of tradable instruments is also not specified. Traders should confirm platform availability and asset coverage before opening an account.

Deposits and Withdrawals

The broker does not publicly list accepted deposit or withdrawal methods. User reviews indicate bank transfers and credit/debit cards are common, but no specific methods are confirmed. Withdrawal processing times are reported as fast by many users, though some complain of delays.

Target Audience

Phoenix Markets appears to target clients with substantial capital, given its high minimum deposits for most accounts. The availability of pro accounts with higher leverage suggests an appeal to experienced traders. The broker also emphasizes educational resources and personal account managers, which may suit beginners who are well-funded.

Overview compiled by FXCanary from regulatory records and public data. full PHOENIX MARKETS review