Trading Platform Phoenixmarkets:
Warning From the Authorities on
WGM Services Ltd.
The purpose of Phoenixmarkets Review is to summarize the current status of the financial platform Phoenixmarkets. Therefore, Financial Fraud Lawyer’s researches are based on public sources, such as Phoenixmarkets’s website (license regulation terms), the Cyprus Securities and Exchange Commission’s information (CySEC), and The European Securities and Markets Authority’s reports.
Phoenixmarkets Review: WGM Services Ltd and Affiliated Companies
Screen capture from CySEC Register | Phoenixmarkets WGM Services Ltd | website : https://www.CySEC.com, January 21, 2021
Phoenixmarkets has official offices in Cyprus at the following address: 11, Vizantiou Street, Office 401, Strolovos, CY-2064 Nicosia.
The article Phoenixmarkets Review exposes that this platform is a brand of WGM Services Ltd. the CySEC registered and regulates their company since 2013, under license number: 203/13.
Thanks to the Cypriot registration, Phoenixmarkets provides financial services in all Europe, and particularly in France using the websites: Phoenixmarkets.fr and marches-financiers.fr
Phoenixmarkets Review | High Risk Investment Warning – WGM Services Ltd – screen capture from Phoenixmarkets website, https://www.phoenixmarkets.com /, January 21, 2021
Forex Broker Review Warning:
As of January 2021, 84% of individual traders, who have invested in Phoenixmarkets’s financial platform, are losing, according to their website. The Authorities do not authorize Phoenixmarkets to provide services in the USA and in Canada.
Do Phoenixmarkets’ Terms and Conditions Comply with the Law?
Phoenixmarkets review | terms & conditions – screen capture from phoenixmarkets | financial fraud lawyer | Mikov & Attorneys | recover your lost funds
Based on Phoenixmarkets Terms and Conditions (T.&.C), customers are solely responsible for their own judgment when trading on their platform, even when the platform representatives provide recommendations.
What’s more, Phoenixmarkets also confirms that no guarantees of profit exist when trading with them. Based on their T.&.C, their customers are allegedly aware of the risks when using their services.
Besides what is written in Phoenixmarkets’ T.&.C, what are Forex Brokers’ legal obligations?
Phoenixmarkets Review: Legal Obligations According to the MiFID
Do Phoenixmarkets’ Term & Conditions comply with the Markets in Financial Instruments Directive?
Losing on the financial markets is legal if all parties follow the rules. The Markets in Financial Instruments Directive (MiFID) requires Phoenixmarkets to adhere to three guiding principles when providing investment services: To behave in a truthful, equitable, and competent manner, representing the best interests of traders; To provide appropriate, full, accurate, and precise information; To analyze the investor’s particular condition (e.g., expectations, circumstances, and experience of selling financial products).
Nota bene: such guidelines do not apply to cryptocurrencies trading providing on Phoenixmarkets Platform. MiFID does not cover cryptocurrency trading. Therefore, Phoenixmarkets crypto service may fall outside the scope of the platform.
Phoenixmarkets Review: WGM Services Ltd Sanctioned by the Authorities
The European Securities and Markets Authority (ESMA) highlighted action taken against several Investment Firms in 2016. As the European Supervisory Authority, the ESMA has coordinated a number of national regulators’ activities relating to Forex, CFDs, binary.
Based on ESMA duty and protection of EU consumers from speculative financial products, ESMA has carried out extensive work in the area of CFD or binary options with the Cyprus Securities and Exchange Commission (CySEC).
In the context of its supervisory action plan, CySEC had imposed fines or reached settlement agreements with Phoenixmarkets – WGM Services Ltd and eight other firms totalling EUR 2,072,000.
Financial Fraud Lawyer ensures that traders receive legal protection when they choose to trade with such platforms.
Phoenixmarkets Review | financial fraud lawyer | Mikov & Attorneys |
Phoenixmarkets Review is a Forex broker review, written by Law Firm Mikov & Attorneys, member of Financial Fraud Lawyer. Our network of Lawyers is specializing in Forex scams, Crypto scams, and lost funds recovery.
According to European Market Regulators, trading on markets in Forex and CFD causes an exceptionally high risk of loss. Various reports indicate that 90 percent of investors are losing their money on Forex.
Sources used in Phoenixmarkets Review:
Phoenixmarkets review source 1 – Cyprus Securities and Exchange Commission – CySEC Investment firms information: WGM Group Limited https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37571/ , January 21, 2021Phoenixmarkets review source 3 – Forex Peace Army – Phoenixmarkets Review section https://www.forexpeacearmy.com/search?q= Phoenixmarkets, January 21, 2021
Phoenixmarkets review source 4 – DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL – MiFID – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065 , January 21, 2021
Phoenixmarkets review source 5 – New Zealand Companies Register WGM Group Limited BELFORFX http://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/3932698/21789024/entityFilingRequirement?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2F3932698%2Fdocuments, January 21, 2021
Phoenixmarkets review source 6 – ESMA annual report https://www.esma.europa.eu/sites/default/files/library/esma20-95-590_annual_report_2016, January 21, 2021
Phoenixmarkets review source 7 – Financial Fraud Lawyer https://www.financial-fraud.lawyer/the-law-firm-mikov-attorneys, January 21, 2021
Phoenixmarkets review source 8 – Financial Fraud Lawyer online trading | fx | financial disputes, https://www.financial-fraud.lawyer January 21, 2021
Phoenixmarkets review source 9 – Financial Fraud Lawyer Lost funds in a Forex broker’s platform? Recover your lost funds https://www.financial-fraud.lawyer/2020/07/09/lost-funds-in-a-forex-broker-recover-your-lost-funds/ January 21, 2021
The Fraud lawyers at Law Firm Mikov & Attorneys and the author of this Phoenixmarkets Review are regularly engaged in the collection and dissemination of financial brokers’ information to the public. This Phoenixmarkets Review aims at sharing experience and warning the interested parties. Phoenixmarkets Review was written in good faith, based on public information and testimonies of traders, dating from June 2020.