With every article, our Financial Litigation Lawyers network continuously monitors the various brokers that exist on the market. As a result, our financial litigation lawyers try to help you understand potential scams and/or company changes. Today in this article, we want to tell you about the new brand name of Phoenix Markets which has become EZInvest. Is this change a strategy to “erase” potential sanctions and/or scams?

I / Phoenix Markets and EZInvest: both owned by WGM Services Ltd

Often the different websites belong to the same company, such as Phoenix Markets and EZInvest. Indeed, WGM Services Ltd is a Cyprus-based company located at 11, Vizantiou Street, Office 401, Strovolos, CY-2064 Nicosia. It has been licensed since 2013 with various current domains such as www.ezinvest.com; www.ezinvest.com/eu; www.marches-financiers.fr; www.stockstp.com; www.phoenixmarkets.com; www.phoenixmarkets.fr; eu.ezinvest.com.

Detailed information can be found on the official CySEC (Cyprus Securities and Exchange Commission) website:

Source: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37571/

Please note that when we searched for information on WGM Services Ltd using the Google search engine, the first result we saw was an article from the AMF (Autorité des Marchés Financiers)

In 2016, this article warns internet users to beware of the “Preditrend” social media campaign promising, among other things, “The success rate is 70%”. More importantly, the sites link to WGM Services Ltd under the trade name Eztrader, which was recently sanctioned by CYSEC, its supervisory authority. The AMF is therefore calling for vigilance with regard to the various communication campaigns promising large sums of money.

Source: https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/autorite-des-marches-financiers-amf-issues-general-public-warning-about-sites-touting-benefits

As a network of financial litigation lawyers, this article should warn you about the intentions of this company. Even though the Eztrader domain no longer appears on the CySEC website, it is the same company.

II / Phoenix Markets and EZInvest: an identical site?

When we try to access the https://www.phoenixmarkets.com/, we go to this page:

Source:https://www.phoenixmarkets.com/

It invites us to click on the new website https://eu.ezinvest.com/ to start trading with this broker. Note that it says “EZInvest is a trading name of WGM Services much like Phoenixmarkets.com. Please note that your login remains exactly the same as well as all our policies.” The site looks identical except for the graphic design with a new logo.

Source: https://eu.ezinvest.com/

III / Be vigilant: Phoenix Markets has already been sanctioned by CySEC

As we said in a previous article, ESMA (the European Securities and Markets Authority) conducted extensive work with CySEC in the context of Forex, CFDs and binary shares in 2016. As a result, CySEC, the regulator of WGM Services Ltd, fined or entered into settlement agreements with Phoenix Markets and other firms for a total amount of €2,072,000.

Source: https://www.financial-fraud.lawyer/2021/01/29/phoenixmarkets-review-warning-on-trading-platform-wgm-services-ltd/

We urge you to be extremely vigilant according to the information given below. Even though Phoenix Markets has become EZInvest it is the same company. We assume that the rebranding is a strategy to forget the sanctions and articles related to Phoenix Markets and WGM Services Ltd.

In conclusion, WGM Services Ltd is a Cypriot company with several domains including EZInvest – the new brand name of Phoenix Markets. We urge you to remain vigilant regarding this company as it has had several allegations related to potential scams. If you feel or have evidence of fraud related to this company, you can contact our specialist lawyers to find a solution.