Phrona has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The mobile app from Phrona is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Dividend tracking|Low minimum deposit|Demo account available
Cons: Would like more payment methods
The onboarding at Phrona was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Multi-device support|No hidden fees|Stable platform
Cons: Account statements could be more detailed|Help articles are sometimes vague
Phrona has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Good analytical tools|Copy trading available|Two-factor authentication
Cons: Nothing significant
Phrona had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Copy trading available|Social trading features
Cons: No phone support on weekends|Onboarding videos are outdated
Several red flags with Phrona: (1) They promise unrealistically high returns, (2) They're not registered with Financial Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Flagged by Financial Markets Authority|Cannot verify credentials
I referred a friend to Phrona from a review site like this one. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Social trading features|Transparent fees
Cons: Cannot customize dashboard fully
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Phrona is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
I trusted Phrona with a significant portion of my savings and I deeply regret that decision. Not because of market losses, but because of how poorly the platform performed and how dismissively the support team treated my concerns.
Pros: Instant funding|Personal attention
Cons: Some tools only available on higher tiers|Research section could be deeper
Opened my account with Phrona from a blog post comparing services and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Dividend tracking|Portfolio tracking tools|Multi-device support|Real-time alerts
Cons: Limited demo account features
Phrona changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Fast deposits|Low minimum deposit
Cons: Spreads widen during volatile periods