Phyntex Markets has been flagged by Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Carrying on unlicensed capital market activities of dealing in securities This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The hidden fees at Phyntex Markets are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Full transparency|Professional team
Cons: Minimum deposit could be lower|Currency conversion fee exists
I gave Phyntex Markets a fair chance. After since early this year of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Segregated accounts|Fast execution
Cons: Research section could be deeper
Phyntex Markets 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: Clear documentation|Dedicated account manager
Cons: Could offer more webinars
I was contacted by Phyntex Markets through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
I was about to invest with Phyntex Markets but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Not registered with regulators|Unrealistic promises
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Phyntex Markets said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Segregated accounts|Personal attention
Cons: Help articles are sometimes vague