PhyxTrade has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
My card was charged twice by PhyxTrade on the same day. I had to dispute it with my bank. PhyxTrade then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Multi-currency support|Comprehensive tools|Social trading features|Good analytical tools
Cons: Live chat only during business hours
My withdrawal from PhyxTrade was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. since last summer of being strung along.
Pros: Segregated accounts|Educational resources
Cons: Limited ETF selection|Spreads widen during volatile periods
I found PhyxTrade through my accountant's suggestion and the initial impression was positive. But since mid-2025 later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Intuitive for beginners|Fast support response|Responsive team
Cons: Would like more payment methods
PhyxTrade offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Fast support response|Segregated accounts|Comprehensive tools
Cons: Cannot customize dashboard fully|No live chat on mobile
I wanted to transfer my portfolio from another broker to PhyxTrade. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: API access|Instant funding
Cons: Search feature is basic