Phyntex Markets is an online forex trading platform operating under the name Phyntex Group Limited. The company offers a variety of trading services including forex, contracts for difference (CFDs), and derivatives, with a focus on clients in the Asia-Pacific region, particularly in Southeast Asia. Information on the Phyntex Markets official website indicates that the company is registered in the Comoros Union, but this registration information cannot be verified through the official government websites of the Comoros Union. Additionally, according to the Whois domain registration information, the official website's domain name for the company was registered on August 1, 2023, with the domain registration dating back no more than one year from today.
Account Registration:
According to Phyntex Markets' website, the company provides investors with a link to register for a real account. The registration method of real Account is: click "Open Live Account" on the homepage of Phyntex Markets official website to enter the registration page, select or fill in the name, Email, country, city, telephone number, verification code and other information as required to complete the registration of real account. The Phyntex Markets official account registration page is available in English only. In addition, the Phyntex Markets website does not provide a link to sign up for a demo account.
Account Type:
Phyntex Markets provides investors with Standard Account, ECN Account and Cent Account three types of trading account. In addition, the Phyntex Markets website provides the minimum deposit, margin ratio, commission, spread, overnight interest information and the differences between the three different account types.
Trading Products:
Phyntex Markets, which is only listed under "Trading Software" on the website, offers investors access to 7 different asset classes and more than 10,000 CFD instruments. Phyntex Markets website does not provide specific asset classes, the specific trading products covered by different asset classes, and the commission, spread, maximum trading units, minimum trading units and other information for specific trading products.
Margin ratio:
Although Phyntex Markets shows in the "Account Type" on the official website, the company provides information on the maximum margin ratio for investors with different account types. However, the Phyntex Markets website does not provide information on the margin ratio of specific trading products under different account types.
Trading Hours:
The official website of Phyntex Markets does not provide information on trading hours of specific trading products covered by Forex and precious metals.
Deposits and Withdrawals:
The Phyntex Markets website shows possible deposit and withdrawal channels and methods, including VISA, Matercard, NETELLER, STICPAY, tether, surepay. The Phyntex Markets website, however, does not provide information about the currencies it supports, the fees and the time it takes to deposit or withdraw money.
Trading Software:
The Phyntex Markets website only shows its mobile trading software for investors with IOS and Android support, and does not provide more specific information about the trading software. However, the Android version of the trading software in some countries or regions, there are problems that cannot be downloaded or downloaded and installed slowly.
Regulatory information:
Phyntex Markets holds a Money Services Business license (MSB license) from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the U.S. Financial Crimes Enforcement Network (FinCEN), and is regulated or authorized by the National Futures Association (NFA). The results showed that although the company holds a Money Services Business license (MSB license) from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Financial Crimes Enforcement Network (FinCEN) in the United States, the information is true. However, the official website information of FINTRAC Canada and FinCEN USA shows that these two agencies are financial intelligence, anti-money laundering and anti-terrorist financing regulatory agencies, their responsibility is to detect, prevent and deter money laundering and terrorist financing activities through the collection and analysis of financial intelligence, and do not regulate and authorize brokers. The National Futures Association (NFA) website did not find any regulatory or authorization information related to the company, indicating that the company is not regulated or authorized by the NFA.
Summary:
Fraud is suspected at Phyntex Markets. On the one hand, the Phyntex Markets website does not provide information on trading products, deposits, withdrawals and trading software. On the other hand, although the company holds a Money Services Business license (MSB license) from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Financial Crimes Enforcement Network of the United States (FinCEN), the information is true. However, the official website information of FINTRAC Canada and FinCEN USA shows that these two agencies are financial intelligence, anti-money laundering and anti-terrorist financing regulatory agencies, their responsibility is to detect, prevent and deter money laundering and terrorist financing activities through the collection and analysis of financial intelligence, and do not regulate and authorize brokers. The National Futures Association (NFA) website did not find any regulatory or authorization information related to the company, indicating that the company is not regulated or authorized by the NFA. Judging from this, MPhyntex Markets is suspected of fraud, and investors should be careful to choose the services provided by the company. TraderKnows reminds you, please pay attention to your property safety, to avoid falling into the fraud trap.
