Phemextrade is a forex broker whose official website domain was registered on January 14, 2024. It primarily offers investors trading services in financial derivatives such as forex, stocks, indices, energy, metals, and ETF contracts for difference (CFDs). This broker does not provide services to jurisdictions where doing so might violate local laws or regulations.
Company Registration Information and Regulatory Status:
Information published on the Phemextrade official website indicates that the broker operates multiple corporate entities regulated by various authorities. Phemextrade Ltd is authorized and licensed by the Cyprus Securities and Exchange Commission (CySEC) with a license number of 1780019. Phemextrade (registered under HRB11677B) acts as the designated representative for Ultra Booster Trade Ltd in Germany, regulated by the Federal Financial Supervisory Authority (BaFin). Additionally, this broker has been authorized since October 2, 2017, by the Mauritius Financial Services Commission (FSC) to operate as an investment dealer under license number C17554381, and by the Seychelles Financial Services Authority (FSA) under license number SD0175.
Upon verification of its official website information, there were no regulatory registration details found for this broker with the Cyprus Securities and Exchange Commission (CySEC), the Federal Financial Supervisory Authority (BaFin), the Mauritius Financial Services Commission (FSC), or the Seychelles Financial Services Authority (FSA).
Opening an Account:
To open an account with Phemextrade: visit the broker's official website, click on “SIGN UP FOR FREE” on the homepage or “SIGN UP” at the top right corner of the page to access the account registration page. Complete the form with personal information such as your name, email address, and set a login password to submit. Once the application is submitted, your account will be successfully registered.
Account Types:
The Phemextrade official website does not disclose information related to spreads, trading leverage, margin calls/stop-out levels, contract sizes, trading commissions, minimum/maximum trade volumes, maximum positions/order amounts, or minimum price precision.
Trading Platform:
Phemextrade offers users its proprietary trading platform.
Deposits and Withdrawals:
Phemextrade supports deposits and withdrawals through local banks, e-wallets, or cryptocurrencies.
Summary:
Traderknows reminds investors that Phemextrade is a scam platform providing false regulatory information. Its official website does not offer any contact information. Moreover, the website design and content of this broker are identical to those of Sterling Asset, FS Main, Venus Mining, Upfront Fx Trade, Safe Invest Trades, and Reliable Bitcoin Mining. Traderknows advises investors to opt for brokers that are transparent, strongly regulated, and have a good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
