Phoenix4x SCAM Full Review
Did you deposit with Phoenix4x and suspected you were SCAMMED? Read our review about Phoenix4x And see why we DON’T recommend them as your broker for trading.
Who is Phoenix4x ?
First, you need to know that trades between FX (foreign exchange) dealers can be huge, involving hundreds of millions of dollars. And due to sovereignty issues when two currencies are involved, the foreign exchange market has almost no supervisory entity that regulates its actions.
Phoenix4x is one of many UNREGULATED forex brokers.
Speaking of their website, when you look for a broker for trading, and you see that the company does not fall under any regulating agency- please do NOT invest with them. It should be a sufficient tip-off for you to know that your money isn’t safe with them and you are not protected. They can take your money and there is no regulatory agency to hold them responsible.
If that’s not enough, you should be aware that when a website, like Phoenix4x’s website, offers “Automated Trading Software” from another website they work with- you’re in for a scam. These kinds of websites are notoriously known for scamming schemes.
So how does it work?
Well, they will do everything in their power to convince you to make the initial minimum deposit. They will lure you by promising the moon: “We will double that initial deposit within 24 hours!” and so on.
After they succeed with the initial deposit, they will try to get more money out of you using the help of more experienced scammers. It doesn’t end. However, you can make it end even if you fall victim to their empty promises.
Did that happen to you too?
How to get your money back?
It would be best if you did a few things to get your money back.
*Maintaining contact with the scammers can be vital if you would decide to get help from us to learn more
- Submit a withdrawal request (in writing) ASAP!
Always remember that they don’t want to give you your money back, but they won’t tell you that. They will DELAY. They will hold back the withdrawal process for months for different excuses.
Know that after six months, you won’t be able to perform a chargeback!
- File a chargeback
You had to submit the withdrawal request in writing to prove that you’ve tried to ask for your funds back, yet, they refuse to do so, or it’s delayed for far too long.
This option is valid only if you paid with your credit or debit card.
Performing a chargeback allows you to kill two birds with one stone:
You are more likely to get your money back, and the broker gets hurt.
Firing many chargebacks wrecks their relationship with the payment service providers.
Want to learn more about a chargeback? Contact Online Justice for more information.
- If you sent them a wire- you must attack it from a different angle:
Unfortunately, you can’t perform a chargeback. But don’t worry, there are still ways for you to get back what’s yours.
Threat them that you will go to the authorities and unless they give you your money back you will file a complaint against them.
If that doesn’t work- be a man of your word! write an email or a letter to the regulating agency for forex brokers in your country (Google it). Tell them everything that happened, how they conned you, and about your hard-earned money they won’t give back.
But before you send it, give it one last chance and send the letter to the broker; let them know that unless they refund your money- you will send it to the regulating agency.
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We hope this review was helpful and gave you the information you needed.
If you have any more questions or requests, please don’t hesitate to contact us at email@example.com or here.