WikiFX Broker Assessment Series | Is Phyntex Markets Reliable?

About Phyntex Markets

Phyntex Markets is a trading platform offering diverse account types and a range of tradable assets. Notably, the absence of readily verifiable regulatory information raises concerns about transparency. Phyntex Markets caters to a wide range of trading appetites with its comprehensive instrument selection. Whether you're a currency connoisseur, an index enthusiast, or a commodities aficionado, you'll find something to pique your interest.

Is it Legit？

Phyntex Markets is not a regulated broker as it does not hold a legitimate license from any regulatory authorities.WikiFX has given this broker a low score of 1.09/10.

Account Types & Minimum Deposit

Phyntex Markets offers four different types of accounts. They are Standard Account, ECN Account, Cent Account, and STP Account.

Standard Account:

Ideal for casual traders, Phyntex Markets' Standard Account requires a minimum deposit of $15, making it accessible to a broad range of traders. With a generous leverage of 3000:1 , traders can amplify their positions, and competitive spreads starting from 1.8 ensure cost-effective trading. The absence of commissions, coupled with swap-free options, enhances the appeal of this account. However, traders should be mindful of a 50% margin call threshold and a 30% stop-out level.

ECN Account:

Tailored for professional traders, the ECN Account at Phyntex Markets demands a slightly higher minimum deposit of $250. In return, traders benefit from a commission-based structure, with a charge of $5 per lot. The leverage remains a robust 300:1, while spreads are notably tight, starting from 0.1. This account also offers swap-free options, aligning with the needs of serious traders. As with the Standard Account, margin calls and stop-out levels are set at 50% and 30%, respectively.

Cent Account:

Geared towards beginners, the Cent Account at Phyntex Markets requires a modest minimum deposit of $15. With a leverage of 500:1, this account type allows novice traders to dip their toes into the markets with reduced risk. Spreads start from 1.8, and similar to the Standard Account, there are no commissions. The inclusion of swap-free options caters to traders who adhere to such preferences. Margin calls and stop-out levels are consistent at 50% and 30%, respectively.

STP Account:

Designed for company investments, Phyntex Markets' STP Account necessitates a more substantial minimum deposit of $25,000. This account type operates on a commission basis, with a charge of $12. The leverage is set at 300:1, and spreads start from 0.4, providing a favorable environment for larger-scale trading activities. Unlike some other accounts, the STP Account does not offer swap-free options. Margin calls and stop-out levels mirror the standard set at 50% and 30%, respectively.

Leverage

According to the official website of Phyntex Markets, the broker offers a maximum trading leverage of 1:3000. If you use $ 100 to trade, you can control a position worth up to $300,000.

Leverage allows you to control larger positions with less capital, amplifying your potential profits. However, it is important to note that leverage also increases potential losses.

Trading Platform

Phyntex Markets provides traders with the sophisticated and widely acclaimed MetaTrader 5 (MT5) trading platform, ensuring a powerful and versatile tool for navigating the financial markets. MT5 stands out for its advanced features, user-friendly interface, and comprehensive capabilities, catering to the diverse needs of both novice and experienced traders.

Download the powerful MT5 trading platform on your PC or MA and start trading with your trading partner Phyntex Markets! Enhance your experience with unlimited charts, 60+ technical indicators, and 9 timeframes to view your favorite assets. Customize the MetaTrader 5 interface to your liking and follow the movements of the financial markets.

Conclusion

Due to the unregulated status, we do not advise you to invest in this broker. You may lose everything as no regulatory authorities can help you. If you want more information about certain brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX App to find your most trusted broker.