Forex scams are getting more frequent. As more and more people become interested in forex, Fraud is becoming more common. Every day, forex scams happen. Fraudsters attract victims by making appealing promises. Investors fell for these false promises and eventually got duped. Recently, WikiFX got such a complaint.

A recent complaint we received from India. The victim filed a complaint against Phenoix FX, claiming he is unable to withdrawal his amount. He said, I invested 18 lakh INR with the broker in November 2021. For the first time since then, I experienced a withdrawal issue. The complainant stated, I inquired about this issue with the broker but received no response.

WikiFX Review

According to WikiFX, Phenoix FX is a newbie broker, established in 2023 in Saint Lucia. It does not have a license from an esteemed authority like CySEC, FCA, FMA, ASIC, etc. WikiFX issued a warning there, stating that

• The Comoros AOFA regulation, with license number L 15610/PPFX, is offshore. Please be aware of the risk!

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