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Contract reading

What Phoenix FX legally published, but does not want you to read

Every clause below is published by Phoenix FX itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Phoenix FX Limited

sole discretiondeemed acceptanceforum waiverprofit voidingunilateral amendmenthidden feejurisdictionregulatory contextwithdrawalsabusive trading

Phoenix FX has gone. The domain phoenixfxltd.com expired and now shows a parking page, taking the platform, the client portal and all six legal documents with it. The contract it last published let it cancel your profit on suspicion alone, then barred you from complaining about that cancellation. Its risk disclosure promised you could never lose more than your balance, and clause 5.5 takes that back if Phoenix FX decides your actions were intentional. No clause anywhere promises your money was held separately from the company's.

Back to Phoenix FX

Contract risk

Payout refusable
9.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
13
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
6
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 13 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning6
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical6Time to complain. Jump to the clause this comes from.Every route to Phoenix FX now leads nowhereCritical3 working daysWithdrawal limit. Jump to the clause this comes from.A phone call stood between you and your profit30 daysFee you were not shown. Jump to the clause this comes from.Phoenix FX owed you no account of what it charged10%Bonus requirement. Jump to the clause this comes from.Bonuses advertised a year after their terms expired

What the documents say

13 clauses worth knowing about, worst first, each quoted from Phoenix FX's own files

01

Phoenix FX built every duty it owed you onto one domain, and that domain has lapsed. The contract is formed by registering on its website under clause 1.1, the fee list lives on that website under clause 9.1, and clause 12.2 makes one email address there the only way to complain. All six of its legal documents went with it.

Why this matters

You cannot complain, ask what you were charged, or find out where your balance went, because the only addresses the contract gives you have stopped working. No document names a successor company, a wind down process or any other way to reach Phoenix FX.

Exhibit 1CriticalRarely seen6

Customers can submit complaints by emailing HYPERLINK "mailto:support@phoenixfxltd.com"support@phoenixfxltd.com
Clause 12.2 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026Every route to Phoenix FX now leads nowhere (clause 12.2)Visit this page on the broker's siteDownload the full size image file

Our readingEvery obligation in this contract is discharged through one website and one email address on the same domain. When that single domain lapsed, the fee schedule, the trading terms, the payment instructions and the complaint route all failed together, and the contract provides no second channel for any of them.

  • Worse together with Exhibit 12No clause ever promised your money was held separately, and now there is no surviving address at which to ask where it went.
02

Suspicion is the whole test. Clause 3.8 lets Phoenix FX cancel your orders, cancel your profit and close your account if it suspects you used arbitrage, and the contract never says what arbitrage means. Clause 7.2 lets it delete profits on what it calls its own individual decision.

Why this matters

Money you have already made can be taken off your balance because Phoenix FX formed a view about how you traded. Nothing in the contract caps the amount, requires proof, or gives you a right of reply before it happens.

Exhibit 2CriticalHarder than usual

The use of arbitrage strategies, aiming to exploit price or time differences in financial instruments, is strictly prohibited. The Company reserves the right to cancel orders, profits, and close trading accounts if arbitrage usage is suspected.
Clause 3.8 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026Profit cancelled on suspicion, with no definition of the offence (clause 3.8)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 4Clause 3.8 deletes the profit and clause 13.3 refuses to hear any complaint about that deletion.
03

Clause 10.3 promises your withdrawal in three working days, if conditions are met. Clause 10.5 makes one of those conditions a phone check you have to pass, and says that failing it can block your account with no profits paid. Clause 2.10 lets Phoenix FX refuse you service outright and keep the reason to itself.

Why this matters

A call you miss, a number that changed, or an answer Phoenix FX did not like is enough to stop your payout. The clause sets no deadline for the check, no way to reschedule it, and no appeal when it goes against you.

Exhibit 3CriticalHarder than usual3 working days

If required, clients must fulfill a control check via phone, providing necessary details. Failure to comply may result in account blocking, with no profits paid or losses compensated.
Clause 10.5 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026A phone call stood between you and your profit (clause 10.5)Visit this page on the broker's siteDownload the full size image file

What it costsOn a $10,000 balance, clause 10.3 would pay you inside three working days. Clause 10.5 lets a failed phone check stop that payment entirely, and the contract sets no date by which the check must happen.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must verify who a client is before they accept that client's money, so a failed check stops a deposit rather than trapping a balance that is already in. Here the check can arrive at the point you ask to be paid, and clause 10.5 attaches the loss of your profits to failing it.

Phoenix FX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 1The phone check and the complaint route both ran through contact details that stopped working when the domain lapsed.
04

Clause 13.3 refuses complaints about money lost on positions Phoenix FX itself cancelled, and ends with the words or for any other reason. Clause 13.4 bars you from citing any other company's prices. Clause 15.1 makes Phoenix FX's own server log the evidence that counts, and clause 12.5.2 closes the door after 30 calendar days.

Why this matters

The one event most likely to cost you money, Phoenix FX voiding your trades, is the event the contract says you may not complain about. You also cannot prove its price was wrong, because only its own records are admissible.

Exhibit 4CriticalHarder than usual30 days

The Company will not accept any complaints from the Client regarding the financial consequences of orders opened or closed using temporary additional free margin on a trading account opened due to profitable positions (later canceled by the Company) or off-market quotes (spike), or for any other reason.
Clause 13.3 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026You cannot complain about a profit Phoenix FX cancelled (clause 13.3)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must let a retail client take an unresolved complaint to an independent body outside the firm, and must allow months rather than days to bring one. Here clause 16.2 leaves the method of settling a dispute to Phoenix FX alone, and no document names any outside body at all.

Phoenix FX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

05

Phoenix FX's risk disclosure states flatly that retail clients cannot lose more than their account balance. Clause 5.5 of the customer agreement keeps an exception: where Phoenix FX perceives your actions as fraudulent or intentional, it may pursue you for a debt. One document gives you a floor and the other removes it.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

If the market moves against you hard enough to take your account below zero, you could be chased for money you never deposited. The decision rests on what Phoenix FX perceives about your intent, and the contract sets no test it has to meet.

Exhibit 5CriticalRarely seen

Phoenix FX LTD provides negative balance protection, ensuring that retail clients do not lose more than their account balance.
Quoted in Risk Disclouser, Use of Leverage
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026The claim, on Risk Disclosure, Use of Leverage sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026What the contract says, clause 5.5Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Retail clients of firms licensed by the FCA, and of firms under the European rules for contracts for difference, get negative balance protection as a standing rule, with no exception for the firm's own view of the client's intent. Clause 5.5 keeps exactly that exception.

Phoenix FX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingNegative balance protection means you can never owe more than the money in your account. Once a firm offers it, it is normally absolute. Making it depend on the firm's own perception of your intent turns a fixed floor into a judgement Phoenix FX makes alone, after the loss has happened.

06

Clause 14.47 defines a segregated account as a bank account keeping client funds separate from the company's, as required by regulations. That definition is the only time the word appears in the whole agreement. No clause says Phoenix FX used one, and the risk disclosure says your money may sit with third parties it cannot guarantee.

Why this matters

Nothing in the contract gives you a claim to money held apart from the firm's own. The risk disclosure goes further and warns that on insolvency your positions may be closed without your consent, and no document names any compensation scheme that would pay you back.

Exhibit 12CriticalHarder than usual

'Segregated Account' is a bank account where the Client's funds are kept separate from the Company's funds, as required by regulations.
Clause 14.47 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026The claim, on Homepage, Our Services panel, Regulated by UCFAVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026What the contract says, clause Third-Party RiskVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026Segregated accounts defined, never promised to you (clause 14.47)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep retail client money in accounts separate from their own, and must tell clients which compensation scheme covers them if the firm fails. This contract defines the term in its definitions list, never applies it, and names no scheme.

Phoenix FX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Phoenix FX owed you no account of what it charged

Clause 9.5 released Phoenix FX from giving you any report of the commissions and fees it took. Clause 9.2 let it change those charges with no notice, while clause 7.1 promised notice before trading terms including commissions changed, so the same contract says both. Clause 10.8 let it pass on payment provider fees in whatever amount it thought appropriate, and clause 10.7 set conversions at a rate it describes only as the prevailing one.

Cost disclosure1 clause flagged

Clause 9.5 says Phoenix FX does not have to give you any report of the commissions and fees it took from your trading. Clause 9.2 lets it change those charges with no notice at all, while clause 7.1 promises notice before trading terms including commissions change. The same contract says both.

Why this matters

You cannot audit what came off your balance, because no clause makes Phoenix FX tell you. Clause 10.8 adds that it may pass on payment provider charges in whatever amount it thinks appropriate.

Exhibit 6WarningHarder than usual30 days

The Company is not obligated to disclose reports detailing profits, commissions, and other fees derived from the Client's trading activities, unless explicitly stated otherwise in the contract.
Clause 9.5 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026The claim, on Homepage, Our Services panel, Zero Spread AccountVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026What the contract says, clause 9.5Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before that client trades, and must report what was actually charged afterwards. Clause 9.5 removes both duties.

Phoenix FX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Bonuses advertised a year after their terms ran out

Phoenix FX offered 10% credit on every deposit up to $5,000 on terms that expired on 29 February 2024, then kept advertising deposit bonuses on its homepage through March 2025. A second offer locked a $15,000 deposit for 60 days against the reward of a tour. A third paid gifts up to a BMW bike for 5,000 lots traded. All three sets of terms sat on pages the footer never linked, and the customer agreement never uses the word bonus.

Expired offers1 clause flagged

Phoenix FX advertised deposit bonuses on its homepage in March 2025. The only bonus terms it ever published are five lines on a page the footer never linked, offering 10% credit up to $5,000, valid until 29 February 2024. The customer agreement never uses the word bonus at all.

Why this matters

A credit bonus counts toward the Personal Funds figure your margin is measured against under clause 6.3.1, yet the contract never defines Credit and never says when Phoenix FX may take it back. You would be trading on money whose rules were nowhere written down.

Exhibit 7WarningHarder than usual10%

Deposit: 10% Credit BONUS on Every Deposit.
Quoted in Term & Condition (10% credit bonus), Term & Condition
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026The claim, on Homepage, Our Services panel, Attractive Deposit Bonuses, captured March 2025This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026What the contract says, clause Term & ConditionVisit this page on the broker's siteDownload the full size image file

What it costsClause 14.31 puts one lot at 100,000 units of the base currency. The top reward in the Trade and Win ladder asks for 5,000 lots, which is 500,000,000 units of currency traded.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
50 LotsA Phoenix FX merchandise kit.Step 01
100 LotsSony headphones.Step 02
250 LotsAn Armani watch.Step 03
500 LotsA Samsung tablet.Step 04
1000 LotsA PlayStation 5.Step 05
2000 LotsA Samsung S24 Ultra.Step 06
5000 LotsA BMW bike.Step 07

Phoenix FX could suspend or delete your account without telling you

Clause 19.1 let Phoenix FX suspend your account at any time, with or without notice, and clause 19.2 let it delete a zero balance account within 60 days on the same terms. Clause 2.22 let it delete inactive accounts on periods the contract never states. Clause 19.10 also bound you to a Return Policy Phoenix FX never published.

Account control2 clauses flagged

Clause 19.1 lets Phoenix FX suspend your account at any time, with or without notice. Clause 19.2 lets it delete an account whose balance is zero within 60 days, again with or without notice. Clause 2.22 lets it delete inactive accounts on periods the contract never states.

Why this matters

You can be locked out without warning, and the deadlines that decide whether your account survives are not written where you can read them. Clause 6.2 also lets Phoenix FX change your leverage with no notice, which moves the point at which your positions are closed.

Exhibit 8WarningHarder than usual60 days

The Company reserves the right to suspend the Client's Trading Account at any time for any valid reason, with or without notice.
Clause 19.1 in Customer Agreement
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
No trading or no depositPhoenix FX can suspend the account automatically. The contract gives no period.2.20
Press a button or depositYou can stop the suspension from your Personal Area or by paying money in.2.21
Balance at zeroPhoenix FX can delete the account 60 days after the last operation, with or without notice.19.2
  • Worse together with Exhibit 2Two people on one home connection count as a single client under clause 3.6, which widens the suspicion that triggers the profit cancellation in clause 3.8.

Clause 19.10 has you confirm you have read and agree to be bound by a Return Policy. Phoenix FX never published one. Its footer listed six legal documents and that was not among them, and no such page exists anywhere on the site.

Why this matters

You agreed to refund terms you could not read, and the clause also binds you to any other relevant documents Phoenix FX publishes later. That leaves the list of things you have agreed to open ended.

Exhibit 11NoticeHarder than usual

The Client confirms having read and agrees to be bound by the Company's Privacy Policy, Risk Disclosure, Return Policy, AML Policy, and any other relevant documents published by the Company.
Clause 19.10 in Customer Agreement
Read from the broker's site on Open the reference

The client contract names no law and no court

Across twenty sections, the Phoenix FX customer agreement never says which country's law governs it or which court hears a dispute. Clause 1.2 says only that the company is registered in Saint Lucia and that claims will be subject to a judicial process, without naming one. The partner agreement for its introducing brokers names Curacao law and Curacao courts, so the people who brought clients in got a forum the clients did not.

No forum1 clause flagged

Nowhere in twenty sections does the customer agreement say which country's law governs it or which court hears a dispute. Clause 1.2 says only that Phoenix FX is registered in Saint Lucia and that legal claims will be subject to a judicial process, without naming one. The partner agreement for its introducing brokers does name both: Curacao law and Curacao courts.

Why this matters

You have no stated place to sue and no stated law to sue under, while the people who introduced you to Phoenix FX were given both. Clause 19.9 adds that only the English text binds Phoenix FX, so a translation you relied on counts for nothing.

Exhibit 9WarningRarely seen

The Company is duly registered under the jurisdiction of Saint Lucia. In the event of any legal claims, resolution will be subject to a judicial process.
Clause 1.2 in Customer Agreement
Read from the broker's site on Open the reference

Our readingA client agreement almost always names the law that governs it and the court that hears disputes, because that is what makes the rest of it enforceable. This one names neither, and the only forum it describes is Phoenix FX settling the matter itself under clause 16.2.

  • Worse together with Exhibit 4No court is named in the contract and clause 16.2 leaves disputes to Phoenix FX, so there is no stated appeal from its own decision.

Phoenix FX quoted the only price that counted

Clause 3.1 describes a pass-through model settling every client position with outside banks, then adds that Phoenix FX may intentionally withhold the adjustment of an order. Clause 15.2 lets it rule out any argument its own server log does not record. Relying on a firm's own feed is standard in this market, but Phoenix FX published no conflict of interest policy and clause 13.4 makes nothing outside that feed admissible.

Price authority1 clause flagged

Clause 3.1 describes a pass-through model where every client position is settled with outside banks, then adds that Phoenix FX may intentionally withhold the adjustment of an order. Clause 15.2 says an argument based on anything its server log does not record may be ruled out. Phoenix FX published no conflict of interest policy.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

If you think a price was wrong, the only record you may rely on belongs to Phoenix FX, and clause 13.4 stops you citing anyone else's prices. Treating the firm's own feed as the reference is standard in this market, but here nothing outside it is admissible.

Exhibit 10WarningStandard wording

The Company employs an ECN/STP model for order execution, settling all Client positions through interbank liquidity providers. In certain instances, the adjustment of orders may fail or be intentionally withheld by the Company.
Clause 3.1 in Customer Agreement
Read from the broker's site on Open the reference

Phoenix FX defined segregated accounts and never promised you one

Clause 14.47 of the Phoenix FX customer agreement defines a segregated account, and that definition is the only place the word appears in the whole document. No clause says the company used one. The risk disclosure says client funds may be held with third parties whose failure it cannot guarantee against, names no compensation scheme, and warns that insolvency could see positions closed without consent. Its own two agreements also credit one licence number to two different authorities.

Client money1 clause flagged

Phoenix FX's regulation page credits its licence, number L15610 / PFX, to the Union of Comoros Finance Authority. Its partner agreement credits the same number, written L 15610 / PFX, to the Anjouan Offshore Finance Authority. The two documents name different authorities for one licence.

Why this matters

You cannot tell from Phoenix FX's own papers who, if anyone, supervised it, and that is the first thing you would need to know to complain about it. The certificate it offered as proof is a scanned picture with no readable text.

Exhibit 13WarningHarder than usual

Phoenix FX Limited (Saint Lucia) is regulated by The Union Of Comoros Finance Authority as a International Brokerage and Clearing House License. License number L15610 / PFX
Quoted in Regulation, Regulation
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 9, 2026The claim, on Regulation page, the whole of its textVisit this page on the broker's siteDownload the full size image file
Our own capture of web.archive.org, taken on Oct 9, 2026What the contract says, clause 2Visit this page on the broker's siteDownload the full size image file

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The risk disclosure promises an unconditional floor on your losses, and clause 5.5 keeps an exception that depends on what Phoenix FX perceives about your intent.

Said in public, in English

Phoenix FX LTD provides negative balance protection, ensuring that retail clients do not lose more than their account balance.

Risk Disclosure, Use of Leverage section

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause 5.5

The Company will adjust the account balance to zero. However, in exceptional cases where the Company perceives the customer's actions as fraudulent or intentional, a claim for debt may be considered.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

02

One licence number is credited to the Union of Comoros Finance Authority on the regulation page and to the Anjouan Offshore Finance Authority in the partner agreement.

Said in public, in English

Phoenix FX Limited (Saint Lucia) is regulated by The Union Of Comoros Finance Authority as a International Brokerage and Clearing House License. License number L15610 / PFX

Regulation page, the whole of its text

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause 2

Phoenix FX Ltd, a company authorized by the Anjouan Offshore Finance Authority (AOFA) with License No.: L 15610 / PFX.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

03

The homepage promises no extra costs while clause 9.5 frees Phoenix FX from telling you what it charged, and the account table on that same page lists no zero spread account.

Said in public, in English

We have gold trading with Zero Spread with no extra costs, just pure profits! Experience transparent transactions designed for gold enthusiasts.

Homepage, Our Services panel, Zero Spread Account

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause 9.5

The Company is not obligated to disclose reports detailing profits, commissions, and other fees derived from the Client's trading activities, unless explicitly stated otherwise in the contract.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

04

Deposit bonuses were still advertised on the homepage in March 2025, a year after the only published bonus terms expired.

Said in public, in English

Unlock extra value at Phoenix FX with attractive deposit bonuses. Boost your trading potential with rewarding perks on your deposits.

Homepage, Our Services panel, Attractive Deposit Bonuses, captured March 2025

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause Term & Condition

Bonus offer valid between 1st February, 2024 to 29th February, 2024

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

05

The homepage sells secure trading and peace of mind while the risk disclosure says your funds may sit with third parties whose failure Phoenix FX cannot guarantee against.

Said in public, in English

Trade with confidence at Phoenix FX, regulated by UCFA for secure and transparent trading. Your peace of mind is our priority in the financial markets.

Homepage, Our Services panel, Regulated by UCFA

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause Third-Party Risk

Client funds may be held with third parties, and while Phoenix FX LTD exercises due diligence in their selection, we cannot guarantee against the insolvency or failure of these entities.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

The documents this reading is based on

6 files, all published by Phoenix FX. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Phoenix FX publishes.

How this reading was done

Every clause above was read out of a document Phoenix FX publishes itself

This reading was published on .

Documents
0 of 6downloaded from the broker's site, none of them read end to end
Pages opened
14pages walked to find those documents, footer links included
Older copies
15earlier versions downloaded

Who the contract is with

Phoenix FX Limited

The regulation page settles the name: Phoenix FX is a brand name of Phoenix FX Limited (Saint Lucia), registered number 2023-00471, at The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia. Clause 1.1 of the customer agreement writes the same company as Phoenix FX LTD and clause 1.2 says only that it is registered under the jurisdiction of Saint Lucia. That is the whole of what the contract tells you about who holds your money. Four jurisdictions appear across the documents without being reconciled: the company is registered in Saint Lucia, the footer credits a Comoros authority with its licence, the partner agreement credits an Anjouan authority with the same licence number, and that partner agreement chooses Curacao law and Curacao courts. The contact numbers on every page are United Arab Emirates numbers. No document names a parent, a group or an affiliate that stands behind the Saint Lucia company.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Phoenix FX charged no dormancy or inactivity fee. Nothing in the contract takes a monthly amount off an idle balance, which is better than many brokers of its size. Clause 5.5 sets a negative balance back to zero in the ordinary case, and clause 2.11 refunds your initial deposit if Phoenix FX rejects you as a client. Clause 10.3 committed to three working days on a withdrawal, which is a faster promise than most. The privacy policy is the strongest document in the set: it spells out rights of access, correction, erasure, restriction, portability and objection, and names the European data protection regulation it was built from. The risk disclosure gives credit risk, insolvency, liquidity, volatility, slippage and technical risk their own named sections, and the agreement carries a full definitions list running from 14.1 to 14.55.

Phoenix FX publishes nothing today. Its website and all six of its legal documents are off the internet because the domain lapsed, so there is no current text of anything to read. Every quotation here comes from copies of Phoenix FX's own pages kept by the Internet Archive: the customer agreement, risk disclosure, IB agreement, privacy policy, cookies policy and AML policy as they stood on 16 March 2025, the bonus and tour terms from 16 October 2024, and the two competition pages from 19 September 2024. We could not read the licence certificate, because Phoenix FX published it as a scanned picture with no text inside it. No fee schedule, account specification or trading terms page survives anywhere, so the commissions, spreads and swap rates the contract points to cannot be checked against what it charged. We found no version of the site in any language other than English. We could not see the client portal or the trading platform at all.

How to check any of this yourself

Every quote above links to the Phoenix FX file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Phoenix FX publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Phoenix FX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 9, 2026.

If you represent Phoenix FX and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Phoenix FX. Whether its licence is real and current is a separate check on the broker profile.

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