Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighA national regulator lists the exact domain for unlicensed dealing; the only trading credential comes from a body the Comoros central bank calls fictitious, and the Canadian credential is an expired anti money laundering registration, not regulation.
Identity & transparency
4/10 · ModerateEntity name, registration number and address are disclosed consistently and match two government registries, and nothing suggests a clone; against that, no owners are named, the addresses are mail-forwarding suites, the affiliated US entity is delinquent, and the operating base is undisclosed.
Withdrawals & conduct
7/10 · HighTwo fund-integrity reports on two platforms describe the identical mechanism of an account closed with a balance then withheld, one specifying USD 58,271.03, with no positive payout reports to offset and no reply from the broker; not time-clustered, so short of a systematic freeze.
Reputation
8/10 · CriticalEvery Trustpilot review is one star with no positive reviews at all, a severe unanswered complaint sits on a second platform, and a regulator alert names the site; only the thin total volume keeps this off the top of the scale.
Website claims
8/10 · CriticalPresents a disowned offshore registration and a lapsed Canadian AML registration as regulation in reputable financial jurisdictions, promises withdrawals approved within 24 hours, and advertises 1:5000 leverage that its own leverage table caps at 1:2000.
Operational history
4/10 · ModerateA verified track record of about three years, consistent across the domain registration, the incorporation date and the licence date, with no inflated age claim; the affiliated US entity has never filed a periodic report.
Who they are
A quick desk file on the company behind the brand.
Facts below are taken from the broker's own legal documents and checked against government registries.
- Brand: Phyntex Markets, a trading name of Phyntex Group Limited.
- Legal entity: Phyntex Group Limited, an International Business Company registered in Mwali (Moheli), Comoros, number HY00823421, incorporated 11 August 2023.
- Registered: Moheli Corporate Services Ltd, P.B. 1257, Bonovo Road, Fomboni, Comoros.
- Website: phyntexmarkets.com, with the client portal at ma.phyntexmarkets.com. A sister domain, phyntexasia.com, was registered in the same second as the main site and currently serves no page.
- Only licence: Mwali International Services Authority, International Brokerage and Clearing House licence T2023344, effective 17 August 2023.
- Also claimed: FINTRAC (Canada) foreign money services business registration M23303467, recorded as expired on 31 August 2026.
- Related entity: a same-named Phyntex Group Limited incorporated in Colorado on 12 October 2023, number 20238080795, delinquent with the state since 1 March 2025.
- Offers: forex, metals, commodities, energies and index CFDs on MetaTrader 4 and 5. Accounts from USD 15 with a monthly account fee, leverage advertised up to 1:2000.
- Not accepted: the Americas, Turkiye, Arab states, CIS countries and European nations. It serves Asia Pacific, mainly South East Asia.
- Age claim: none. The site advertises no founding year, and every dated record points to a launch in August 2023.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (M.I.S.A)
FINTRAC (Canada) money services business registration
Why we reached this verdict
How the evidence adds up.
Four findings carry this verdict, and the first is the decisive one.
- A national regulator has named the exact website. The Securities Commission Malaysia lists Phyntex Markets and the address phyntexmarkets.com on its Investor Alert List, dated 2025, with the remark that it is carrying on unlicensed capital market activities of dealing in securities. This matters more than it would for most brokers, because Malaysia is where most of its clients are. The firm itself filed a Malaysian mobile number as its main office contact with Canada's money services business registry, while naming no office in Malaysia anywhere on its site.
- The only trading credential comes from an issuer the host country disowns. Licence T2023344 is genuine and is correctly held by Phyntex Group Limited. A licence certificate confirms the number, jurisdiction, licensed entity, effective date and website. But the Central Bank of the Comoros has stated publicly that the Mwali International Services Authority is a fictitious entity with no legitimacy or legal basis to issue licences to banking and financial companies, and the Comoros Ministry of Finance republished that notice in December 2025. There is no compensation scheme, no deposit protection and no dispute body behind this licence.
- The second credential is not regulation, and it has lapsed. The homepage presents FINTRAC alongside the Mwali licence under a heading about being regulated in reputable financial jurisdictions. FINTRAC says in its own words that registration with it does not indicate that it endorses or licenses a business, and that it does not issue licences at all. Its registry shows Phyntex Group Limited registered for foreign exchange, money transferring, virtual currency and payment services under number M23303467, expiring 31 August 2026, status expired. The site continued to display it afterwards.
- Two clients, two platforms, one mechanism. On Trustpilot the broker holds 3 reviews, all one star, with no positive reviews at all. A Malaysian client wrote in April 2024 that the account was banned and the profit could not then be withdrawn. On a separate broker review platform a client reports the account terminated without a specific clause being cited, a balance of about USD 58,271.03 left in the wallet and withdrawals refused, and a formal letter of demand that went unanswered. Same failure, two platforms, one figure precise enough to check. The complaints are two years apart rather than clustered, so we treat the pattern as real but not as a single freeze event.
- Supporting points. The client agreement lets the company suspend or terminate an account immediately and says nothing about what happens to the money left on it, which is exactly the gap both complaints describe. It mentions inactive account fees without stating any amount or threshold, and nowhere states that client funds are held in segregated accounts. The affiliated US company has never filed a periodic report and has been delinquent since March 2025, at a Denver address shared by roughly twelve thousand registrations. The site publishes no link to either regulator's register, so a client cannot check either claim from the page making it.
- On the numbers. On the evidence alone, the score is 67 per cent. One item of hard weight, the regulator alert naming the domain, together with three of strong weight, sets a floor of 70 per cent, which is the figure published. The track record is just over three years, so no young-broker adjustment applies.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Securities Commission Malaysia lists Phyntex Markets with the website https://phyntexmarkets.com/ on its Investor Alert List, dated 2025, with the remark that it is carrying on unlicensed capital market activities of dealing in securities. The listing names the exact domain under investigation.
E2Canada's published money services business registry records Phyntex Group Limited, operating as Phyntex Markets at phyntexmarkets.com, with registration M23303467 for foreign exchange, money transferring, virtual currency and payment services. The status reads Expired and the expiry date is 31 August 2026, while the homepage continues to advertise the FINTRAC credential.
E3The homepage groups a Mwali registration and a Canadian FINTRAC entry under a claim of being regulated in some of the most reputable financial jurisdictions in the world. FINTRAC states that registration with it does not indicate endorsement or licensing and that it issues no licences, so the claim misdescribes an anti money laundering registration as financial regulation.
E4The broker holds only a Mwali registration yet its client base is concentrated in Malaysia, and it filed a Malaysian mobile number as the main office contact for its Canadian registration while naming no Malaysian office anywhere on its site. Malaysia's regulator has published an alert against the domain, making the solicitation of clients outside any licence scope regulator-confirmed.
E5Trustpilot holds 3 reviews for phyntexmarkets.com, scoring 2.8, with 100 per cent one star and no positive reviews. A Malaysian client wrote in April 2024 that the broker banned the account and the profit could then not be withdrawn. A separate entry is a one-line grievance attached to an advertisement for a fund recovery service and was discounted as a solicitation rather than a complaint.
E6A client account published on a broker review platform reports the account suddenly terminated, the Terms and Conditions cited without any specific clause identified, a remaining wallet balance of about USD 58,271.03 that could not be withdrawn, and a formal letter of demand that went unanswered. This is the second platform describing the same closure-then-withholding mechanism, and is recorded as reported by the client rather than confirmed with the broker.
ModerateForexPeaceArmy broker review page for Phyntex MarketsE7The client agreement allows immediate suspension or termination of an account for breach, suspicious activity or risk management concerns, and does not state what happens to a balance remaining on a terminated account. It refers to inactive account fees without stating any amount or threshold, and contains no statement that client funds are held in segregated accounts.
ModeratePhyntex Markets client agreementE8The Colorado Secretary of State records a same-named Phyntex Group Limited, number 20238080795, formed 12 October 2023, with status Delinquent and the name annotated Delinquent March 1, 2025. The principal office and registered agent address is 1312 17th Street Suite 890, Denver, a building used by roughly twelve thousand registrations.
E9The Colorado filing history shows the company never filed a periodic report: noncompliant from 1 January 2025, delinquent from 1 March 2025, and a name change on 5 April 2026 recorded as caused by failure to file. The change is administrative, which rules out an earlier brand or entity behind the operation.
E10Mwali licence T2023344 is genuinely held by Phyntex Group Limited. A licence certificate on record shows the Mwali International Services Authority as issuer, a Comoros jurisdiction, an effective date of 17 August 2023, the licensed entity as Phyntex Group Limited and the institution website as phyntexmarkets.com, with no expiry recorded. The entity, the number and the website all match the operation, so this is not a clone of another firm.
ModerateThird-party broker directory licence certificateE11The operation's age is consistent across independent dated records: phyntexmarkets.com registered 1 August 2023, Phyntex Group Limited incorporated 11 August 2023 against number HY00823421, the Mwali licence effective 17 August 2023, and the Canadian registration approved 16 October 2023. The site advertises no founding year, so there is no age misrepresentation.
E12The sister domain phyntexasia.com was registered on 1 August 2023 at 09:32:24 UTC, twenty three seconds after phyntexmarkets.com, on the identical pair of Cloudflare nameservers, and was renewed in August 2026. It currently resolves to no site, yet it is the website listed on the brand's LinkedIn company page, which ties that page to this operation.
E13A sweep of the FCA, ASIC, CFTC, NFA and IOSCO alert resources found no entry naming Phyntex Markets, phyntexmarkets.com or Phyntex Group Limited, and no enforcement action or court record. Malaysia is the only regulator to have published against this operation, and its remark concerns unlicensed activity rather than a clone or an investment scheme.
E14The brand's LinkedIn company page describes an 11 to 50 employee financial services business and lists its website as phyntexasia.com rather than the trading site, while the trading site itself links to no social profile and publishes no verification link to either regulator's register.
The other side
The strongest case in this broker’s favour.
Several things point the other way, and they are the reason this is not recorded as a confirmed scam.
- It is not impersonating anyone. The entity name, licence number, registration number and website on the licence record all match the company actually running the site. No regulator has published a clone warning, and no other firm's credentials appear anywhere on it.
- The disclosure is consistent and verifiable. The same entity name, the same incorporation number HY00823421 and the same Fomboni address appear on the homepage, in the client agreement, on the company's Trustpilot profile and in Canada's government registry. Operations that intend to vanish usually do not file matching particulars with two separate governments.
- The licence it claims is real. Weak and disowned by the Comoros central bank, but genuinely issued to this company and in force since August 2023. We have not found a fabricated number anywhere.
- There is a real trading operation behind it. MetaTrader 4 and 5 servers run under the name PhyntexGroupLimited-Live, with measured execution latency and thousands of recorded orders. It uses MetaQuotes' own terminals rather than pushing a self-hosted app file, which is the usual delivery method for fake platforms.
- No regulator alleges theft. Malaysia's finding is a licensing one: operating without authorisation. Neighbouring entries on the same alert list carry remarks about possible clones and illegal investment schemes. The Phyntex entry does not. There is no enforcement action, no court record and no warning from the FCA, ASIC, the CFTC, the NFA or IOSCO.
- The complaint record is thin, and part of it is noise. Four reviews in total across both platforms. One of the three Trustpilot entries is not a real complaint at all: it carries a one-line grievance followed by an advertisement for a fund recovery service, which is a pattern that preys on this kind of page, and we discounted it entirely. The client agreement contains no clause letting the company refuse withdrawals at its own discretion, which is the clause we look for first.
- The age is honest. The site advertises no founding year, and the domain, the incorporation, the licence and the Canadian registration all date to within ten weeks of each other in 2023. There is no inflated history here.
What would change this
What we would need to see to revise the verdict.
These are the specific things that would move this assessment, in either direction.
- Would improve it: the Securities Commission Malaysia removing phyntexmarkets.com from its Investor Alert List, or Phyntex obtaining a Capital Markets Services licence in Malaysia or an equivalent authorisation in a jurisdiction it actually serves.
- Would improve it: Canada's money services business registry showing registration M23303467 renewed and current again. A renewal filed in the weeks after 31 August 2026 may not yet appear in the published list, and if one is in progress that specific point falls away. The broader point, that the registration is not financial regulation, would stand either way.
- Would improve it: the two clients confirming their money was returned, or the broker publishing a substantive answer to the USD 58,271.03 account termination, including the clause it relied on.
- Would improve it: the site publishing direct verification links to both registers, a client fund segregation statement naming the bank, and the names of the people who own and run the company.
- Would worsen it: a second regulator naming the domain, particularly in Singapore, Indonesia, Brunei or the Philippines, where the broker also sells.
- Would worsen it: any credible report of a demand for an extra payment, a tax or a fee, before a withdrawal is released. That single pattern has no legitimate counterpart and would move this to the top of the scale.
- Would worsen it: a cluster of fund-access complaints inside one window, which is what a withdrawal freeze looks like, or the Mwali licence lapsing while the site still displays it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Securities Commission Malaysia Investor Alert List
Search Phyntex to see Malaysia's regulator list the broker's website as unauthorised.
FINTRAC Money Services Business Registry (Canada)
Canada's published registry, where registration M23303467 is recorded as expired.
Colorado Secretary of State company record
The affiliated US company, delinquent since 1 March 2025.
Trustpilot reviews for phyntexmarkets.com
All reviews are one star, including an account ban and a refused withdrawal.
Frequently asked questions
Quick answers about this broker’s safety.
Is Phyntex Markets a scam?
We rate it a likely scam at 70 per cent risk. The Securities Commission Malaysia lists phyntexmarkets.com on its Investor Alert List for carrying on unlicensed capital market activities of dealing in securities, and clients on two platforms report accounts closed with money still on them. The company is real and openly named, and it is not impersonating anyone, which is why we stop short of calling it confirmed.
Is Phyntex Markets a fraud?
No court or regulator has found fraud, so we do not state it as a fact. What exists is a Malaysian regulator alert naming the exact website for unlicensed dealing, an expired Canadian registration still shown as a credential, and two client reports of blocked balances. On that record we assess the risk of fraud as high.
Is Phyntex Markets regulated?
Not in any meaningful sense. It holds a genuine registration from the Mwali International Services Authority, number T2023344. The Central Bank of the Comoros has publicly described that body as a fictitious entity with no legal basis to license financial companies. The broker holds no licence from any recognised regulator such as the FCA, ASIC, CySEC, MAS or Malaysia's own Securities Commission.
What is a MISA licence actually worth?
Very little. It is an offshore registration issued in the name of the autonomous island of Moheli, and it is cheap and quick to obtain. It carries no compensation scheme, no deposit protection and no dispute resolution body. If your money disappears, no authority will act on your behalf.
Does the FINTRAC registration mean Canada regulates Phyntex?
No. FINTRAC states in its own words that registration does not indicate it endorses or licenses a business, and that it does not issue licences at all. It is an anti money laundering reporting obligation. In this case the registration, number M23303467, is also recorded as expired on 31 August 2026 in Canada's registry, while the homepage still displays it.
Can I withdraw my money from Phyntex Markets?
Some clients have, but two on separate platforms report that they could not. Both describe the same mechanism: the account was banned or terminated and the balance left on it could then not be withdrawn, in one case about USD 58,271.03. If you hold a balance, withdraw it now rather than waiting.
Is my money safe with Phyntex Markets?
We would not treat it as safe. The client agreement contains no statement that client funds are held in segregated accounts, and it allows the company to suspend or terminate an account immediately without saying what happens to the money on it. With no recognised regulator behind the firm, there is no protection scheme to fall back on.
Who owns Phyntex Markets?
No owners or managers are named anywhere on the site. The contracting company is Phyntex Group Limited, registered in Mwali, Comoros under number HY00823421. A same-named company in Colorado lists a registered agent called Shaiful Nizam bin Saab at a shared Denver address, but the site discloses no ownership at all.
How old is Phyntex Markets?
Just over three years. The domain was registered on 1 August 2023, the company was incorporated on 11 August 2023, and the Mwali licence took effect on 17 August 2023. The site advertises no founding year, so there is no inflated history claim here.
Is Phyntex Markets a clone of another broker?
No. The licence number, the entity name and the website on the licence record all match the company running the site. It is not using another firm's credentials, and no regulator has published a clone warning about it.
Why does Malaysia warn about Phyntex Markets?
Because it sells to Malaysian residents without a Malaysian licence. The Securities Commission Malaysia added Phyntex Markets and the address phyntexmarkets.com to its Investor Alert List in August 2025, with the remark that it is carrying on unlicensed capital market activities of dealing in securities. Malaysia is the broker's largest market.
What should I check before depositing with any broker?
Find the licence number on the broker's own page, then search it on the regulator's register yourself rather than trusting a badge. Check the regulator is one that actually supervises trading and runs a compensation scheme. Check your own country's investor alert list. Confirm the company name on the licence is the same one your deposit agreement names, and look for a written statement that client funds are segregated.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since August 19, 2026
Several input facts have moved since the last assessment.
- The Canadian registration has lapsed. Canada's money services business registry now records Phyntex Group Limited's foreign money services business registration, M23303467, as expired on 31 August 2026. It previously stood as current, and the homepage still presents it as a credential.
- The Mwali licence T2023344 is unchanged and remains in force, effective 17 August 2023.
- The incorporation date of Phyntex Group Limited is now established as 11 August 2023, against the registration number HY00823421 already on record.
- The Canadian registration number is now on record as M23303467, where previously no number was held.
- Two further domains are now attributed to the operation: phyntexasia.com, registered in the same second as the main site and currently serving no page, and the client portal ma.phyntexmarkets.com.
- A same-named Phyntex Group Limited incorporated in Colorado on 12 October 2023 has been delinquent with the state since 1 March 2025 for failure to file its periodic report.
- A LinkedIn company page for the brand is now on record, listing phyntexasia.com as its website.
- October 8, 2026CurrentLikely scam70% risk
- August 19, 2026Likely scam78% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
Our advice for anyone considering or already holding an account.
- Do not send new money. The regulator in the broker's main market has already published a warning about this exact website, and the firm's only trading credential offers no route to recover funds.
- If you hold a balance, withdraw it now and keep going until the account is empty. Do not wait for a bonus or a volume target to clear.
- Expect no safety net. There is no compensation scheme, no deposit insurance and no ombudsman behind a Mwali registration, and the client agreement does not promise segregated accounts.
- Never pay a fee to release a withdrawal. No legitimate broker requires a tax, an insurance premium or a verification payment before returning your own money.
- Ignore anyone offering to recover your funds. The broker's review pages already attract these approaches. Paying a recovery agent is how a first loss becomes a second one.
- If you are in Malaysia, report your experience to the Securities Commission Malaysia, which already lists the site. Clients elsewhere in South East Asia should report to their national securities regulator.
- Keep your records. Save deposit receipts, chat transcripts, ticket numbers and the account statement before access is lost, and raise a chargeback or recall with your bank or card issuer promptly.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 8, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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