PhemaxCryptotrade is a platform offering CFD trading in forex, stocks, indices, futures, precious metals, energy, and cryptocurrencies. The platform claims to be a UK-registered company, offering various account types and high leverage trading. However, upon investigation, the platform does not appear to have a genuine corporate entity, and the information provided is inconsistent with official records.
Company Background
The platform's homepage displays the company as UK-registered with registration number 12233090, boasting 23 years of financial trading experience. The website showcases a UK company registration certificate with the company name as CRYPTO TRADE UK LTD. and registration number 09743785.
However, a query with the UK Companies House shows that the registration number 12233090 corresponds to GOLDFIELD LIMITED, while the company with registration number 09743785 is indeed CRYPTO TRADE UK LTD. Neither of these companies are authorized by the Financial Conduct Authority (FCA) in the UK.
Moreover, the "ABOUT US" page on the platform claims the company was established in 2013 and mentions previous registration in Australia. Upon verification, this content is identical to the corporate history of the broker TMGM.
Website Domain
The official website domain of the platform is phemaxcryptotrade.com, with Whois showing a registration date of April 23, 2024.
Trading Instruments and Software
PhemaxCryptotrade offers CFD trading in forex, stocks, indices, futures, precious metals, energy, and cryptocurrencies. The platform does not provide downloadable trading software, but users can register and trade via its proprietary web-based trading system. Detailed information about the trading software is not publicly disclosed.
Account Types
The platform offers four account types, each differing in deposit requirements, leverage ratios, and trading conditions:
Premium PACKAGE
- Minimum Deposit: $300
- Maximum Deposit: $2,499
- Trading Types: Short and Long-term trades
- Base Currency: USD
- Full IT support provided
- Referral Bonuses Offered
- Hedging Allowed
- Spread: From 1.9 pips
- Leverage: 1:10
- Real-time chart support provided
FLEXIBLE PACKAGE
- Minimum Deposit: $2,500
- Maximum Deposit: $25,000
- Trading Types: Short and Long-term trades
- Base Currency: USD
- Full IT support provided
- Referral Bonuses Offered
- Hedging Allowed
- Spread: From 1.7 pips
- Leverage: 1:5
- Real-time chart support provided
Bronze PACKAGE
- Minimum Deposit: $25,000
- Maximum Deposit: Unlimited
- Trading Types: Short and Long-term trades
- Base Currency: USD
- Full IT support provided
- Referral Bonuses Offered
- Hedging Allowed
- Spread: From 1.4 pips
- Leverage: 1:10
- Real-time chart support provided
PROMO PACKAGE
- Minimum Deposit: $1,500
- Maximum Deposit: $50,000
- Trading Types: Long-term trades
- Base Currency: USD
- Full IT support provided
- Referral Bonuses Offered
- Hedging Allowed
- Spread: From 1.1 pips
- Leverage: 1:15
- Real-time chart support provided
Deposit and Withdrawal Information
The platform does not disclose specific deposit and withdrawal methods or information regarding processing times or fees, making it unclear what the policies and related expenses might be.
Regulatory Information
PhemaxCryptotrade claims to be regulated in Australia (ASIC) and Vanuatu (FSC) with the following entities:
- Australia: The website lists its Australian entity as PhemaxCryptotrade Australia Pty Ltd with license number 436416. However, this license number belongs to Trademax Australia Limited under TMGM.
- Vanuatu: The platform claims that its Vanuatu entity is Trademax Global Limited, which also belongs to TMGM.
The platform is not authorized by the UK FCA or any other major financial authority.
Company Address and Staff
The address provided by PhemaxCryptotrade's website is 76-78 Wolverhampton Road, Cannock, England. However, a check with the UK Companies House shows no active registered companies at that address.
Additionally, the platform does not disclose any company staff information, and public records lack any associated employee details.
Website Traffic and Template
According to the web analysis tool Semrush, PhemaxCryptotrade's website averages fewer than 100 visits per month, indicating minimal usage. The website design template is identical to those used by several suspected scam platforms such as EquinoxForexMarket, AstralFXTrade, and EliteForexTrade, suggesting a mass production approach.
User Reviews and Brand Exposure
No user reviews or trading feedback about PhemaxCryptotrade are available online, and no news reports about it have been found. This indicates a very low market recognition and user engagement.
Contact Information and Social Media
The platform only offers email ([email protected] and [email protected]) as contact methods and lacks official accounts on major social media platforms like LinkedIn, Facebook, Instagram, Twitter, or YouTube. Communication with the platform is therefore quite limited.
Risk Report
1. Questionable Company Information
The platform's claimed registration information does not match UK Companies House records and lacks UK FCA regulatory authorization. Its corporate history mirrors that of another broker, TMGM, raising doubts about the accuracy of its information.
2. Lack of Trading Software Transparency
No standardized trading software is provided by the platform, and users can only trade via its proprietary web system. The security and reliability of the software are unverifiable.
3. Unclear Deposit and Withdrawal Information
There is no disclosure of deposit and withdrawal options, fees, or processing times on the website, increasing risks for users regarding their funds.
4. Potentially Misleading Regulatory Information
The platform claims regulation by ASIC in Australia and FSC in Vanuatu, but the given regulatory numbers belong to other companies and not to its own entity, possibly misleading users.
5. Low Market Awareness
The platform has less than 100 visits per month, has not built credibility within the industry, and lacks user reviews or news coverage, indicating very low market impact.
6. Limited Contact Options, Lack of Transparency
With only email provided for communication and no social media presence, fostering communication between users and the platform can be challenging.
7. Website Resembling Suspected Scam Platforms
PhemaxCryptotrade uses a similar web template as many suspected scam companies, often indicative of mass-operated schemes, warranting caution from users.
Overall, PhemaxCryptotrade exhibits a lack of transparency or reliability in multiple areas such as company background, regulatory information, trading software, and deposits/withdrawals. Users should exercise diligence in assessing risks before engaging with such a platform.
