Phoenix Trader Funding Review: Below Average in Many Aspects

Sometimes, first impressions aren’t very far from the truth. The more you look at what this prop trading firm has to offer, the less appealing it all seems. The general information opacity makes you question just how bad of a deal is this business trying to cover up!

Read our Phoenix Trader Funding review to learn what hides behind the mirage of prestige. 

Who Owns Phoenix Trader Funding Brand?

Phoenix Trader Funding prop firm operates out of France, according to their legal documents. The firm has entered the state business register in August, 2023 under the status of investment funds and similar financial entities:

Company’s CEO is Léon Grimm, although the firm has its own social networks profiles on Discord, X, Facebook, Instagram, LinkedIn, TikTok, and YouTube.

If we investigate traders’ opinions on the firm, Phoenix Trader Funding Trustpilot page suggests an overall satisfaction with the service. 

However, the total number of current reviews posted on this site is only 13. Therefore, this can’t information should be taken with a grain of salt as there’s no other Phoenix Trader Funding reviews posted on any other sites.   

Phoenix Trader Funding Platform Overview

One of the greatest shortcomings of the lack of industry regulation is the overall lack of transparency. The website itself says very little about trading conditions, and this extends to the trading environment as well. 

Depending on where you are on the site, you will see either Rithmic or EdgeClear advertised as the provided trading app. Partnered broker is never discussed, other than under certain conditions, traders will be shifted to a live broker account.

As always, there are several types of challenges. Unlike with the majority of prop firms, passing challenges does not automatically qualify traders for a Phoenix Trader Funding funded account. Instead, they are bound to keep trading in a simulated environment until they exceed a $6,000 profit threshold for a single payout interval.

This is probably the reason why the firm treats their challenges as monthly subscriptions, rather than one-time purchases. It is more in line with how copy trading systems, like PelicanTrading for instance, bill their customers. Here’s an overview of “Classic” challenge types:

The other kind is “Ascension”, which offers higher funding amount, albeit for a heftier price:

Since the challenges can last basically indefinitely, the company offers other products such as challenge reset coupons. Examining the costs reveal above-average commission costs. Let’s have a look at an overview table provided on the site:

How to Request a Payout?

When it comes to handling a Phoenix Trader Funding payout, the company uses Pyoneer as their payment processor for bank transfers. Cryptocurrency transfers are processed in-house.

In general, traders get to keep 80% of their profits. This ratio can be increased after 6 months of consistency.

Some of the main payout rules are that traders need to be active during at least 10 days before requesting a payout. Also, there’s only 1 (one) payout allowed during the month.

However, there’s no step-by-step explanation on how to withdraw funds and users get to learn more about this subject after purchasing an account. 

This lack of transparency resembles outright scam prop platforms like Sway Funded, which we’ve reviewed recently. Therefore, we advise you to contact us for premium service, and a fair and transparent funded trading environment as a whole.

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