Finance Phantom Review 2024: Scam Trading Platform In UK?

Last Updated on December 16, 2024 by Stephan Lindburg

Scam Evidence

Alright, so here we have one of the Finance Phantom websites. As you can see the site is making all sorts of claims about how to “elevate” your “crypto trading game” and become rich overnight.

Right below we can see that the same exact website is making similar promises, only the name is different. Everything else is the same i.e. the design, registration form, and menu at the top.

This means we are dealing with a copy/paste job and this kind of fraudulent activity is almost always associated with affiliate networks. We refer to this type of scheme as a “production line” scam. It means that the networks use one template and rotate the logo and content based on specific operational and marketing constraints.

Finance Phantom Fake News

There are at least 2 active fake news campaigns now featuring Keir Starmer and Sophy Ridge. In both cases viewers are exposed to highly deceptive advertising tactics. In the example below we can see an image of UK Prime Minister Starmer raving about Finance Phantom and how successful it has been for him.

We have also seen at least 4 other more campaigns featuring wealth gurus or celebrities from Canada, France, Australia, and Spain. In all cases the format is the same, the only thing that changes is the names.

Manipulated Live Profit Results

Here is the Finance Phantom live results section. If you look closely you can see that the dates are static and stuck on old or outdated trading times. To explain, these “live profit results” and anything but live.

Some scammer just tossed up a random date and expected customers to overlook this error. Truth be told, he was correct to assume this since most people don’t notice these little oversights. Thankfully, our researchers specialize in exposing scams and we immediately noticed it.

Finance Phantom Regulator Warnings

Well, Finance Phantom really made the “A list” when it comes to online scams. A number of financial regulators have blacklisted it after advising customers that it is not registered in any legal jurisdiction and for that reason not “authorized to solicit investors”.

In this case we have chosen the AMF in Quebec, but Finance Phantom is also blacklisted by ConSob in Italy, CSA in Canada, FMA in New Zealand, FSMA in Belgium, and the CNMV in Spain. This is a very impressive track record given the fact that Finance Phantom has been around for just a few months.

Fake Finance Phantom Testimonials

Here is just one of many fake testimonials we were able to identify while doing some research. If you take a look you will see that “Ryan” is saying that this software helped him make “$8,000 in less than 7 days.”

A quick Google image search reveals that “Ryan” is not a “real” person. He’s being used to peddle tooth paste, furniture, and office equipment.

Fake Finance Phantom Reviews

There are multiple fake Finance Phantom reviews, and in some way they are all related to Finixio (a dirty digital marketing agency). We exposed Finixio on our website and have proven that they have legal issues with a few country regulators. Make sure to do your due diligence and conduct proper research before believing any bogus review websites.

What Is Finance Phantom, How Does It Work, And Who Is Behind It

The Finance Phantom scam is merely a cheap marketing ploy made to look like a cryptocurrency trading robot. This fake signals app is supposed to execute buy and sell orders on auto-pilot without any need for human intervention. Affiliate networks and media agencies are responsible for promoting this hoax. They work closely with CFD brokers who receive the customers and have to convince them to invest. Once an account is funded the affiliates are rewarded according to predetermined contract rates. Payments for new investors can reach staggering amounts of up to £1500 per new investor.

Finance Phantom Review

Here’s another shameless freshly-baked scam bought to you by the Finixio charlatans. It’s always interesting to see how con artists keep using greed to trap and deceive potential victims. The use of fake or exaggerated claims of easy money is used excessively as a baiting mechanism. In fact, it works so well that Sienna from Somerset reached out to tell us how she was cheated out of over £7000 by her account manager Noah Davies.

Sienna told us that at first things seemed to work fairly smooth, until her initial balance was depleted. That was when she started receiving a deluge of phone calls from very rude and pushy sales reps. According to her, the people on the phone had foreign accents and were absolutely determined about getting her to keep investing. Some of the sales tactics the agents used included creating a sense of urgency and making passive-aggressive overtures that lead from small to larger financial commitments.

It seems Sienna is not the only victim who fell victim to these scammers. Our staff received no less than 7 complaints from individuals who got their wallets fleeced. Grievances ranged from a low severity action such as frequent promotional emails, all the way to highly severe fraudulent activity such as illegal use of credit card details. In most cases victims were from the United Kingdom, however our information shows that Canada, France, Spain, and Australia are also targeted countries.

Our £250 Deposit Test And Impressions

It’s interesting to note that when we invested our initial deposit we were told that the credit card transaction will need to be in cryptocurrencies. To explain, the initial deposit was charged to our credit card in British Pounds, but it was done by a shady crypto-wallet based in Romania and converted into Bitcoin. So we had to send them documents and also pay them an extra fee just to have a funded account.

Once we finished funding our account we had to complete a set of forms referred to as “KYC” or know your client. They sent us something called a “transact back” form which listed our transactions. We had to sign and approve the amounts as well as send additional documentation such as official ID, bank statements, and utility bills. This was very annoying, but I guess the scammers have to cover themselves so we had to endure some additional suffering and aggravation.

All of this was compounded by additional badgering and phone calls from our new account manager Kris who was absolutely relentless. Kris started to ask us personal questions and it was quite obvious he was trying to establish rapport or some type of personal relationship. This person was as true professional, honestly it was scary how motivating he was. Even when we knew we were getting scammed “Kris” was very convincing and seemed believable as well as friendly.

In short, we we believe Finance Phantom and Cryptovest Global are acting in collusion whilst attempting to defraud newly-registered customers. We have reached this understanding after going through the registration process and investing, so that is our impression and point of view.

Letting The Facts Speak For Themselves

Once in a blue moon a system emerges from the bowels of the online trading niche that shocks the industry and actually generates profits. Sadly, Finance Phantom is not one of those systems. Furthermore, if we simply look at the facts it’s quite easy to connect the dots.

First and foremost the app does not generate profits. Secondly, they keep asking for more money despite the abysmal results. This is not only illogical it’s also fundamentally flawed from any way you look at it. Finally, the staff is rude and inconsiderate.

Review Methodology

Our staff of expert researchers have an academic background in Statistics and Finance. We go out of our way to make sure the review methodologies are numerically sound and cross-checked with statistical or accounting models.

Summary	Synthesis
The Main Arguments	Define the primary arguments. Either for or against.
Facts Versus Opinion	Relaying on factual information which is either overt or logically sound.
Valid sources	Validating and cross-checking multiple sources of information.
Critical Analysis	A logic-based approach to problem solving.
Organizing the information	Organizing and presenting the information in a clear and transparent way.

This is done in order to provide our readers with the most precise and factual empirical foundation that lays to logical framework for our review and conclusions.

What Others Are Saying

We sniffed around to check what other review websites have to say about this latest hoax. Here are just a few excerpts.

• Finance Phantom “empowers traders” by allowing them to execute sophisticated strategies easily.
• An affordable trading platform. You will not be charged any fees.
• The platform can be navigated very easily. The UX (user interface) is intuitive and very polished.
• A “distinguished” trading platform with a focus on education and “personalized strategies”

We can go on and on, but it’s plain to see the trend.

Strategies And Backtesting

When reading our Finance Phantom review, potential investors begin to understand that this service does not offer access to even the most rudimentary strategies. For example, legitimate Forex or CFD trading apps will offer you access to strategies like scalping, momentum trading, price action, or retracement. We have not seen anything like that and this is definitely not a good sign.

Backtesting is the process of testing a trading strategy or model using historical market data to evaluate its effectiveness and profitability. The goal is to simulate how the strategy would have performed in the past under real market conditions, providing traders with insights into its potential future performance. This is an essential tool for traders to develop confidence in their strategies and improve their decision-making process in CFD trading. Unfortunately, Finance Phantom does not offer any form of backtesting.

Pros And Cons

Alright, so some of our readers like to have a small pros and cons chart just to outline the main points (for and against).

Pros	Cons
No Pros!	Fake News Unlicensed Losing App

We intentionally kept it very condensed since many readers are impatient and just want the bullet style format. So there you have it, right above.

Legal And Regulatory Aspects

CFD (Contracts for Difference) trading systems operate within a legal and regulatory framework that varies significantly across jurisdictions. Understanding these aspects is crucial for traders to ensure compliance and avoid legal pitfalls or oversights. Licensing is a critical factor. CFD trading platforms must obtain licenses from financial regulatory authorities in the jurisdictions where they operate.

Examples of such regulators include (but are not restricted to) the Financial Conduct Authority (FCA) in the UK, the European Securities and Markets Authority (ESMA), and the Australian Securities and Investments Commission (ASIC). In many cases CFDs are prohibited or have restrictions for retail traders. According to registration requirements, brokers must meet strict criteria related to capital adequacy, transparency, and operational standards to obtain and maintain their licenses.

In our Finance Phantom review, we prove that this platform does not have any type of licensing or even a simple patent for the software. There are no leverage restrictions, negative balance protection, or a dispute resolution mechanism in place. All of these factors and more indicate to us that this trading app is a fraudulent system.

Personal Information And Privacy Protection

Personal information and privacy protection are critical aspects of CFD (Contract for Difference) trading, given the sensitive nature of the data involved. Regulatory requirements, broker policies, and technological measures work together to safeguard traders’ personal and financial information.

According to the GDPR (General Data Protection Regulation), which applies to traders in the EU. Brokers must obtain explicit consent for data collection. They must also provide clear details on how data will be used and allow users to access, correct, or delete their data. If you think that these cheaters care about data integrity and protection you are either delusional or in denial.

Finance Phantom: A Secure Trading Environment?

Ensuring you are trading in a secure environment is critical for protecting your personal and financial information and avoiding fraudulent platforms. Just having an SSL certificate with a padlock will not cut it. Customers need to know that their financial transactions are encrypted via secure communication protocols, like eIDAS certificates, PGP keys, and 3SKeys.

There is also the issue of a transport Layer Security (TLS) which is a fairly standard security protocol designed to establish an encrypted connection between web servers and a browsers. Lastly there are firewall setting or configurations that can be set manually or automatically based on certain criteria. Users are not aware of these security features, but when credit card information is stolen or compromised then people start asking the hard questions.

Our tech experts conducted some penetration testing on Finance Phantom: and checked certain firewall settings. Sadly, there is no firewall at all and transactions are deliberately anonymous to make tracing difficult.

Leverage

Leverage in CFD (Contracts for Difference) trading is a financial tool that allows traders to control a larger position in the market with a relatively small amount of capital. Essentially, leverage amplifies both potential profits and potential losses by enabling traders to borrow money from the broker to open positions that exceed their initial investment.

Leverage is expressed as a ratio, such as 10:1, 20:1, or 30:1, which indicates how much market exposure you can achieve with your invested capital. Suppose you want to trade a CFD on a stock worth $10,000. With 10:1 leverage, you only need to deposit 10% of the position size, or £1,000, as margin. You gain exposure to the full £10,000 position, but your gains or losses will be based on the entire position size, not just your initial investment.

Finance Phantom provides leverage of as much as 100:1, which basically means that they are creating a risk level which is intentionally enormous. New traders who are uneducated in finance or Forex can, and many time do end up digging a huge hole for themselves and lose much more money than they can afford to.

Compatibility With Popular Crypto Exchanges

Some review websites are claiming that Finance Phantom is compatible with the popular cryptocurrency exchanges. This is a blatant lie and the sites are saying it in order to make the scheme appear to be more genuine or legitimate. A simple Google check will reveal that CFD systems integrate with brokers only. Sadly, most customers don’t bother inquiring before “diving in”.

Cashier: Deposits and Withdrawals

New members enrolling for Finance Phantom will be able to fund their trading account using Visa, Mastercard, or Cryptocurrencies. However, when trying to cashing out customers are almost always unable to or encounter serious difficulties. That’s because the broker is basically using customer funds to bankroll its operations instead of creating liquidity and generating profits based on arbitrage. In other words, the broker is a kind of Ponzi or Pyramid Scheme.

Trustpilot, Reddit, Social Media and Various Forums

We noticed two Trustpilot threads regarding Finance Phantom. One of them has 75 reviews and almost all of them are positive. This didn’t make much sense so we dug in and started checking. The staff found out that the Trustpilot owner profile is shady at best and most likely fake. As you can see below, the owners failed to provide proof of identity, contact details, domain name ownership verification, or bank account details.

Truth be told, these shady scammers actually understand the importance of reputation management. Sadly, Trustpilot is letting them manipulate new customers by allowing them to act in a misleading manner without checking their credentials. Reddit and other social media platforms are no different. We have seen scammers using multiple fake profiles to spread lies and they are getting away with it.

Bonuses, Comps, and Freebees

The scammers from Finance Phantom are offering you bonuses and all types of free gifts. If you are smart you will not accept any bonuses since there are definite strings attached. To explain, the bonus that was offered to us had a trading requirement of 35 times the deposit and bonus. That means 250*35 or a total of £8750 in trades have to be made in order to qualify for a withdrawal. Well, in all our history of exposing scams, we have yet to see a trader qualify for a withdrawal after accepting a bonus.

Taxes

If you are worried or troubled by how much you will be required to pay in the form of taxes allow us to alleviate your concerns. Taxes are only paid if you generate profits. Finance Phantom is a losing app, so taxes are the last thing that should be on your mind.

How To Protect Yourself From Scams

Protecting yourself from investment scams is crucial to safeguarding your financial well-being. Scammers often use sophisticated tactics to lure individuals into fraudulent schemes. By staying informed and vigilant, you can reduce the risk of falling victim to these scams.

You must understand common red flags such as guaranteed high returns with no risk. Scammers may also try to sell you complex or secretive strategies and use pressure tactics designed to get you to invest. Conducting proper research is warmly recommended, and we are always here to answer should you have any questions.

Tested Alternatives

If you are interested in trying out a tested software then look no more. Our staff periodically tests new systems and monitors the web whilst searching for promising new apps. After we spot a system with potential, we test it and risk our own money. Only after it performs consistently we add it to our recommended section and offer access to our viewers.

Verdict

The Finance Phantom scam trading software and platform is not recommended by our research staff. This service integrates with unlicensed CFD brokers that are here today and gone tomorrow. When conducting our investigation we asked for some type of response from Cryptovest Global and gave them a chance to provide feedback. As a result our account including existing funds was frozen and all communications ceased. Stay away from this software and find something more useful to do with your money.