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Despite its advantages, PHOENIX MARKETS also has several notable drawbacks. One of the main issues is the high minimum deposit required for opening accounts: EUR 1,000 for the Starter Account, EUR 25,000 for the Gold Account, and EUR 99,000 for the Platinum Account. These amounts are significantly higher compared to many other brokers and may deter smaller retail traders or those new to the market. The platform also lacks some of the payment flexibility seen in other brokers, as it only supports deposits and withdrawals through credit cards (VISA and MasterCard) and wire transfers. This limited range of payment methods could be a deal-breaker for those who prefer using e-wallets or other digital payment options, which are often faster and more convenient. Another downside is the absence of demo accounts, which means that prospective traders cannot test the platform before committing real funds. This lack of a demo account is especially problematic for beginners who want to practice trading before risking their own money. Additionally, while PHOENIX MARKETS offers competitive spreads and low commissions for forex trading, its commission structure for futures trading can be relatively expensive at $10/€/£ per lot for retail traders, which could discourage those looking to trade futures on the platform. The absence of leverage for retail traders further limits the platform’s attractiveness for more active traders looking to maximize their positions.