Is it possible to have two phones and set up with same Apple ID ?

They can be signed in at the same time,

Link to contact Apple Support in the article.

Apple ID has been compromised.      *

Security and your Apple ID.   *

Device and Data Access when Personal Safety is At Risk    -

Checklist: If you want to see if anyone else has access to your device or accounts  *

They can have an identical phone, but they can't have the same Apple ID as you do.

Check your device list to see if there is a device signed in that you don't recognize. You can remove the device using the steps in the article below. As a precaution, change your password.

Apple ID device list -Check to see where you‘re signed in.   * 

 Apple ID Password Change.   -   

 What to do after you change your Apple ID or password - Apple Support  -   I suggest doing this before you change your Apple ID or password.