Fx Zen is an online financial services provider supposedly owned by FX Zen, Japan. For contact purposes, another address in Seychelles is provided. In the Seychelles Financial Services Authority (FSA) database there is no record of a regulated broker under the name of Fx Zen Trade.
It is more likely for an offshore fraudster to keep anonymous than a regulated broker that has nothing to hide. So not only is Fx Zen not disclosing the necessary information about the owning company but it is also not licensed.
This lack of crucial information, as well as lack of license, leads to one interpretation only: this broker is not safe.
|Address||House of Francis, Room 303, Ile Du Port, Mahe, Seychelles|
Fx Zen Regulation and Funds Security
If it’s to trust the information on the website, Fx Zen’s office is in Seychelles. Based on that, it is only rational to check the Seychelles Financial Services Authority (FSA) register of regulated brokers. No such firm as Fx Zen or domain inlandfx.org is listed there. No other information is given on the site regarding regulations and licenses.
Unprofessional and shady, this broker doesn’t try to be transparent and would rather keep their anonymity. It is clear that non-trustworthy brokers are reliable and safe to invest with. They are mostly connected to offshore companies that operate with scamming being their main motive.
Trading Platform Supported at Fx Zen
Fx Zen presents MetaTrader 5 as a trading platform available. It is well known that MT5 is continually evolving and improving to keep the position of the most reliable trading software today. Richness in features, high speed, and numerous built-in features and other options provide traders best possible experience.
Although Fx Zen proudly claims to be offering trading on MT5 for desktop and mobile platforms, the download links are inactive. When the broker doesn’t even enable users to trade, there’s no point in even remotely thinking of investing with that firm.
Fx Zen Offers Bonuses
The company website doesn’t clearly state whether there are any bonuses offered or not. Regulated brokers, depending on the jurisdictional regulatory rules are either banned from offering bonuses or are allowed to provide them under certain conditions or to some extent.
When a broker is offering unreasonably high bonuses and chances for gaining money, it is usually a warning sign that something is off. The purpose of those promised bonuses is to get investors interested. Once they start investing, they will meet conditions impossible to reach in order to be given the bonus or anything similar.
Fx Zen Deposit and Withdrawal
As published on the site, Fx Zen in the FAQ section states that depositing is allowed in several ways. It is common for scammers to request the depositing to happen via crypto, as a way of keeping virtual anonymity. The minimum deposit required is $100.
There’s no clear information regarding the withdrawal process. Terms and Conditions don’t even exist on the site either, so it’s impossible to tell how this broker deals with withdrawals.
They avoid disclosing important data because they’re unreliable and will, as a scammer, try to make it impossible for investors to retake their funds.
How the Scam Is Undertaken
There’s no one who wouldn’t like to have a guaranteed win and pile heaps of money easily and in no time. All the promises they impose on you are fake. The only purpose of selling those dreams is to force you to invest and keep investing.
While you are living in an illusion of trading and increasing your funds, the sad truth is that your money is already in the hands of a scammer.
It is crucial to be aware that every form of online trading brings risks, but the biggest risk is investing with an unreliable broker. So do not invest at all, or stop investing as soon as you start suspecting that your broker is not who they claim to be.
Suggested Forex Brokers
Licensed brokers have nothing to hide. They provide full transparency, company information, contacts, leadership, clear Terms and Conditions, and proof that they are regulated.
Since they are conducting their business legally, they are unable to offer overly attractive bonuses, unreasonably high leverage, and other conditions characteristic of scammers.
All the more reason to choose a regulated broker to invest with is that they genuinely offer better trading conditions globally. Below we have listed some top-tier brokers and their basic information.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Fx Zen Summary
As we have already established, Fx Zen is an unregulated offshore broker that is completely anonymous and secretive about their firm’s information.
The best option for a beginner trader is to just choose a regulated broker they can trust. Believing in irrational promises of wealth and gain would lead nowhere except to being robbed.
If the scam does happen and the victim has lost a considerable amount of time, energy, and money, the only truly helpful solutions are government institutions.
No victim of cyber theft should be ashamed of their experience. It is valuable information to share online and help the next potential victim.
FAQs About Fx Zen Broker
What Is The Minimum Deposit at FX Zen?
The minimum deposit required at Fx Zen is $100.
Is FX Zen Offers a Demo Account?
No, Fx Zen doesn’t offer the possibility of trading with a Demo account.
What Instruments Can I Trade with Fx Zen?
Tradable assets are shares, cryptocurrencies, forex, metals, indices, and energies.