zForex Review: Key Features, Funds Protection, Pros and Cons

zForex Review

zForex company is operating under the ownership of Z Forex Capital Market LLC. As the database says, they have been incorporated in Saint Vincent and the Grenadines. Even though the domain has existed since 2006, this company was first registered in 2022. The reference number is 2145 LLC 2022.

The company’s registered address is Euro House, Richmond Hill Road, P.O Box 2897, Kingstown, St.Vincent and the Grenadines. To be fair, many trading firms are registered under the same address. Anyway, the operational office is registered in Sofia, Bulgaria. Let’s discover in this zForex review what this brings to traders.

Company type Active offshore trading firm
Legal name Z Forex Capital Market LLC
Regulation MISA
Registered in Saint Vincent and the Grenadines
Established 2022
Website zforex.com
Financial Authorities Warnings No official warning
Contacts e-mail, phone, live chat, WhatsApp, web contact form
If a withdrawal is possible Yes
Fees Spreads from 1 pip / $10 forex & $15 metals
If Active on Social Media: Yes – Facebook, Twitter, YouTube, LinkedIn, Instagram, TikTok, Telegram
Investor Protection: None
Activity areas Indonesia, Canada, Turkiye, Japan, India
Main threats Lack of funds protection features; missing Tier 1 regulation; country restrictions;
Main perks MT5 availability;

Legal Info and Regulation

The main regulatory institution in SVG is the Financial Services Authority (FSA). Even though the company is registered there, this institution is not issuing FX and CFD trading licenses anymore. Therefore, the zforex.com brand had to opt for other solutions to protect their clients.

Preferably, companies should be looking for licenses from FCA, BaFin, ASIC, or CFTC. These bring the maximum protection for every client. Yet, they have chosen another offshore license – MISA. The license number is T2023321, and the company has been registered there since July 2023.

The biggest downside of such regulations is the fund’s protection features. For instance, FCA-regulated brokerages have a compensation scheme of up to 85.000 GBP, while offshore-regulated firms don’t. In addition to that, there are no segregated bank accounts for client’s deposits.

Traders’ Reviews

Another key aspect of this brokerage is the zForex reviews. As can be seen, 31 comments on Trustpilot, and all of those rated with 5 stars. Generally, it is quite surprising for an offshore company, but we can’t deny the facts.

Since the company has restrictions towards Europe, the United States, and Turkey, we can’t expect those traders to be there. Yet, there are some reviews coming from the US, Spain, and North Macedonia. If that’s a VPN being used or those are fake comments, you decide.

What Trading Software The Company Offers?

In general, traders should always opt for third-party solutions, such as cTrader or MetaTrader. This way, they minimize the risks of being involved in trading manipulation. Therefore, we find it very positive this company offers the most advanced option – MT5.

Can You Trade  On A Mobile?

Indeed, yes. Besides desktop apps and web trader, you can also enjoy trading wherever you are. With dedicated iOS and Android apps, traders can use the maximum of this tool.

With an expanded selection of order types, advanced analytics, and built-in features, you can improve your results heavily. Yet, still remains the question of traders’ protection. To find out what to look for, read our Solidary Markets review.

Account Types Avaialble

As can be seen, the account types with this brokerage are not designed to rip you off, unlike what you can see with many offshore firms. Instead, you have a fair offer, including different conditions. The options are: 

  • ECN – $10
  • STD – $1.000
  • Swap Free – $2.500

Trading Fees, Commissions, and Spreads

According to the presentation, ECN and Swap Free accounts include quite pricey commissions of $10 for Forex and $15 for metals trading. At the same time, some Tier 1 licensed firms have these commissions below $2 per contract. As for the spreads, those are considered reasonably low, starting from 0 pips for the ECN account. But that number is very often just presentational.

One of the most disturbing conditions is the leverage. While all top-tier licensed firms offer 1:30 for a reason, this brokerage gives traders up to 1:1000. Keep in mind such leverage can easily wipe your balance off if you don’t know what you are doing.

Bonus Offers and Contests

Another key fact is that the company is offering bonuses. These are widely banned in Europe for a single reason. That’s bonus policy manipulation. Therefore, make sure to read the bonus policy first before accepting any.

In addition to that, the company offers a demo account contest, which also includes bonus rewards, cash prizes, and other rewards. Yet, these offers also include some special requirements. Instead, you can use a demo account with a Tier 1 licensed firm freely without any obligations or requirements.

Withdrawal Methods And Fees

Quite surprisingly, the company only offers crypto payment options for both deposits and withdrawals. In general, this is not a sign of a legitimate business. Of course, they will advertise safe, fast, and effortless withdrawals. Yet, there are FCA-licensed firms that send you a withdrawal directly on the card within 24 hours.

In any case, withdrawals are processed within 24 hours, and the withdrawal fee is between 0.4% and 0.75%, depending on the crypto you choose. For additional withdrawal option recommendations, we suggest you check our Zoomtrader review.

How To Contact The ZForex Broker?

Shockingly, the company doesn’t reveal any working hours of customer support. But on the positive side, there is a wide range of options, such as e-mail, live chat, WhatsApp, and web contact forms. Also, there is a phone line with the UK number. 

How Can I Make Money While Trading Online?

Since trading is gaining popularity more and more, you can expect many ingenuine firms to be registered. Therefore, staying safe in the trading world became a nightmare. At least for beginner traders. On the other hand, experienced traders know that only  Tier 1 regulated firms can bring maximum protection for a trader.

Still, this doesn’t mean you can make money while trading. Trading also requires a huge knowledge to be successful. But there’s a replacement for that nowadays. Many traders opt for advanced technological solutions, such as AI Analysis Tool that does the hard work for them.

Practically, what traders have to do is implement the analysis results provided by this tool, and voila. The results can speak for itself. Therefore, we suggest you try it out or at least hear our experts about more details. The first meeting doesn’t cost you anything. Book yours today!

FAQ Section

Is zForex a Good Broker?

Generally, the company seems fully transparent. Yet, some of their conditions can’t be compared to Tier 1 licensed firms.

Is zForex Regulated?

Yes. However, the company only holds an offshore Mwali International Securities Authority (MISA) license.

Is zForex Bonus Legit?

According to reviews, yes. But if you compare it to FCA-regulated firms, you will understand all the dangers of investing with offshore companies.

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