Trading brand zForex has been around only a bit over two years. The company’s legal name is Z Forex Capital Markets LLC, and it has headquarters in Saint Vincent and the Grenadines. Yet, the operational offices are in Bulgaria.
Considering the company’s offshore registration, traders might be suspicious of this firm. However, there are a few things that might change your mind. Or maybe not. We’ll see after you read this zForex review.
| Regulated by: | MISA |
| Is This Company Safe? | No |
| Known Websites: | ZForex.com |
| Have Warnings from: | N/A |
| Registered in: | Saint Vincent and the Grenadines |
| Operating since: | 2022 |
| Trading Platforms: | MT5 |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | $10 |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, forex, indices, commodities, stocks |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | The company only accepts cryptocurrencies as payment and withdrawal methods. Yet, they claim to keep funds in segregated bank accounts. This doesn’t add up and surely doesn’t make the broker 100% trusted. Especially with missing top-tier licenses. So, if you experience any potential withdrawal issues, contact our refund specialists for advice. |
Legal info: Is ZForex Legit?
Indeed, everything the company should present to appear legit, they did, starting with the legal name, addresses, contact options, and license details. Yet, there’s something that can be problematic. Sadly, this firm is not regulated by any top-tier regulator, such as FCA, BaFin, ASIC, or similar. Instead, they opted for offshore regulation by the Mwali International Securities Authority (MISA).
The key difference comes from the security standards that Tier-1 licensed brokers have. But also compensation schemes, negative balance protection, guaranteed stop-loss, etc. With offshore brokers, that can be easily avoided and in the worst-case scenario, companies pay small penalties and get away with it. On the positive side, the zForex reviews show the opposite story.
Who are ZForex’s Clients?
Important to realize is that the company’s disclaimer shows the zForex broker doesn’t offer services to traders from the United States, Turkey, and Europe. Yet, the website analytics show their visitors and clients mostly come from:
- Turkiye
- United States
- Canada
- Japan
Now, this might make any trader wonder which one of these is true. But if you do the analytics yourself, you will find the same details. Believe it or not, analytics rarely lie. Anyway, if you are a client of zForex broker, let us know about your experience with them. After all, if there are any potential issues, our refund experts can advise you on the next steps.
Traders Reviews
Surprisingly, the company has 99% positive reviews on Trustpilot. Almost all 74 comments come from Asian countries. But the surprising detail is that all clients from the Philippines, India, Sri Lanka, and Nigeria have perfect written English. Apparently, all accounts are also verified and have only one review in their history.
Also, there are some reviews from traders registered in Poland. This doesn’t add up to the story they don’t offer services in Europe. Either that’s a lie, or the review is fake. If that doesn’t sound cheesy, nothing will.
Anyway, if you have any doubts about their services, let us know. You can also find some hints in our Prince Markets review.
Leverage, Commissions, Spreads, Fees and Taxes
Even if the company was 100% trusted, their trading conditions are a joke. With commissions of $10 for forex and $15 for metals trading, that’s a classic rip-off.
Not to mention, there’s leverage of up to 1:1000 that any top-tier regulator wouldn’t approve—not without a reason. In the blink of an eye, you can lose all of your money. For some brokers, that’s not the goal.
Bonuses
One big issue with this company is that the zForex bonus policy doesn’t exist. At least not before you accept it. Therefore, be careful when accepting any bonus funds. Most traders know the potential tricks hidden behind them.
After all, read our Multivest review and find out more.
ZForex Trading Features
Practically, the only relevant advanced feature the company reveals is instant execution. However, with their MT5 software, there’s much more potential. Traders can use EAs, advanced trading strategies like scalping and hedging, and much more. With all these options available, we hope the zForex withdrawal won’t be compromised.
Trading Platforms Available
One of the key advantages of this brokerage is the zForex MT5 availability. Whether you are on Mac or Windows, this tool got you covered. Its reliability and presence among top-rated brokers make it one of the most popular choices.
Unfortunately, there were exceptional cases, and nowadays, there are too many of those where untrusted firms are also using it. This shows traders that trusted software does not always mirror the company.
Available Trading Assets
In general, tradeable assets with this broker are solid. With mainly offered popular categories, traders won’t have any problems diversifying their portfolios. Let’s name just a few options:
- Forex – USD/GBP, NZD/SEK
- Commodities – aluminium, palladium
- Shares – General Motors Company, AMD
- Indices – S&P500, CAC40
- Cryptos – BCH, LTC
Account Types
The main difference between account types comes with trading costs. Starting spreads may vary between 0 and 0.7 pips, and only one account option has swap-free rates. Anyway, all options are:
- ECN – $10
- STD – $1.000
- Swap Free – $2.500
Mobile Trading App
With the MT5 zForex app available on iOS and Android devices, it’s easy to attract more new traders. Fairly, there’s no reason to avoid using it since the app has all you need. Even though it might be a bit more complicated for newbies, you can easily get used to it.
Demo Account
If you complete the zForex login procedure and are still unsure if you should deposit, choose a demo account then. With virtual funds, you can explore the platform’s capabilities and even test your strategies. But be careful since you might get used to throwing big money away.
Education
Quite surprisingly, this company doesn’t have any educational programs. That’s not something you would lack with a top-tier regulated firm. And that’s another big difference between tier-1 and tier-3 licenses, besides security and funds protection.
ZForex Withdrawal
Important to realize is that zForex withdrawal conditions are quite transparent. Starting with minimum withdrawal requirements, processing time, and fees.
Generally, withdrawals are processed within one working day, and fees range around 1.5%. For some payment methods, it may be a bit higher. All in all, it’s not something that would be problematic.
Customer Support
Another surprise with this broker is the customer support. Without transparent working hours, it’s quite hard to know when to call them and get them on the line.
The company registered in SVG, operating from Bulgaria has a UK phone line. What a rollercoaster. Other options are live chat, e-mail, and contact form.
Key Information To Consider About ZForex
Even though the company is regulated and has positive reviews, some of its conditions are extremely risky and expensive. Why risk it, then, when you have top-tier licensed brokers with way better conditions? Fairly, you shouldn’t be deluded by the zForex minimum deposit of $10.
Anyway, If you experience any potential issue with this company, feel free to share it with us. After all, our experts could analyze your case and offer you an adequate solution. Most importantly, the first consultation is free. Don’t hesitate to reach out.
FAQ Section
What is zForex?
zForex is an offshore broker operating from Saint Vincent and Grenadines with operational offices in Bulgaria.
Is zForex Legit?
According to reviews, the company has done everything by the book so far. If that will stay like that, the future will show.
How to Withdraw Profits From My zForex Account?
For withdrawal options, you have various methods and most of those are related to cryptos. If you need any assistance in the process, contact our refund team for guidance.
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