ZFX Broker Review 2024

ZFX is one of those Forex brokers with attractive features such as a maximum leverage of 1:2000 & a minimum deposit of $50, and licenses from top-tier authorities such as the UK's FCA.

These factors are enough to make a broker the best choice for trading, but is ZFX reliable in practice? In this review, we will try to find the answer to the mentioned question.

Company Information & Regulation

ZFX, the trading arm of Zeal Group, is a Forex broker registered by two regulatory bodies. We investigated the Crunchbase platform and official sources, and found these data:

• Founded in 1998;
• Goes by the legal name "Zeal Capital Market Limited";
• Headquartered in Hong Kong;
• Regulated by Financial Conduct Authority (FCA) in the United Kingdom under the license number 768451;
• Regulated by the Seychelles Financial Services Authority (FSA) with the number SD027.

Key Specifics and Overall Features

To give you a quick overview of what ZFX offers to the traders, here's a summary of its key features in a table:

Trading Accounts + Specifications

Typically, there are various accounts with different specifics in brokers. ZFX offers a good range of account types. We will compare these accounts in the table below:

There's also a demo account available on this broker for practice and strategy testing without risking real capital.

Signing Up & Verification

For working with ZFX, you need to register before anything else. Here's a quick guide to opening your account:

• Visit the broker's website and click on "Open an Account";

• Fill in the sign up form with your full name, choose your country of residence, enter your phone number, provide an email address, and create a password according to the conditions;
• Declare your agreement with the T&C;
• Verify your email or phone number by submitting the received code.

Now, you are registered with the brokerage. For ­account verification, upload a photo of your identity document (passport, ID card, etc.) and your residence document on the website.

Which Platform is Available for Trading?

ZFX, like most of its competitors in the industry, supports MetaTrader 4 for trading in various markets with automated trading capabilities, customizable indicators, and advanced tools.

However, that's not all. The broker also provides a proprietary mobile app for a quick access to markets on-the-go. It provides real-time quotes and charts in a convenient way. You can download these platforms for your iPhone through the links below:

• MT4 iOS
• ZFX Mobile iOS

Trading Spreads And Fees

ZFX aims to provide competitive trading costs to attract traders. In this section, we will examine the spreads for each account:

There's no data available about the trading commissions and fees on the website. Regarding inactivity or payment costs, no fees are charged in such circumstances and operations.

How to Deposit and Withdraw on ZFX

This broker offers a number of funding and withdrawal options to make payments easy for traders from various regions:

• Bank Wire Transfer: Ideal for large deposits, may take 3-5 business days
• Credit/Debit Cards (Visa & Mastercard): Fast funding, convenient for most traders
• E-Wallets (Skrill, Neteller, Perfect Money): Fast and secure
• Local Bank Transfers: Available in select countries for quicker processing

Copy Trading & Investment Tools

ZFX provides typical investment options for those clients who are interested in earning passive income, in addition to the profit from trading. Copy Trading and MAM in ZFX:

• Copy Trading:
  • Follow successful traders and automatically perform their strategies and trades;
  • Rankings for followed traders based on various factors and parameters;
  • Ideal for novice traders or those with limited time.

• Multi-Account Manager (MAM):
  • Professional money managers can trade multiple client accounts;
  • Suitable for investors seeking professional management.

These features allow traders to diversify their strategies and potentially benefit from the expertise of others in the market.

Customer Services and Support

The customer service at a company might seem insignificant at first, but when a  problem or obstacle gets in the way, it matters a lot. Support Channels in ZFX:

• Live Chat: Available for everyone on the website
• Phone Support: 400-8424-611
• Email: Via cs@zfx.com
• Ticket System: On the website

Unfortunately, the broker's support department isn't available 24/7. This might be in issue because traders from different time zones work with the broker. The support is available 24 hours Monday to Friday, though, and from 07:30 AM to 02:00 AM the next day on Saturday and Sunday.

ZFX Trust Scores and Ratings

Trust scores and user reviews on reputable platforms such as ForexPeaceArmy provide valuable insights into a broker's performance, and could be a useful measurement for a company's trustworthiness. Trust Ratings:

• Trustpilot: 9 out of 5, based on 43 reviews with 10%+ ratings being 1-star

• ForexPeaceArmy: 2/5 with less than 10 scores

While these scores indicate room for improvement, it's important to note that individual experiences may vary. Also, one of them is too low on the number of ratings. Traders should consider these reviews alongside their own research and experiences with the broker

Conclusion and final words

ZFX emerges as a suitable choice for traders seeking a regulated broker since it has licenses from FCA and FSA. Also, it comes with attractive features such as leverage up to 1:2000 and MAM service.

However, based on the trust scores, there could be concerns with the quality of ZFX's services. Furthermore, there's no 24/7 customer support provided. Overall, if you don't mind these drawbacks and concerns, it could be a suitable brokerage for you.