ZFX Review 2023
ZFX is a leading online brokerage firm that provides various financial products and services to traders across the globe. A part of the Zeal Group of Companies, ZFX was founded by a team of experienced financial industry professionals striving to deliver exceptional multi-asset trading services to retail and institutional investors.
Regulated by the Financial Services Authority of Seychelles and the Financial Conduct Authority (FCA) in the UK, ZFX has eight global offices and prides itself on offering some of the best prices in the market through the use of advanced technology and exceptional trade services.
In this review, we will thoroughly examine the features and services offered by ZFX, including the company’s regulatory status, fees, leverage, account options, platforms, customer support, and education offerings.
Overall Rating: 7.9/10
- Account Minimum Deposit: $50
- Fees: Spread, Commission, and swap charges
- Best For: Both retail and institutional traders
- Easy Deposit and withdrawal.
- Offers two to three trading accounts depending on location.
- $50 Minimum Deposit.
- Low Commission
- Website in 8 different languages.
- ZFX offers just 88 Trading instruments.
- Does not render services to US-based Traders.
- No proprietary web-based platform.
- No Islamic Accounts.
Regulation and Security
ZFX is a financial services company operated and registered by Zeal Capital Market. It is regulated by two regulatory bodies: The Seychelles Financial Services Authority (FSA) and The Financial Conduct Authority (FCA).
The FSA is a regulatory body that oversees non-bank financial services in Seychelles. It was established under the Financial Services Authority Act 2013 and ensures that financial institutions operating in Seychelles comply with relevant laws and regulations. The FSA’s license number for Zeal Capital Market (Seychelles) Limited is SD027.
In contrast, the FCA is a financial regulatory body in the United Kingdom. It is responsible for regulating the conduct of financial services firms and promoting the stability of the UK’s financial system. The FCA’s registration number for Zeal Capital Market (UK) Limited is 768451.
ZFX has strong data security and privacy policies to protect its client’s sensitive information and ensure compliance with relevant laws and regulations. It abides by the data protection principles of the Data Protection Act 2018 and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
The broker uses several measures, including encryption and secure servers, to protect its clients’ data. On privacy, ZFX only collects and processes customer data for its services and can only be shared with third parties when necessary in accordance with the law and the client’s approval if needed.
Negative Balance Protection
Negative balance protection acts as a safety net to protect traders, and as an FCA-licensed broker, ZFX offers this feature to its clients. It is designed to prevent traders from incurring losses that exceed their account balance and works by automatically closing a trader’s positions if their account balance falls below a certain level, thereby protecting them from further losses.
This can come in handy during high-leverage trading, where a trader can potentially lose more money than they have in their account.
As a regulated broker, ZFXsegregate clients’ funds from their operating funds. Clients’ funds are kept in a separate account to protect them if the broker becomes insolvent or cannot meet its financial obligations.
This means that if the broker were to go out of business or encounter financial difficulties, the clients’ funds would not be at risk and would be returned to them. It provides added security for the clients and gives them peace of mind that their funds are safe and protected.
Is ZFX available worldwide?
Zeal Group, the broker’s parent company, has a global presence with eight offices across three continents. ZFX, the Company’s trading arm, is registered in the UK and Seychelles and operates in Europe, Latin America, the Middle East, South East Asia, Africa, and China. However, It is not available to US residents as it does not operate in the United States.
Their UK office is at No. 1 Royal Exchange, London, EC3V 3DG, United Kingdom, while the Seychelles office is at Office 1, Unit 3, 1st Floor, Dekk Complex, Plaisance, Mahe, Seychelles.
On ZFX, Traders can trade using the MetaTrader 4 (MT4) platform on their Windows, Macs, or Mobiles. Furthermore, there is an alternative trading platform like the ZFX mobile app and Webtrader.
Many retail and institutional forex traders use the MetaTrader 4 (MT4) platform. The software allows traders to buy and sell financial instruments such as currencies, commodities, and securities through their preferred broker.
It has a user-friendly interface that allows traders to place orders, manage their positions, and analyze the markets using technical indicators and charting tools. It also has several advanced features, such as Expert Advisors (EAs), which are automated trading programs that execute trades based on predefined rules.
One of the main advantages of MT4 is its widespread availability. Many brokers, including ZFX, support MetaTrader 4, which is compatible with many devices, including desktop computers, laptops, tablets, and smartphones. It is also available in multiple languages, making it accessible to traders worldwide.
The ZFX Meta Trader platform has the following features:
⮚ Intuitive & User Friendly
MT4 supports various order types, including market orders, limit orders, and stop orders. It also allows traders to place trades directly from the charts and enables one-click trading, making it easy and convenient to execute trades quickly.
⮚ Analysis Oriented
The platform is equipped with advanced analytical tools and indicators, as well as comprehensive statements and reporting. In addition, it has a live news feed feature that provides up-to-date information on market movements and trends. These features help traders to stay on top of the markets and make informed trading decisions.
The ZFX MetaTrader 4 (MT4) platform is designed to integrate seamlessly with a trader’s existing trading infrastructure without requiring significant changes or disruptions. This can be useful for traders already using other systems or tools for their trading activities and want to continue using them alongside the ZFX MT4 terminal.
⮚ Automated Trading
ZFX MT4 offers automated features to help traders save time and execute trades more efficiently. This feature is also compatible with the Expert Advisors (EAs) program. Traders can use it to perform strategic backtesting to refine and perfect their strategy before taking it to the market. They can also set trade alerts and email notifications.
The web-based trading feature on the ZFX website is not proprietary but rather a version of the MetaTrader 4 (MT4) platform that has been integrated into the website. This is useful for traders who do not have the MT4 web version installed on their computers or smartphones, as it allows them to access the platform and execute trades directly from the website.
The ZFX mobile app’s latest version is compatible with Android and iOS devices. The app has a simple interface and gives traders access to a wide range of tradable assets, from currencies to stocks, Indices, and more, which they can access anywhere on the go with their smartphones.
In addition to its ease of use, themobile app has several unique features that set it apart. Which are:
The app is simple and has a friendly user interface. Registration, Trading, Deposit, and Withdrawal can all be processed seamlessly directly on the app.
- News Updates
Traders can get major news events updates in advance from the app and also know the market conditions of all the tradable assets in seconds, coupled with a complete Economic Calendar.
The various customization options on the app allow traders to easily manage, centralize, and simplify all their activities. This includes custom investment andpersonalized portfolio.
- Fund management
On the mobile app, traders can open up to 10 trading accounts and enjoy free transfer of funds between all the accounts.
Under Financial Services Authority (FSA) regulation, ZFX offers three different trading account types for traders based on their needs and trading appetite. These account types are typically distinguished by the level of initial Deposit required, the leverage offered, and the trading conditions. The 3 accounts are as follows:
● Mini Trading Account
This account type requires a minimum deposit of $50 and a minimum spread of 1.5 pips on currency pairs. It has a maximum leverage of 1:2000 and a stop-out level of 20%. The maximum number of open positions in standard lots on every mini-trading account is 200.
● Standard STP Trading Account
Minimum Deposit of $200 and above. Maximum spread and leverage of 1.3pips and 1:500, respectively. This account has a stop-out level of 30%, and the maximum open position in standard lots is also 200.
● ECN Trading Account
The ECN Trading Account on ZFX requires a minimum deposit of $1000 and a maximum spread of 0.2 pips. This account offers traders maximum leverage as the standard trading account and a stop-out level of 50%. Like the other trading account on ZFX, the maximum number of open positions in standard lots on this account is 200.
For their client in the Middle East and Africa Region, ZFX offers two trading account types, the Premier trading account, and the Pro trading account. The premier and pro trading accounts have the same properties as the Standard STP and ECM trading accounts.
Apart from these account types, ZFX offers a special trading account called the Multi Account Manager (MAM). According to them, zeal’s MAM account is designed for Money Managers, Hedge Funds, and Family Offices.
With this account, investors can enter an agreement with the managers of their choice on set performance metrics, with the broker acting as the escrow, ensuring the parties abide by the set rules. This account is also compatible with features like EAs, automated services, and group order execution.
Signing up on ZFX is pretty easy by following the following steps:
Step 1: On the broker’s website, click “Open a Live Trading Account” in the accounts section.
Step 2: Register by providing your full name, phone number, and email. A verification code will be sent to the email provided, and you will be required to create a password.
Step 3: Provide all required information for KYC and AML policy.
Step 4: Fund your account.
Step 5: Start trading using any of the available platforms supported by the broker.
Deposit and Withdrawal
ZFX provides many options for traders to deposit and withdraw funds from their accounts. Following AML policy, withdrawal can only be initiated via the original payment method used to deposit, and no 3rd party withdrawal request will be granted.
Furthermore, the amount to withdraw cannot exceed the amount you deposited via a particular payment option, and any excess profits can only be withdrawn through the local bank of the account holder.
The deposit and withdrawal channels on ZFX are international bank transfer, local bank transfer, Visa, Mastercard, Skrill, Neteller, and Perfect Money.
ZFX financial trading company offers a total of 88 different trading instruments, including 33 Forex pairs, 10 indices, 8 commodities, 2 bullion options, and 35 shares.
Commission and Fees
ZFX does not charge non-trading fees like Deposit, withdrawal, inactivity, or account closing fees. It only charges swaps and commissions, which vary based on trade and account types.
Leverage on ZFX is also based on account types, and the broker offers leverage up to a maximum of 1: 2000 on the mini trading account and 1: 500 on the Standard STP and ECN account.
Analysis and Education
ZFX has a comprehensive A-Z trading academy and a glossary section on their website to educate their client, especially beginners who are just starting in trading. It also has an economic calendar, Market Outlook, News section, and a copy trading terminal for analysis purposes.
ZFX has a reliable customer service team that helps traders with their inquiries. The support team can be reached 24/7 via hotlines, live chat on their website, and email. You can also request one of their customer service representatives to reach out to you by filling out a form on their contact page. Alternatively, they can be reached via their various social media platforms.
Reputation amongst Traders
Founded by a group of veteran traders with decades-long experience in the financial industry, and 8 global offices across 3 continents, ZFX is trusted by thousands of traders worldwide, most of whom are from the Asian market. It has ratings of 7.9 out of 10 on MyForexReviews and 4.3/5 on Trustpilot.
Shanghai Service Federation Fintech Professional Committee
- Best FinTech Trading Platform (2019)
Traders Awards Thailand
- Best Trading Service In Thailand (2022)
Can beginners trade with ZFX?
ZFX is a suitable platform for beginner traders, as it has a low minimum deposit requirement of $50. This allows beginners to test their skills without risking too much capital.
However, it should be noted that the trading resources available on the platform, such as the A-Z academy, may not be comprehensive enough to fully equip beginners with the knowledge and skills they need to succeed.
As such, beginners may need additional help and resources outside the platform to perfect their skills and become proficient traders.
In conclusion, ZFX is a trustworthy broker that allows its clients to trade various assets using industry-standard platforms. Regulated by the Financial Conduct Authority (FCA) and the Seychelles Financial Services Authority (FSA), it offers high-quality services, such as educational resources, trading tools, and excellent customer support. Its low spreads, minimal commission, and minimum deposit requirements make it an appealing choice for both beginner and professional traders.