ZFX is the trading arm of Zeal Group, a group of fintech companies specialising in multi-asset trading solutions. Zeal Capital Market (Seychelles) and Zeal Capital Market (United Kingdom) are regulated and licensed. More on the regulatory bodies is explained in the next section. This makes ZFX a regulated and licensed broker providing several financial products: forex, cryptocurrencies, stocks, indices, and commodities on the ZFX MT4 platform.

For those who have questions on whether ZFX is a scam broker due to the regulatory bodies and authorities it’s attached to — and not — can find further reading below. Particularly in Malaysia, ZFX may not be licensed with Securities Commission (SC) Malaysia, but it is licensed with the Financial Services Authority of Seychelles and registered with the Financial Conduct Authority. To understand more on the nuances in jurisdiction of different regulatory bodies, it is discussed further in the rest of this article.

The MetaTrader 4 (MT4) by MetaQuotes is a popular trading platform preferred for its wide multi-device compatibility, and for more on the different devices the MT4 is compatible with, visit the ZFX platforms webpage. For more detail and descriptions of MT4 features and user interface on different devices, they can be found in the drop-down menu under the platforms section.    

In Focus: ZFX as a Trading Broker

Headquartered in London, ZFX’s global presence spans three continents. Their offices are located in eight major cities: London, Moscow, Bangkok, Ho Chi Minh City, Jakarta, Abu Dhabi, Hong Kong, and Taipei.

ZFX, Zeal and the Z in the ZFX logo are trading names copyrighted to Zeal Holdings Limited. The Zeal Group is regulated and licensed for trading. Through Zeal Capital Market (Seychelles), it is regulated as a Securities Dealer by the Financial Services Authority (FSA) of Seychelles, license number: SD027. Through Zeal Capital Market (UK) Limited it’s authorised as an investment dealing agent by the Financial Conduct Authority (FCA), FCA Registration Number (FRN): 768451.

Financial Products

ZFX offers Contract for Differences (CFD) trading in forex, indices, commodities, shares, and cryptocurrency as their financial products.

• Forex – ZFX offers major, minor, and emerging currency pairs for trading. Additionally, ZFX also provides exclusive client support via market analyst insights.
• Indices – ZFX allows stock index CFDs trading for a broad range of indices including the main indexes (S&P 500, NASDAQ, Dow, and FTSE 100) on blue chips. Most of the indices are made available as Forward (has an expiration date) or Spot (without an expiration date; rollover/swap fees apply).   
• Commodities – ZFX allows commodity trading with CFDs. Here, trading major commodities like gold and crude oil is offered with low margins and high leverages.  
• Shares – With ZFX’s leverages, stock trading with CFDs is optimally risk-managed. Trading based on underlying assets instead of the actual assets makes the stock market more accessible to new and small-time traders.   
• Cryptocurrency – CFD crypto trading allows trading that based on the speculation of its price movements.  

Trading Account Types

ZFX offers five trading accounts to cater to different trader needs. They are listed below:

• Demo – Like the live account, the demo account uses the MetaTrader 4 (MT4) software but does not replicate the exact transaction results of a live account. With a demo account, your account is automatically credited with $20,000 practise money for training in trading. Opening a demo account is fast and easy requiring you to fill in only your name, email, and contact number. No KYC documents are needed.
  
• Mini – This account requires a low minimum deposit of $50 upon registration. The minimum forex spread is 1.5 and the maximum leverage, 1:2000. It is recommended for new traders and those who want to get more out of trading with small orders. Contract forex units are 10,000.
  
• Standard Straight through Processing (STP) – With a minimum deposit requirement of $200 the STP account offers a minimum forex spread of 1.3 and 1:500 maximum leverage. Contract forex units are 100,000. Traders can expect to get better pricing with this account with client orders being sent directly to liquidity providers (bank or broker).
  
• Electronic Communication Network (ECN) – This trading account requires a minimum deposit of $1000 with a minimum forex spread of 0.2 (commissions may apply), and maximum leverage of 1:500. Contract forex units are 100,000. Seeing that the ECN account allows a direct link between traders, this means that traders can benefit from the lowest spreads. This is especially of use to short-term traders who look to high market volatility and fast-paced price action for profit.

For the complete explanation of ZFX trading account types, check out the link here.

Trading Support

• Academy — The A-to-Z ZFX Academy is an archive of trading knowledge worth any trader’s time. An extensive library of information, the articles provided here cover novice level to expert level knowledge on trading and investment.
  
• Tools and Market Insight — ZFX provides traders with an Economic Calendar for telling key events and dates that impact asset prices and financial markets. For helpful market insights, ZFX’s Market News and Market Outlook keep traders informed with the latest on trading.
  
• Partnership — ZFX also provides support with their partnership programme which is organised into three categories: Introducing Brokers (IB), Fund Managers, and Marketing Affiliated. For more on the partnership programme, visit this link.
  
  The partnership programme is meant to make trading with ZFX a supportive experience as well as incentivise and add more value to a client’s trading journey.
  

ZFX Review: Is it All Legit?

With the differing views on ZFX, whether it be from a ZFX review or Zeal FX review, it helps to delve into them. Choosing a specific circumstance would be the best way to elucidate the matter.

Taking for example trading with ZFX in Malaysia. The Securities Commission (SC) of Malaysia which is the sole regulatory body for its capital markets, is not one that ZFX is registered with. So, does this make ZFX legit or a scam broker?

First of all, it is important to take note of the most recognised forex broker regulators. Here is a list of them below:

• Commodities Futures Trade Commission (CFTC) – USA
  
• National Futures Association (NFA) – USA
  
• Financial Conduct Authority (FCA) – UK
  
• Australian Securities & Investments Commission (ASIC) – Australia
  
• Cyprus Securities and Exchange Commission (CySEC) – Cyprus
  
• Swiss Financial Market Supervisory Authority (FINMA) – Switzerland

*Financial Services Authority — UK: This was the regulating agency for financial services in the UK until 2013. Later, it was broken up into the Financial Conduct Authority and Prudential Regulation Authority of the Bank of England.

Even though the SC requires any person, website, investment products and companies to be authorised and licensed by them to operate in any of Malaysia’s recognised financial market, there are certain terms and conditions that allow Malaysian investors to trade with international brokers. There may be a few instances when a Malaysian trader might choose an international broker for trading. Apart from portfolio diversification and better profit potential due to the broader markets overseas, there are so many reasons to trade international assets. Here’s a good article by www.imoney.com on why this might be the case.

SC Investor Alert List

The Investor Alert List of the SC is a “list of unauthorised websites, investment products, companies, and individuals”. However, the same abovementioned imoney article states that being on the Investor Alert List doesn’t necessarily render a broker or platform fraudulent. Being licensed and regulated by any recognised and legal regulatory authority suffices.

ZFX is licensed and regulated by the FCA and FSA which are international regulatory authorities, and one of the most recognised ones at that. Therefore, in the event of a dispute, a client can still take it up with the FCA if not the SC.

Along with ZFX, many if not most international brokers are not registered with the SC but are still legal brokers serving Malaysian traders. Of course, some Malaysians may prefer to trade international stocks with local brokers, but this way means, likelier, higher costs.

In the case of local brokers like Maybank and Public Bank, they charge USD25 per transaction when a trader purchases international stocks through them. On the other hand, any Malaysian trader that’s chosen to go with an international broker finds they can easily fund their international brokerage account.

Here’s how:

• Local Bank – Although there will be international transfer and currency conversion charges, a trader can always fund their international trading account using a local Malaysian bank.
  
• International Transfer Provider –Some if not all international brokers accept transfers from third-party transfer providers.i.e., Wise. Their transfer and conversion fees are usually cheaper than a Bank’s.
  

ZFX: Who Is It For?

ZFX reviews on user experience have mostly been encouraging. Most of the good recommendations can be attributed to their platform, ZFX MT4 and their educational platform.

The ZFX MT4 has been mentioned for its Back-test strategies feature, One-Click trading, Chart trading, Easy integration, Hands-off trading and more. As for the academy, along with the ZFX partnership programme, it has benefitted especially new traders in acclimatising to the world of trading. This rings especially true to those new to trading who find a comprehensive guide in ZFX’s A-to-Z Academy.

With all traders in mind, ZFX makes adopting trading easier especially for CFD and beginner traders. This is largely in thanks to ZFX’s holistic trading setup that equips its clients with the relevant tools to trade efficiently and independently.

Start Trading with ZFX

Trading with ZFX requires a client to register an account with ZFX. New verification requests take 24 hours to be processed.

1. Register
   To register an account, the “Open an account” button can be found on the top right of the page or can be accessed here: Register (zfx.com)
   
2. Trading Account Type
   The next step would be to choose the trading account type of your choice. A quick account comparison can be done here.
   
3. First-time Sign In
   Once registration is completed, you can then access MyZFX. This is accessed by logging in for the first time with your Zfx login details. MyZFX is your personal ZFX space where you can manage your trading accounts, funding methods, transfer balances and personal information.
   
4. Identity Verification
   Before your ZFX account can be processed, your identity needs to be verified. To allow this, upon accessing the MyZFX section, click “Personal Information” and select “Document Verification” from the navigation menu.
   
5. Payment Verification
   Lastly, a bank verification needs to be done. Here, you are required to upload a copy of your bank statement.
   

The Bottomline

ZFX is a legit and reliable broker that has been serving clients in Europe and Asia since 2017. Some of its attractive features are that it has no withdrawal fees, and a commissions structure that supports scalping, and hedging.

Its offering of an Islamic or swap free account that is Shariah compliant is also something to be taken into account, for whom ever this is relevant.

FAQs

1. Is ZFX a broker?
   ZFX is the trading arm of Zeal Group, a group of fintech companies specialising in multi-asset trading solutions. Zeal Group’s Zeal Capital Market (Seychelles) and Zeal Capital Market (United Kingdom) are regulated and licensed. More on the regulatory bodies is explained in the next section. This makes ZFX a regulated and licensed broker providing several financial products: forex, cryptocurrencies, stocks, indices, and commodities on the ZFX MT4 platform.
   
2. Is ZFX legal in Malaysia?
   ZFX is licensed and regulated by the FCA and FSA which are international regulatory authorities, and one of the most recognised ones at that. Therefore, in the event of a dispute, a client can still take it up with the FCA if not the SC.
   
   Along with ZFX, many if not most international brokers are not registered with the SC but are still legal brokers serving Malaysian traders.