ZFX Broker Review: Who Can Trade & How Safe Are They?

ZFX Overviews

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ZFX was founded in 2016 by veteran traders with many decades of experience. With their insight and vision, they planned on establishing a platform that would make investing much more accessible to retail traders and institutional investors alike. Let's look at zfx broker review in more detail.

Facts About ZFX

Pros and Cons

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Is ZFX Safe? Broker Regulations

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In all our broker reviews, we go over the aspect of how safe a broker is. One aspect that beginner traders and professional retail traders always need to (and want to understand) is how safe the broker they are dealing with is.

ZFX is part of the Zeal Group, making it a “Zeal Company.” The Financial Services Authority (FSA) regulates zeal Capital Market Ltd. in Seychelles, with its license number being;

• SD027

Then Zeal Capital Market Ltd. in the U.K. is regulated by the Financial Conduct Authority (FCA), and its registration number is;

• 768541

As a No Dealing Desk (NDD) broker, ZFX connects its clients to banks, inter-bank markets, as well as liquidity providers. ZFX further subdivides NDD into Straight Through Processing (STP) and Electronic Communication Networks (ECN) accounts, depending on the many varied needs of the client.

Essentially, NDD brokers (ZFX in this case) are typically considered to be more transparent than Dealing Desk brokers in terms of transactions. In addition to transparent transactions and due to STP and ECN, the trader’s identity will not be exposed, with orders being executed immediately and anonymously.

ZFX also holds the award for;

• The Best FinTech Trading Platform of The Year 2019

With all these specifications, credentials, and awards that ZFX has, they are rated as a highly reputable and safe broker.

You can find information on how ZFX protects its clients on its FAQ page. This is where it outlines and details what all prospective clients (traders) need to know in terms of how their funds and investments are kept safe.

ZFX chooses the route to separate client funds from business funds, depositing client funds into a bank account that is separate from that of the company. Due to this, clients are the only individuals who can approve money transfers, and no other person or organization can withdraw from a client’s trading account other than the client themselves. Thus ZFX “guarantees fund security” to its clients.

What Can I Trade with ZFX?

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Then there are many different instruments available to trade with ZFX, and the prices in terms of the spread and commission will vary and depend on the asset involved. You get your typical financial instruments that include forex, stocks (shares), Indices, commodities, and Cryptocurrencies. Here is a breakdown of all the assets that are available to trade from ZFX, which include;

Forex

ZFX offers over thirty-three currency pairs to trade with no commission charges. The spreads (bid/ask prices) are substantially low for ZFX forex pairs depending on what account you choose to open; it can be as low as 0.2 pips. You are able to trade most major, minor, and exotic pairs that include EUR/USD, USD/JPY, GBP/USD, and USD/CHF.

Index CFDs

You can trade Index CFDs like NAS100, HK50, US30, and ChinaA50, along with other popular indices. ZFX is quite different from other brokers in that it has a Products Information Page where it splits (depending on the product you choose and, in this case, Indices) into categories of;

• Most Traded
• Risers and Fallers
• Movers

This allows you to get a full view of what indices are making an impact on the markets.

Commodities

Crude oil and copper are two of the main commodities offered by ZFX. You also have the option to trade Gold and Silver along with other popular commodities like Copper and Oil. Additionally, you are also able to break down commodities into the three categories mentioned above.

Stocks (Shares)

You can trade over thirty-five share CFDs, including blue chip companies that are listed on the U.S. Stock Exchange, with ZFX. Some popular stocks that you can trade are AMZN, TESLA, and BIDU. Like indices, these stocks are split into three categories.

How to Trade with ZFX?

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Anyone can trade on ZFX due to the reliable and easy-to-use platforms they offer. Whether beginners or seasoned professionals, day traders, long-term investors, or even financial institutions. ZFX has many features that allow this to be possible, from easy registration to using their MT4 platform or mobile app to trade.

Beginners will find it easy to sign up and register due to their user-friendly interface, and trading is made simple enough using MT4, which has been around for almost two decades now. Regarding MetaTrader 4 as a platform, ZFX offers it for Windows, Mac, and Android (which will be discussed later).

Additionally, traders who want a mobile option are also in luck because, besides the MT4 mobile app, ZFX offers users the chance to trade on their proprietary trading app (which will also be discussed).

Even if clients are not looking to learn how to trade (in any way) but want to invest, ZFX offers its MAM account services. The ZFX MAM service is a Multi Account Manager fund that allows investors to pool their money together while having a money manager trade with their equity.

These MAM money management services are suitable for family offices, hedge funds, and money managers. Investors sign a contract with their account manager of choice. They agree on a performance fee, and ZFX acts as the custodian, ensuring that both the managers and the clients receive their fees or payments.

Traders (who are looking to learn and actually trade) are in good hands when utilizing the platform (MT4) and don’t have to worry about what device they have because ZFX offers the platform across multiple devices that include MetaTrader 4 Mobile (Android), MetaTrader 4 Mac, MetaTrader 4 Windows.

Keep in mind that Apple has subsequently removed MT4 and MT5 (MetaTrader 5) from their App Store, so this won’t be available for the foreseeable future unless Apple reverses its decision.

Also available to clients is the ZFX mobile app that is loaded with features and makes trading anywhere, anytime, as easy as it could ever be. If you are new to trading, don’t like MetaTrader 4, or are constantly on the go and don’t have time to sit down and open up a position, this app is quite possibly a perfect solution.

The app offers an advanced, innovative, and more integrated trading environment than MT4 mobile due to its more convenient, simpler, and user-friendly design. Moreover, there are added benefits such as market insights and news allowing you to dive deeper into the markets and even backtest your strategies.

Lastly, ZFX offers Copy Trading. The ZFX Copy Trading Platform lets traders copy the trades of the platform’s top performers. You can follow and mirror high-return traders with just a few clicks. If you are new to trading and still finding your feet but have the capital to invest, then this may be an option that you can look at till you hone in your skills.

How Can I Open ZFX Account? A Simple Tutorial

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Opening an account with ZFX is pretty easy compared to the hoops other brokers may have you jumping through. However, before opening an account, you will want to decide on what account you would like to open based on the available tradable assets that differ from each ZFX trading account and what type of contract specifications you would like to use.

Moreover, depending on your region, you will need to understand that the account types will vary. We will discuss these further under the ZFX accounts section.

Once you have decided which account you would like to open (Mini, Standard STP, or ECN), you will only need to head to the home page and click on the “Open Account” button.

You will then be directed to another page where you will fill in your details which will include your;

• Name
• Mobile number
• Email address
• Password

Following that, you will go through a series of steps that will take you through the registration process in terms of;

• Adding personal information (proof of identity, etc.)
• Depositing funds
• Trading

It should also be noted that no fees are required when you open up a ZFX trading account, but this will be discussed in more detail under the “ZFX Account Types” section.

ZFX Charts and Analysis

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ZFX uses Metatrader 4 as their gold standard when it comes to the platform allowing their clients to trade. MT4, in its basic form, allows users to trade all the available assets that ZFX offers. If you don’t already know, the features of this platform are so extensive and robust that it has been the industry standard since its release in 2005 by MetaQuotes.

MT4 allows for advanced trading robots, trading operations, trade executions of three types, access to the MQL community (which gives you access to so many more features that it will be quite difficult to list them all here), and technical indicators that allow for technical analysis of the financial markets (assets). Some technical indicators that MT4 offers and that will be present in the ZFX version are;

• Moving averages indicator
• RSI indicator
• Bollinger bands indicator
• Fibonacci tools indicator
• Average true range indicator
• On balance volume indicator
• MACD indicator

There is a tone of features in terms of charts and “analysis” that ZFX can help traders with, and these do not only come from MT4.

Take, for instance, their A-to-Z Academy. Traders of all levels can find information, analysis, forecasts, tutorials, guides, and more based on the markets, and more that all traders (beginners to professionals) can take advantage of. The A-To-Z Academy covers everything from fundamentals to advanced strategies and is organized by asset class. Determined to help new traders, The A-To-Z Academy also has a Help Guide and Glossary for those in need of assistance (which we will detail later). Traders can also find market news and insights by using the mobile trading app.

Then ZFX also offers traders valuable insight into the markets through their Market News, Market Outlook, and Economic Calendar. You will be hard-pressed to find news on the financial markets that are not covered in minute detail here.

 

ZFX Account Types

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ZFX offers five different account types, divided into two categories. Depending on your region, you can choose between one of these (these accounts are listed and tabled below for your perusal). You will have to consider your trading appetite and the amount of capital you have in order to determine which will be best for you.

Additionally, suppose you are in a region that allows you to choose between the Mini (Cent), Standard (STP), or ECN account. In that case, you will need to understand that available assets to trade will be limited depending on the account.

For example, the Mini (Cent) Account has a limited number of Indices and Shares (Stocks) to choose from, while the Standard and ECN Accounts have a larger pool to draw from.

There are no fees that are required in terms of opening an account with ZFX. This includes the Cents, STP (Standard), and ECN accounts. However, there will be an initial minimum deposit depending on which one of these accounts you intend to open. The minimum deposits for these accounts are;

• Cents Account: $50
• STP Standard Account: $200
• ECN Account: $1,000

ZFX account types based on region

Do I Have Negative Balance Protection with This Broker?

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Regulated by the Financial Conduct Authority (FCA) and the Financial Services Authority (FSA), ZFX offers negative balance protection to its clients and holds their funds separately.

FCA-regulated entity provides a compensation scheme of up to £85,000. FSA regulators do not offer a compensation scheme, so traders who open an account with the FSA-regulated entity are less protected.

As such, you will need to consider which entity you are trading with when registering with ZFX.

ZFX Deposits and Withdrawals

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ZFX makes it easy to deposit and withdraw funds. Many “payment methods” options are available, from Skrill and Neteller to Bank Transfers and Credit Cards. If you are unsure of how to fund or withdraw from your account, the process is pretty simple, and you can find the answer in the FAQs – Account Funding and Withdrawal.

You will only need to log into your “MyZFX” account (access can be found on the ZFX homepage), click on the appropriate option, and follow the instructions.

Support Service for Customer

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Due to ZFX being a global entity in terms of allowing many traders from around the world the ability to trade, you would assume that they would have a reliable and robust customer support service, which they indeed do.

ZFX caters to mainly Europe and Asia, and thus their customer support center offers help in many languages (which we will detail below). Moreover, they don’t outsource their customer service but rather keep it all in-house, giving credibility to their knowledge and the ability to help their clients resolve issues quickly.

Their online live chat feature is available 24/7; from what we have experienced, the response time when sending an Email does not take them more than 48 hours. Typically though, they will respond within 24 hours of a business day.

ZFX offers a great user experience that many of its clients can attest to. Besides their reliable customer support and online chat features that are available 24/7, they have an array of material that clients can reference to make their trading journey that much easier.

The Help Center offers potential clients and current users the chance to find answers to difficult questions they may have, covering everything they will need to know, from funding their accounts to where ZFX is regulated.

Then they have the Glossary section that stands alone, which you typically won’t find that other brokers have. This section offers definitions for dozens of terms and financial jargon that traders of all sorts use daily. No need to “Google” a phrase or term; if you don’t know what something means, head to the Glossary page and search for it.

Many users and review sites are adamant about giving ZFX sterling reviews. For instance, WikiFX gives them a 7.7-star rating out of 10 with a “A.A.” (double A) score in transaction speed, transaction cost, rollover cost, and trading slippage.

FXEmpire is also onboard, handing out a 4 out of 5-star rating, going over all the crucial aspects of deposits and withdrawals, account types, tradable instruments, the mobile app, and more.

If you are still not sold, then you should look at some customer reviews posted on TradersUnion. The reviews go into detail on how ZFX offers great terms and conditions, is secure and stable, and is recommended for intraday trading.

As you can see from these ratings, customers generally tend to be positive when it comes to this online broker, though every experience differs.

Prohibited Countries: Where Can I Not Trade with this Broker?

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It should be noted that ZFX does not accept citizens from certain countries. U.S. citizens or U.S. residents are strictly not accepted as clients due to U.S. Securities and Exchange Commission (“SEC”) rules.

Special Offers for Customers

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The only pitfall that we could find is that ZFX does not have many special offers to choose from, unlike other brokers that offer a few. For example, OANDA offers an initial deposit bonus. However, they do occasionally run competitions for new and existing clients.

However, there is a shining light here because although they may not offer as many signup bonuses as other brokers, they regularly hold competitions for clients who register and trade, giving away cash bonuses, gift prizes, and even weekends away. So even though they might not offer a one-time signup bonus, they are continuously offering their clients competitions and great prizes to go along with them.

It should be noted that there are specific registration and trading periods for these competitions, so you will need to keep a lookout for them.

ZFX Review Conclusion: Reputable Broker with Easy-to-use Platform

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Due to it offering a wide range of support in the form of its Help Center, Glossary Section, Customer support, and A-To-Z Academy, beginner traders won't feel overwhelmed and can find help on whatever they need when they need it.

PIPPENGUIN

ZFX is a client-centric broker, offering a wide choice of accounts that suit both beginner traders and professional investors (including financial institutions). Their focus is mainly on the European and Asian markets offering the choice to transfer funds in many local currencies.

Due to it offering a wide range of support in the form of its Help Center, Glossary Section, Customer support, and A-To-Z Academy, beginner traders won’t feel overwhelmed and can find help on whatever they need when they need it.

The FCA is regarded as a Tier 1 regulator, meaning that for all intent and purposes, ZFX is as safe as can be. Due to a low barrier for entry in terms of easy registration and low minimum deposits, along with the multitude of assets that ZFX offers (over 100), they are a great potential broker for traders in search of many more options for indices and commodity CFDs.

The bottom line is if you are a beginner or a professional retail trader, ZFX offers many benefits that can propel your trading, whether it be custom accounts, low spreads with no commission, low deposits, educational material, good customer support, and reliable service.

Summary and Key Takeaways

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To summarize, ZFX is a reliable broker that is still relatively young that allows its clients to trade many different assets while choosing accounts to suit their needs. Negative balance protection is included for clients registering with the entity regulated by the Financial Conduct Authority (FCA), and their platforms used to trade are the industry standard. They also have their proprietary mobile trading app, which is great for trading wherever, whenever you want.

They offer rich services in terms of education, customer support, MAM, and their mobile trading app.

FAQs

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Where is ZFX based?

The head offices of ZFX are based in the U.K, while many operational offices are located across the globe, including Taipei, Bangkok, Ho Chi Minh City, Jakarta, and Abu Dhabi.

Additionally, they provide their services through two entities;

• Zeal Capital Market (U.K.) Limited
• Zeal Capital Market (Seychelles) Limited.

Is ZFX Safe and reliable?

U.K.-based clients will benefit from being regulated by the FCA, which is considered a Tier 1 regulator. Other traders will trade under the Seychelles-based entity, which is regarded as a Tier 3 regulator. As such, they are considered safe and reliable.

Is ZFX a good choice for beginners?

ZFX offers an array of tools and educational sources that beginner traders can draw from, helping them to learn all the aspects of trading. This includes their online live chat, customer support, A-To-Z Academy, Help Center, and Glossary section.

What is the min. deposit for a ZFX account?

The minimum deposit for a cent account is $50, while the standard STP account will see you put in $200. The ECN account has a hefty minimum deposit of $1,000, but the benefits in terms of a much tighter spread are inviting.

What is the max leverage on a ZFX account?

The policy that ZFX has in place allows you to trade with leverage as high as 1:2000. However, this will depend on your trading equity.

What is the withdrawal process like at ZFX?

As long as your account has passed the verification process, you can submit your withdrawal request whenever you want. The application will be processed that working day (or the next if you request a withdrawal at a time outside of workday hours). Once the review is successful, the withdrawal transfer will take place within 24 hours of the workday.

What verification is needed to withdraw money?

At ZFX, you’ll need a national ID Card or driver’s license and passport. You’ll also need bank account information (this can include the first page of your bank account book).

Take note that the account number you provide must have you as the holder, and your account number must match your registration.

Can you use E.A.s at ZFX?

ZFX’s platform does support Expert Advisors, so you can utilize them.