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ZARFX Review - Is it scam or safe?

ZARFX Review - Is it scam or safe?

RATING: 2 / 1 REVIEWS ZARFX
ZARFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account Type Minimum Deposit  Minimum trade size  Maximum leverage  Average Spread
Standard $500 0.01(micro lot)  1:400 1.1 on EUR/USD
Institutional  $1000 0.01(micro lot)  1:200 0.2 pips on EUR/USD + $4 per lot

 

There are 2 basic Trading Accounts offered by ZARFX: A Standard commission-free account and an Institutional one, providing raw interbank spreads, but also involving commission.


Both account types offer micro lots for trade and there is also a free demo account for 30 calendar days.


In addition, ZARFX provides an Islamic (swap-free) service designed for traders who cannot receive or pay swaps for religious reasons.


Furthermore, there is a PAMM Account (Percentage Allocation Money Management) which allows investors to have their accounts managed by a trader designated by them and it also enables a trader to manage simultaneously a number of managed accounts on a single platform.


The Company. Security of Funds


ZARFX is a DMA broker, offering online trading in 70 currency pairs and CFDs on indices, precious metals and commodities through the popular MetaTrader 4.


Founded in 2013, ZARFX is a brand of ZAR Solutions Limited, a financial services company registered in the British Virgin Islands and licensed by the BVI Financial Services Commission.


The BVI Financial Services Commission is the single financial services Regulator within this jurisdiction. Although offering regulated status, the British Virgin Islands presently still allows companies to be entirely based overseas. What is more, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.


Offshore zones are attractive destinations for emerging forex brokers because of the looser regulation, if any, and the less costly registration procedure. If you, however intend to invest a large amount of funds, we advise you to select among FCA-regulated brokerages, US or Swiss ones, where the respective financial watchdogs are always on alert and your money will be safe.


Trading Conditions


Minimum Initial Deposit
In order to open an account with ZARFX, one has to deposit at least $ 500. We believe such minimum initial amount is unreasonably high, considering the looser regulation of this relatively young FX broker. In comparison, ForexBrokerInc registered in Marshall Islands demands $100 from its clients as a start, and LiteForex – just $10.


Spreads & Commissions
As a DMA broker, ZARFX offers variable spreads. The average spread on the commission-free account the amounts to 1.1 pips on EUR/USD, which is average for the FX market. Lower spreads are available for the Institutional account, averaged 0.2 pips on EUR/USD, however a commission of $4 per standard lot applies, so basically the trading costs are around 1 pip.

In comparison, LiteForex offers variable spreads averaged 1.1 pips on EUR/USD on its ECN account (with a minimum deposit of $500), and this offshore broker has more than 10 years of experience on the forex market and has been included in Britain's leading financial magazine World Finance «100 World Finance» worldwide list.


You may look up and compare real-time spreads of 15 leading brokers here.


Maximum Leverage
As for leverage, the maximum leverage, offered by this broker is: 1:400, available on the Standard account. Such leverage ratios are considered relatively high, nevertheless many brokers offer even higher: ForexBrokerInc, for instance provides leverage up to 1:500. Such leverage levels enable traders to make striking profits when the markets move in their favor, however, this also could result in excessive losses if the market moves against them.

If you need higher leverage, you may check out this list of FX brokers offering leverage equal to or exceeding 1:500.


Trading Platform


ZARFX offers its clients the standard forex market trading platform MetaTrader4 (MT4). It is available as desktop, web and mobile versions.


MetaTrader 4 is the preferred choice of most trading professionals. This platform offers all a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing environment. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.


ZARFX provides its clients with a VPS (Virtual Private Server) hosting which allows them to run automated algorithmic strategies 24 hours a day 7 days a week on a virtual machine on a datacenter (Equinix Ny4 and LD4).


Promotions
In addition, this broker offers its clients 100% on deposit welcome bonus up to $25 000.


Methods of Payment


ZARFX account deposits and withdrawals can be performed by the following payment modes:


- Bank wire transfer;
- Credit card;
- e-wallets: Moneybookers, Qiwi, WebMoney, OKPAY, LAVApay, Neteller.


Conclusion


ZARFX is a FX broker operating under the looser regulation of BVI’s Financial Services Commission. It offers reasonable trading conditions for trading in a wide range of currency pairs and CFDs with a DMA model. To sum things up, here are the Pros & Cons in relation to this broker:

 

Pros  Cons
Competitive spreads  Light touch regulation
MT4 available No choice of trading platforms
  High minimum initial deposit

 

 

Latest news about ZARFX
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Traders` reviews for ZARFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

ZARFX IS A A THEIVING SCAM

I opened up 2 accounts with these theiving criminals. One account was a managed account ,and the smaller account was for me to trade. I complained to FPA - FOREX PEACE ARMY ,when it became clear that they would not take instructions to give control of my managed account back to me . I tried withdrawing all my money ,about 28000 us dollars. They just refuse to act on my request,
FPA FOUND THEM GUILTY OF MIS CONDUCT ,yet I still have not been able to get my money baxk

JEAN MERIGNAC , EX SUNBIRD EMPLOYEE, and a canadian , is the main theiving criminal there....

Please assist me if you can advise me in any way to pursue these bastards legally. I have already contacted the BVI authorities ,and they could not help.

mike Wilson 05/17/2017
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