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ZB Forex Review - is it scam or safe?

ZB Forex Review - is zbforex.com scam or good forex broker?

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Trading Accounts

 

Trading Account Minimum deposit Min. Trade size Maximum leverage Spreads
Standard $500 0.1 1:200 From 0.2 pips (+ commission?)

 

As ZB Forex provides no information on differenet account types, we assumed that it offers a single account on the MetaTrader 4 platform with variable spreads. Micro lots are available only upon request.


ZB Forex website available in English, Spanish, Korean and Chinese, and US residents are not accepted as clients.

 

The Company. Security of Funds

 

Company Country Regulation
ZB Forex Limited Belize  IFSC

 

ZB Forex offers online trading in forex and some CFDs on the MT4 platforms. According to the information provided on its website, the broker is active in in Belize, USA,( New York, Colorado, Los Angeles), New Zealand, S. Korea, Philippine, China. Behind the brand is a company “licensed” in Belize, a famous offshore zone.

 

We checked and ZB Forex Limited is indeed present in the List of licensed service providers for trading in foreign exchange services in the register of Belize’s Financial Services Commission (IFSC). Although the IFSC issues warnings against unregulated entities and imposes certain requirements top licence holders (such as for client account segregation and minimum capital), regulation in Belize cannot be compared to the one in most EU jurisdictions or in Australia, for example. Let alone to the rules applicable in the US.

 

Unlike UK’s FCA, the IFSC places little emphasis on supervision of licensed brokers. Besides, they are not required to report transactions, nor to arrange mechanisms for compensation in case a regulated entity goes bankrupt.

 

>>Looking for a UK forex broker? Click here <<

 

To cut things short, when trading with offshore brokers, there is no guarantee you will ever see the money you deposited again, let alone any potential profits. Not to mention that many of these brokers are pure scams.

 

Trading Conditions

 

Minimum Initial Deposit

The entry level at is set at ZB Forex is $500, which is a comparatively high initial amount, taking into account that global well-regulated brokers like FxPro demand something in the $100 range.

 

Average Spreads & Commissions 

ZB Forex claims to offer spreads starting out at 0.2 pips on EUR/USD, and mentions nothing about commission fees.

 

After registering a demo account and testing their platform, we saw that spreads for this pair are even negative, and still no commissions apply. If the situation is the same with live accounts, there is no way for the broker to be profitable, so we suspect that either ZB Forex’s reals spreads are higher, or it charges some commission.

 

By comparison, FxPro offers spread averaged 0.3 pips on EUR USD and a commission of $4.5 per lot applies.

 

>>Check out the spreads provided by top-tier brokers<< 

 

Leverage

ZB Forex offers leverage up to 1:200, which may be considered a middle ground in the forex market. Other brokers offer much higher leverage levels, but we would not recommend utilizing them to the full capacity, as they involve significant risk of losses.

 

Trading Platform

 

As most brokers, ZB Forex offers access to the widely used MetaTrader 4 (MT4), desktop and mobile versions available.

 

The MT4 is easy to use and reliable trading terminal that provides the best charting package, fast order execution, and a lot of custom tools. You can find almost every possible technical indicator or automated strategy on this platform, and besides, you can make one of your own if you have some coding skills. This functionality probably makes MetaTrader stand out the most.

 

 

ZB Forex’s desktop demo MT4.

 

Promotion

ZB Forex currently offers a $100 welcome bonus to all new live account holders. Although it is not explicitly said, probably certain volume trading requirements must be fulfilled in order to withdraw the profits from the bonus.

 

Methods of Payment

 

Payment methods with ZB Forex are limited to Bank Transfer, Credit Card, Neteller and BuildPay credit card.

 

The broker says it currently accepts payments in USD only and charges no fees on deposits and withdrawals

 

Conclusion

 

ZB Forex is an offshore broker that provides its services on the renown MT4 platform. However, we find the initial deposit it requires high, and its spreads – too good to be true. Here are, in a nutshell, the advantages and disadvantages of ZB Forex:

 

Pros Cons

MT4 available

Offshore broker  

 

Unrealistically low spreads on demo MT4

 

Comparatively high initial deposit required

 

No indices and stock CFDs

 

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Spread

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Requotes

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Price feed

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for ZB Forex

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