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ZeForex Review - is it scam or safe?

ZeForex Review - Is zeforex.com scam or good forex broker?

RATING: 1 / 2 REVIEWS
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Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Standard Unknown 1:100 Fixed, from 2 pips

 

ZeForex is a forex broker, which also provides binary options. The options platform felt clunky, when we tested it. The same also goes for the forex trading one, but we will dedicate more time to it in the review.

 

The Company. Security of Funds

 

Company Country Regulation
GLG International OU Estonia N/A


ZeForex is a brand owned by GLG International OU. The company is based in Estonia and does not claim to be affiliated with any regulatory agency. We do not recommend trading with unregulated brokers, as the possibility of them scamming you is high.

Different countries have their own specific institutions, which oversee the financial services sector. As an example, the Cyprus Securities and Exchange Commission (CySEC) is one of the more reputable ones, which also has a lot of brokers registered with it. The commission forces companies to frequently report their activities. Furthermore, there are several key regulations in place, with two standing out as the most important, in terms of security of funds. 

Client’s investments are kept in segregated accounts, which the broker can’t freely access. This prevents the most basic scam – the company simply taking your money. Furthermore, there is a compensation scheme in place. In essence, this is a common pool, to which all brokers contribute a small portion of their profits. The funds then serve as a guarantee, in case one of the companies goes bankrupt. If you trade with a CySEC-regulated broker, which happens to go under, your account will be protected up to EUR 20,000.
 

Trading Conditions


 
Minimum Initial Deposit

ZeForex has not mentioned a minimum deposit requirement. This is not the case, when it comes to most forex brokers. The companies, which offer the lowest entry barriers even use it as a marketing tool. For instance you can deposit as low as you want at the FCA-regulated industry pioneers at IG.

On the other hand the minimum deposit is not that important of a trading condition, unless you are still learning and want to risk a little.
 

Average spreads & Commissions
ZeForex offers fixed spreads. The EUR/USD one is 2 pips, which is not competitive, even when compared to some fixed spread brokers. For instance, if you deposit more than $250 with easyMarkets, you will receive a 1 pip fixed spread for the same pair. That being said floating spreads can go even lower. For a real-time comparison of the spreads offered by some of the world’s leading brokers click here.
 

Leverage
The maximum leverage provided by ZeForex is 1:100. This is a perfectly fine ratio, although you may be thinking otherwise, if you follow the industry. Many brokers offer 1:500 or even higher leverage ratios, which ate unnecessary for most traders.

In fact, high leverage is one of the main reasons, why beginners lose money, according to most experts. This is why US regulators have even capped the ratio, which can be provided to retail clients to 1:50.
 

Trading Platforms


 
ZeForex offers trading via a web-based platform and a mobile app. The in-browser version was definitely not impressive. It is essentially an instrument list with a really basic chart next to it. Here is a screenshot:


 

That being said (and shown), charting by TradingView is also available, via the “advanced chart button”. Although this is useful, you could have just as easily checked TradingView on your own. Overall, there is no room for comparison between this platform and industry staples, such as MetaTrader 4(MT4) and even the less popular cTrader.
 

Methods of Payment

The payment options at ZeForex are quite limited – only Credit/Debit Card or UPayCard. Lots of brokers provide solutions such as Skrill and Netteler, which are relatively popular e-wallets. 
 

Conclusion


ZeForex is an unregulated forex broker and binary options provider. The web-based trading platform feels clunky. Trading conditions are not competitive for the current environment.  Here are this company’s pros and cons:

 

Pros Cons
  Unregulated company
  Higher than average fixed spreads
  Clunky trading platform
  Few payment methods

 

Forex
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Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for ZeForex

Account locked unable to access

I deposited initial amount of 250 USD, when asked for more I denied because of shortage of funds, I have not done any trade transaction so far, now I am trying to login for withdrawal of my deposit , I am unable to login showing wrong username or password , the site shows password reset but I did not receive any email regarding password reset, please help, thanks

Johnson Gonsalves 09/08/2017

I'm not able to log in to my account

Please reply on my email and advise?

Ashfaq Awan 08/28/2017
Forex
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