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ZFX Review - is it scam or safe?

ZFX review - Is zfx.co.uk scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz ZFX
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ZFX is a British forex and CFD broker, licensed and authorized by the local Financial Conduct Authority (FCA). They offer two account types – Standard and ECN, with a selection of currency pairs and CFDs on gold, silver, copper and oil, 9 indices and even several crypto coins, including  Bitcoin, Litecoin and Ethereum, all of that with the well known MetaTrader4 platform and leverage of up to 1:100. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

1:100

1,5 pips
ECN Account n/a 1:100 n/a

 

The website, however, is intended for and directed only at Professional Clients as defined under the Markets in Financial Investment Directive (MiFID) and implemented by the FCA, and that is the reason ZFX offers higher leverage, compared to the one allowed for retail clients on the European market in general. In August 2018 the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed for retail forex transactions at 1:30.

 

ZFX Advantages:

 

Regulated by the FCA

 

As we already mentioned, ZFX and the company that owns and operates them - Zeal Capital Market (UK) Limited., are licensed and authorized by the Financial Conduct Authority in the UK – one of the best known and respected financial watchdogs in the forex industry. You can see their license here:

 

 

A FCA license guarantees that your money will be kept in a segregated, protected form creditors, trust account, that you will be granted a negative balance protection, that your broker will have to keep an operational capital of no less than 730 000 EUR to guarantee all outstanding payments to clients, and that it will have to file regular reports and to allow external audits.

 

On top of that an FCA license grants additional protection for the broker through the Financial Compensation Scheme (FSCS), which basically insures your trading account for up to 85 000 GBP. Here you may check our list of brokers, licensed and authorized by FCA as well:

 

 >>FCA Regulated Forex Brokers<< 

 

A good selection of trading instruments 

 

As we already noted  ZFX offers a selection of forex pairs, some of which minor or exotic like USDCNH, USDSGD, and USDNOK, as well as various CFDs on  gold, silver, copper, oil, 9 indices and several crypto coins including Bitcoin, Litecoin and Ethereum. In any case here you may also check our list of brokers offering bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

Leverage as high as 1:100

 

The option to trade with higher leverage is considered a definite advantage by many traders. Still one should use higher leverage with caution as it is also associated with a much higher risk.

 

Acceptable spreads

 

With their Standard Account ZFX offers spreads starting at 1,5 pips, without a trading commission, and that is in line with what most traders would expect. Still, here you may also check our list of brokers offering even tighter spreads:

 

 >> Lowest spread forex brokers<<

 

MetaTrader4 available

 

MetaTrader4 is a highly functional platform, offering nearly a hundred in-build market indicators and modifiable trading robots, which traders can use to run automated trading sessions. On top of that MT4 has an excellent set of advanced charting tools, so here you may also check our list of brokers supporting the platform:

 

>>MT4 Brokers<<

 

ZFX Disadvantages:

 

Available only to professional traders

 

As we already noted ZFX does not accept retail traders and this is a definite disadvantages – the market should be accessible to anyone who wishes to trade. Here you may check our list of brokers offering gold CFDs to retail clients:

 

>>Gold Trading Brokers<<

 

No information about the minimum deposit requirement

 

Just bear in mind that with most brokers the minimum deposit requirement is about 250 USD, while with some well known players like FBS and IG you can start trading with just 5 USD or even less.

 

No information about the payment methods

 

Most brokers accept payments with major cards like VISA and MasterCard, bank wire transfers and e-wallets like Neteller and Skrill. Some even accept bitcoins, so here you may also check our list of brokers, where you can pay with bitcoins:

 

 >>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

ZFX is a legit and properly licensed broker, authorized by the Financial Conduct Authority (FCA) in the UK. What we do not quite understand however, is their decision to limit their services to professional traders only. 

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Traders` reviews for ZFX

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