zForex Forex Review

Read our full zForex review to get exact details about their safety, accounts, spreads, platforms, assets, support, etc. Our unbiased zForex opinion allows our readers to decide whether zForex is a reliable broker.

zForex Forex Broker History

zForex was founded in 2022 and positions itself as a fast-execution, high-leverage, MISA-regulated broker offering a wide range of instruments, competitive bonuses, and robust educational and support services. The broker allows access to an advanced MT5 trading platform, which enables traders to use advanced strategies. As a broker that was launched in 2022, zForex has some decent experience in the brokerage industry and should already be able to refine its services. Since regulations are critical in FX trading, we will start with the broker’s safety first.

zForex broker safety

zForex LLC is regulated by the Mwali International Services Authority (MISA). As a result, the broker is allowed to offer trading services and securities trading accounts. However, Mwali is not strict and there is still plenty of room for scams and frauds. Since the broker is regulated, it keeps trader funds in segregated bank accounts, meaning the broker can not touch trader funds for its operational spending, which is a crucial safety policy. The broker is a part of the investor compensation scheme.

When it comes to trader safety, zForex does not provide a negative balance protection policy which is a major red flag for beginners. Traders can go into minuses when trading with high leverage and they will get liable for losses beyond their initial investment, which is never a good thing.

zForex Broker Review of Accounts

The broker offers several account types including Standard, ECN, and Swap Free options. Each of the trading accounts has slight differences and let’s briefly review each of them below.

The zForex Standard trading account comes with the following specs:

• Minimum deposit – 10 USD
• Maximum leverage – 1:1000
• Spreads from – 1.2 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

As we can see, this account is for general trading purposes and offers high leverage while having slightly expensive spreads from 1.2 pips. The industry standard is 1 pip on standard accounts and zForex seems like an expensive option.

The zForex ECN trading account has the following conditions:

• Minimum deposit – 10 USD
• Maximum leverage – 1:1000
• Spreads from – 0 pips
• Commissions – 7 USD Forex (round turn), 15 USD metals
• Minimum lot size – 0.01 lots

This account is a traditional ECN option with spreads from 0 pips but commissions of 7 USD round trip which is within industry-accepted standards.

The zForex Swap Free account offers the following specifications:

• Minimum deposit – 2,500 USD
• Maximum leverage – 1:1000
• Spreads from – 0.7 pips
• Commissions – 10 USD Forex, 15 USD metals
• Minimum lot size – 0.01 lots

This account is very expensive as it has both spreads and commissions while having no swap fees. It should be only attractive for traders who use swing trading strategies and follow Sharia laws, as scalpers will do much better with ECN accounts.

zForex instruments

The broker allows access to diverse markets such as Forex pairs, commodities, indices, and stocks. The leverage is up to 1:1000 which is more than enough to trade with large positions even with a small budget. The lack of cryptos is a serious downside as multi-asset traders love to diversify across different classes including the digital currency such as Bitcoin.

zForex Reviews of Trading Platforms

The broker offers access to advanced trading platforms, MetaTrader 5 (MT5) and cTrader. These platforms are known for their advanced features and the broker allows both Expert advisors and custom indicators. Mobile trading is available via the MT5 mobile app and cTrader apps, which are flexible.

zForex Forex Review of Extra Features

zForex offers many extra features including analysis and academy. In the analysis section of the zForexs website, traders can access many tools such as economic calendar, daily analysis, trading ideas, weekly analysis, and market news, and get notifications about this news.

As for the academy, the broker includes educational materials such as video guides, trading courses, and articles to get education about main financial trading concepts.

There are two bonuses available, a 30% First Deposit Bonus, and a 20% Re-Deposit Bonus.

zForex Reviews of Customer Support

Customer support at zForex is available via live chat, email, and phone options. Traders can use the live chat which is built inside the website to contact the broker representatives instantly and resolve issues. Email and phone options are also useful in some cases and the availability of all three support options is a very positive sign. Both the website and support are multilingual, available in more than 5 different languages.

zForex Deposit and Withdrawal

When it comes to deposits and withdrawals, zForex allows same-day and instant withdrawals and deposits via bank cards (Visa, MasterCard), wire, and several other options including e-wallets. Crypto payments are also available and they are only commission-free options as all other methods require fees.

zForex Review Conclusion – Can you trust zForex?

zForex is a relatively new broker, founded in 2022, and is regulated by the Mwali MISA. It offers high leverage, competitive spreads on ECN accounts, and modern trading platforms like MT5 and cTrader. There are many educational and market analysis tools available as well. The broker also offered flexible bonuses and instant withdrawals. However, it lacks negative balance protection and has an offshore regulatory license, which is a serious downside.

The broker seems attractive for beginners and seasoned traders with its features on ECN accounts. Standard and swap-free accounts have high commissions and spreads, which is not attractive at all.

FAQs on zForex

Is zForex a scam?

zForex scam is not entirely impossible as the broker has an offshore license. However, it offers some attractive features and multilingual phone support.

What is the zForex minimum deposit?

The minimum deposit is 10 USD for Standard and ECN accounts, which is very competitive in the industry.

Is zForex a cheap broker?

zForex is moderately priced. ECN accounts have commissions well within industry standards, but standard accounts offer slightly high spreads.