ZFX Forex broker review — Everything you need to know

ZFX is a Forex and CFDs broker launched in 2017. The company is overseen in the United Kingdom and Seychelles, making it a legitimate brokerage firm. The broker allows access to advanced platforms and diverse markets on its three different trading accounts.

Safety of Zeal Market

Zeal Market of ZFX is a regulated broker that is overseen by:

• Zeal Capital Market (Seychelles) Limited – the Financial Services Authority of Seychelles (FSA)
• Zeal Capital Market (UK) Limited – the Financial Conduct Authority (FCA)

As a regulated broker, ZFX is a member of the investor compensation fund, and all trader funds are kept in segregated bank accounts, ensuring that the broker’s employees are unable to touch client funds.

However, the broker does not have a negative balance protection feature, meaning that if traders go into the red (losing more than their account balance due to high leverage), they can become liable for losses beyond their initial investment.

ZFX Overview of the website

The website of ZFX is very user-friendly and provides comprehensive market and conditions information. It is very well-organized with menus and makes it easy to find all the needed information regarding its accounts, spreads, platforms, education, tools, support, and more.

Traders can access the economic calendar and other tools directly on the website to monitor important market developments before trading.

ZFX Accounts Reviewed

ZFX offers diverse account types for all kinds of trading activities, from scalping to swing trading and trend trading. Let’s briefly overview each of them to define how competitive Zeal Market actually is.

ZFX Mini Account

The Mini is a micro account type that has a contract size of 10,000, meaning 1 lot here is actually 0.1 lots on standard accounts. The mini account offers:

• Minimum Deposit: $50
• Base Currency: USD
• Maximum Leverage: 1:2000
• Spreads From: 1.5 pips
• Trading Platform: MT4
• Minimum Trade Size: 0.1 lots

This account is best suited for beginner traders due to the low minimum deposit requirement, but it has high spreads, which is a considerable drawback for short-term strategies.

ZFX STP Account

The STP account is a standard trading account analogue. It offers:

• Minimum Deposit: $200
• Base Currency: USD
• Maximum Leverage: 1:2000
• Spreads From: 1.3 pips
• Trading Platform: MT4
• Minimum Trade Size: 0.01 lots

This account is designed for experienced traders and offers slightly lower spreads, but requires a higher minimum deposit, which makes it not very competitive.

ZFX ECN Account

ECN accounts are generally developed for low spread trading. Here is what the ZFX ECN account has to offer:

• Minimum Deposit: $1,000
• Base Currency: USD
• Maximum Leverage: 1:2000
• Spreads From: 0.2 pips
• Trading Platform: MT4
• Minimum Trade Size: 0.01 lots

This account is provided for professionals with experience who want to use scalping and short-term strategies. It has spread from 0.2 pips, but commissions apply but exact amounts are not disclosed.

Deposit and withdrawal options at ZFX

Deposits and withdrawals are facilitated through bank wire and credit cards (Visa and MasterCard). The minimum deposit is 50 USD each time, and 0 USD fees are charged. Minimum withdrawal is around 15 USD, which is low. Withdrawals require verification with identification and bank account statement documentation. Withdrawal processing times typically are 3-5 business days, which is slow.

ZFX Assets — What can you trade?

A diverse range of markets is available for traders at ZFX, including Forex pairs, indices, commodities, shares, and cryptos. Cryptos are CFDs, which are flexible as CFDs have fast execution speeds. CFDs on shares enable traders to both buy and sell, which is also flexible. However, since the broker offers high leverage in the Seychelles jurisdiction, CFDs are risky assets. The leverage is much lower for traders who are under FCA jurisdiction.

Trading platforms of ZFX

The broker exclusively offers MetaTrader 4, available on desktop, web, and mobile platforms. EAs are also allowed by ZFX, and MT4 supports both EAs and custom indicators, which is useful. The mobile MT4 app allows traders to access markets using their smartphones and tablets, which is also competitive. Traders can also access copy trading and other various tools, which, when used in conjunction with MT4, will provide increased accuracy in financial trading.

Education at ZFX

ZFX or Zeal Market provides plenty of educational resources through its ZFX academy, which is built into the website of the broker. It offers an A-Z learning section with articles and guides on core concepts of financial trading, analysis, risk management, psychology in trading, and so on. These resources are suitable for absolute beginners, and there is also a demo account to acquire practical trading skills. Apart from education, the broker also offers a help center and a glossary to assist beginners in understanding the basics of financial trading. However, the broker does not provide webinars and other live events, which is a considerable downside.

ZFX Customer Support

Customer support is critical in financial trading. The support at ZFX is offered via live chat, email, and phone. The phone support is available from Monday to Friday, making it 24/5. There is an online form, which is an email support option. The availability of a hotline is a very good sign for the broker’s legitimacy, making it unlikely that ZFX is a scam. The service is multilingual, which makes ZFX a truly international broker. The website is also multilingual.

ZFX bonuses and promotions

Zeal Market falls short when it comes to promotions. There are no deposit bonuses or welcome bonuses to attract new traders to the platform or help existing traders increase their trading power, which is a serious downside.

Is ZFX your broker? Final verdict

ZFX or Zeal Market offers regulated trading with competitive leverage and a variety of account types targeted at different trading needs. While regulations and segregated client funds add an element of safety, the high spreads (1.5 pips on micro and 1.3 pips on STP), coupled with the absence of negative balance protection, are considerable drawbacks. Traders should carefully consider all these factors before selecting ZFX as their main broker in financial trading.

FAQs on ZFX broker

Where is ZFX based?

ZFX operates under the Seychelles (FSA) and the UK (FCA) regulations and offers its services to traders in these jurisdictions

Can you withdraw from ZFX?

Yes, withdrawals are supported using bank wires and credit cards, but traders need to be verified, and processing takes 3-5 business days.