zForex Forex broker review — Everything you need to know

zForex is a Forex and CFDs broker that has been around since 2022. It offers financial trading services on its several account types and allows access to diverse markets including FX pairs, commodities, indices, and even stocks. The broker started offering an advanced MetaTrader 5 platform and advertises itself as a cheap multi-asset broker that can be trusted.

Let’s review zForex’s main features to define the safety, reliability, and attractiveness of its trading conditions.

zForex Overview of the website

The website of zForex is simple in design and offers a description of all broker’s services including available assets and trading accounts. The website is responsive and reacts quickly whenever clicking on any button. The website offers every needed detail as traders can find all the specs and conditions for each account. The broker also explicitly explains its resources for education and provides tutorials for platforms, which is very useful. There are even video guides offered. Support and websites are both offered in more than 5 languages, which is very useful for international traders. The only thing missing is info about negative balance protection which makes us think the broker lacks this crucial policy.

zForex Safety

zForex is a regulated FX and CFDs broker. It holds a license in Mwali by the Mwali International Services Authority (MISA). The company under the Mwali authority regulations is zForex Capital Market LLC. Regulations are critical for safety and even though it is an offshore license, zForex is still somewhat safe and reliable. The broker employs segregated bank accounts to keep trader funds safe. However, as we mentioned above, the broker does not provide negative balance protection even for its retail clients, which is a considerable drawback.

zForex Accounts Reviewed

zForex offers three different types of trading accounts including standard, ECN, and Swap Free. The swap-free account is an Islamic account for Sharia law followers and offers commission-less overnight trading. The accounts differ in their conditions and spreads.

zForex Standard Account

The standard account at zForex is mainly targeted at beginners or general Forex trading. With a low entry requirement of a 10 USD minimum deposit, traders get a leverage up to 1:1000, spreads from 1.2 pips, and have no commissions to pay. The spreads are actually higher than what most reputable brokers offer for their standard accounts, which makes this account not very competitive in the industry.

zForex ECN Account

This account is tailored for more seasoned traders and offers them smaller spreads. Starting at 10 USD, it offers raw spreads from 0 pips with 7 USD round-turn commissions on FX pairs. This setup benefits scalpers the most who require lower trading costs and fast trade execution. This account also has 1:1000 leverage just like the previous one and the minimum lot size is 0.01 lots.

zForex Swap Free Account

Aimed at traders who follow Sharia laws and financial principles, this account is swap-free but comes with a higher minimum deposit of 2,500 USD. Spreads are from 0.7 pips but commissions are charged including 10 USD on FX pairs and 15 USD for metals. This account is very expensive and can only be suitable for traders who are in positions for days and weeks. Scalpers won’t benefit from spreads and fees this high.

Deposit and withdrawal options at zForex

zForex supports a wide variety of funding and withdrawal methods, including credit and debit cards (Visa and MasterCard), bank wire, e-wallets, and cryptos. Crypto transfers are free of charge, while all other methods involve fees. Same-day processing is advertised for many withdrawal options, which if true, is an incredibly competitive feature.

zForex Assets — What can you trade?

zForex offers a broad selection of tradable instruments such as FX pairs, commodities, indices, and stocks. There are major and minor pairs, metals and energies, and popular indices and stocks offered. However, cryptos are not available, which limits diversification for traders interested in digital instruments.

Trading platforms of zForex

Traders can choose between advanced platforms MT5 and cTrader, both known for their robust features, custom indicators, and EA compatibility. Mobile trading is fully supported through dedicated apps (MT5 and cTrader), accessible on Android and iOS.

Education at zForex

The broker provides solid educational support through its trading academy, offering video tutorials, courses, and articles. zForex’s analysis section features daily and weekly insights, economic calendars, and market news updates, helping traders stay informed and make wise trading decisions.

zForex Customer Support

Customer support service is accessible through live chat, email, and phone, with multilingual support available in over five languages. Live chat is responsive and built directly into the website, making it convenient and useful for users to get quick assistance. The website of zForex as well as the support is available in several languages, making it multilingual.

zForex bonuses and promotions

zForex offers several bonuses like a 30% bonus on the first deposit and a 20% re-deposit bonus. This is a good incentive for beginners and new clients to use the broker’s services. There are many market analysis tools available at zForex and the broker also offers market insights, which is flexible.

Is zForex your broker? Final verdict

zForex provides overall attractive conditions such as low entry barriers, modern platforms, and a variety of trading account types. However, its offshore regulation of MISA (Mwali) and lack of negative balance protection make it a risky FX broker for traders. It has a viable ECN account but other accounts have either expensive spreads or spreads and commissions combined.

FAQs on zForex broker

Where is zForex based?

zForex is registered and regulated by the Mwali International Services Authority (MISA).

Can you withdraw from zForex?

Yes, the broker claims instant and same-day withdrawal processing for most of the payment options. There are also crypto payments that are commission-free.