Zforex is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in St. Vincent and the Grenadines. The broker offers a wide range of trading instruments including Forex, Crypto, CFDs, Commodities. Being an unregulated forex broker enables Zforex to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for Zforex due to its competitive trading condition, high leverage, and lower minimum deposit.
In this content, we will analyze and review Zforex, exploring its features, pros, and cons. We will also answer the most common questions people ask about Zforex. By reading this review, you will gain a better understanding of whether Zforex is the right broker for your trading needs and preferences.
What is Zforex?
Founded in 2022, ZForex is an online forex and CFD broker. It is an unregulated forex broker that offers 100 instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of ZForex is as high as 1:1000.
ZForex at a Glance
- Founded Year: 2020
- Headquarters: Saint Vincent and the Grenadines
- Minimum Deposit: No minimum Deposit (You may deposit as low as $1)
- Maximum Leverage: 1:1000
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: MT5 (Desktop, Web, Mobile)
- Account Types: Micro, Standard, ECN
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Perfect Money, Cryptocurrencies, Altcoins
- US Traders: Accepted
Key Features:
- Trading Instruments: Forex, Crypto, CFDs, Commodities
- Trading Platforms: Mt5, Metatrader Web App
- Minimum Deposit: $10
- Maximum Leverage: 1:1000
- Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.5 pips for the STD account, 10$ Forex, 15$ Metals per lot for the ECN account, and Swap free account.
- Commission 10$ Forex, 15$ Metals. Variable spreads from 0 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket):10 Lots
- Funding Currencies: Bitcoin, Bitcoin Cash, Coinbase, Dogecoin (DOGE), Ether/Ethereum, Litecoin, Other Crypto Currencies, SticPay, Tether (USDT)
- Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account.
- Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 20%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
Zforex Pros and Cons
Pros:
- Low Minimum Deposit – Starting from $10
- Allow Crypto CFD Trading
- Offers leverage as high as 1:1000
- The maximum lot size is as high as 1000 lot
- Low commission trading commission is only $2 per 100K trading.
- Offers MT5 trading platforms (Desktop, Web, mobile version)
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- ZForex Accepts Crypto Deposits
Cons:
- Offshore Forex Broker
- Limited deposit and withdrawal methods
- Unregulated Forex broker
- Only MT5 is available ( No MT4 or other trading platforms)
Our Ratings for Zforex:
Review and Reputation on Public Domains:
Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process
Zforex Ratings and Reviews from Trustpilot:
Zforex has earned a rating of 4.9 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.
Zforex Ratings and Reviews from Forex Peace Army:
Zforex has achieved an average rating of 5 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.
Frequently Asked Questions
Is Zforex a Legit Broker?
Zforex is considered a good offshore forex broker and is registered in St. Vincent and the Grenadines. The broker offers a variety of trading instruments, including Forex, Crypto, CFDs, Commodities. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with Zforex.
Is Zforex regulated?
No, Zforex is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities.
Does Zforex Offer CFD Trading?
Yes, Zforex offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. Zforex provides a variety of trading CFD instruments including Forex, Crypto, CFDs, Commodities.
Where is Zforex Located?
Zforex is located in St. Vincent and the Grenadines. St Vincent and the Grenadines is the home of many offshore forex brokers.
Does Zforex require KYC Verification?
Yes, Zforex requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement
Does Zforex payout?
Yes, Zforex does payout to its clients. Traders can withdraw their funds from Zforex using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet
Is Zforex an ECN broker?
Yes, Zforex is an ECN forex broker.
What is the minimum deposit for Zforex?
The minimum deposit for Zforex is $10. However, the required minimum deposit varies based on the account type. For example, the ECN account requires a minimum deposit of $10, STD account also requires $10, and the Swap Free account requires $2500.
Conclusion:
Zforex is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including forex, indices, metals, and cryptocurrencies. The broker’s spreads start from as low as 0.0 pips. Zforex offers high leverage (as high as 1:500 ) and a low minimum deposit (as low as $10). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make Zforex a good choice for many traders.
However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.
