According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT5
- 2022
Our Evaluation of ZForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
ZForex is a broker with higher-than-average risk and the TU Overall Score of 3.82 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ZForex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
zForex is a brokerage company that is suitable for both novice and professional traders.
Brief Look at ZForex
zForex is a retail brokerage company that has been providing online Forex trading services since 2022. The broker allows its clients to work with four assets, namely currency pairs, contracts for difference (CFDs), metals, and digital coins (cryptocurrencies). The representative office of the broker is located in Sofia, Bulgaria. Z Forex Capital Market LLC is authorized and regulated by the Saint Vincent and the Grenadines Commission under its reference number 2145 LLC 2022.
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- High transaction speeds;
- Fast work of trading platforms;
- 24/7 technical support;
- MetaTrader 5 (MT5) platform;
- Automatic tracking system of clients’ risks;
- Official regulation of activity.
- Limited number of assets;
- Absence of its own trading platform;
- Clients from Turkey, the U.S.A, and Europe can not trade with the broker.
TU Expert Advice
Author, Financial Expert at Traders Union
ZForex provides trading services through the MetaTrader 5 platform, covering currency pairs, CFDs, metals, and cryptocurrencies. The broker offers STD, ECN, and Islamic accounts, with leverage up to 1:1000 on major Forex pairs. A demo account is available for testing strategies. ZForex delivers high transaction speeds and operates without inactivity or withdrawal fees, enhancing the trading environment. The broker provides 24/7 technical support
However, ZForex faces drawbacks such as limited asset availability and restrictions for clients in Turkey, the U.S., and Europe. The absence of a proprietary platform and reliance on non-Tier-1 regulation may not suit traders seeking comprehensive security and asset diversity. ZForex can be suitable for traders prioritizing low fees and high leverage.
ZForex Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. ZForex Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MT5 (desktop, mobile, and web versions) |
|---|---|
| 📊 Accounts: | Demo, ECN, STD, and Islamic |
| 💰 Account currency: | USD and USDT |
| 💵 Deposit / Withdrawal: | Bank cards Visa/MasterCard, cryptocurrencies, and WebMoney |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:1000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,1 pips |
| 🔧 Instruments: | Currency pairs, CFDs, gold, silver, platinum, palladium, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | 100%/30% |
| 🏛 Liquidity provider: | Major banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | No fee for inactive account |
| 🎁 Contests and bonuses: | Yes |
zForex offers 4 assets for trading: currency pairs, metals, CFDs, and cryptocurrencies, tradable on the MetaTrader 5 platform. Traders have the opportunity to work with both STD (Standard) and ECN (Electronic Communication Network) accounts. Leverage is up to 1:1000 for major currency pairs. You can try trading strategies and test your knowledge using demo accounts. There are also Islamic accounts where traders can trade without swaps.
ZForex Key Parameters Evaluation
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Trading Account Opening
To start using trading instruments and assets, register a user account with zForex. To create a trading account with this brokerage company do the following:
Click the “Create Account” button on the broker's website. Next, the system will offer to create an account. To do this, select the required account and fill complete the registration form.
A message with a confirmation code will be sent to the specified email address. If you do not receive the letter, click the “Login” button on the main page of the website and reset your password.
In the user account, fill in your address, province name, district name, and postcode.
Images of documents must be sent to the email address specified in the user account. Documents such as ID cards, driving licenses, and passports, as well as telephone bills or bank statements are suitable for verification.
Services of zForex user account:
Instruments for deposits and withdrawals of funds;
Archive of trading and other transactions carried out for the entire existence of a trading account;
Tools for customizing the design of the task board;
Settings of the user account;
Section where you can view the accounts assigned to your trading account;
Tools to register as an Introducing Broker.
Regulation and safety
ZForex has a safety score of 3.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Negative balance protection
- Not tier-1 regulated
- Track record of less than 8 years
ZForex Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
| MISA (Mwali) | Mwali International Services Authority | The Comoros | No specific fund | Tier-3 |
ZForex Security Factors
| Foundation date | 2022 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker ZForex have been analyzed and rated as Low with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of ZForex with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, ZForex’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
ZForex Standard spreads
| ZForex | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,1 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,4 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,2 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,6 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
ZForex RAW/ECN spreads
| ZForex | Pepperstone | OANDA | |
| Commission ($ per lot) | 3 | 3 | 3,5 |
| EUR/USD avg spread | 0,1 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,15 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with ZForex. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
ZForex Non-Trading Fees
| ZForex | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
zForex offers 2 account types. The maximum leverage for both trading accounts is 1:1000. The minimum deposit is $10 for both Standard and ECN accounts.
Account types at zForex:
zForex makes services available to traders of various categories.
Deposit and withdrawal
ZForex received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
ZForex offers limited payment options and accessibility, which may impact its competitiveness.
- BTC available as a base account currency
- Low minimum withdrawal requirement
- Bitcoin (BTC) accepted
- No withdrawal fee
- Only major base currencies available
- Limited deposit and withdrawal flexibility, leading to higher costs
- Wise not supported
What are ZForex deposit and withdrawal options?
ZForex offers a limited selection of deposit and withdrawal methods, including Bank Card, BTC, USDT, Ethereum. This limitation may restrict flexibility for users, making ZForex less competitive for those seeking diverse payment options.
ZForex Deposit and Withdrawal Methods vs Competitors
| ZForex | Plus500 | Pepperstone | |
| Bank Wire | No | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are ZForex base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. ZForex supports the following base account currencies:
What are ZForex's minimum deposit and withdrawal amounts?
The minimum deposit on ZForex is $10, while the minimum withdrawal amount is $10. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact ZForex’s support team.
Markets and tradable assets
ZForex offers a limited selection of trading assets compared to the market average. The platform supports 80 assets in total, including 50 Forex pairs.
- 50 supported currency pairs
- Copy trading platform
- Crypto trading
- No ETFs
- Futures not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by ZForex with its competitors, making it easier for you to find the perfect fit.
| ZForex | Plus500 | Pepperstone | |
| Currency pairs | 50 | 60 | 90 |
| Total tradable assets | 80 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | No | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products ZForex offers for beginner traders and investors who prefer not to engage in active trading.
| ZForex | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
Client support managers of zForex are available 24/7. Offline support is available only at the central office. But instead, you can use the live chat.
Advantages
- Immediate contact with the technical support team
- Prompt solving of relevant questions
Disadvantages
- Slow responses of the technical support via email
zForex offers the following methods to contact client support managers:
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telephone;
-
email;
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feedback form;
-
call back;
-
live chat.
Traders with any trading account, regardless of the activity on it, can get help from technical support.
Contacts
| Foundation date | 2022 |
|---|---|
| Registration address | Sofia, Olimpiyska Str. "SiteGround", Sofra Park, fl.4, No.z, PO Box 1756, Sofia, Bulgaria. |
| Official site | https://zforex.com/ |
| Contacts |
+35 924 928569
|
Education
The zForex website has a separate training section for traders. It provides educational materials from professional traders.
The absence of cent accounts is partially compensated by demo accounts. Therefore, the acquired knowledge can be tested on a virtual zForex account without the risk of losing money.
Comparison of ZForex with other Brokers
| ZForex | Eightcap | XM Group | RoboForex | FxPro | InstaForex | |
| Trading platform |
MT5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MobileTrading, MT5, cTrader, FxPro Edge | MT4, MultiTerminal, MobileTrading, MT5, WebTrader |
| Min deposit | $10 | $100 | $5 | $10 | $100 | $1 |
| Leverage |
From 1:1 to 1:1000 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 1 point | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 30% | 80% / 50% | 100% / 50% | 60% / 40% | 25% / 20% | 30% / 10% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | Yes |
Detailed review of ZForex
zForex focuses on simplicity, speed, and functionality. The broker does not limit the strategies that can be used to trade on the markets. Traders get the opportunity to conduct automated trading or to trade manually. There are Islamic, Standard, and ECN accounts. To test a new trading strategy, you can use a demo account, securing funds on the main trading account.
zForex by the numbers:
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More than 15 currency pairs;
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Access to the Forex market with a turnover of over $5 trillion;
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Trading is available 24/7.
zForex is a brokerage company for active trading and IB only
zForex allows you to trade not only on a Standard account. Every trader can create an ECN account that allows them to trade directly with liquidity providers. This ensures lower trading spreads. Clients of the brokerage company trade currency pairs, metals, and cryptocurrencies. Also, clients can choose the IB program as the main type of cooperation. You can trade through a web platform or download MT5 to your phone or computer.
Useful services offered by zForex:
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Training center with educational videos and articles;
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A quotes section updated in real-time;
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A section with market data for each of the traded assets;
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Daily and weekly analysis from expert traders.
Advantages:
Tight spreads for ECN and STD accounts;
Negative balance protection. The broker's algorithm continuously analyzes the risks;
Regular free analytics for traders;
Frequent update to the list of trading instruments;
4 asset types;
Convenient user accounts that can be customized.
Tutorials are available for all traders. The same applies to the opportunity to use a regularly updated analytics database.
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