ZFX Broker Australia Review 2024 - TU expert opinion
Is the Forex market legit in Australia?
Forex trading is legal in Australia. The number of users earning their additional income from trading currency assets is increasing every year. The Australian Securities and Investments Commission (ASIC) regulates financial organizations. The commission supervises the operation of financial markets and financial services organizations.
Under the law of the country, the income earned from investment activity must be declared and taxed. Brokers with the ASIC license can provide access to any Forex assets. Clients can also use leverage for trading.
How to Trade Forex in Australia
First you need to choose a local or international broker with the ASIC license and register a personal account on the website of the brokerage company. Next, you need to pass verification in order to have access to all available services. Once you’ve completed verification, you can deposit funds to your trading account and start trading. People without trading experience are advised to first test their skills and trading strategy using a demo account to avoid risking their own money.
Our Evaluation of ZFX Broker
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
ZFX Broker is a moderate-risk broker with the TU Overall Score of 6.69 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ZFX Broker clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
The ZFX broker offers tight spreads only to owners of ECN accounts. However, the minimum deposit size is $1,000 on accounts of this type. For this reason, beginners and investors without a capital reserve have to trade from standard accounts with high spreads, which does not make ZFX the best choice for beginner traders.
Detailed Review of ZFX Broker in Australia
ZFX Broker is a good choice for traders from Australia. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The ZFX brokerage is an STP and ECN intermediary which offers non-dealer executions, competitive spreads, and the full range of classic MetaTrader 4 features. The company is headquartered in London but has offices worldwide such as in Moscow, Abu Dhabi, Hong Kong, Bangkok, Taipei, Ho Chi Minh City, and Jakarta. ZFX has a relentless focus on finding the best prices in the institutional markets by using cutting-edge technology and guaranteeing clients transparent pricing.
The ZFX broker by the numbers:
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Has provided online FX and CFD trading services for over 5 years.
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Has 8 offices worldwide.
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Offers more than 100 financial instruments for trading.
Advantages of ZFX Broker for trading in Australia
Traders Union analysts conducted a detailed analysis of ZFX Broker for traders from Australia. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Low margin rates for hedged positions.
Broker does not charge fees for deposits or withdrawals.
Only on its Mini Account and Standard STP Account are commissions charged against the spreads.
Retail traders can trade with leverage up to 1:2,000.
The company provides a powerful trading platform that processes an average of 50,000 orders per second.
The minimum deposit to start trading is $50.
All ZFX accounts are traded at the best bid and ask prices obtained from institutional liquidity providers.
Analysis of the Main Features of ZFX Broker in Australia
Traders Union analysts analyzed the key features of ZFX Broker for traders from Australia. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for ZFX Broker traders from Australia
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of ZFX Broker trading conditions for traders from Australia. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
Zeal MT4 Desktop, Zeal MT4 Mobile (iOS and Android)
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📊 Accounts: |
Demo, Mini Trading Account, Standard STP Trading Account, ECN Trading Account, and Professional Account
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💰 Account currency: |
USD
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💵 Replenishment / Withdrawal: |
Credit and debit cards, bank transfer, electronic payment systems such as Neteller, Perfect Money, and Skrill
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🚀 Minimum deposit: |
From $50 for retail clients, from $10,000 for professional clients
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⚖️ Leverage: |
Up to 1:100 for professional clients, up to 1:2000 for retail traders
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.2 pips
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🔧 Instruments: |
Currency pairs, CFDs on stocks, indices, commodities (oil, gold, silver, copper)
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💹 Margin Call / Stop Out: |
Stop out: 20%/30%/50%
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🏛 Liquidity provider: |
Not indicated
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market, buy limit, buy stop, sell limit, sell stop, trailing stop
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⭐ Trading features: |
ECN accounts for currency pairs may incur additional commissions per trade
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🎁 Contests and bonuses: |
Yes
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ZFX Broker Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by ZFX Broker for traders from Australia. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
To determine what trading fees ZFX charges its clients, the broker's trading conditions were analyzed by experts at the Traders Union. There is no fixed brokerage commission at ZFX, and the spread depends on the account type and currency pair. The tightest spreads (from 0.2 pips) are on ECN and Professional accounts. On the Standard STP trading account, spreads start from 1.3 pips, and on the Mini Trading Account, they start from 1.5 pips. Additional commissions may be charged for transactions on ECN accounts. Depositing and withdrawing funds are free of charge, but a commission may be charged by payment systems or the receiving bank.
Account type | Spread (minimum value) | Withdrawal commission |
Mini Trading Account | From $15 | No |
Standard STP Trading Account | From $13 | No |
ECN Trading Account | From $2 | No |
Professional Account | From $2 | No |
There are swaps commissions (fees for transferring a position to the next day).
Below is a comparative table that shows the average commission for trading ZFX, RoboForex, and FxPro, and also the level of charges of each broker compared to its competitors.
FAQs
Is ZFX Broker legal in Australia?
Yes. ZFX Broker operates legally in Australia. The broker holds the necessary licenses.
Can you learn trading with ZFX Broker? Does the broker offer courses for traders from Australia?
Yes, ZFX Broker offers good trading courses and a lot of educational information for clients from Australia.
Can ZFX Broker be trusted? Has the broker been operating in Australia long?
ZFX Broker has been operating in Australia quite long and has a good reputation. Therefore, traders can work with ZFX Broker.
Is ZFX Broker suitable for novice traders from Australia?
Yes. ZFX Broker offers optimal trading conditions and good education for beginners from Australia.
How efficient is ZFX Broker customer support in Australia?
ZFX Broker offers a sufficient number of ways to contact customer support in Australia, and also provides support in the state language.
Has ZFX Broker had any incidents involving theft of funds of clients from Australia?
No. ZFX Broker provides reliable security of funds of clients from Australia.
Will I be able to file a lawsuit in Australia if ZFX Broker violates my rights?
Yes. If ZFX Broker violates your rights, you can file a complaint with the regulator of Australia, and then with a court.
Can ZFX Broker clients from Australia use the broker’s mobile app?
Yes. The mobile app of ZFX Broker is available for the clients from Australia.
Does ZFX Broker provide Australia market analysis?
Analysis of Australia is featured in the information provided by ZFX Broker.
How can I withdraw funds from my account at ZFX Broker in Australia?
ZFX Broker supports bank transfers and debit/credit cards of the banks operating in Australia.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.