ZFX Broker Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of ZFX Broker in Singapore
ZFX Broker is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of ZFX Broker for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of ZFX Broker for traders from Singapore. 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 Singapore
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 Singapore. 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 Singapore. 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.
Expert Review of ZFX Broker
The ZFX broker is part of the Zeal Group and is only five years old with its headquarters in London. During that time, the brokerage has opened a representative office in Seychelles and several offices in Europe and Asia. However, its management limits the sphere of activity of each subdivision. The broker is regulated by FCA as well as FSA Seychelles.
The ZFX brokerage strives to meet the needs of traders of all experience and asset levels. Cent accounts from $50 and up are available to beginners and traders wishing to test the broker's terms and services. More experienced traders can make transactions on Standard accounts after depositing $200. The broker also offers ECN accounts to both retail traders and professionals.
FAQs
Is ZFX Broker legal in Singapore?
Yes. ZFX Broker operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with ZFX Broker? Does the broker offer courses for traders from Singapore?
Yes, ZFX Broker offers good trading courses and a lot of educational information for clients from Singapore.
Can ZFX Broker be trusted? Has the broker been operating in Singapore long?
ZFX Broker has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with ZFX Broker.
Is ZFX Broker suitable for novice traders from Singapore?
Yes. ZFX Broker offers optimal trading conditions and good education for beginners from Singapore.
How efficient is ZFX Broker customer support in Singapore?
ZFX Broker offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has ZFX Broker had any incidents involving theft of funds of clients from Singapore?
No. ZFX Broker provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if ZFX Broker violates my rights?
Yes. If ZFX Broker violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can ZFX Broker clients from Singapore use the broker’s mobile app?
Yes. The mobile app of ZFX Broker is available for the clients from Singapore.
Does ZFX Broker provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by ZFX Broker.
How can I withdraw funds from my account at ZFX Broker in Singapore?
ZFX Broker supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!