broker

ZFX Review 2022

By Updated:
4.0
Trust
4.1
Fees
4.2
Platforms and Tools
4.3
Customer Support
3.5
Tradable Instruments
4.0
Account Types and Terms
4.2
Deposit and Withdrawal
5.0
Research
2.3
Education
2.5

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

FX Empire sticks to a strict review standards.Learn how we make money and our review methodology.

Please Note: The ZFX review is based on a Standard STP Trading Account, using the MT4 trading platform, opened with the Zeal Capital Market (Seychelles) Limited.

The Big Picture

Founded in 2017, ZFX offers trading in forex, indices, commodities, stocks, and cryptocurrencies. The company provides services via two entities: Zeal Capital Market (Seychelles) Limited (license number SD027) and Zeal Capital Market (UK) (registration number 768451).

In our analysis, we found that ZFX’s strong point is the variety of deposit and withdrawal options, which includes local currency payment options in several Asian countries. Talking about weaknesses, ZFX provides little educational & research support.

7 ZFX Key Takeaways For 2022

  • We evaluated ZFX across 9 categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools).
  • Our research indicated that ZFX provides a wide range of options to deposit and withdraw funds from the account, which is an essential part of a broker’s services. According to the data we compiled, ZFX scored highly in this category.
  • EU citizens can open an account with the Zeal Capital Market (UK) Limited and enjoy the protection offered by the oversight of the UK’s Financial Conduct Authority (FCA).
  • ZFX’s educational and research support services are below par as the company does not offer educational videos and webinars on its website. Novice traders will have to use external tools to learn more about trading. ZFX received a low score in this category in our research, which put it into the bottom half of the brokers we analyzed.
  • ZFX score in the tradable instruments category is below average due to the low number of available stocks.
  • The minimum deposit is just $50, which is useful for beginners who are just starting their journey in trading and are not ready to commit a significant sum of money.
  • ZFX scored reasonably well on the fees side, so traders who have previously used the services of an “average broker” will most likely find that their fees are similar to what they have seen before.
  • Advanced traders, who need additional protection as they trade with big deposits, would benefit from access to the FCA-regulated entity.

What Sets ZFX Apart from Other Brokers?

ZFX provides an opportunity to deposit funds via a local bank transfer with local currencies from Thailand, Malaysia, Indonesia, and Vietnam. The ability to use local currencies to fund a deposit is an important advantage for ZFX clients in this area.

Who Is ZFX For?

ZFX has a strong presence in the Asian market segment. Its Asia-Pacific Division was established in Hong Kong, while the branches were opened in Taiwan, Thailand, and Jakarta, so the broker is oriented towards retail traders from Asia. For beginner traders, ZFX offers an account with a minimum deposit of $50. Pro-level traders may choose the FCA-regulated entity as it provides more protection to those using significant sums of money to trade.

ZFX Pros and Cons

Pros Cons
  • Easy deposit and withdrawal.
  • Three types of accounts to choose from.
  • A good selection of instruments in commodities and indices.
  • Mini Trading Account allows starting trading with just $50.
  • No inactivity fees.
  • No educational videos or webinars.
  • No web-based trading platform.
  • ZFX offers just 35 stocks to trade.
  • No Islamic Accounts.

 

broker

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

 

About the Author

Vladimir Zernov
Vladimir has more than 10 years of experience in the financial markets. His career as a day-trader at a proprietary trading firm goes back to 2007.
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How Do We Rate?

Understanding a broker’s strengths and weaknesses is crucial when you come to trade forex and CFDs. FX Empire's proprietary rating system was developed for exactly this purpose. Our reviewers’ knowledge and expertise put into action in order to point you to the most suitable brokers. More than 200 individual variables have been analyzed to help you choose your broker wisely. The chart below details all the categories that we evaluate and rate.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
ZFX Main Features
☑️
Regulations
FCA (United Kingdom), FSA(SC) (Seychelles)
💰
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
💵
Min Deposit
$50 (Zeal Capital Market (UK)), $50 (Zeal Capital Market (Seychelles) Limited)
💹
Max Leverage
1:30 (FCA), 1:500 (FSA(SC))
📊
Trading platforms
MT4
💳
Deposit Options
Wire Transfer, Credit Card, Skrill, Neteller, PerfectMoney
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Check if...
unknownZFX accepts clients from your country:
Choose your country:

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

ZFX Full Review

Trust

4.1
How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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Regulated by the Financial Conduct Authority (FCA) and the Financial Services Authority (FSA), ZFX offers negative balance protection to its clients and holds their funds separately. FCA-regulated entity provides a compensation scheme of up to £85,000. FSA regulator does not offer a compensation scheme, so traders who open an account with the FSA-regulated entity are less protected. We rate ZFX as having a medium level of transparency and trustworthiness.

ZFX has two entities to choose from, although most retail traders will likely use the Seychelles entity. Keep in mind that FSA (Seychelles) is a Tier 3 regulator, which means you will have a lower level of protection than Tier 1 and Tier 2 regulators.

ZFX Regulations

ZFX operates under two entities:

Entity Features Zeal Capital Market (UK) Limited Zeal Capital Market (Seychelles) Limited
Country/Region FCA (UK) FSA (Seychelles)
Regulation Tier 1 Tier 3
Segregated Funds Yes Yes
Negative Balance Protection Yes Yes
Compensation Scheme Yes No
Standard Leverage Up to 1:30 Up to 1:2000
ZFX on the FCA Financial Services Register

Is ZFX Safe to Trade With?

The broker has been on the market for more than 5 years. You can choose between, which shows that ZFX is a stable operation. Its entities that are regulated by a Tier 1 regulator (FCA) and a Tier 3 regulator (FSA Seychelles). Keep in mind that the Tier 3 regulator does not offer you the best protection that could be found in the marketplace. For example, FSA does not provide a compensation scheme to traders.

Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?

Each regulator has its own requirements for brokers, which may differ materially. For example, the clients of the Zeal Capital Market (UK) Limited will benefit from the oversight of FCA, which offers a compensation scheme of up to GBP 85,000.

At the same time, FCA limits the leverage that can be offered to a client, so traders interested in getting access to higher leverage should consider this. Clients who want to use high leverage should choose the Zeal Capital Market (Seychelles) entity, which provides leverage of up to 1:2000 for the Mini Trading Account and leverage of up to 1:500 for the Standard STP and ECN Trading Accounts.

It is important to note that leverage is a double-edged sword whichthat increases your risks, so use it wisely.

Regulators may also demand the broker to segregate the funds of the firm and the funds of its clients. This is important because when a broker has financial problems, and its client’s funds are held separately, they will not be impacted by the broker’s problems. In the ZFX case, both entities offer segregated accounts, which boostboosts the trader’s protection from adverse events.

Traders should also focus on the negative balance protection, which means that clients cannot find themselves in a situation where they lose more money than they have in their account. accounts. ZFX offers negative balance protection in both entities.

Stability and Transparency

In our tests for the Trust category we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the size of the company and how transparent they are in terms of information being readily available.

In 2017, ZFX was officially established in the UK. In the next few years, the company established an Asia-Pacific Division, opened several branches in the region, and performed several technical mergers with Russian companies. The company’s website did not provide any details about these mergers.

The broker’s website provides a comparison table so that traders can choose between the three trading accounts that can be opened with the Zeal Capital Market (Seychelles) Limited. We had to contact the support in the chat to learn about the commissions for the ECN Trading Account.

ZFX website also outlines the instruments that can be traded, contract specifications, and applicable leverage. Interestingly, the three crypto instruments that are available via MT4 are not indicated on the website.

According to our research, ZFX has shown a medium level of transparency. The company provides enough details on its accounts and fees, but some things (like commissions for the ECN Trading Account) demanded work on our part. In addition, ZFX press releases are incredibly short, so it is hard to fully understand the company’s development. The company’s history is an important part of the evaluation of any broker as it allows traders to understand how the company developed and whether it may have had any material problems along the way. Without this knowledge, it is hard to fully understand the stability of a broker.

In summary, our findings indicate that ZFX can be regarded as having an average level of trust and stability due to the following factors:

  • FCA-regulated entity and FSA-regulated entity.
  • More than 5 years in business.
  • The company’s website offers sufficient transparency on fees.
  • ZFX could have provided more information on its business development, especially on technical mergers with unnamed companies.

Fees

4.2
How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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ZFX offers 3 account types in its FSA-regulated entity: Mini Trading Account, Standard STP Trading Account, and ECN Trading Account. The minimum FX spread in the Mini Trading Account is 1.5, while it declines to 1.3 in the Standard STP Trading Account. Traders using the ECN Trading Account will enjoy minimum spreads from 0.2, but they will also pay a commission of $7 per lot.
Fees are one of the key factors that impact the choice of a broker, as they have a direct impact on the trader’s success. When looking at the specific fees, you should always focus on the instruments you plan to trade. The “average” numbers are not that important for you as an individual trader, and you must search for a broker that offers the best options for your needs.

ZFX Trading Fees

In this review, we tested the Standard STP Trading Account. ZFX charges spreads, swap/rollover fees, and commissions (for ECN Trading Account). Spreads are variable in nature and depend on the liquidity situation at any given point in time, while swap fees could be found in the MT4 trading platform. Commissions for the ECN Trading Account are $7 per lot.

ZFX Spreads

We tested the spread on the ZFX Standard STP Trading Account during the London open at 8 am UK time and just after the US open at 2.45 pm K time. These are the most actively traded times.

Instrument Swap Long Swap Short
EURUSD 1.2 1.3
GBPJPY 2.3 2.4
Gold (XAUUSD) 2.3 2.5
WTI Oil 0.06 0.14
DAX 30 4 3.5
Dow Jones 30 5 4
Apple 0.22 0.25
Tesla 0.94 0.8

Swap Fees

Instrument Swap Long Swap Short
EUR/USD -4.86 1.07
GBP/JPY 2.15 -9.8

Are ZFX Trading Fees Good?

ZFX trading fees are mostly average, although they differ from one instrument to another. For example, GBP/JPY spread is low, while the average spread for WTI oil is high. It should be noted that spreads depend on the current situation in the market and often increase when the instrument is volatile, which was the case for oil when this report was written. In this light, traders should always evaluate the spreads at the moment they make a trading decision. When using the ECN Trading Account, spreads will be minimal (from 0.2), but the trader will be charged a commission of $7 per lot.

Non-Trading Fees

ZFX has no deposit, withdrawal or account closing fees. The broker also has no inactivity fees, so your account will not be charged in case you do not trade.

Platforms and Tools

4.3
How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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The trading platform that is offered by ZFX is MetaTrader 4. ThisThe platform is a well-known and popular tool, which, and would suit most traders., although beginners will likely have to spend some time getting acquainted with it. In general, MT4 is a powerful platform whichthat would provide you with the instruments you need to succeed in trading.

ZFX Desktop and Web Platforms

MetaTrader 4 desktop

ZFX offers the MT4 platform for Windows and Mac. The broker does not provide any web platform despite the fact that MT4 has a web-based version. This is an inconvenience for those traders who want to use various PCs for work.

General Ease of Use

MT4 is a very popular trading platform that suits beginners and advanced traders alike. While beginners may have some work to do to get accustomed to the platform, the information is readily available on the web, both in text and video forms, so those willing to study trading will face no material problems with MT4.

Charts

MT4 is a very popular trading platform that suits beginners and advanced traders alike. While beginners may have some work to do to get accustomed to the platform, the information is readily available on the web, both in text and video forms, so those who are willing to study trading will face no material problems with MT4.

Charts

MT4 offers:

  •  51 indicators
  • 31 drawing tools
  • 9 timeframes

Both beginners and advanced traders will have plenty of options to choose from when developing their trading strategy.

Indicators include:

  • Trend indicators
  • Oscillators
  • Volumes
  • Bill Williams
  • Custom indicators

Available time frames include 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly, and monthly. Some platforms offer a wider range of timeframes, but the number of timeframes provided by MT4 is more than sufficient enough for practical purposes.

MT4 also supports objects:

  • Lines
  • Channels
  • Gann Tools
  • Fibonacci Tools
  • Shapes
  • Arrows

Please note that there are no Elliott Waves, which is an important indicator for many pro-level traders. This indicator could be purchased from third parties.
Each chart could be displayed as a bar chart, a candlesticks chart, and a line chart. While candlesticks are generally more popular among traders as there is an abundance of candlesticks patterns used to make trading decisions, other types of charts also have their fans.

In general, MT4 charts are easy to configure even for novice traders after some prep work, and they surely have enough options for advanced traders who could also download and install additional indicators in case they need them.

Orders

MT4 provides access to main order types that you will need when trading:

  • A market order is used to buy or sell the instrument at the current marketplace. This order is used when a trader wants to establish a position as fast as possible. Typically, the use of this order is necessary when the price of the instrument begins to move fast. The main risk of this order is that you pay a spread, which is the difference between the bid price and the ask price.
  • A limit order is used to buy or sell the instrument at a preset price, or better. This order is used when the trader wants to establish a position at a certain level and is not willing to pay current market prices. Using limit orders is a good way to control risks, because the trader controls the price that will be paid. In case of a fast breakout, the limit order may be used as an “upgraded” market order, when the limit price is placed above the current market price.
  • Stop-loss order is used to exit the position when the price moves incorrectly. This order is triggered when the price reaches a specified price point.
  • A trailing stop order is used to set a stop order that will move in case the open position trends in the right direction. This order is used to protect a trader’s profits in case the market direction reverses.

ZFX Mobile App

MetaTrader 4 mobile

General Ease of Use

The MT4 mobile app is rather easy to use. It provides charts, quotes, account balance info, economic calendar, news, and other tools to provide traders with an opportunity to make informed trading decisions.

Devices

ZFX offers the MT4 versions for Android and iOS.

Charts

MT4 mobile app offers:

  • 30 technical indicators
  • 24 drawing tools
  • 9 timeframes
  • 3 chart types

This selection of options is more than sufficient enough for mobile-based trading. Typically, the mobile app is used when the trader does not have access to the desktop platform but needs to monitor the market and open positions. While the app is useful in certain circumstances, it cannot beat the speed of work that could be achieved using the desktop platform, which is the main solution for active trading.

Orders

In an MT4 mobile app, you can set market orders, limit orders and stop orders. Trailing stops are not available on mobile trading terminals.

 

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

Tradable Instruments

4.0
How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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ZFX provides access to 64 forex pairs, 10 commodities, 35 stocks, 15 indices, and 3 cryptocurrencies. The number of forex pairs provided by ZFX is average. While the broker offers a strong selection of commodities and indices, stocks and cryptocurrencies are numbered, so traders who are specifically interested in these asset classes will be more limited.

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to bet on securities without owning the underlying securities. The key advantage of CFDs is the access to significant leverage, which is typically not available when trading other instruments. In this light, CFDs are very popular in short-term trading.

What Can You Trade with ZFX?

  • 64 forex pairs. The list of available instruments includes traditional favourites like EUR/USD and GBP/USD and more exotic options.
  • 10 commodities. ZFX allows you to bet on the direction of the following commodities: Gold, WTI Oil spot, Brent Oil spot, Silver, Copper, Natural Gas, Palladium, Platinum, WTI Oil futures, and Brent Oil futures.
  • 35 stocks. The list includes actively traded names like Amazon, Boeing, and Tesla, which trade in US markets.
  • 15 indices. ZFX provides access to CFDs on major indices like S&P 500 and Dow Jones.
  • 3 cryptocurrencies. The shortlist includes BTC/USD, ETH/USD, and LTC/USD.

In the tables below, you can see a selection highlighting the variety of instruments available via Zeal Capital Market:

Forex Shares
EUR/USD| GBP/USD | USD/CAD AMZN |BA|TSLA
Indices Cryptocurrencies
S&P500 | Dow Jones|Nikkei 225 BTC/USD |ETH/USD | LTC/USD
Commodities
WTI Oil | Gold| Silver

To sum it up, ZFX’s offering is strong in the commodity and indices section. The number of available forex pairs is fairly average for the industry. The number of stock CFDs is limited, so ZFX may not be the optimal choice if you are interested in these instruments. The offering in the crypto segment is limited, and the broker does not even highlight it on its website – the available crypto options may be found in MT4.

Customer Support

3.5
How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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ZFX provides support to clients via online chat, a 24-hour hotline, and email. Overall, we were satisfied with the support provided by the company.

Customer support is an important part of doing business with any broker, as traders sometimes need swift answers to their questions, especially in times of market volatility.

While the company provides a comparative table for its three trading accounts, we had to contact the support to find the commissions for the ECN Trading Account. Interestingly, the support asked for the MT4 account number to continue the conversation, so potential clients may have to open at least a demo account to get prompt responses in the support chat on the company’s website.

We have contacted the  ZFX support several times, and available support agents were quickly responding to our questions. In general, the company’s support services left a favorable impression.

Online chat with the support agent on the ZFX website.

ZFX Customer Support Test

In our rating, we tested the ZFX chat support, which required us to provide the number of our MT4 account on one occasion. No such details were demanded in other contacts with the support team. The initial response to our query was swift, but the specialist in the chat was not able to answer the question, so he switched us to another specialist, who was able to answer the question regarding ECN Trading Account commissions.

Deposit and Withdrawal

5.0
How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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ZFX provides a number of options to deposit and withdraw funds from the account. In short, a potential customer of this broker should have no problems with finding a suitable way to deposit or withdraw funds.

The minimum deposit amount is at least $50. There are no deposit or withdrawal fees on the ZFX side. However, traders should keep in mind that their bank or payment system may charge fees for transactions.

The minimum withdrawal amount is 100 RMB, which is converted to the US. Dollars (about $15). Note that withdrawals from the trading account are made to the original payment method used to deposit. Please also note that the “amount you can withdraw to the original payment method cannot exceed the amount you deposited”. ZFX adds: “Supposing you made a profit from your trading, you must withdraw the excess amount to your bank account.”

ZFX Deposits

Deposit Method Base Currencies Fees Processing Time
International bank transfer USD No 2 days
Local bank transfer THB, MYR, IDR, VND No Not specified
Visa USD No Not specified
Mastercard USD No Not specified
Skrill USD No Not specified
Neteller USD No Not specified
Perfect Money USD No Not specified

ZFX Withdrawals

Deposit Method Base Currencies Fees Processing Time
International bank transfer USD No 24 hrs of the working day
Local bank transfer THB, MYR, IDR, VND No 24 hrs of the working day
Visa USD No 24 hrs of the working day
Mastercard USD No 24 hrs of the working day
Skrill USD No 24 hrs of the working day
Neteller USD No 24 hrs of the working day
Perfect Money USD No 24 hrs of the working day

Account Types and Terms

4.2
How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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Under the FSA regulator, ZFX offers three trading account types, so the trader will have the opportunity to choose the account that is tailored to their needs. In our rating, ZFX achieved an average result in this category. . The process of opening the account was easy, but ZFX offers just 1 base currency for the account, which has hurt its score.

Opening an account at ZFX

Why is Choosing the Right Account Type Important?

An account is a tool that you will use for your trading, and the tool must meet your needs. Typically, the trader will focus on the base currency options, contract size, commission and fees, the number of pending orders/positions, and the size of the minimum deposit.

What Account Types does ZFX Offer?

Account Features Mini Trading Account Standard STP Trading Account ECN Trading Account

Commission

(excluding equities)

0 0 $7 per lot
Spread Minimum 1.5 Minimum 1.3 From 0.2
Minimum Deposit $50 $200 $1000
Leverage Up to 1:2000 Up to 1:500 Up to 1:500
Islamic Account No No No
Demo Account No Yes No

What is CFD Leverage?

CFD Leverage allows you to avoid paying the full value of the position. Instead, you pay a deposit, which is called margin, while the remaining funds are borrowed.

Under the Standard STP Trading Account, for instance, you will only have to deposit only 1/30500 of the value of your position if you use a leverage of 1:500. Leverage significantly increases your profits. However, traders should keep in mind that leverage is a double-edged sword, so potential losses are increased as well.

ZFX Account Opening Process

  • Step 1: Click on the “Open a Live Trading Account” on the accounts page.
  • Step 2: Register with ZFX, providing your name and surname, phone number, and email. You will be sent a verification code and you will also create a password.
  • Step 3: Provide additional personal information in compliance with the KYC and AML rules.
  • Step 4: Deposit funds to your account.
  • Step 5: Download the MT4 trading platform and begin to trade.

ZFX Demo Accounts and Features

ZFX provides an opportunity to test trading via the MT4 trading platform with the help of a demo trading account. To get access to the demo account, go to the above-mentioned accounts page and choose “Open a Demo Trading Account”. You will need to provide your name, surname, phone number, and email to get started to receive the verification code. The process is very simple and fast, so you will soon get to trading.

Please note that your trading experience will differ when you use a demo account compared to a real-money account. The key driver for this difference is human psychology – traders are under pressure when real money is at stake. In this light, your performance at a demo account will not necessarily indicate what you will get at a real money account. In addition, you could develop a careless attitude towards risk, which is dangerous in trading.

It’s a good idea to use the demo account to get accustomed to the trading platform, test orders, etc., but spending too much time playing with the demo could be dangerous for your future trading.

ZFX Supported Countries

As per the company’s terms and conditions, ZFX does not accept US citizens or US residents due to SEC rules.

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

Research

2.3
How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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ZFX does not provide any material research support on its website. There are no analytical videos or webinars, and the research itself is outdated. It looks like the company has decided to limit its English-language research support as its main client base is in Asia. Due to the absence of real research support, ZFX has a low score in this category in our rating.

The market news section on the ZFX site is outdated

Content

On its website, ZFX provides a market outlook and market news. Both sections were outdated at the time of writing this report.

Research Tools

The only research tool that is available on the company’s website is the economic calendar, whose presence is standard for any broker.

Education

2.5
How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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ZFX offers an Academy section on its website, which provides a collection of articles on main instruments, a glossary of trading terms, and an FAQ. The Academy section is not designed to be a comprehensive guide. While beginners can find some useful information there, they will need to search for a comprehensive guide. 

A typical article about an instrument includes a discussion of historical price movements and key drivers. Commodities, main forex pairs, indices and ten stocks are covered in this section. Traders can also read about the basics of CFD trading. Several basic MT4 guides and a discussion of technical indicators can also be found in the Academy section.

A-to-Z Academy at ZFX

The Bottom Line

ZFX is a broker that is focused on the Asian market. Clients from this area will benefit from the ability to transfer funds in local currencies from Thailand, Malaysia, Indonesia, and Vietnam. Interestingly, the broker does not offer an Islamic Account even though most of Malaysia and Indonesia’s populations are Muslims.

Traders can open an account with two entities: Zeal Capital Market (UK) Limited, which FCA regulates, and Zeal Capital Market (Seychelles), which FSA regulates. We rate FCA as a Tier 1 regulator, which means it offers strong protections for traders. FSA is rated as a Tier 3 regulator, so traders who choose to open an account with the FSA-regulated entity will have less protection.

The broker could be an interesting choice for traders searching for more options on commodity and indices CFDs. In the forex section, the range of the instruments provided by ZFX is fairly standard, while the collection of stock CFDs is small.

ZFX will not be the easiest choice for beginners as it provides minimal research and education support. At the same time, the minimal deposit is just $50, so novice traders would have the opportunity to test their skills without committing too much money. The broker offers an FCA-regulated entity for pro-level traders, which will be an important factor for this group of clients as FCA offers a compensation scheme of up to £85,000.

FAQ

Where is ZFX based?
ZFX provides its services via two entities: Zeal Capital Market (UK) Limited and Zeal Capital Market (Seychelles) Limited.

Is ZFX safe?
Clients of the UK-based entity benefit from the oversight of FCA, which is viewed as a Tier 1 regulator. Most retail traders will likely use the services of the Seychelles-based entity, which FSA regulates. While FSA is considered to be a Tier 3 regulator, the existence of a UK-based entity boosts trust for the whole Zeal group of companies.

How does ZFX make money?
Zeal states that it is “mainly compensated for its broking services through markups”. Markups refer to the difference between the market price of a security and the customer’s price and are considered a normal way to make money for a broker.

Is ZFX good for beginners?
ZFX is not the best choice for beginners because of limited research and educational support.

How do I deposit in a ZFX account?
You can deposit funds into a ZFX account by using the international bank transfer, local bank transfer (Thailand, Malaysia, Indonesia, Vietnam), Visa, Mastercard, Skrill, Neteller, and Perfect Money.

What is the min. deposit for ZFX?
The minimal deposit for ZFX is $50.

How long does it take to withdraw money from a ZFX account?
ZFX will process the withdrawal application on a workday, and the funds will be transferred to your account within 24 hours of the working day.

What is the max leverage in ZFX?
The maximum leverage in ZFX is 1:2000.

How do I open an account with ZFX?
To open an account with ZFX, you will have to visit the accounts page, apply to open a Live Trading Account, fill in the details, deposit funds, and start trading.

What platforms does ZFX offer?
ZFX offers the MT4 platform. Both PC and mobile versions are available.

Does ZFX offer a demo account?
Yes, ZFX offers a demo trading account.

broker

Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. You may be required to make further deposits in order to meet your margin requirements. You should consider whether you understand how CFDs work and whether you can afford to take the risk. The historical financial performance of any underlying instrument is no guarantee or indicator of future performance. Trading financial derivatives may not be suitable for all investors. Please ensure that you fully understand the risks involved, and seek independent advice if necessary.

See ZFX Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
United Kingdom
Foundation Year
2017
Regulations
FCA (United Kingdom), FSA(SC) (Seychelles)
Publicly Traded
No
Number Of Employees
250
Trading platforms
MT4
Restricted Countries
United States
Min Deposit
$50 (Zeal Capital Market (UK)), $50 (Zeal Capital Market (Seychelles) Limited)
Max Leverage
1:30 (FCA), 1:500 (FSA(SC))
Deposit Options
Wire Transfer, Credit Card, Skrill, Neteller, PerfectMoney
Withdrawal Options
Wire Transfer, Credit Card, Skrill, Neteller, PerfectMoney
Cryptocurrencies
Bitcoin, Litecoin, Ethereum
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
Demo Account
Yes
Islamic Account
No
Segregated Account
Yes
Managed Account
No
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This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.