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Zeal Capital Market Review: Is Zfx.co.uk A Legit Forex Broker?
Zfx.co.uk Review: this is the name of a Forex and CFD broker that is located in the United Kingdom. Is Zeal Capital Market a scam Forex broker? Lots of Forex brokers have turned out to be scams, to avoid falling victim, read this review first.
We start our reviews by checking if the firm under scrutiny is properly licensed in the location where it operates. For this brokerage, it is mentioned that it is located in the United Kingdom. All Forex brokers in this region are to have a license and be registered under the FCA. The website mentions this as well.
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On checking, we found the name of the company that owns the broker and that it is licensed by the Financial Conduct Authority (FCA). As a regulated broker, there are restrictions and rules that Zeal Capital Market must follow and not fall short of. Issues with this broker would be looked into by the authority as well.
Advantages of Zeal Capital Market or ZFX
Some of the advantages that comes with trading with this company are: generous leverage, tight spreads, no commissions, fast and reliable order execution. They also offer the no dealing desk and multi-lingual client support all in place to assist traders the best way possible.
It is common for brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Zeal Capital Market or ZFX Trading Platform
Zeal Capital Market offers traders the MT4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: currency pairs, CFDs on gold, silver, copper, and oil. Indices are also allowed and cryptocurrencies. There is no mention of stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:100 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.5 pips on the EURUSD pairs.
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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Zeal Capital Market
There is no mention of the means by which deposits and withdrawals are to be made for trading with ZFX. This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is not disclosed but an account can be created for free. This missing detail makes it impossible for us to tell if the amount required is within the average of $100 – $250. There is a link to read the terms and conditions. They are all categorized for easy and quick reading.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Zeal Capital Market Licensed?
Yes. Zeal Capital Market or ZFX is properly licensed and registered under the Financial Conduct Authority (FCA). The license it holds, authorizes it to trade in the region.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
If you want to get in touch with the broker or you want to get help from the customer support service, go to the support page via the “Support” link. Then choose the category of issue that you need resolved.
Zeal Capital Market or ZFX is a duly licensed brokerage that operates in the United Kingdom. This registration information gives the broker a good rating. However, we would encourage the team running the service to volunteer more information in future. The missing details we pointed out in this review is worrisome.
If you have anything to add to this Forex broker review, do so via the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
ZFX review – Is zfx.co.uk scam or good forex broker?
RECOMMENDED FOREX BROKERS
ZFX is a British forex and CFD broker, licensed and authorized by the local Financial Conduct Authority (FCA). They offer two account types – Standard and ECN, with a selection of currency pairs and CFDs on gold, silver, copper and oil, 9 indices and even several crypto coins, including Bitcoin, Litecoin and Ethereum, all of that with the well known MetaTrader4 platform and leverage of up to 1:100.
|Account type||Min. deposit||Max. leverage||Spread s/ Payout|
|Standard Account||n/a||1,5 pips|
The website, however, is intended for and directed only at Professional Clients as defined under the Markets in Financial Investment Directive (MiFID) and implemented by the FCA, and that is the reason ZFX offers higher leverage, compared to the one allowed for retail clients on the European market in general. In August 2020 the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed for retail forex transactions at 1:30.
Regulated by the FCA
As we already mentioned, ZFX and the company that owns and operates them – Zeal Capital Market (UK) Limited., are licensed and authorized by the Financial Conduct Authority in the UK – one of the best known and respected financial watchdogs in the forex industry. You can see their license here:
A FCA license guarantees that your money will be kept in a segregated, protected form creditors, trust account, that you will be granted a negative balance protection, that your broker will have to keep an operational capital of no less than 730 000 EUR to guarantee all outstanding payments to clients, and that it will have to file regular reports and to allow external audits.
On top of that an FCA license grants additional protection for the broker through the Financial Compensation Scheme (FSCS), which basically insures your trading account for up to 85 000 GBP. Here you may check our list of brokers, licensed and authorized by FCA as well:
A good selection of trading instruments
As we already noted ZFX offers a selection of forex pairs, some of which minor or exotic like USDCNH, USDSGD, and USDNOK, as well as various CFDs on gold, silver, copper, oil, 9 indices and several crypto coins including Bitcoin, Litecoin and Ethereum. In any case here you may also check our list of brokers offering bitcoin CFDs:
Available only to professional traders
As we already noted ZFX does not accept retail traders and this is a definite disadvantages – the market should be accessible to anyone who wishes to trade. Here you may check our list of brokers offering gold CFDs to retail clients:
ZFX is a legit and properly licensed broker, authorized by the Financial Conduct Authority (FCA) in the UK. What we do not quite understand however, is their decision to limit their services to professional traders only.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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