ZForex review and ratings

Established 2022
Location Saint Vincent and the Grenadines Mwali
Regulation MISA
Offices Kingstown, Fomboni, Sofia
Broker type STP | ECN
Leverage up to 1:1000
Deposit from 10 USD
Spreads mid  mid
Platforms Web MetaTrader 5
Instruments Currencies Crypto Indices Metals Energies Softs
Funding methods Credit Cards WebMoney Bitcoin Ethereum Liteсoin Tether

Company information

ZForex group includes 2 related companies.

ZForex SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
ZForex MW - located in Mwali, regulated by the Mwali International Services Authority (MISA).

Availability

ZForex group accepts clients from all over the world, excluding Turkey and some other countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
5 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.
11 Indice CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
6 Metal CFDs Based on Gold, Silver, Platinum, Palladium.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
7 Soft CFDs Based on Coffee, Cocoa, Cotton, Sugar, Corn, Soybean, Wheat.

Comprehensive review

ZForex is a forex brokerage registered offshore in Mwali and also in Saint Vincent and the Grenadines, but with its actual physical office in Bulgaria. The broker offers very high leverage, a respectable range of trading instruments, and trading on the popular MetaTrader 5 (MT5) platform.

Worth noting about ZForex is that it states on its website that it “does not accept clients from Turkey, United States and Europe.” However, there is no definition of which specific countries “Europe” refers to, and whether it refers to all EU/EEA countries or just some. As such, one way to deal with this would be for European traders to simply try to sign up and see if they get accepted after selecting their country of residence.

Another thing that is important to note about ZForex is that this is a fairly new player in the industry that started out as recently as in 2022. Because of this, there is limited information available online from independent sources about the broker, and few traders have experience with it. As always, we therefore urge everyone to do their own proper due diligence before depositing money with this or any other forex broker.

The instruments that can be traded from ZForex include more than 50 forex pairs, a handful of the most popular crypto pairs, major stock indices, as well as precious metals and some other commodities. One thing that stands out here is that the broker does not offer any single stocks for trading, which we think is a bit unfortunate.

All of the assets on ZForex are traded as contracts-for-difference (CFDs), which is the most popular way to trade among retail traders. Among other things, CFDs make it easy to bet on the price direction of an asset without actually owning the underlying asset. This can be done easily both on the long side with a buy order or on the short side with a sell order. In addition, high leverage of up to 1:1,000 is available from ZForex. This means that even a small trading account can be enough to make big profits.

In terms of account types, ZForex has two regular options plus one Islamic swap-free account. These two accounts are an ECN account with commissions from $3 and spreads from 1 pip, and an STP account - which funnily enough appears to be misspelled as an “STD account” - with commission-free trading and spreads from 1 pip.

Trading accounts can be funded with all of the usual methods such as bank transfer, major credit and debit cards, and WebMoney. We are also happy to see that ZForex accepts cryptocurrency deposits made with Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and Litecoin (LTC).

All of the account types have a minimum deposit requirement of $10 to start trading.

To reach ZForex’s customer support, clients can call a Bulgaria-registered phone number, use WhatsApp or a live chat option via the website, or send an email. Unfortunately, the broker has not published any information about its support team’s working hours, which usually means that 24-hour support is not available.

In conclusion, we have the impression that ZForex is trying to establish itself as a broker with a primary focus on forex trading, and less so on stocks, commodities and crypto. However, this broker could still be a good choice, especially for traders who like to trade on MT5 and are looking for the highest leverage. As always, however, it’s worth being extra careful when it comes to unregulated forex brokers, and only deposit money with brokers that are 100% trustworthy.

Reviews from traders

4.76/5
(17 votes)
5/5
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Philippines
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Slovenia
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France
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