Z Forex is a forex and contract for difference (CFD) broker that was registered in St. Vincent and the Grenadines on April 28, 2022. The company primarily offers financial trading services for forex, commodities, and CFDs. Its headquarters is located in the capital of Bulgaria, Sofia. The official website of Z Forex is https://zforex.com, and it provides services in multiple languages, including English, Simplified Chinese, Indonesian, Arabic, and Persian. Notably, Z Forex does not accept clients from Turkey, the United States, and Europe.
Company Background and Regulatory Status:
The registered entity of Z Forex in St. Vincent and the Grenadines is Z Forex Capital Market LLC, with a registered address at Euro House Richmond Hill Road, PO Box 2897, Kingstown, VC0100 St. Vincent and the Grenadines, and a registration number of 2145. However, the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA) only regulates banking, insurance, or mutual fund-related activities and does not regulate forex margin trading or issue forex licenses. Therefore, the forex trading and brokerage activities of Z Forex Capital Market LLC are unregulated.
Additionally, Z Forex Capital Market LLC is authorized and regulated by the MWALI International Service Management Authority, with authorization granted on July 7, 2023, and license number T2023321. MWALI International Service Management Authority lacks clear regulatory rules and standards, an effective mechanism for complaints and dispute resolution, and does not have established cooperation or coordination with financial regulatory authorities in other countries or regions. Its regulatory oversight is extremely weak, and there is virtually no regulation.
Account Opening:
To open an account with Z Forex, you need to register on their official website, fill in your personal information, and then send identity verification documents (ID/driver's license/passport) and address verification documents (electricity/gas/phone bills or bank statements) to the email info@zforex.com for account activation.
Account Types:
Z Forex offers three different types of trading accounts: ECN, STD, and SWAP FREE. These accounts have a minimum trade size of 0.01 lots and a maximum trading leverage of 1:1000.
Differences between the accounts include:
- ECN account: Minimum deposit of $10, $10 commission per standard lot for forex trading, $15 commission per standard lot for metal trading, spreads starting from 0 pips, 100% margin call level, 20% stop out level, and no swap-free option.
- STD account: Minimum deposit of $1000, no trading commission, spreads starting from 0.5 pips, 100% margin call level, 30% stop out level, and no swap-free option.
- SWAP FREE account: Minimum deposit of $2500, $10 commission per standard lot for forex trading, $15 commission per standard lot for metal trading, spreads starting from 0.7 pips, 100% margin call level, 50% stop out level, and a swap-free option.
Trading Platform:
Z Forex offers the MT5 trading platform, including Windows, Android, iOS, and MAC versions.
Deposits and Withdrawals:
Z Forex supports various deposit and withdrawal methods, including bank wire transfers, credit cards, e-wallets, local banks, and blockchain.
Partnership Program:
Z Forex offers a partnership program where individuals can choose to become introducing brokers or affiliates.
Customer Support:
Users can contact Z Forex through phone at +44 7700 192430 and via email at info@zforex.com. Additional contact options may be available through the "Contact Us" section on their official website for customer support services.。
Summary:
It's important to note that Z Forex has extremely weak regulatory oversight, which may make it difficult for investors to receive timely and fair treatment in case of problems or disputes. As of now, Z Forex is labeled as "operating normally" on Traderknows.
