Is ZFX a Scam Broker

ZFX is the trading arm of Zeal Group, a group of fintech companies specialising in multi-asset trading solutions. Zeal Capital Market (Seychelles) and (United Kingdom) are regulated and licensed. More on the regulatory bodies is explained in the next section. As a licensed broker, ZFX provides several tradeable instruments: forex, cryptocurrencies, stocks, indices, precious metals and commodities on the ZFX MetaTrader trading platforms.

Meanwhile, trading conditions are flexible where the broker relies on a variable spread model, and offers a wide choice of deposits and withdrawals, and even a copy trading or social trading option for traders.

“Is ZFX Scam” is quite widely searched online and for traders who have questions on whether ZFX is a scam broker due to the regulatory bodies, and authorities it’s attached to — and not — can find further reading below. Zeal may not be licensed with a regulating statutory body in every country, but as it is licensed with the Financial Services Authority of Seychelles and registered with the Financial Conduct Authority, residents no matter which nationality may still be able to trade with them.

More clarification on the nuances in jurisdiction of the different regulatory bodies in certain countries is discussed further in the rest of this article.

In Focus: ZFX as a Trading Broker

Headquartered in London, ZFX’s global presence spans three continents. Their offices are located in eight major cities: London, Moscow, Bangkok, Ho Chi Minh City, Jakarta, Abu Dhabi, Hong Kong, and Taipei.

ZFX, Zeal and the Z in the ZFX logo are trading names copyrighted to Zeal Holdings Limited. The Zeal Group is licensed for trading and regulated as a Securities Dealer by the Financial Services Authority (FSA) of Seychelles, license number: SD027. Through Zeal Capital Market (UK) Limited it’s authorised as a dealing agent by the Financial Conduct Authority (FCA), FCA Registration Number (FRN): 768451.

For traders needing more information and resources on this, it can be located in the footer of the ZFX website.

ZFX Broker's license information in website footer

Where Zeal Capital Market Limited Stands in the Forex Market

Zeal Capital Market Limited is a licensed financial institution servicing global traders for multi-asset trading and in financial markets which include the forex market.

When it comes to the forex market, this broker provide services for contract for differences (CFD) traders. They also make sure to tailor their solutions to both new and experienced traders.

Swap-free Instruments and Accounts

Additionally, they also extend their solutions to traders looking to invest with an Islamic Account. Although there isn’t an Islamic Account per se with this broker, they offer certain trading instruments swap free.

Swap free investing adheres to Islamic investment and is Shariah compliant making it safe for traders looking for such trading conditions.

To find out more about these trading conditions, be sure to reach out to their customer support which can be reached here (available 24/7).

Trading Instruments

This broker offers Contract for Differences (CFD) trading instruments including, but not limited to, forex, indexes, shares, and cryptocurrency.


A ZFX trader keen on entering the forex market will be able to trade major, minor, and emerging currency pairs. Additionally, this broker also provides exclusive client support via analyst insights. Other trading instruments include precious metals including gold and silver. Traders will find the most competitive spreads with an ECN account.


ZFX allows stock index CFDs trading for a broad range of indices including the main indexes (S&P 500, NASDAQ, Dow, and FTSE 100) on blue chips. Most of these indices are made available as Forward (has an expiration date) or Spot (without an expiration date; rollover/swap fees may apply for some trading instruments in certain countries).


ZFX allows commodity trading with CFDs. Here, major commodities like gold and crude oil are offered with low margins and high leverages.  


With ZFX’s leverages, stock trading with CFDs is optimally risk-managed. Based on underlying assets instead of the actual assets makes the stock exchange more accessible to new and small-time traders.   


CFD crypto trading is based on the speculation of asset price movements.  

Trading Platforms

The MetaTrader 4 (MT4) by MetaQuotes is a popular trading platform preferred for its wide multi-device compatibility, and for more on the different devices the MT4 is compatible with, visit ZFX’s platforms webpage. Additional details and descriptions of MT4 features and user interface on different devices, can also be found in the drop-down menu under the platforms section.    

ZFX MT4 Features
ZFX webpage to download ZFX MT4 Trading Platform

Trading Account Types

ZFX Trading Accounts side by side comparison

This broker offers five accounts to cater to different trader needs. They are listed below:

  • Demo – Like the live account, the demo account uses the MetaTrader 4 (MT4) software but does not replicate the exact transaction results of a live account. With a demo account, your account is automatically credited with $20,000 practice money or virtual funds, so it is risk free. Simulating a live account as much as possible, traders can test out strategies with leverage, margins, and other risk management tools as they would when executing a real trade. Opening a demo account is fast and easy requiring you to fill in only your full name, email address, and contact number. No minimum deposit and KYC documents are needed.
  • Mini – A Mini account requires a low minimum deposit of $50 upon registration. The minimum forex spread is 1.5 and the maximum leverage, 1:2000. This Mini account is recommended for new traders and those who want to get more out of small orders. Contract forex units are 10,000.
  • Standard Straight through Processing (STP) – Those who have traded before would know standard accounts as the most common of all, typically giving clients exposure to a standard lot or 100,000 units of assets. With a minimum deposit requirement of $200 the STP account offers a minimum forex spread of 1.3 and 1:500 maximum leverage. Contract forex units are 100,000. Traders can expect to get better pricing with this account with trade orders being sent directly to liquidity providers (bank or broker).
  • Electronic Communication Network (ECN) – This account requires a minimum deposit of $1000 with a minimum forex spread of 0.2 (commissions may apply), and maximum leverage of 1:500. Contract forex units are 100,000. Seeing that the ECN account allows a direct link between traders, this means that traders can benefit from the lowest spreads. This is especially of use to short-term traders who look to high volatility and fast-paced price action for profit.

For a complete explanation on ZFX account types, check out the link here.


Those who have traded before would know that ECN accounts offer one of the best spreads due to the elimination of the middleman.

The ZFX ECN account offers the most competitive spreads in the forex market. However, this is at the expense of a higher minimum deposit compared to ZFX’s other client accounts. The requirement of $1,000 minimum deposit on this account might be too high of a risk for small and new traders but appealing to experienced traders that are after competitive spreads.

Deposits and Withdrawals

Deposits and withdrawals with this broker are simple with a wide choice of payment methods for traders. From Skrill to bank transfers for managing funds, below is the full list:

  • Perfect Money
  • Skrill
  • Neteller
  • International Bank Transfer
  • Local Bank Transfer
  • Credit/Debit Card (Visa/Mastercard)

A withdrawal can be made from the MyZFX User Center and the minimum withdrawal amount set by the broker is 100 RMB (about US$15) as the amount will be converted to US dollars. As for withdrawal requests, as long as you are a verified client, a request can be made any time and will be reviewed within one working day. Upon successful review, the withdrawal funds will then be transferred to the client account within 24 hours (of a business day).


A deposit is to be made the same way, from the MyZFX User Center and each minimum deposit is set at $50USD. Clients can expect a deposit to reflect in their MT4 account within 20 minutes from transferring which also depends on the clients’ bank and third-party partners.

As for non trading fees, there aren’t any fees charged on deposit and withdrawal.

Traders can always reach out to customer support here or turn to their FAQs page.

Trading Support


The A-to-Z ZFX Academy is an archive of knowledge worth any trader’s time. An extensive library of resources, the articles provided here cover novice level to expert level knowledge on investment.

ZFX A to Z Academy directory
Tools and Insight

This broker provides traders with an Economic Calendar for telling key events and dates that impact asset prices and the financial markets. For helpful insights, ZFX’s Market News and Market Outlook keep traders informed on the latest marketplace news.

Additionally, traders can also start Social or Copy Trading, gaining confidence with each trade as they mirror trade moves and strategies of successful master traders. Furthermore, replicating portfolios and trade strategies of more experienced signal providers can improve traders’ analysis (technical and fundamental) application.

ZFX Economic Calendar
ZFX Economic Calendar
ZFX Market News
ZFX Market News
ZFX Market Outlook
ZFX Market Outlook
ZFX Copy Trading
ZFX Copy Trading – Replicate the trade of a professional trader

ZFX also provides client support through their partnership programme which is organised into three categories: Introducing Brokers (IB), Fund Managers, and Marketing Affiliated. For more on the partnership programme or the registration form, visit this link.

ZFX Introducing Brokers (IB)
ZFX Partnership Programme: Introducing Brokers

The partnership programme is meant to make trading with ZFX an engaging experience as well as incentivise and add more value to a client’s journey.

ZFX Review: Is it All Legit?

With differing views and analysis on ZFX, whether it be from a ZFX review or Zeal FX review, it helps to gain more understanding of the role of regulatory bodies in the financial marketplace.

First of all, it is important to take note of the most recognised regulators for forex brokers. Here is a list of them below:

  • Commodities Futures Trade Commission (CFTC) – USA
  • National Futures Association (NFA) – USA
  • Financial Conduct Authority (FCA) – UK
  • Australian Securities & Investments Commission (ASIC) – Australia
  • Cyprus Securities and Exchange Commission (CySEC) – Cyprus
List of Forex Regulators
Pic –

Not Limited to Local Exchange

Even though a regulating statutory body requires any person, website, investment products and companies to be authorised and licensed by them to operate in a financial marketplace, there are certain terms and conditions that allow residents to trade with international brokers.

There may be some instances when a trader might go with international brokers. Apart from portfolio diversification and higher profit potential due to the broader overseas marketplace, there are many reasons to trade international assets. Here’s a good article by on why this may be the case.

Repercussions of the Investor Alert List

An Investor Alert List of a regulating statutory body is a “list of unauthorised websites, investment products, companies, and individuals”. However, the same abovementioned imoney article states that being on the Investor Alert List doesn’t necessarily render a broker or platform fraudulent. Being licensed and regulated by any recognised and legal regulatory authority suffices.

ZFX is a company licensed and regulated by the FCA and FSA which are international regulatory authorities, and one of the most recognised ones in the industry. Therefore, in the event of a dispute, a client can still take it up with the FCA if not the statutory body of a particular, industry or country.

International Funds and Fees

In most cases, a trader that’s chosen to go with an international broker finds they can easily execute transactions through their international broker or brokerage account.

Here’s how:

  • Local Bank – Although there will be international bank transfer and currency conversion fees charged, a trader can always fund their international accounts using a local bank.
  • International Transfer Provider – Some if not all international brokers accept transfers from third-party transfer providers .i.e., Wise. Their transfer and conversion fees are usually cheaper than a bank’s.

ZFX: Who Is It For?

ZFX reviews on user experience have mostly been encouraging. Most of the recommendations and advantages of investing with an investment company like ZFX can be attributed to their platform, ZFX MT4 and their educational platform.

Advantages of ZFX MT4
Advantages of ZFX MT4
Inside ZFX broker A to Z Academy
Inside ZFX broker A to Z Academy

The ZFX MT4 is noted for its Back-test strategies analysis feature, One-Click trading, Chart trading analysis, Easy integration and more. As for the academy, along with the ZFX partnership programme, it has benefitted traders especially new traders with peer support and in acclimatising. This rings especially true to those new to the trade who find a comprehensive guide in ZFX’s A-to-Z Academy.

With all traders in mind, ZFX makes adopting trading easier especially for CFD traders and beginner traders. This is largely in thanks to ZFX’s holistic trading education setup that equips its clients with the resources and relevant tools to trade efficiently and independently.

Start Trading with ZFX

For a client to start trading with ZFX they need to register an account with ZFX. New registration form verification and withdrawal requests take an average of 24 hours to be processed.

ZFX Registration Page
ZFX Registration Page
  1. Register
    To start trading and register an account, the “Open an account” button can be found on the top right of the page or can be accessed here: Register (

    The registration form requires clients to provide basic details like country of residence, full name, contact number, email address, and password creation.
  2. Trading Account Type
    The next step would be to choose the account type of your choice. A quick account comparison can be done here.
  3. First-time Sign In
    Once registration is completed, you can then access MyZFX. This is accessed by logging in for the first time with your ZFX login details. MyZFX is your personal ZFX space where you can manage your trading accounts, funding methods, withdrawal of funds and personal information.
  4. Identity Verification
    Before your ZFX account can be processed, your identity needs to be verified which can take an average of 24 hours. To allow this, upon accessing the MyZFX section, click “Personal Information” and select “Document Verification” from the navigation menu.
  5. Payment Verification
    Lastly, a bank verification needs to be done. Here, you are required to upload a copy of your bank statement before you can finally execute your first trade with this broker.

    There are no fees charged to a ZFX trader when they place a deposit or first fund their account.

Caveat for Clients

A note or two for clients include some of the below points:

  • Clients are expected to have regular internet access so the broker may be able to provide information including, but not limited to, cost, fees and policies
  • Clients accept that their ZFX accounts are not banks and are for trading purposes only
  • ZFX will be executing trade orders through other brokers and/or liquidity providers (banks)
  • Clients accept that the use of leverage involves a degree of risk and said leverage can lead to both large gains and losses
  • The company (ZFX) will not be responsible for losses or failures associated to mishaps including, but not limited to, software and hardware failure

For traders who want to review this broker in detail, the document can be accessed in its entirety here.

Broker Prohibition

Before deciding to start trading with ZFX, a trader might want to find out if their country is on the list of this broker’s prohibited country or regional clients. Some examples are Malaysia, Democratic people’s republic of Korea (North Korea) and Iran just to name a few.

ZFX list of prohibited countries

The Bottomline

ZFX is a legit and reliable broker that has been serving clients in Europe and Asia since 2017. Some of its attractive features are that it includes some non trading fees, no withdrawal fees, and a commissions structure that supports scalping, and hedging.

Its offering of an Islamic or swap free account that is Shariah compliant is also something to be taken into account, for whom ever this is relevant.


Is ZFX a broker?

ZFX is the trading arm of Zeal Group, a group of fintech companies specialising in multi-asset trading solutions. Zeal Group’s Zeal Capital Market (Seychelles) and Zeal Capital Market (United Kingdom) are regulated and licensed. More on the regulatory bodies is explained in the next section. u003cstrongu003eThis makes ZFX a regulated and licensed broker providing several financial products:u003c/strongu003e forex, cryptocurrencies, stocks, indices, and commodities on the ZFX MT4 platform.

Is ZFX legal in Malaysia?

u003cstrongu003eZFX is licensed and regulated by the FCA and FSA which are international regulatory authoritiesu003c/strongu003e, and one of the most recognised ones at that. Therefore, in the event of a dispute, a client can still take it up with the FCA if not the SC.u003cbru003eu003cbru003eAlong with ZFX, many if not most international brokers are not registered with the SC but are still u003cstrongu003elegal brokers serving Malaysian traders.u003c/strongu003e

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