ZB Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ZB Forex Review.
ZB Forex Review
As ZB Forex provides no information on differenet account types, we assumed that it offers a single account on the MetaTrader 4 platform with variable spreads. Micro lots are available only upon request.
ZB Forex website available in English, Spanish, Korean and Chinese, and US residents are not accepted as clients.
The Company. Security of Funds
ZB Forex offers online trading in forex and some CFDs on the MT4 platforms. According to the information provided on its website, the broker is active in in Belize, USA,( New York, Colorado, Los Angeles), New Zealand, S. Korea, Philippine, China. Behind the brand is a company “licensed” in Belize, a famous offshore zone.
We checked and ZB Forex Limited is indeed present in the List of licensed service providers for trading in foreign exchange services in the register of Belize’s Financial Services Commission (IFSC). Although the IFSC issues warnings against unregulated entities and imposes certain requirements top licence holders (such as for client account segregation and minimum capital), regulation in Belize cannot be compared to the one in most EU jurisdictions or in Australia, for example. Let alone to the rules applicable in the US.
Unlike UK’s FCA, the IFSC places little emphasis on supervision of licensed brokers. Besides, they are not required to report transactions, nor to arrange mechanisms for compensation in case a regulated entity goes bankrupt.
To cut things short, when trading with offshore brokers, there is no guarantee you will ever see the money you deposited again, let alone any potential profits. Not to mention that many of these brokers are pure scams.
Trading Conditions
Minimum Initial Deposit
The entry level at is set at ZB Forex is $500, which is a comparatively high initial amount, taking into account that global well-regulated brokers like FxPro demand something in the $100 range.
Average Spreads & Commissions
ZB Forex claims to offer spreads starting out at 0.2 pips on EUR/USD, and mentions nothing about commission fees.
After registering a demo account and testing their platform, we saw that spreads for this pair are even negative, and still no commissions apply. If the situation is the same with live accounts, there is no way for the broker to be profitable, so we suspect that either ZB Forex’s reals spreads are higher, or it charges some commission.
By comparison, FxPro offers spread averaged 0.3 pips on EUR USD and a commission of $4.5 per lot applies.
Leverage
ZB Forex offers leverage up to 1:200, which may be considered a middle ground in the forex market. Other brokers offer much higher leverage levels, but we would not recommend utilizing them to the full capacity, as they involve significant risk of losses.
Trading Platform
As most brokers, ZB Forex offers access to the widely used MetaTrader 4 (MT4), desktop and mobile versions available.
The MT4 is easy to use and reliable trading terminal that provides the best charting package, fast order execution, and a lot of custom tools. You can find almost every possible technical indicator or automated strategy on this platform, and besides, you can make one of your own if you have some coding skills. This functionality probably makes MetaTrader stand out the most.
Promotion
ZB Forex currently offers a $100 welcome bonus to all new live account holders. Although it is not explicitly said, probably certain volume trading requirements must be fulfilled in order to withdraw the profits from the bonus.
Methods of Payment
Payment methods with ZB Forex are limited to Bank Transfer, Credit Card, Neteller and BuildPay credit card.
The broker says it currently accepts payments in USD only and charges no fees on deposits and withdrawals.
ZB Forex is an offshore broker that provides its services on the renown MT4 platform. However, we find the initial deposit it requires high, and its spreads – too good to be true.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
ZB Forex Review Conclusion
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