ZX Markets Review
ZX Markets Review
ZX Markets is offering three types of live trading accounts: X-standard, X-premium, X-pro, as well as a free demo account. Unfortunately, the information about the trading accounts is somewhat incomplete. We could not log into our demo account either, but it turned out there is the provision that it is only available after we fund our real account. This strikes us as rather odd and makes us think there is something untoward about this broker.
The broker offers trading in forex, CFDs on metals, commodities and indices.
The Company. Security of Funds
ZX Markets is part of the company Global Investment House Limited based on the Seychelles, which is an offshore zone. The broker says it is regulated by the Financial Services Authority (FSA) of the country. Such regulation is more or less symbolic as the offshore zones are known for their weak control over businesses, often accompanied by full secrecy about company ownership and no corporate tax. This often makes the offshore zone the preferred destination for businesses of dubious reputation and people who have something to hide.
Interestingly, Global Investment House Limited is the name of a Kuwaiti investment and asset management company that is mostly active in the Persian gulf region.
Generally, it is better to avoid dealing with brokers with weak regulation like this one and seek ones with more robust oversight, like the one provided by UK’s FCA or the Australian Securities and Investments Commission.
ZX Markets offers trading on the platform xWeb and xMobile. Those are the web and mobile version of the proprietary trading platform xStation of the Poland and FCA-regulated European forex broker XTB. It offers it to other brokers as a white label option.
The xStation platform has been voted “Best Trading Platform 2016” by Online Personal Wealth Awards and offers fast execution, very fast execution speeds, technical analysis and charting tools and a host of other options.
Unfortunately, ZX Markets does not offer the very popular MetaTrader 4 platform.
Methods of payment
ZX Markets accepts client deposits through bank transfers, debit and credit cards and the electronic payment system Neteller.
Like most offshore brokers, there is a whiff of doubt around ZX Markets. It does not necessarily mean it is a scam, but its advisable to exercise extra caution when dealing with such brokers, as their clients are usually left at their goodwill and honesty.
Besides, it is not as if ZX Markets is offering outstanding trading conditions that would offset the risk of dealing with it instead of a well-regulated broker. Worse still, it is not offering the all too familiar trading platform MT4.
ZX Markets Review Conclusion
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