Zenfinex Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
FSA Suspicious Clone 
They’ve done a terrible job of assigning incompetent people to customer service. We called them to inquire about trading and lo and behold, the person we talked to didn't know much about it and was really struggling to talk to us. It was sad because they assigned incompetent people to a very important position that would supposedly represent them.
Zenfinex has garnered attention in the forex trading community for its competitive offerings and regulatory backing. This review synthesizes various insights regarding user experiences, expert opinions, and key features of the broker. Overall, Zenfinex is seen as a reliable option for traders, but potential users should be aware of the different entities operating under its name and the associated regulatory implications.
Note: It is crucial to recognize that Zenfinex operates through various entities across different jurisdictions, which can impact the level of regulatory protection afforded to clients. This review aims for fairness and accuracy by considering a wide range of sources.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6.5 |
| Tools and Resources | 7.0 |
| Customer Service and Support | 6.0 |
| Trading Experience | 6.5 |
| Trustworthiness | 6.8 |
| User Experience | 7.0 |
We evaluate brokers based on comprehensive research and user feedback.
Founded in 2017, Zenfinex is headquartered in London, UK, and is regulated by the Financial Conduct Authority (FCA). The broker offers a range of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to both retail and institutional traders. Zenfinex provides access to various asset classes, including forex, commodities, and indices, making it a versatile choice for different trading strategies.
Zenfinex is regulated by the FCA in the UK, which is known for its stringent requirements. However, the broker also has entities registered in jurisdictions like Saint Vincent and the Grenadines and Seychelles, which do not have the same level of regulatory oversight. This dual structure raises important considerations for prospective clients regarding the safety of their funds and the legal recourse available in case of disputes.
Zenfinex supports multiple base currencies for accounts, including GBP, EUR, and USD. The minimum deposit requirement is relatively low, set at $50, making it accessible for new traders. Withdrawals typically do not incur fees, but clients should be aware of potential charges from third-party payment providers, especially if currency conversions are involved.
As of now, Zenfinex does not appear to offer any significant bonuses or promotional offers. This could be a consideration for traders who prioritize brokers with attractive incentives for account openings or trading activities.
Zenfinex provides access to over 500 trading instruments, including a variety of forex pairs, commodities, and indices. However, it does not offer direct trading of individual stocks, which might limit options for investors looking to diversify their portfolios.
The trading costs at Zenfinex are competitive, with variable spreads starting from 0.1 pips on major pairs for Pro account holders. The standard account has spreads starting at 1.3 pips with no commission charges, making it a cost-effective choice for less frequent traders. However, higher commissions apply for Pro and VIP accounts, which may deter some users.
Leverage options vary significantly based on the regulatory jurisdiction. For clients under FCA regulation, leverage is capped at 1:30, while those trading with the offshore entities can access leverage up to 1:500. This disparity is crucial for traders to consider, as higher leverage increases risk exposure.
Zenfinex supports multiple platforms, primarily MT4 and MT5, known for their robust trading capabilities and user-friendly interfaces. Additionally, the Zen Connect platform offers social trading features, allowing users to copy trades and interact with other traders.
Zenfinex cannot accept clients from certain countries, including the United States, Canada, and several others where local regulations prohibit its services. This limitation may affect potential clients' ability to open accounts.
Zenfinex provides customer support in multiple languages, including English, Chinese, Malay, Spanish, and Vietnamese. This multilingual support enhances accessibility for a diverse client base.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6.5 |
| Tools and Resources | 7.0 |
| Customer Service and Support | 6.0 |
| Trading Experience | 6.5 |
| Trustworthiness | 6.8 |
| User Experience | 7.0 |
Zenfinex's account conditions are generally favorable, particularly for beginner traders. The low minimum deposit of $50 allows for easy access to trading, and the absence of deposit fees is a plus. However, the higher minimum deposits for Pro and VIP accounts may be a barrier for some.
The broker offers a variety of trading tools and educational resources, including tutorials and market analysis. This is beneficial for traders looking to enhance their skills and make informed decisions.
Customer support is available through various channels, including live chat and email. However, response times can vary, and some users have reported delays in receiving assistance.
The trading experience on Zenfinex's platforms is generally positive, with good execution speeds and a user-friendly interface. The availability of MT4 and MT5 caters to both novice and experienced traders.
While Zenfinex is regulated by the FCA, the presence of offshore entities raises concerns about the overall trustworthiness of the broker. Clients should conduct due diligence and consider the implications of trading with a broker that operates in multiple jurisdictions.
Overall, users report a satisfactory experience with Zenfinex, particularly in terms of platform usability and the range of available instruments. However, some users have expressed concerns about the lack of individual stock trading options.
In conclusion, Zenfinex appears to be a solid choice for forex and CFD trading, particularly for those who prioritize a regulated environment and user-friendly platforms. However, potential clients should carefully consider the implications of the broker's multi-jurisdictional structure and the varying levels of regulatory oversight.
FX Broker Capital Trading Markets Review
