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Regarding the legitimacy of ZFX forex brokers, it provides FCA, FSA and WikiBit, (also has a graphic survey regarding security).

Is ZFX safe?

Rating Index

Pros

Regulated by top-tier authorities (FCA and FSA), providing a level of trust and security for traders.

Low minimum deposit requirement of $50, making it accessible for beginner traders.

Competitive trading conditions with tight spreads on ECN accounts, along with high leverage options (up to 1:2000).

Cons

High minimum deposit of $1,000 for ECN accounts, which may deter retail traders looking for lower initial investments.

Lack of a web-based trading platform, limiting accessibility for traders who prefer not to download software.

Limited educational resources and tools available, which may be challenging for novice traders seeking guidance.

Is ZFX markets regulated?

The regulatory license is the strongest proof.

FCA Straight Through Processing (STP)

Financial Conduct Authority

Regulatory Agencies Introduction

Current Status:

Regulated
License Type:
Straight Through Processing (STP)

Licensed Entity:
Zeal Capital Market (UK) Limited
Effective Date:
2017-09-04
Email Address of Licensed Institution:
support@zfx.co.uk， complaints@zfx.co.uk
Sharing Status:
Sharing
Website of Licensed Institution:
www.zfx.co.uk
Expiration Time:
--
Address of Licensed Institution:

Landmark Space Ltd 1 Royal Exchange London City Of London EC3V 3DG UNITED KINGDOM
Phone Number of Licensed Institution:
+442071579968
Licensed Institution Certified Documents:

Annex1 Annex2 Annex3 More

FSA Retail Forex License

The Seychelles Financial Services Authority

Regulatory Agencies Introduction

Current Status:

Offshore Regulated
License Type:
Retail Forex License

Licensed Entity:
Zeal Capital Market (Seychelles) Limited
Effective Date:
--
Email Address of Licensed Institution:
cs@zfx.com
Sharing Status:
No Sharing
Website of Licensed Institution:
https://www.zfx.com
Expiration Time:
--
Address of Licensed Institution:

Room 2, Green Corner Building, Providence Industrial Estate, Mahe, Seychelles.
Phone Number of Licensed Institution:
4344034
Licensed Institution Certified Documents:

Annex1 Annex2 Annex3 More

Is ZFX A Scam？

Introduction

ZFX, short for Zeal Capital Market, is a forex and CFD broker that has been gaining attention in the trading community since its establishment in 2016. Headquartered in London, United Kingdom, ZFX positions itself as a global player in the forex market, offering a variety of financial instruments, including currency pairs, commodities, indices, and stocks. As the popularity of online trading continues to rise, traders must exercise caution when selecting a broker, as the industry is rife with both reputable firms and potential scams. This article aims to provide a comprehensive analysis of ZFX, evaluating its regulatory status, company background, trading conditions, customer fund safety, user experiences, platform performance, and associated risks. The assessment is based on a review of multiple credible sources, including regulatory disclosures, user reviews, and expert analyses.

Regulation and Legitimacy

The regulation of a forex broker is crucial for ensuring the safety and security of traders' funds. ZFX is regulated by two primary authorities: the Financial Conduct Authority (FCA) in the UK and the Financial Services Authority (FSA) in Seychelles. The FCA is widely regarded as one of the most stringent regulatory bodies in the world, enforcing strict compliance standards that protect traders. On the other hand, the FSA is considered a tier-3 regulator, which may not provide the same level of oversight.

Regulatory Authority	License Number	Regulatory Region	Verification Status
FCA	768451	United Kingdom	Verified
FSA	SD 027	Seychelles	Verified

The FCA's oversight ensures that ZFX adheres to high standards of transparency and fairness, including the segregation of client funds. This means that clients' money is kept separate from the broker's operational funds, enhancing security. Additionally, the FCA provides compensation coverage of up to £85,000 for clients in the event of broker insolvency. However, the FSA does not offer such protections, which raises concerns for traders operating under ZFX's Seychelles entity. Overall, while ZFX's FCA regulation offers a strong layer of security, the presence of offshore regulation can be a red flag for some traders.

Company Background Investigation

ZFX is part of the Zeal Group, a conglomerate that includes various regulated financial institutions and fintech companies. The broker was founded by a team of experienced traders with decades of industry knowledge, aiming to provide next-level trading services to both retail and institutional investors. The company's commitment to transparency is evident in its operational practices and the accessibility of information on its website.

The management team at ZFX comprises seasoned professionals with extensive backgrounds in finance and trading, which adds credibility to the broker's operations. However, the companys relatively short history in the industry, having been established only in 2016, may raise questions for potential clients about its long-term viability. Transparency regarding company ownership and affiliations is crucial, and ZFX appears to maintain a reasonable level of disclosure regarding its operations.

Trading Conditions Analysis

ZFX offers various trading accounts, including mini, standard, and ECN accounts, catering to different types of traders. The broker's fee structure is competitive, with no commissions on most accounts, although ECN accounts may incur additional fees.

Fee Type	ZFX	Industry Average
Spread for Major Pairs	From 1.3 pips	From 1.0 pips
Commission Model	None (most)	Varies widely
Overnight Interest Range	Varies	Varies widely

The minimum deposit to open a mini account is $50, which is relatively low compared to many brokers. However, the ECN account requires a minimum deposit of $1,000, which may not be suitable for beginner traders. Overall, ZFX's trading conditions appear favorable, but potential clients should be aware of the varying costs associated with different account types.

Customer Fund Security

The safety of customer funds is paramount for any trading broker. ZFX implements several measures to ensure fund security, including the segregation of client funds from company funds. This practice is essential in mitigating risks associated with broker insolvency. Additionally, ZFX offers negative balance protection, which prevents traders from losing more than their deposited amount.

Despite these safety measures, traders should remain vigilant. While ZFX has not reported any significant fund security issues, the lack of compensation schemes for clients trading under the Seychelles entity raises concerns. Traders should conduct thorough research and consider their risk tolerance before engaging with ZFX.

Customer Experience and Complaints

Customer feedback is a valuable indicator of a broker's reliability. Reviews of ZFX are mixed, with some users praising the broker's competitive spreads and efficient withdrawal processes, while others report issues related to customer support and fund withdrawals.

Complaint Type	Severity	Company Response
Withdrawal Delays	Medium	Some delays reported
Customer Support Availability	High	Limited hours
Slippage and Execution Issues	Medium	Addressed but inconsistent

Typical complaints include delays in processing withdrawals and difficulties in reaching customer support. For instance, one user reported successful withdrawals but faced challenges when attempting to contact support for assistance with account issues. Such feedback highlights the importance of prompt and effective customer service in the trading environment.

Platform and Trade Execution

ZFX utilizes the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced trading tools. The platform supports various order types, technical analysis tools, and automated trading options. However, some users have reported issues with order execution, including slippage and rejected orders during volatile market conditions.

The overall performance of ZFX's trading platform appears satisfactory, but traders should remain cautious of potential execution problems, particularly during high volatility periods.

Risk Assessment

Engaging with ZFX carries specific risks that traders should consider. While the broker is regulated by reputable authorities, the presence of offshore regulation raises concerns regarding the level of investor protection.

Risk Category	Risk Level	Brief Explanation
Regulatory Risk	Medium	Offshore regulation may offer less protection.
Execution Risk	Medium	Potential for slippage and rejected orders.
Customer Support Risk	High	Limited availability and mixed feedback.

To mitigate these risks, traders are advised to maintain a diversified portfolio, utilize risk management strategies, and thoroughly review ZFX's terms and conditions before trading.

Conclusion and Recommendations

In conclusion, ZFX appears to be a legitimate broker with strong regulatory backing from the FCA. However, the presence of offshore regulation and mixed customer feedback necessitates caution. While ZFX offers competitive trading conditions and a user-friendly platform, potential traders should be aware of the risks and consider their individual trading needs.

For traders seeking alternatives, brokers with robust regulatory frameworks and positive user experiences, such as IG Group or OANDA, may provide safer options. Ultimately, conducting thorough research and due diligence is essential for any trader looking to engage with ZFX or any other forex broker.

Please be extremely vigilant against the ZFX

Zeal Capital Market has held up hundreds of thousands of US dollars in my account and refused to let me withdraw the funds. They asked me to submit a large amount of materials involving personal privacy, such as bank statements, proof of employment, proof of address, etc., and even required me to record videos and send them to the platform for review. After I submitted all these materials, Zeal Capital Market still refused to process my withdrawal. Last month, I filed a complaint with Zeal Capital Market's regulatory authority. In response, Zeal Capital Market sent me an email stating that I needed to have a telephone communication with their staff. I made seven or eight phone calls, but my problem was never fully resolved. Finally, Zeal Capital Market informed me that they would only release my principal, while my hundreds of thousands of dollars in profits were completely wiped out and deemed invalid. Unconvinced, I started exposing Zeal Capital Market's actions on various social med

Severe slippage for more than a week to apply for customer service without subsidy

Hello, please give me time to apply for slippage loss of funds there was a problem with the system at 1715 and it slipped to 1721 to stop the loss and take profit. before the order was placed at 1706, there was no such situation. I set the stop loss at 1715. why did it automatically close my position at 1721 and devoured my 2 orders with 6 points? funding order number 88864258 88870307 ZFX trading account number 1014237 name yang warming thank you for your service cs@ ZFX .com shanhai customer service email

Uncovering ZFX - The 'Strong Platform' You Thought Arbitrarily Adjusts Customer Account Balances and Insults Clients

After multiple appeals, the platform sent me an email informing me that my account balance needed to be adjusted. The balance currently displayed in my account is not the actual state. The shocking scene before me was that my account balance was deducted from over three hundred thousand US dollars to tens of thousands of US dollars (see backend screenshot). The customer service at ZFX explained this as a "data synchronization anomaly," yet they have been unable to provide any technical logs or compliance explanations. They even refused to acknowledge the profit records I had created. What's more ironic is that my losing orders were recorded in real-time and forcibly closed, but profit records could be "deleted with one click," revealing the manipulative intent behind this "selective malfunction." Privacy extortion-style "compliance": Recording a video of the bank account as a withdrawal threshold In order to recover the principal and profits (totaling over 300,000 US dollars), I was forced to comply with ZFX' "KYC verification" and submitted the following: - Handheld ID card photo - Utility bills and address proof for the past 3 months - Bank card statements for deposits - Trading account real-name authentication materials However, the platform's demands became increasingly unreasonable—they actually required me to record a video logging into my personal bank account, showing the account balance and transactions, and simultaneously provide screenshots of the bank's app. This request has crossed all financial platform compliance boundaries: ✅ Privacy violation: Bank accounts involve core privacy such as deposit amounts, transaction details, security tokens, etc., and video recording could lead to account theft. ✅ Logical breakdown: Verifying the source of funds only requires providing transaction-related deposit and withdrawal statements, so why demand disclosure of other account information? ✅ Double standards: The platform has never set such strict thresholds for deposits, yet they layer obstacles for withdrawals, clearly intending to delay and make it difficult for investors. The platform repeatedly demanded private information, and it was only then that I realized: they simply do not intend to return the money; they only want to use privacy extortion to force investors to compromise! 600 days of fighting for rights: From data tampering to regional threats, the tactics are outrageous From October 2023 to the present, I have experienced three disgusting operations by ZFX: 1. "Pseudo-negotiation" after regulatory complaints On April 11, 2025, after I complained to regulatory bodies such as the Seychelles FSA and the UK FCA, and planned to publicly fight for my rights on social media, the platform finally sent an email "seeking reconciliation," claiming to be "willing to negotiate over the phone." I had 5 phone calls with them (all recorded and can be made public, below are some screenshots of the call records), each time they delayed citing "complex processes" and "need for senior approval." Even in the final call on May 12, they proposed: "You must come to the Hong Kong office for a face-to-face meeting, otherwise, there will be no discussion."

Severe Slippage

I opened a position at 2170 with a stop loss set at 2167, but it closed at 2161. The slippage is too severe.

A real-name tearful complaint! Shanhai Securities deleted and modified account data, trampled on privacy, and forcibly seized 300,000 yuan in principal profits!

After multiple appeals, the platform sent me an email informing me that my account balance needed to be adjusted. The balance currently displayed in my account is not the actual state. However, the scene before me was shocking - my account balance was deducted from over three hundred thousand US dollars to tens of thousands of US dollars (see backend screenshot). The customer service of ZFX explained this as a "data synchronization anomaly," yet they have consistently failed to provide any technical logs or compliance explanations, and even refused to acknowledge the profit records I had created. Ironically, while my loss orders were recorded in real-time and forcibly closed, profit records could be "deleted with one click," revealing the manipulative intent behind this "selective malfunction." Privacy extortion "compliance": Recording a video of the bank account as a withdrawal threshold To reclaim my initial investment and profits (totaling more than $300,000), I was compelled to comply with Shanhai Securities' 'KYC Verification', during which I had to submit the following: - Handheld ID card photos - Utility bills and address proof for the past 3 months - Deposit bank card statements - Trading account real-name authentication materials However, the platform's demands became increasingly unreasonable - They actually required me to record a video logging into my personal bank account, showing the account balance and transactions, and simultaneously provide screenshots of the bank's app. This requirement has crossed all financial platform compliance boundaries: ✅ Privacy violation: Bank accounts involve deposit amounts, transaction details, security tokens, and other core privacy information. Video recording may lead to an account being misused. ✅ Logical breakdown: Verifying the source of funds only requires providing transaction-related deposit and withdrawal records. Why demand disclosure of other account information? ✅ Double standards: The platform has never set such strict thresholds for deposits, but layers of obstacles during withdrawals clearly indicate an intention to delay and make it difficult for investors. It was only at this point, after the platform repeatedly demanded private information, that I realized: they simply do not intend to return the money, but rather want to use privacy extortion to force investors to compromise! 600 days of fighting for rights: From data tampering to regional threats, the tactics are outrageous From October 2023 to the present, I have experienced three disgusting operations by ZFX: 1. "Pseudo-negotiation" after regulatory complaints On April 11, 2025, after I complained to regulatory agencies such as the Seychelles FSA and the UK FCA, and planned to publicly fight for my rights on social media, the platform finally sent an email "seeking reconciliation," claiming to be "willing to negotiate over the phone." I had 5 phone calls with them (all recorded and can be made public, below are some screenshots of the call records), each time they delayed citing "complex processes" and "need for senior approval," even proposing in the final call on May 12: "You must come to the Hong Kong office for a face-to-face meeting, otherwise, there will be no discussion."

ZFX quoted incorrectly and refused to compensate.

On January 11, at 9:30 pm, CPI data. I used four brokers to trade at the same time, including INFINOX, CWG, STARTRADER, and ZFX, but only ZFX's Gold quotation reached an outrageous 2049, and the slippage reached 2050. The highest gold quotation on the other three platforms is only around 2040, and ZFX is $9 higher. ZFX still refuses to admit that its quotation is wrong, which is extremely shameless. Attached are screenshots of Gold quotations on the four platforms as well as screenshots of MT4 that I have. My MT4 trading account: 981860

ZFX Vietnam shows signs of deceiving customers.

ZFX Vietnam does not send notifications or emails regarding trading hours to customers or IB. Even ZFX Vietnam's own officers are unaware of the trading hours for ZFX's BTC pair therefore unable to assist customers. This resulted in a critical risk to my account due to ZFX's error, leading to a loss of 43815.23USD.

Complain to ZFX for forced liquidation. It forced a stop loss on my order, and I demanded compensation.

My name: Zhao Min Trading account: 2838165 Problematic orders: 837076135 and 837568684 From February 1, 2024 to before 4:45 on February 2, 2024, the order was liquidated. The customer service said that there was a problem with ZFX’s gold system and MT4 did not display the order. Customer service said that before the system was restored at 4:41 on February 2, 2024, a stop-loss and stop-profit was set for the order. The customer service made it clear that at 4:41 on February 2, 2024, the order had not been restored, and it had not been restored on MT4. The system automatically sets a stop loss and take profit for my order. (Note: The system has not recovered, the order is not displayed on MT4, and it is impossible to set stop loss and take profit. Because the order is not displayed on MT4, the customer said that he set the stop loss and take profit by himself). When the short orders of 2007 and the short orders of 2019 were closed in the early morning of February 1, 2024, my order clearly showed that there was no stop loss or take profit. At 4:41 on February 2, 2024, the system automatically set a stop loss and take profit for me. The platform forcibly modified my stop loss and stop profit without my consent and did not inform me. I demand compensation.

ZFX Similar Brokers Safe

Whether it is a legitimate broker to see if the market is regulated; start investing in Forex App whether it is safe or a scam, check whether there is a license.

ZFX latest industry rating score is 2.50, the higher the score the safer it is out of 10, the more regulatory licenses the more legitimate it is. 2.50 If the score is too low, there is a risk of being scammed, please pay attention to the choice to avoid.

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