ZX Markets Review 2020

General Information

Website URL: https://zxmarkets.com/ 

Founded: 2014

Regulation: FSA Seychelles

Languages: English

Deposit Methods: Credit/debit cards, bank wire transfer, Neteller

Minimum Deposit: $200

Free Demo Account: no

Types of Assets: CFDs, Forex

Regulation

ZX Markets is a trading company that claims it holds a licence by the reputable and trustworthy Financial Conduct Authority (FCA). However, the company is actually based in Seychelles, which doesn’t really add up. Either way, the company cannot be providing trading services in the UK, as it is claiming. This is highly illegal and it just puts off a lot of the clients who wish to trade independently and without obstacles.

Therefore, ZX Markets does not seem like it could provide this for their users. The company is notorious for not following the rules and regulations that keep the trading environment as we know it – safe, reliable and exciting. One of the biggest red flags for us was the fact that the company is owned by the Global Investment House Limited, which is based in Kuwait. Those are 3 different countries, but there can only be one place of establishment, right? We are not sure what is the truth here.

Trading Platform

The ZX Markets trading platform is web-based. This means that, since it is not MT4 or MT5, it lacks a lot of important features and advantages that the regulated brand usually have. The platform is quite appealing, though, but the asset selection is quite poor – a little less than 100 CFDs and currency pairs in total.

Still, the platform has received the award for the best online trading platform back in 2016 by the Online Personal Wealth Awards. However, it doesn’t seem that the platform was improved at all since then, which is a real shame and a huge lack for the clients.

Account Types

ZX Markets gives you the choice between 3 different account packages. The most common one is called X-standard, and it can be yours with a minimum deposit of $200. The leverage with this account is 1:200, which is almost 10 times higher than the industry standard. It also has a limited access to personal training, while the rest can be accessed without conditions.

The second account type is X-premium. It comes with a deposit of $2.000 and it has a leverage of 1:400, with the 75 maximum open or pending orders at the same time. The highest of the account types is the X-pro, which comes with the lowest spreads and unlimited access to a personal manager.

Education

The educational section here is a bit hard to find since it is market as Trading Tools. Here you will find 3 separate sections, including the Economic Calendar, Trading Platform and Forex School.

While the Economic Calendar shows what are the latest and upcoming financial events you should look out for, the Trading Platform explains why it is important to choose theirs. Forex School, on the other hand, contains useful articles and guides about trading in general, but also more advanced lessons and explanations on many parts of the trading world.

Deposits and Withdrawals

ZX Markets gives you the opportunity to trade using a variety of payment options. They include credit and debit cards, bank wire transfers and e-wallets. As you can see, there is something for all of us. The processing times may defer, and they can go up to 7 business days. This is quite a lot, especially for the e-wallets that usually take just a few minutes to finish processing.

In addition, there is a mandatory $20 fee that you will need to pay for each withdrawal that you make, no matter the amount that is at stake. Also, while the withdrawals take a few days, they do the deposit processing right away.

Conclusion

ZX Markets is a company that hides a lot of crucial information while misleading their clients into a thing that they are this respectful and competent company. Things seem to be quite different in practice. Namely, the company is not clear about its origin or licencing information, as well as the details about the trading platform. Also, the educational section could use some improvement, as well as the funding part of the company – particularly the waiting times for processing requests.