RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Zenfinex is a legitimate broker with an odd regulation, that nevertheless does its job. Read the review to find out all there is to know about this one.
We went on to open an account, and the act of creating a live account is pretty much what one would expect from a legit broker. There were ID document requirements, and from there on we knew we had to turn to the demo account, if we were to access any sort of a user area.
By creating a demo account we could access a demo server on an MT4, but we had no way to access the user area. But not to worry though. This broker is legitimate and is thus trustworthy with all of the payment and trading information that it discloses on its website.
Turning to the MT4, we read a EUR/USD cost of trade of 0.8 pips, which is very good. Please note that the demo account might automatically open a Pro or VIP account, meaning that the spread is one for such an account type.
The available tradeable assets are forex currency pairs, indices, metals, and oils. The broker has still some track to cover in this area- it must include more assets to compete wit other brokers.
There are two leverage caps. For the offshore branch of the broker the leverage is maxed out at 1:400, while the UK branch is limited to offer a 1:30 leverage amount.
The website of the broker is accessible in English, Chinese, Vietnamese, and Spanish.
ZENFINEX REGULATION AND SAFETY OF FUNDS
Zenfinex is operated within the Zenfinex Group, which consists of the following companies:
- Zenfinex Limited which is located in the UK and regulated there, as well. We vidited the FCA website to check on the regulatory status of the broker and we found proof that the Zenfinex Limited branch is regulated.
- Zenfinex Global LLC is registered with the Financial Services Authority in Saint Vincent and the Grenadines, which is actually an entity that does not oversee the FX market. In fact, Saint Vincent and the Grenadines does not have an FX financial regulator, and because of this, among other reasons, the nation harbors by far the largest number of unregulated brokers.
However, we checked with both branches of the company, and both Zenfinex Limited and Zenfinex Global LLC seem to share the exact same trading conditions and payment details. So this will be combined review of both branches, seeing that there is no real difference between the two. However, the lack of a license of one of the branches is worrying, yet the presence of an FCA stamp might outweigh this negative, when considering that the British regulator is in the top 5 list of best FX overseers in the world. So we trust its judgement.
The only real difference is in the leverage value!
ZENFINEX TRADING SOFTWARE
We opened an MT4 without an issue.
This is by far the best trading platform you can get. Be sure to spend time with it for the longer you use it the better you will become at trading. We guarantee it!
Moreover, the company claims to be offering also the MT5, an even better version of its ancestor. The broker also offers a sort of social network service for its traders.
There is a spread commission scheme for VIP and Pro account holders: $8 per standard lot for the Pro account, and $6 for the VIP account. This increase the spread value., for which ever asset the commission applies to, by 0.6 pips and 0.8 pips, respectively.
ZENFINEX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $50 across all branches. Unfortunately, the broker keeps silent on all the payment gateway, although we see some on the bottom of the site. However the ones that are there cannot be vouched for. The most common payment gateways are credit/debit card, wire transfer, and an array of e-wallets.
There is also no withdrawal information. Unfortunately, without being able to access a user area, we cannot bring about any details. However, seeing that Zenfinex is legit, users can trust it with all withdrawals!
Overall, we see nothing wrong with this broker. It is regulated by the FCA, which overshadows its lack of a regulation by the other branch of the firm. We say, go for it!