Beware! ZtronFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ZtronFX is presented as a forex and crypto broker, but it’s actually not! While browsing through ZtronFX’s website, one will think it’s a CFD trading provider, but in reality, things are much gloomier as the so-called brokerage is apparently a fraudulent scheme. In fact, they cannot even provide trading services, which is the most treacherous sign by far! ZtronFX is a scam, and we’ll explain why in the following review.
ZtronFX Regulation And Safety Of Funds
More treacherous signs showing that ZtronFX is most probably fraudulent can be found at the bottom of its page, in the footer area. There, one will read that ZtronFX is licensed and regulated by the Australian ASIC and the Canadian IIROC. As you can guess, all these claims are lies and serve to create a false sense of security! Upon research, we found nothing about such a broker in the registers of both regulators, so we can firmly conclude that ZtronFX is NOT REGULATED and practically illegal! Essentially, ZtronFX is just an anonymous website apparently created by scammers to entice people into fraudulent schemes where they’ll lose their money.
Avoid ZtronFX, and if you are still into trading, feel free to check our lists with brokers! For example, both CySEC (Cyprus) brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
Another thing we would like to mention under this section is that ZtronFX is also presented as a Binary Options broker. They do not reveal it openly, but their product specification undoubtedly proves that ZtronFX advertises Binaries, instruments that all regulators long ago prohibited. Essentially, Binary Options are gambling as people should bet on whether the price will rise or fall after the end of a specific period. These so-called instruments have nothing to do with the typical financial options that give customers the right to execute or miss the opportunity after the end of the contract period. With Binaries, you have absolutely no rights – you either win or lose if the price is in your direction or not; there is no option there! But anyway, the important point is that brokers who advertise Binary Options are usually fraudulent, so once again, we have solid evidence of a scam! Avoid!
ZtronFX Trading Software
ZtronFX has absolutely no trading software whatsoever! There are no download links on the website, and upon sign-up, we could see no platform at all. Instead, we came across some fishy investment packages with fixed profitability – up to 65% for 4 days, a rate which indicates two things. First of all, ZtronFX is not a broker at all; it’s just a shady investment scheme with zero credibility. The other thing is that rates like 65% for 4 days cannot be legit. That’s a scam!
Avoid ZtronFX, and you’d better check our lists with MetaTrader4 and MetaTrader5 brokers. The firms on top of both lists are adequately regulated and safe, so you can feel secure if you trust your money with them. We promote them as MT4 and MT5 are the industry leaders in Forex. The platforms are known for their stability and the abundance of sophisticated trading features, such as automated trading and analytical tools, complex indicators, reliable charting tools and a marketplace with thousands of trading apps. Trading with MetaTrader brokers is always a good choice, but it’s highly recommended to deal with adequately regulated brokers only, preferably licensed in your own country.
ZtronFX Trading Conditions
This section should remain empty. As already explained, ZtronFX has no trading software, so no real conditions can be discussed. The brokerage also fails to provide any information about trading costs (spread), trading risks (leverage) and asset classes available for trading. Even if it did, however, the information would be strictly fraudulent and not worth considering. But before we continue, look at the fraudulent investment plans we saw upon registration.
ZtronFX Deposit/Withdraw Methods And Fees
The minimum deposit with ZtronFX is $50, a humble requirement but still higher than many affordable brokers, who ask for as little as $5 to let clients open an account.
The funding methods are cryptocurrencies only, which triggers another major red flag. Cryptos provide many advantages, but you should know that scammers also benefit greatly from Bitcoin and other digital coins. It’s because all transactions with crypto are final and non-refundable, so once you deposit with ZtronFX, you’ll have absolutely no chances of recovering your money. Also, it’s always a warning sign if a broker doesn’t accept Credit/Debit card deposits, which is by far the safest deposit method available as it allows chargebacks for up to 540 days!
Other than that, no information about withdrawals and fees is specified, which indeed shows how trustworthy ZtronFX actually is. In fact, the so-called brokerage is so shoddy that even its contract document is missing – as you can see, the Service Agreement page shows 404, an ignorant error undoubtedly proving that ZtronFX is a pure scam! Avoid it!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!
