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Zenith FX Trade Review – is it scam or safe?
ZenithFXTrade is a binary brokerage operating in the UK. Read the whole review to find out the benefits and disadvantages in dealing with this brokerage!
Lack of credible regulation
As was mentioned above, the brokerage provides binary trading and claims to be registered in the UK. We remind readers that binary trading is strictly prohibited in the UK and it is obvious that Zenith FX Trade is operating illegally. Furthermore, there isn’t a name of a company given so we have to assume that the website is completely anonymous and does not fall under any regulatory ovesight whatsoever.
Furthermore, the lack of credible regulation compels us to state all the risks potential clients of Tra Markets are exposed to. We have no guarantee of the segregation of accounts i.e. we do not know whether the brokerage handles the money of their clients separately from their own, which greatly increases the chance for fraud. Clients also do not participate in a compensatory mechanism, such as the Financial Services Compensation scheme (FSCS), where by the traders losses may be covered in the unlikely case of the brokerage’s bankruptcy. All this, and much more, inclinces us to recommend interested traders search for better and safer trading conditions. Here is a list of our forex brokers who are in fact regulated by the FCA and have with them all of the outlined benefits.
High minimum withdrawal amount
In the QA section of the website we read that the minimum required amount for withdrawal is $500 which is an excessive and unfavorable provision in our view, designed to work against the traders who will be forced to deposit more than the initial deposit only to be eligible for withdrawal. Legitimate brokerages do not require such a sum.
Wide range of trading options
The website states that the brokerage offers a wide variety of trading products. Potential clients of Senta may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers:
ZenithFX Trade is an unregulated and anonymous binary brokerage which does offer favorable trading conditions. However, setting aside the attractive maximum payout the broker falls short when it comes to the safety of the clients funds. We stress the fact that binary options trading is prohibited in the UK and the lack of regulatory oversight inclines us to recommend traders look into better trading options to which we have linked throughout the review.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
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FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Zenith FX Trade: Login, minimum deposit, withdrawal time?
Warning! Zenith FX Trade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Zenith FX Trade might sound like a forex powered space ship, but what we are here for is objective details on the trading conditions that this broker offers. Will the landing be smooth? Read on to find out.
Zenith FX Trade is incorporated in the Companies House in the UK, but as we know, this does little to the broker’s advantage. A broker must be regulated by a stable agency in order to be considered worthy of any type of investment. A single registration will not suffice.
We went through the website and found no trade of Zenith FX Trade being regulated anywhere. Thus we are left with the sole conclusion that Zenith FX Trade is UNLICENSED, and therefore a risk to traders’ investments.
The broker, on top of having a very limited amount of text and info, has not included any legal documents which staples it as illicit.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
We easily registered, and were directly pointed towards the Client Area, where it turned out that Zenith FX Trade offers solely bitcoin trading, or at least so it seems (more info in the Login section).
A spread is out of question for a reason we shall soon see. The leverage value is also unavailable.
The broker comes exclusively in English.
ZENITH FX TRADE LOGIN
The broker offers a trading platform that isn’t an actual one. This so called terminal is just a third party bitcoin/usd chart, with the only seeming option being to buy or sell, yet the spreads do not come from the broker. This all means that the broker does not actually have a terminal for buying and/or selling bitcoin.
Without a proper trading platform, Zenith FX Trade cannot even be categorized as a broker.
ZENITH FX TRADE MINIMUM DEPOSIT
The minimum deposit is 0.95 bitcoin, which as of writing this review, is equal to $7 845. Such a ludicrous minimum deposit is never a good sign.
The only way to deposit is via bitcoin.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ZENITH FX TRADE WITHDRAWAL TIME AND FEES
The Withdrawal section in the Client Area mentions that the minimum withdrawal amount is 0.05 bitcoin, or $412 (for now), and that the withdrawal is processed immediately.
There is no mention of withdrawal fees. This is not unusual, for this broker is unlicensed and will probably not return your investment, never mind any profit.
ADDITIONAL FEES AND TAXES
Due to the lack of any type of legal document, we cannot fill this section with shady clauses. Nevertheless, unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
Filing for a charge back is the best advise we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Zenith FX Trade is the last place where you want to invest. This broker will steal your investment! Stay away!
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