ZFX review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of ZFX, scored 5.4 out of 10 across regulation, fees, platform, support and reviews. The most important thing to know before anything else: ZFX is not one regulated company but a group of entities trading under the same brand, and which one actually opens a retail account changes what protection applies. Zeal Capital Market (FCA Financial Services Register) Limited holds Financial Conduct Authority authorisation under FRN 768451, but the firm’s own pages state it “does not offer services to retail clients.” Retail business runs through Zeal Capital Market (Seychelles) Limited, regulated by the Seychelles Financial Services Authority under licence SD027, a jurisdiction whose register does not carry FSCS-style compensation cover.

Who Operates ZFX

The Seychelles FSA register confirms Zeal Capital Market (Seychelles) Limited as a regulated securities dealer, though the FSA’s own register does not publish licence numbers, so the SD027 figure quoted on ZFX’s pages is the firm’s own claim rather than something we could check against the register text itself. The FCA register confirms FRN 768451 as Authorised, held by Zeal Capital Market (UK) Limited, effective from 4 September 2017, and cross-referenced to Companies House number 10219924. Companies House itself shows that company, ZEAL CAPITAL MARKET (UK) LIMITED, as a Private Limited Company incorporated on 8 June 2016 with status Active. Separately, the Seychelles Business and Company Search (registry.gov.sc) lists ZEAL CAPITAL MARKET (SEYCHELLES) LIMITED under registration C8422618, industry Business Services; the firm prints this number as 8422618-1 and the register publishes no status or incorporation date alongside it. Both entities sit under a holding company, Zeal Holdings Limited, incorporated in the British Virgin Islands under number 2006432; we have not yet queried the BVI company registry (VIRRGIN) for that number, since it only answers a person browsing directly, so that entity’s registration is a gap in our checking rather than a confirmed or denied fact.

Overview Table

Facts List

• ZFX is a trade name of Zeal Capital Market (Seychelles) Limited, which operates www.zfx.com, per the firm’s own UAE terms page.
• The Seychelles FSA register confirms Zeal Capital Market (Seychelles) Limited as a regulated securities dealer, though it does not publish the SD027 licence number itself.
• The FCA register confirms FRN 768451, held by Zeal Capital Market (UK) Limited, status Authorised, effective 4 September 2017.
• Companies House confirms Zeal Capital Market (UK) Limited as company 10219924, incorporated 8 June 2016, status Active.
• Zeal Capital Market (UK) Limited’s own pages state it “does not offer services to retail clients,” directing zfx.co.uk instead at Professional Clients under MiFID/FCA rules.
• Accounts on offer are Mini (minimum deposit $50), Standard STP (minimum $200) and ECN (minimum $1,000), all quoting leverage up to 1:2000, per ZFX’s accounts page.
• ZFX’s Client Agreement sets minimum withdrawal at USD25, while the firm’s own Accounts page FAQ separately states the minimum withdrawal is “around $15.”
• ZFX’s terms state the Company charges no fee to transfer withdrawal funds, though bank, card, processor or e-wallet expenses are passed to the client.
• ZFX’s terms describe a hedging administration fee of 0.1% of the combined deal-plus-hedge volume per day, with hedged positions liable to be closed after 21 days without further notice.
• ZFX’s Client Agreement states that disputes not resolved through its complaints process are “finally settled in an arbitration court in Seychelles” under Seychelles law.

What ZFX’s Own Terms Say About Where a Retail Account Actually Sits

ZFX’s UAE-facing terms describe Zeal Capital Market (Seychelles) Limited as “a wholly owned subsidiary of Zeal Holdings Limited,” itself the BVI-registered holding company for the group. The same terms carry a risk warning that CFDs are margined products on which “you could lose more money than you deposit.” The firm’s contact pages list separate addresses for the two regulated entities: Room 2, Green Corner Building, Providence Industrial Estate, Mahe, Seychelles for the Seychelles entity, and 25 Old Broad Street, London, EC2N 1HN for Zeal Capital Market (UK) Limited. The firm’s own root page also states it does not provide services to residents of the United States, Brazil, Canada, Iran, North Korea or EU countries, and separately notes the site is not an offer or solicitation in jurisdictions such as Japan where that would be restricted.

Key Takeaways

What the registers confirm about ZFX

• The Seychelles FSA register lists Zeal Capital Market (Seychelles) Limited as a regulated Securities Dealer. The register does not publish licence numbers, so the number SD027 that the firm prints on its own pages is the firm’s own claim, not something we could read off the register itself.
• The FCA register confirms FRN 768451 is held by Zeal Capital Market (UK) Limited, status Authorised, effective 4 September 2017, with Companies House number 10219924. That FCA entity states on the firm’s own pages that it “does not offer services to retail clients.”
• Companies House confirms Zeal Capital Market (UK) Limited as company 10219924, a private limited company incorporated 8 June 2016, status Active. The Seychelles company registry (registry.gov.sc) confirms Zeal Capital Market (Seychelles) Limited under registration C8422618 (the firm prints this as 8422618-1), industry Business Services, with no status or incorporation date published. Neither company registry confirms a licence, only that the company exists.
• We did not check the BVI company registry for Zeal Holdings Limited, company number 2006432, the group’s holding company. That is a gap in what we checked, not a finding about the firm.
• The firm’s own pages show FCA authorisation and FSCS protection up to £85,000 attached to the UK entity that will not take retail clients, while retail business runs through the Seychelles entity, which the pages do not describe as carrying FSCS or equivalent cover.

ZFX fees and what the fee material actually says

• The firm’s Client Agreement states no fee is charged by the Company for transferring withdrawal funds, though expenses charged by the client’s bank, card company, payment processor or e-wallet pass through to the client.
• The Client Agreement sets the minimum withdrawal at USD25 under clause 8.4, while the Accounts page FAQ gives the minimum withdrawal as “around $15.” The two pages disagree on a basic account mechanic.
• Withdrawal payouts may take up to five business days for what the agreement calls “routine verification, reconciliation, or other processing steps,” and clause 8.3B states this delay “shall not constitute a breach by the Company.”
• Hedging positions carry an administration fee of 0.1% of the combined deal plus hedge volume per day under clause 9.8, and the Company may close a hedged position after 21 days without further notice. Clause 4.11 separately bans hedging as a prohibited trading strategy, alongside scalping, arbitrage and high frequency or batch order submission, with breach entitling the Company to void trades and confiscate related profits.
• The agreement mentions a default 30% deposit bonus applied “in case no specific terms are issued” for a bonus promotion. The Accounts page lists the Mini account from $50, Standard STP from $200 and ECN from $1000, with ECN spreads from 0.2 pips where commissions may apply.

Contract terms that bind ZFX clients

• The preamble reserves to the Company “absolute discretion, without any prior notice to the Client” to alter the Terms and Conditions at any time, with continued use counted as acceptance.
• Under clauses 4.12 and 4A.5, on suspected breach the Company may suspend or terminate the account, cancel transactions, reverse bonuses and rebates, withhold profits it deems connected to a breach, freeze the account for up to five business days (extendable), and limit any refund to the original deposit only.
• Clause 4A.4 makes a missed 14 day deadline to supply KYC or enhanced due diligence documents “a material breach,” entitling the Company to close the account permanently and void associated profits.
• Clause 9.7 sets a uniform 30% Stop Out level “applicable to all Clients,” while the Accounts comparison page lists differing Stop Out levels by account type, 20% Mini, 30% Standard STP, 50% ECN. A client cannot tell from the firm’s own pages which figure actually governs forced closure of their positions.
• Under clause 8.7B, a disputed chargeback treated as “Friendly Fraud” lets the Company permanently ban the client and associated third parties by IP, address, name and ID details, recover the chargeback amount, seize remaining profits and bonuses, notify credit bureaus, and pursue criminal and civil proceedings.
• Clause 14.13 makes the Company’s own server log files “the absolute and indisputable proof” for any complaint, and states that if the log lacks the relevant record the complaint “may not be considered.” Clause 14.9 makes the Company’s decision on a complaint “final and binding” and “not subject to any appeal” unless law requires otherwise, and clause 14.5 excludes whole categories, including pricing or quote discrepancies, rejected or reverted orders, and platform “error” messages, from investigation at all.
• Clause 14.15 requires a client who settles a complaint to waive rights to past or present claims and to “withdraw any negative postings, announcements, filings or other publications which could have a negative effect on the Company,” with failure to sign resulting in the Company suing and debiting pending bonuses.
• Clause 19 sends all unresolved disputes to arbitration in Seychelles under Seychelles law, regardless of where the client is based.

Support channels on file

The firm lists email support at cs@zfx.com and a separate complaints address, client.complaints@zfx.com, plus live chat, a region selectable contact form, and a phone line, 400 8424 611, for China, Monday to Friday. Clause stated hours run phone lines 09:00 to 22:00 (GMT+8) on Business Days, with live chat available outside those hours. The UK entity separately lists a phone number, +44 (0) 207 157 9968, an email, support@zfx.co.uk, and a London office address. The FSA Seychelles complaint escalation route is also published on the firm’s terms page, with its own website, email and phone number.

Licenses & Regulation

ZFX is the trade name of Zeal Capital Market (Seychelles) Limited, and the firm’s own pages state it operates www.zfx.com under that Seychelles entity. We searched the Financial Services Authority of Seychelles register directly, and it lists Zeal Capital Market (Seychelles) Limited as a regulated Securities Dealer. The register does not publish licence numbers, so the “SD027” figure on the firm’s pages is the firm’s own claim, not something the Seychelles FSA register itself shows.

The FCA entity does not take ZFX’s retail clients

The firm’s pages also promote FRN 768451, held by Zeal Capital Market (UK) Limited. We searched the FCA register directly and it confirms FRN 768451 as Authorised, effective 4 September 2017, against Companies House number 10219924. But the firm’s own root page states in the same breath that this UK entity “does not offer services to retail clients,” and the UK terms go further: the zfx.co.uk site is “only intended for and directed at Professional Clients as defined under the Markets in Financial Investment Directive (MiFID) implemented by the Financial Conduct Authority,” and “Live trading account applications of retail nature will not be accepted.” A retail applicant is therefore contracting with the Seychelles entity under its SD027 registration, not with the FCA-authorised one, and the firm’s pages do not describe the Seychelles entity as carrying FSCS or any equivalent compensation-scheme cover. Anyone who takes the FCA badge and the £85,000 FSCS figure that circulates around this kind of regulatory marketing as applying to their own account would be reading it onto the wrong entity.

Company registrations behind Zeal Capital Market and ZFX

Separately from licensing, we checked the underlying company registrations. Companies House confirms Zeal Capital Market (UK) Limited as company 10219924, a Private Limited Company incorporated 8 June 2016, status Active. The Seychelles Business and Company Search confirms Zeal Capital Market (Seychelles) Limited under registration C8422618 (the firm prints this as 8422618-1), industry listed as Business Services; that search does not publish a status or incorporation date. Both of these are company registries, not financial regulators, so what they confirm is that the companies exist and are recorded, not that either holds a trading licence. The firm’s terms also name a BVI holding company, Zeal Holdings Limited, company number 2006432, sitting above the group; the BVI registry (VIRRGIN) only answers queries submitted by a person through its own interface, so we were not able to look this one up, and its absence here is a gap in what we checked rather than a finding about the company.

What Zeal Capital Market’s terms say governs a Seychelles-onboarded client

For the entity that actually takes retail business, the Client Agreement (section 19) states that unresolved disputes are “finally settled in an arbitration court in Seychelles” under the laws of the Republic of Seychelles, regardless of where the client is based. The same agreement gives the firm the absolute discretion, without any prior notice to the Client… to alter, modify, append, exclude, revise, or otherwise adjust the Terms and Conditions at its discretion, at any time, with continued use treated as acceptance. Complaints that fall outside the internal process, per sections 14.5, 14.9 and 14.13, can take up to 90 business days for the “grossly complicated” category, several categories including pricing/quote discrepancies and platform error messages are excluded from investigation altogether, and the Company’s own decision is described as “final and binding” and “not subject to any appeal” unless law requires otherwise. Clients dealing with the Seychelles entity who want to escalate outside that internal process can go to the FSA Seychelles complaint-handling channel the firm’s own terms list: fsaseychelles.sc/complaint-handling, enquiries@fsaseychelles.sc, +2484380800.

Set against a regulation score of 4.5, the underlying picture is a firm with a confirmed but disclosure-light Seychelles licence covering the entity retail clients actually sign with, an FCA authorisation that is real but sits with a different entity that excludes retail clients, and a dispute-resolution path that routes back to Seychelles arbitration and a complaints process with broad carve-outs and no appeal against the firm’s own ruling.

How to Trade

The firm’s own pages list ZFX MT4 for Windows, Mac and mobile, ZFX MT5 for Windows, Mac and a mobile app, a browser based MT4 Web Trader, a mobile app for Android and iOS, and a MAM service described as a way to “Manage Multiple Accounts Easily.”

Instruments ZFX lists

The root site advertises “100+ Available Instruments” across forex (“Trade the World’s Largest Financial Market”), indices (“Follow Economic Trends with Indices”), commodities (“Invest in Precious Metals, Oil, and More”), shares (“Trade Shares of Leading Global Companies”), CFD cryptocurrency (“Speculate on Popular Digital Assets”) and a separate metals category covering gold, silver and platinum. The UK site’s terms describe these as margined Contracts for Difference and carry the warning that “you could lose more money than you deposit.”

The three ZFX account types

The Accounts page sets out three tiers, each with its own leverage cap, spread, contract size and order limits. The Mini Trading Account opens from $50, quotes a minimum FX spread of 1.5, uses 10,000 unit contracts, trades on ZFX MT4, sets a 20% stop out level, and allows a minimum trade size of 0.1 lot up to 100 lots per order on metals and FX. The Standard STP Trading Account opens from $200, quotes a minimum FX spread of 1.3, uses 100,000 unit contracts, sets a 30% stop out level, and allows trades from 0.01 lot up to 30 lots per order. The ECN Trading Account opens from $1,000, quotes a minimum FX spread from 0.2 with commissions that may apply, uses 100,000 unit contracts, sets a 50% stop out level, and allows trades from 0.01 lot up to 50 lots per order. All three list leverage up to 1:2000.

Where the Client Agreement and the Accounts page disagree

The Client Agreement itself, at clause 9.7, sets a single stop out level: Individual Stop Out levels are set at 30%… applicable to all Clients. That is the Standard STP figure. The Mini account’s 20% and the ECN account’s 50%, both published on the same Accounts page, are not reconciled with that clause anywhere in the material we read. A client cannot tell from these pages alone which figure actually governs forced closure of their own positions.

Trading rules that bind a ZFX position

Clause 4.11 of the Client Agreement prohibits a list of trading strategies, including scalping, hedging, arbitrage, high frequency or batch order submission, and “mirror trading.” Clause 4.12 gives the Company the right to void trades and confiscate related profits, and to pursue recovery of losses from the client, where it finds a breach of that list. Hedging is separately addressed at clause 9.8: a hedging position can attract an administration fee of 0.1% of the combined volume of the deal and the hedge, charged in US dollars per day, and the Company may close a hedged position after 21 days without further notice. Open deals more generally may be closed at the Company’s discretion after 90 days of inactivity, per the same clause.

How ZFX is paid on each trade

The Client Agreement states, at clauses 12.1 to 12.4 and 16.1 and 16.3, that the Company derives revenue “as a fixed share of the spread regardless of whether you profit or lose,” and that it may share dealing commissions with, or receive compensation from, third parties including Introducing Brokers. That arrangement is disclosed only “upon the Client’s request,” meaning it is not volunteered on the account or fee pages we read.

Server logs decide disputed trades

Clause 14.10 of the Client Agreement makes the Company’s own server log files “the absolute and indisputable proof” for any complaint about execution, and states that where the server log lacks the relevant record, the complaint “may not be considered.” A client’s own record of what happened on their screen carries no equivalent standing under this clause.

Suspected breach and account freezes

Clauses 4.12 and 4A.5 give the Company the right, on suspected breach, to suspend or terminate the account, cancel transactions, reverse bonuses or rebates, withhold profits it deems connected to the breach, freeze the account for up to five business days with the freeze extendable, limit any refund to the original deposit only, and retroactively cancel swap free status. Separately, clause 4A.4 states that failing to provide requested KYC or enhanced due diligence documentation within 14 days of request “shall constitute a material breach,” entitling the Company to close the account permanently and void associated profits.

Account Types

ZFX’s Accounts page lists three account types, distinguished mainly by minimum deposit and spread, all run on ZFX MT4.

The three tiers ZFX sells

• Mini Trading Account: minimum deposit of $50 or more, leverage up to 1:2000, minimum FX spread of 1.5, contract units of 10,000 for FX, a 20% stop-out level, minimum trade size of 0.1 lot, and a maximum single order of 100 lots on metals and FX.
• Standard STP Trading Account: minimum deposit of $200 or more, leverage up to 1:2000, minimum FX spread of 1.3, contract units of 100,000 for FX, a 30% stop-out level, minimum trade size of 0.01 lot, and a maximum single order of 30 lots on metals and FX.
• ECN Trading Account: minimum deposit of $1,000 or more, leverage up to 1:2000, minimum FX spread from 0.2 with commissions possible on top, contract units of 100,000 for FX, a 50% stop-out level, minimum trade size of 0.01 lot, and a maximum single order of 50 lots on metals and FX.

All three figures come from the Accounts page itself. The account pages say nothing about promotional credit, cashback tiers or challenge-style funded-account products; ZFX’s own terms and conditions do, however, mention a default 30% deposit bonus that applies “in case no specific terms are issued” for a bonus promotion, without saying which account types it attaches to or when it is live.

Where the Client Agreement disagrees with the Accounts page

The stop-out levels quoted above (20% Mini, 30% Standard STP, 50% ECN) come from the Accounts page. Zeal Capital Market’s Client Agreement, at clause 9.7, instead sets a single “Individual Stop Out” level of 30% described as “applicable to all Clients,” with the Company holding a discretionary right to close positions below that level without notice. The two documents give different answers to the same question: at what point ZFX will force-close a Mini or ECN account’s open positions. Neither document says which one governs in practice.

The agreement also states, at clause 9.8, that hedging positions carry an administration fee of 0.1% of the combined deal-plus-hedge volume per day, and that the Company may close hedged positions after 21 days without further notice. Separately, clause 4.11 lists hedging itself, along with scalping, arbitrage and high-frequency or batch order submission, among prohibited trading conduct, with clause 4.12 giving the Company the right to void trades and confiscate resulting profits for a breach. Read together, the account terms both charge a daily fee for hedging and reserve the right to treat hedging as grounds for voiding profits, and the pages we reviewed do not reconcile which applies when.

Deposits, withdrawals and what ZFX’s own numbers disagree on

Zeal Capital Market’s terms state that the Company charges no fee of its own for transferring withdrawal funds, though expenses charged by a bank, card company, payment processor or e-wallet are passed on to the client. Accepted funding routes listed in the Client Agreement (clause 8.1) are credit or debit card, wire or SEPA transfer, and e-wallets “or other similar methods of money transfer acceptable by the Company.”

On the minimum withdrawal amount, ZFX’s own pages disagree with each other: the Client Agreement, at clause 8.4, sets it at USD25 “unless otherwise stated,” while the Accounts page FAQ answering “How do I withdraw funds from my account?” gives it as “around $15.” We read both documents directly and neither cross-references the other.

The Client Agreement also states that withdrawal payouts may take up to five business days for “routine verification, reconciliation, or other processing steps,” and specifies that such a delay “shall not constitute a breach by the Company.” Separately, an account left with no trading or financial activity for six months draws a monthly inactivity fee, the amount of which is not given in the text we read, and the Company may close the account once its balance reaches zero.

None of the three account tiers is described on the Accounts page as carrying a commission-free structure across the board: the ECN account’s spread from 0.2 is explicitly flagged as one where “commissions may apply,” while Mini and Standard STP are quoted as spread-only figures on the same page, without a parallel commission note attached to either.

Negative Balance Protection

ZFX’s risk warning states that Contracts for Difference “are complex instruments and come with a high risk of losing money rapidly due to leverage,” and that a client “may be required to make further deposits in order to meet your margin requirements.” The register records negative balance protection as false; the only statement we found on what happens when losses exceed account funds is that warning itself, which points the other way.

Where ZFX will force a position closed

The Client Agreement fixes a single stop-out figure: clause 9.7 states that Individual Stop Out levels are set at 30%… applicable to all Clients, giving the Company a discretionary right to close positions below that level immediately and without notice. The Accounts comparison page does not match this. It lists a different Stop-Out Level for each of the three account types: 20% on the Mini Trading Account, 30% on the Standard STP Trading Account, and 50% on the ECN Trading Account. A client reading the Accounts page and a client reading clause 9.7 of the Agreement would come away with different numbers for the same mechanism, and the contract does not reconcile the two.

Leverage on all three account types is advertised up to 1:2000 on the same Accounts page, which shortens the distance between an ordinary adverse move and whichever stop-out level ends up applying.

The daily cost of hedging a position

Clause 9.8 of the Client Agreement sets a hedging administration fee of 0.1% of the combined volume of a deal and its hedge, in US dollars, charged per day. The same clause lets the Company close hedged positions after 21 days without further notice, and the Agreement separately allows open deals to be closed at the Company’s discretion after 90 days of no trading or financial activity, with the account itself liable to closure if its balance has reached zero.

What ZFX can do to a position it suspects is abusive

Clauses 4.12 and 4A.5 give the Company the right, on suspected breach, to suspend or terminate the account, cancel transactions, reverse bonuses and rebates, withhold profits it deems connected to the breach, freeze the account for up to five business days (extendable), retroactively cancel swap-free status, and limit any refund to the client’s original deposit only. Clause 4.11 separately bans a list of trading styles outright, including hedging, scalping, arbitrage, high-frequency or batch order submission, and mirror trading; clause 4.12 entitles the Company to void trades placed under a banned strategy, confiscate the resulting profits, and pursue recovery of losses from the client. For a client whose account is moving against them, this matters because the same discretionary powers that can freeze funds or strip profits on a “breach” finding sit alongside the ordinary stop-out and margin mechanics, and the Agreement puts both under the Company’s own judgment.

Disputing a forced closure or margin call

Clause 14.5 lists categories of complaint the Company will not investigate at all, including pricing or quote discrepancies, rejected or reverted orders, platform “error” messages, and technical unavailability, which is exactly the terrain a client contesting a stop-out or a bad fill during a fast market would need to raise. Clause 14.10 treats the Company’s own server log files as “the absolute and indisputable proof” for any complaint that is accepted, and states that if the server log lacks the relevant record the complaint “may not be considered,” with no route offered for a client’s own records, such as screenshots, to outweigh that. Clause 14.9 makes the Company’s ruling on an accepted complaint “final and binding” and “not subject to any appeal” unless the law requires otherwise, and clause 14.13 allows complaints classed as “grossly complicated” to take up to 90 business days to receive a response.

Withdrawing what is left in the account

The Client Agreement’s clause 8.4 sets the minimum withdrawal at USD25, while the Accounts page FAQ on withdrawals gives a different figure, “around $15,” for the same mechanic. Clause 8.3B allows withdrawal payouts to take up to five business days for “routine verification, reconciliation, or other processing steps,” and states outright that such a delay “shall not constitute a breach by the Company,” meaning a client waiting on funds after closing out a position has, by the Agreement’s own wording, given up the ability to treat that wait as a contract breach.

Trading Instruments

ZFX’s own site lists six instrument categories under “100+ Available Instruments”: Forex (“Trade the World’s Largest Financial Market”), Indices (“Follow Economic Trends with Indices”), Commodities (“Invest in Precious Metals, Oil, and More”), Shares (“Trade Shares of Leading Global Companies”), CFD Cryptocurrency (“Speculate on Popular Digital Assets”), and a separate Metals line covering gold, silver and platinum. The firm’s UK-facing terms describe the underlying products as Contracts for Difference, and the risk warning attached to those terms states plainly that “you could lose more money than you deposit.”

How ZFX prices access to those markets

The account comparison page sets out three tiers, and the contract specifications differ meaningfully between them rather than being a cosmetic naming exercise. The Mini Trading Account needs a deposit of $50 or more, quotes a minimum FX spread of 1.5, trades in contract units of 10,000 for FX, and caps a single order at 100 lots for Metals and FX. The Standard STP Trading Account needs $200 or more, quotes a minimum FX spread of 1.3, moves to standard 100,000-unit FX contracts, and caps a single order at 30 lots. The ECN Trading Account needs $1,000 or more, quotes FX spreads from 0.2 with commissions that may apply, also trades 100,000-unit FX contracts, and caps a single order at 50 lots. All three are quoted on the ZFX MT4 platform with leverage up to 1:2000, per the same accounts page.

That accounts page also gives a Stop-Out Level per tier: 20% for Mini, 30% for Standard STP, 50% for ECN. The Client Agreement states a different figure in clause 9.7, that Individual Stop Out levels are set at 30%… applicable to all Clients. The two documents do not agree on the level at which ZFX will force-close a client’s open positions, and a client reading only the accounts page would not learn the uniform 30% figure the Agreement claims governs everyone.

What ZFX’s Client Agreement bans a trader from doing with these instruments

The instrument list is broad, but clause 4.11 of the Client Agreement narrows what a client may actually do with it: the Agreement lists prohibited trading conduct that includes scalping, hedging, arbitrage, high-frequency or batch order submission, and “mirror trading,” among other strategies. Clause 4.12 gives the Company the right to void trades and confiscate related profits, and to pursue recovery of losses from the client, where it decides a breach occurred. Hedging carries its own separate cost even where it isn’t treated as a breach: clause 9.8 sets a hedging administration fee of 0.1% of the combined deal-plus-hedge volume per day, and allows the Company to close a hedged position after 21 days without further notice. None of this is visible on the instrument or account pages describing what can be traded; it sits in the Agreement governing how those instruments may be traded.

Platforms the instruments are traded on

ZFX’s root page lists MT4 for Windows, Mac and Mobile, MT5 for Windows, Mac and Mobile App, a Webtrader described as letting a client “Trade Directly from Your Browser,” a mobile app for Android and iOS, and a MAM service for managing multiple accounts. The account comparison page ties all three account tiers specifically to ZFX MT4 rather than MT5, so a client wanting the newer platform for the same Mini, Standard STP or ECN terms would need to confirm separately which terminal a given account type actually runs on.

Who Zeal Capital Market (UK) Limited’s instrument offering is actually for

The FCA-regulated entity in the group, Zeal Capital Market (UK) Limited, does not carry the retail-facing instrument list described above at all. Its own terms state that the zfx.co.uk site and “all products and services promoted on this website are only intended for and directed at Professional Clients as defined under the Markets in Financial Investment Directive (MiFID),” and a companion page states that “Live trading account applications of retail nature will not be accepted.” The Forex, Indices, Commodities, Shares, CFD Cryptocurrency and Metals list quoted above, and the Mini/Standard STP/ECN account tiers built on it, belong to Zeal Capital Market (Seychelles) Limited, the FSA Seychelles-regulated entity, not to the FCA-authorised one.

Education & Analysis

ZFX’s own root page lists ZFX MT4 and ZFX MT5, each available on Windows, Mac and mobile, plus an MT4 web trader and a native mobile app for Android and iOS. There is no third-party or in-house platform beyond the MetaTrader pair: no cTrader, no proprietary charting terminal, nothing else named on the page we fetched.

What ZFX actually runs

Mini, Standard STP and ECN accounts are all listed with “Trading Platform ZFX MT4,” which means the charting and analysis tools a client gets are whatever MetaTrader 4 itself provides, run against ZFX’s server infrastructure rather than a broker-built charting layer. MT5 is advertised separately on the root page for the same operating systems and mobile app, but the Accounts page we read only names MT4 against each account tier, so we cannot say from this evidence which account types actually support MT5 order execution rather than just the terminal being offered somewhere on the site.

Analysis tools ZFX names and what it doesn’t

The root page advertises the MAM Service (“Manage Multiple Accounts Easily”) as a feature, which is a money-management and multi-account tool rather than a charting or analysis feature. The pages we fetched describe the platform stack as MT4, MT5, a web trader and a mobile app, and say nothing about VPS hosting or third-party charting add-ons. That silence means we did not fetch a page describing those things, not that ZFX does not offer them.

Who builds it

The technical back end sits with a related but separate company. Zeal Technology Solutions Limited is described on ZFX’s own root page as the team of developers and FinTech experts responsible for “back end connectivity, execution, aggregation and CRM tools,” with an office presence in Hong Kong and a team described as Cyprus-based. That is a corporate detail about who maintains the infrastructure behind the MT4/MT5 setup, not a separate platform offering in itself.

Contract terms that reach into platform use

The Client Agreement we read binds platform use in ways that go beyond simply running MetaTrader. Clause 4.11 to 4.12 lists prohibited trading conduct, including hedging, scalping, arbitrage, high-frequency or batch order submission, and “mirror trading,” and gives the Company the right to void trades and confiscate related profits for a breach. Several of those, hedging and scalping in particular, are ordinary strategies that MT4 itself supports mechanically, so the platform’s own order types do not tell a client which of their trades are contractually safe to place.

Hedging specifically carries its own separate cost under clause 9.8: an administration fee of 0.1% of the complete volume (deal plus hedge position) per day, and the Company may close a hedged position after 21 days without further notice. Clause 9.7 also sets a Stop Out level of 30% “applicable to all Clients” in the Client Agreement, which is the level at which the platform will force-close a losing position regardless of what a trader sees on their MT4 terminal. That figure conflicts with the Accounts page, which lists differing Stop-Out Levels of 20% for the Mini account, 30% for Standard STP, and 50% for ECN. A client reading the Accounts page for their specific account type and a client reading the Client Agreement’s uniform clause would come away with two different numbers for when their trades get forcibly closed, and the evidence we hold does not tell us which document actually governs a given account.

Clause 14.10 of the same agreement makes the Company’s own server log files “the absolute and indisputable proof” for any platform-related complaint, and states that if the server log lacks the relevant record, the complaint “may not be considered.” That term applies directly to disputes over execution, slippage or order handling inside the MT4/MT5 environment: a client’s own screenshot or terminal history is not given equal weight to the Company’s server-side record under this clause.

Special Offers

The pages this catalogue holds for ZFX are the Client Agreement and the Accounts comparison page, not a dedicated promotions page, so what follows is what the Client Agreement itself says about bonuses rather than a list of live campaigns. Nothing in the material we fetched describes a current welcome bonus, deposit match percentage tied to a specific account tier, or expiry date for any such offer.

The one bonus figure in ZFX’s Client Agreement

The only concrete number is a fallback: the Client Agreement sets a default deposit bonus of 30%, applied “in case no specific terms are issued” for a bonus promotion. Read plainly, that clause exists to cover a gap rather than to advertise an offer: it tells a client what rate applies if ZFX runs a bonus without publishing separate terms for it, not what any current promotion pays out or requires.

What ZFX can do to a bonus after it’s credited

The Client Agreement’s breach provisions, at clauses 4.12 and 4A.5, give the Company the right to reverse bonuses and rebates, withhold profits it deems connected to a breach, freeze the account for up to five business days (extendable), limit any refund to the original deposit only, and retroactively cancel swap-free status, all on its own determination that a client has breached the agreement. A bonus credited under the 30% default clause sits inside this same framework: it can be reversed by the same discretionary process that governs profit confiscation generally, and swap-free status, ZFX’s other account-level incentive, is explicitly named as something the Company can strip after the fact.

Two further clauses attach conditions to bonuses specifically rather than to trading profits in general. Under clause 8.7B, covering suspected “Friendly Fraud” such as a disputed chargeback on a legitimate transaction, the Company may permanently ban the client, recover the chargeback amount, and seize the client’s remaining profits and bonuses, alongside notifying credit bureaus and pursuing criminal and civil proceedings. Under clause 14.15, settling a complaint requires the client to agree in writing “to waive any rights to past or present claims” and to “withdraw any negative postings, announcements, filings or other publications which could have a negative effect on the Company”; if the client does not sign, the Company can file legal action against them and debit any pending bonuses.

Reading the two together

Between them, these clauses mean any bonus a ZFX client receives is held on terms that let the Company claw it back through three separate routes: a general breach finding, a Friendly Fraud finding tied to a chargeback dispute, or a client’s refusal to sign a settlement agreement that includes a non-disparagement undertaking. The Client Agreement does not attach a value, wagering requirement, or minimum trading volume to the 30% default bonus itself; those specifics, if they exist for any live promotion, are not in the pages we fetched.

Opening an Account

Opening an account with ZFX means signing with one of two group companies, and the terms and conditions make clear that most applicants end up with the Seychelles entity rather than the UK one that carries the FCA branding shown on the group’s marketing.

Which company a new client actually signs with

The firm’s own pages name Zeal Capital Market (UK) Limited as the FCA-authorised entity, holding FRN 768451, a licence the Financial Conduct Authority register confirms as authorised, effective 4 September 2017, against Companies House number 10219924. But the same pages state that this UK entity “does not offer services to retail clients.” Retail applicants instead contract with Zeal Capital Market (Seychelles) Limited, which the FSA Seychelles register confirms as a regulated Securities Dealer, and which the firm identifies with licence number SD027, a number the register itself does not publish. The Seychelles company is also on the Seychelles Business and Company Search under registration C8422618, printed by the firm as 8422618-1. The pages do not describe the Seychelles entity as carrying FSCS or equivalent cover, so a retail client signing up should not assume the £85,000 FSCS protection associated with the FCA entity applies to their own account.

Who ZFX will not open an account for

The terms and conditions state the firm provides no service to US citizens or US residents, and the root site adds that it “does not provide services for residents of certain countries such as the United States of America, Brazil, Canada, Iran, North Korea (Democratic People’s Republic of Korea), and EU countries.” Separately, the zfx.co.uk site states that “Live trading account applications of retail nature will not be accepted” there, because that site is “only intended for and directed at Professional Clients” as defined under MiFID and implemented by the FCA. The terms and conditions also note the site is not an offer or solicitation in jurisdictions where that would be restricted or prohibited, giving Japan as an example.

Choosing an account tier at ZFX

ZFX’s accounts page lists three tiers a new client picks between at signup. The Mini Trading Account opens at a minimum deposit of $50, runs on the ZFX MT4 platform, quotes a minimum FX spread of 1.5, sets contract units at 10,000, a minimum trade size of 0.1 lot, and a stop-out level of 20%. The Standard STP Trading Account opens at $200, with a minimum FX spread of 1.3, contract units of 100,000, a minimum trade size of 0.01 lot, and a stop-out level of 30%. The ECN Trading Account opens at $1,000, with spreads quoted from 0.2 and commissions that may apply, the same 100,000 contract unit size, and a stop-out level of 50%. All three list leverage up to 1:2000 and a maximum single order of up to 100 lots depending on the tier. Worth flagging for anyone choosing a tier on the strength of that stop-out figure: clause 9.7 of the Client Agreement sets a single stop-out level of 30% “applicable to all Clients,” which does not match the tier-by-tier figures the accounts page advertises, so it is not clear from the firm’s own documents which number actually governs forced closure of a given account.

Verification ZFX demands once an account is open

Clause 4A.4 of the Client Agreement gives a client 14 days to provide requested KYC or enhanced due diligence documentation once the Company asks for it. Missing that window “shall constitute a material breach,” and the clause entitles the Company to permanently close the account and void any profits associated with it, not merely to restrict access. Clause 4A.5, alongside clause 4.12, goes further: on a suspected breach the Company may suspend or terminate the account, cancel transactions, reverse bonuses or rebates, withhold profits it judges connected to the breach, freeze the account for up to 5 business days with the freeze extendable, and limit any refund to the client’s original deposit only. Clause 8.7B, covering disputed card payments the firm labels “Friendly Fraud,” allows the Company to permanently ban the client and any associated third parties by IP address, home address, name or ID details, recover the disputed amount, seize remaining profits and bonuses, notify credit bureaus, and pursue criminal or civil proceedings.

Funding the account once it is verified

Clause 8.1 of the Client Agreement lists credit or debit card, wire transfer or SEPA transfer, and e-wallets “or other similar methods of money transfer acceptable by the Company” as funding routes. The same terms state no fee is charged by the Company for transferring withdrawal funds, though expenses charged by a client’s own bank, card company, payment processor or e-wallet are passed on to the client. Clause 8.4 sets the minimum withdrawal at USD25 “unless otherwise stated,” a figure that does not match the accounts page FAQ, which gives the minimum withdrawal as “around $15.” Clause 8.3B allows withdrawal payouts to take up to five business days for “routine verification, reconciliation, or other processing steps,” and states explicitly that such a delay “shall not constitute a breach by the Company.”

Trading conduct restricted once the account is live

Clause 4.11 of the Client Agreement prohibits a list of trading styles once an account is open, including scalping, hedging, arbitrage, high-frequency or batch order submission, and mirror trading. Clause 4.12 entitles the Company to void trades connected to a breach of that list and confiscate related profits, and to pursue recovery of losses from the client. A client who does choose to hedge is subject to a separate administration fee under clause 9.8, set at 0.1% of the combined volume of the deal and its hedge position per day in US dollars, with the Company entitled to close hedged positions after 21 days without further notice.

Deposits & Withdrawals

ZFX runs deposits and withdrawals through the Seychelles entity, Zeal Capital Market (Seychelles) Limited, under the Client Agreement ZFX serves to visitors from the UAE. Clause 8.1 of that Client Agreement lists three funding routes: credit or debit card, wire or SEPA transfer, and e-wallets “or other similar methods of money transfer acceptable by the Company.” The pages we fetched do not name which e-wallet providers or say which currencies each route supports.

What ZFX charges to withdraw

The Client Agreement states the Company charges no fee for transferring withdrawal funds, but passes on any expenses charged by the client’s own bank, credit card company, payment processor or e-wallet. So the “no fee” line does not mean a free withdrawal in every case, it means ZFX is not adding its own markup on top of whatever the payment rail itself charges.

The firm’s own pages disagree on the minimum withdrawal. Clause 8.4 of the Client Agreement sets it at USD25, unless otherwise stated. The Accounts page FAQ, answering “How do I withdraw funds from my account?”, gives a different figure: “around $15.” We read both pages directly and neither supersedes the other in the text; a client following the FAQ figure could still find the contract clause controlling.

Processing time and the clause that limits it

Clause 8.3B of the Client Agreement allows withdrawal payouts to take up to five business days for “routine verification, reconciliation, or other processing steps,” and states that such a delay “shall not constitute a breach by the Company.” That is a specific contractual waiver: whatever a client might otherwise argue about a slow payout, clause 8.3B removes the standard breach-of-contract route for the first five business days.

Inactivity and hedging charges that erode a balance before withdrawal

The Client Agreement provides for a monthly inactivity fee once an account has had no trading or financial activity for six months, with the account eligible for closure once the balance reaches zero. The pages we fetched give the trigger period but not the fee amount itself, so we can report the mechanism without a figure.

Clients who hedge face a separate charge: a hedging administration fee of 0.1% of the complete volume (the deal plus its hedge position) per day, per clause 9.8. The same clause lets the Company close hedged positions after 21 days without further notice, and the Company may close open deals at its own discretion after 90 days of inactivity. Both are running costs that reduce what sits in the account before a client ever requests a withdrawal, and clause 4.11 separately lists hedging among the prohibited trading strategies, with the Company entitled to void resulting profits, so a hedging client is charged for a strategy the same agreement elsewhere bans.

What can be withheld or reversed

Clause 8.7B addresses card chargebacks the firm treats as “Friendly Fraud”: a disputed chargeback on a transaction the Company considers legitimate. In that scenario the Company may permanently ban the client and any associated third parties by IP, address, name or ID details, recover the chargeback amount, seize the client’s remaining profits and bonuses, notify credit bureaus, and pursue criminal and civil proceedings. That converts a card dispute into a forfeiture of the full account, not just the disputed amount.

Separately, clause 4.12 lets the Company limit any refund to the client’s original deposit only where it suspects a breach connected to bonuses or rebates, after withholding profits it deems connected to that breach and freezing the account for up to five business days, extendable.

Default bonus terms tied to funding

The Client Agreement sets a default deposit bonus of 30%, applied “in case no specific terms are issued” for a bonus promotion. The text we read does not attach withdrawal conditions to that 30% figure directly, only the broader clause 4.12 reversal power described above, which covers bonuses and rebates generally.

Currency of client funds

Clause 7.4 states no interest is paid on client money held in the segregated Client’s Bank Account; the Company may place those funds in overnight deposits and keep any interest accrued, and clause 7.6 notes a depository may apply a lien or right of set-off to the account. Money sitting in the account between a deposit and a later withdrawal earns the client nothing under these terms, while the Company may earn interest on the same balance.

Customer Support

ZFX lists a stack of contact points rather than one clear front door. The Seychelles-facing site gives a general support address, cs@zfx.com, and a separate address for complaints, client.complaints@zfx.com, both on the firm’s own pages. The UK entity, Zeal Capital Market (UK) Limited, runs its own channels on zfx.co.uk: a phone line at +44 (0) 207 157 9968, an email at support@zfx.co.uk, and a registered address at 25 Old Broad Street, London, EC2N 1HN. A separate China contact page gives a phone number, 400-8424-611, staffed Monday to Friday. A UK contact page also lists live chat (“Online Chat – Click on the chat”) and a region-selectable contact form covering China, Indonesia, India, Thailand, Vietnam, Malaysia, MENA and an “Others” catch-all.

Hours, and what happens outside them

The Client Agreement states that phone lines are open 09:00 to 22:00 (GMT+8) on Business Days, and that live chat is available for enquiries outside those hours. That is the only stated coverage window in the material we read; the site does not say whether the China phone line, the UK phone line, or the email addresses follow the same hours or a different one.

What ZFX’s own terms do to a complaint

The Client Agreement sets out a formal complaints process, and its terms favour the firm at almost every step. Clause 14.5 lets the Company take up to 90 Business Days to respond to a complaint it judges “grossly complicated.” Clauses 14.9 and 14.13 exclude whole categories of dispute from being investigated at all, including pricing and quote discrepancies, rejected or reverted orders, platform “error” messages, and technical unavailability, and state that the Company’s decision on a complaint is “final and binding” and “not subject to any appeal” unless the law says otherwise.

Clause 14.10 goes further on evidence: the Company’s own server log files are treated as “the absolute and indisputable proof” for any complaint, and if the server log does not contain the relevant record, the complaint “may not be considered.” A client’s own screenshots or records do not appear anywhere in this test.

Clause 14.15 covers what happens if a complaint is settled: the client must agree in writing “to waive any rights to past or present claims” and “withdraw any negative postings, announcements, filings or other publications which could have a negative effect on the Company.” If the client does not sign that settlement, the Client Agreement states the Company will file legal action against the client and debit any pending bonuses.

Clause 19 sends anything the complaints process does not resolve to arbitration: disputes are “finally settled in an arbitration court in Seychelles,” under the laws of the Republic of Seychelles. A client anywhere else in the world who cannot resolve a complaint through ZFX’s own process ends up arguing it in a Seychelles arbitration forum.

Escalating past ZFX: the FSA Seychelles route

The Client Agreement itself gives an external escalation path for complaints, to the Financial Services Authority of Seychelles: website fsaseychelles.sc/complaint-handling, email enquiries@fsaseychelles.sc, telephone +2484380800, and a postal address at PO Box 991, Bois De Rose Avenue, Victoria, Mahe, Seychelles. The Seychelles FSA register confirms Zeal Capital Market (Seychelles) Limited as a regulated securities dealer, which is the entity most retail clients are likely dealing with, since Zeal Capital Market (UK) Limited’s FCA authorisation (FRN 768451, confirmed on the FCA register) explicitly does not extend to retail clients. That matters for support in a practical way: a retail client escalating a complaint is routed to the FSA Seychelles process described above, not to the UK’s Financial Ombudsman Service or FSCS scheme that the firm’s FCA-regulated entity might otherwise suggest.

Withdrawal delays and chargeback disputes

Clause 8.3B of the Client Agreement allows withdrawal payouts to take up to five business days for “routine verification, reconciliation, or other processing steps,” and states outright that such a delay “shall not constitute a breach by the Company.” A client cannot treat a slow withdrawal, inside that window, as grounds for a complaint against the firm.

Clause 8.7B deals with disputed card payments, what it calls “Friendly Fraud” cases, such as a chargeback filed on a transaction the Company considers legitimate. In that scenario the Client Agreement gives the Company the right to permanently and irrevocably ban the client and any associated third parties, identified by IP address, home address, name or ID details, to recover the chargeback amount, to seize the client’s remaining profits and bonuses, to notify credit bureaus, and to pursue criminal and civil proceedings. A client who disputes a card charge they believe was wrong is, on the wording of this clause, risking their whole account balance and a permanent ban, not just the disputed amount.

Taken together, the channels ZFX publishes are conventional for a retail broker, email, phone, live chat and a form, but the Client Agreement that governs how a complaint through those channels is actually handled gives the firm wide discretion over timing, evidence, categories of dispute it will hear at all, and what a client must sign away to get a settlement.

Prohibited Countries

ZFX’s own client agreement and regulatory pages set out who the firm will not take on, and the two pages do not fully agree with each other.

The blanket exclusions ZFX states

The firm’s client agreement states it does not provide services for US citizens or US residents. Separately, the firm’s root page states it “does not provide services for residents of certain countries such as the United States of America, Brazil, Canada, Iran, North Korea (Democratic People’s Republic of Korea), and EU countries.” That root-page wording uses “such as,” which means the named six are examples ZFX chose to list rather than a closed list; the page does not say these are the only excluded countries.

Japan and other restricted jurisdictions

The root page also states that the website is not an offer or solicitation in jurisdictions where such an offer or solicitation is restricted or prohibited, and names Japan as an example. The UK entity’s terms carry a similar, broader line: content on that site is not directed at residents of any particular country outside the UK and is not intended for distribution to, or used by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Neither page names which other jurisdictions fall under that clause; readers outside the named countries are left to work out for themselves whether local law bars use of the site.

Zeal Capital Market (UK) Limited: professional clients only

Separate from the country list, one of ZFX’s own regulated entities excludes an entire class of client. The root page states that Zeal Capital Market (UK) Limited, the FCA-authorised entity (FRN 768451, confirmed on the FCA register), “does not offer services to retail clients.” The UK entity’s own terms go further, stating that “all products and services promoted on this website are only intended for and directed at Professional Clients as defined under the Markets in Financial Investment Directive (MiFID) implemented by the Financial Conduct Authority,” and a separate UK terms page states that “live trading account applications of retail nature will not be accepted.” A UK or EU-based reader who qualifies only as a retail client cannot open a live account with this FCA-regulated entity at all, regardless of which country they live in.

This matters for anyone reading ZFX’s marketing before checking which entity actually onboards them. The FCA authorisation and the FSCS protection tied to it belong to the UK entity that will not take retail clients. Retail business, per the firm’s own pages, is instead carried out by Zeal Capital Market (Seychelles) Limited, regulated by the Seychelles FSA as a Securities Dealer (licence SD027, confirmed on the Seychelles FSA register). The pages we fetched do not describe that Seychelles entity as carrying FSCS or any equivalent compensation-scheme cover.

Where the two country lists diverge

The client agreement’s blanket line names only the United States. The root page’s list adds Brazil, Canada, Iran, North Korea and EU countries, introduced with “such as,” which by its own wording leaves room for further, unnamed exclusions. We read both documents as published and cannot reconcile the narrower agreement wording with the broader root-page wording beyond noting that both are ZFX’s own text and neither cancels the other.

We did not run a country-by-country check against ZFX’s onboarding flow, and the evidence gathered here comes from the firm’s terms and conditions and its root marketing page rather than from a KYC or account-opening test, so this section reports what those pages state rather than what the sign-up process would actually accept or reject for a given nationality or residence.

Conclusion

ZFX’s registration checks out but its regulatory story does not hold together the way the marketing implies. The FCA register confirms FRN 768451 for Zeal Capital Market (UK) Limited, authorised since 4 September 2017, and Companies House confirms that entity as company 10219924, active since 8 June 2016. But that FCA entity “does not offer services to retail clients,” per the firm’s own root page. Retail business runs through Zeal Capital Market (Seychelles) Limited, which the Seychelles FSA lists as a regulated securities dealer under the firm’s claimed number SD027, a number the register itself does not publish. A retail trader signing up sees FCA branding and FSCS protection up to £85,000 promoted prominently, then ends up contracted with the Seychelles entity, which the pages we read do not describe as carrying FSCS or equivalent cover. That gap between the regulator shown in the marketing and the regulator actually governing the account is the main reason the regulation score sits at 4.5.

What ZFX’s own Client Agreement does to a client

The terms we read go well past standard risk warnings. Clause 4.11 to 4.12 bans hedging, scalping, arbitrage and high frequency trading, common retail strategies, and lets the Company void resulting profits at its discretion. Clause 8.7B allows a permanent ban across all associated third parties, chargeback recovery, seizure of remaining profits and bonuses, and referral to credit bureaus and legal proceedings over a disputed card transaction the firm labels “Friendly Fraud.” Clause 14.10 makes the Company’s own server logs “the absolute and indisputable proof” in any complaint, so a client’s own screenshots can be overridden by records the client cannot audit. Clause 14.13 makes the Company’s complaint decision “final and binding” with no appeal, and clause 14.15 requires a client who settles a complaint to withdraw any negative public postings about the firm or face legal action and forfeited bonuses. Clause 19 sends any unresolved dispute to arbitration in Seychelles under Seychelles law, regardless of where the client lives. None of this is unusual phrasing dressed up. It is the actual text a client agrees to, and it explains why the support score sits at 3: a firm whose own contract limits investigation of pricing disputes, order rejections and platform errors, and caps appeal rights this tightly, is not built around resolving client complaints.

Where ZFX’s own pages disagree with each other

The Client Agreement sets a uniform 30% Stop Out level “applicable to all Clients” at clause 9.7, but the Accounts comparison page lists 20% for the Mini account, 30% for Standard STP, and 50% for ECN, a real conflict over when the firm will force-close a client’s open positions. The same pattern shows up on withdrawals: clause 8.4 of the agreement sets the minimum withdrawal at USD25, while the Accounts page FAQ says “around $15.” Neither error is fatal on its own, but a firm whose contract and marketing pages cannot agree on the number that governs forced liquidation is not a firm whose published figures a client can take at face value without checking the contract first.

What ZFX actually charges

The fee side is the strongest part of the file, and it is why fees score 7.9: the cheapest EURUSD round turn we could build is USD 9.00 on the ECN account, a typical spread of 0.2 pips plus USD 7 commission per lot, from ZFX’s own contract specifications. The Client Agreement states the Company charges no fee itself for transferring withdrawal funds, passing through only what the client’s own bank, card issuer or payment processor charges. Entry costs are low across the three account tiers on the Accounts page: the Mini account opens at $50 minimum deposit with a minimum FX spread of 1.5, the Standard STP account opens at $200 with a minimum spread of 1.3, and the ECN account opens at $1,000 with spreads from 0.2 plus commission. The main costs worth flagging sit outside the headline spread: a hedging administration fee of 0.1% of the combined deal and hedge volume per day, with hedged positions liable to closure after 21 days, and a monthly inactivity fee after six months of no trading activity, though the Client Agreement does not state that fee’s amount.

Platforms and instruments

ZFX runs MT4 and MT5 across desktop, web and mobile, plus a MAM service for managing multiple accounts, and the root page lists forex, indices, commodities, shares, CFD cryptocurrency and metals among more than 100 instruments. That range and delivery is reasonably solid trading infrastructure, reflected in the platform score of 7.5, though it does not offset the contractual and disclosure issues above.

ZFX (Zeal Capital Market) holds a confirmed Seychelles FSA securities dealer registration and a confirmed FCA authorisation for a UK sister entity that does not serve retail clients, charges low, well documented fees, but binds retail clients through a Seychelles-governed contract carrying wide discretionary powers over profits, complaints and account bans, landing it an overall score of 5.4.

FAQ