ZX Markets is a forex broker located in the United Kingdom and Seychelles. They claim to be one of the finest and most secure trading companies around which is a big claim to make. Their mission is to work with clients all the way from the start to becoming a profitable trader, offering high-quality support and innovation. We will be using this review to look into the services on offer to see if they manage to achieve this or if they fall short.
Account Types
There are three different accounts you can choose from when trading with ZX Markets, we have outlined some of their features below.
X-Standard Account: This account requires a minimum deposit of $200 in order to open, it has standard spreads and a leverage of 1:200. It only has Forex pairs available to trade and uses the X-Web trading platform. There is a free demo account that lasts for 2 weeks and there is limited personal training. You can have a maximum of 25 open trades or orders and there is limited access to online chat support and a personal account manager.
X-Premium Account: This account has a minimum deposit requirement of $2,000. It comes with premium spreads and leverages up to 1:400. It has Forex pairs and metals available to trade and uses the X-Web trading platform along with mobile apps. There is a free demo account that lasts for 1 month and there is complete access to personal training. You can have a maximum of 75 open trades or orders and there is access to online chat support and a personal account manager.
X-Pro Account: This account has a minimum deposit requirement of $5,000. It comes with premium spreads and can be leveraged up to 1:400. It has Forex pairs, metals and commodities available to trade and uses the X-Web trading platform along with mobile apps. There is a free demo account that is unlimited and there is complete access to personal training. You can have a maximum of 200 open trades or orders and there is access to online chat support and a personal account manager.
Platforms
Just the one platform available which is X-Web, the platform is easy to use and does not require any installation or download it can be accessed by clients through a PC or Laptop from anywhere in the world. A few of its many features are its customization, chart analysis, and trading, news and analysis, one-click trading, built-in the economic calendar, and automated trading. It also comes as a mobile application that offers the ability to trade on the move, it’s easy to use and is optimized for mobile devices.
Leverage
The leverage available depends on the account that you are using, the Standard account can be leveraged up to 1:300 and the Premium and Pro accounts can be leveraged up to 1:400. Leverage can be selected when opening up a new account and can be changed on an open account by contacting the customer service team.
Trade Sizes
Trade sixes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is but we know that the Standard account can have 25 open trades at once, the Premium account can have 75 open trades and the Pro account can have up to 200 trades/orders at any one time.
Trading Costs
There are no mentions of commissions around the site so we do not believe that there are any. There are however swap charges which are fees for holding trades overnight. These can be both positive or negative and can be viewed within the trading platform being used.
Assets
Unfortunately, there doesn’t seem to be a breakdown or specification of the available assets, we know that there are currency pairs, metals, and commodities available but not which ones. This is a shame as a lot of potential clients may be looking for their preferred instrument, not knowing if it is here could put them off and they will go and look elsewhere.
Spreads
We do not have any examples of the spreads, just the fact that there are Standard spreads, Premium spreads and Pro spreads, what these mean we do not know. The spreads are fixed though which means they do not move no matter what is happening in the markets, they will always remain the same. Different instruments will also have different fixed spreads with some naturally being higher than others.
Minimum Deposit
The minimum amount required to open up an account is $200 which will open up the Standard Account. We do not know if this minimum reduces once an account is already open.
Deposit Methods & Costs
The methods mentioned on the site are Bank Wire Transfer, Credit / Debit Cards and Neteller. There was no mention of any potential fees however you should check with your own bank or processor to see if there are any transfer fees added by them.
Withdrawal Methods & Costs
The same three methods are available to withdraw with, for clarification these are Bank Wire Transfer, Credit/Debit Cards and Neteller. When using Bank Wire Transfer there may be an added fee of 20 USD depending on the country the bank is located in. Otherwise check with your own bank or card issuer to see if there are any incoming transfer fees or processing fees added by them.
Withdrawal Processing & Wait Time
ZX Markets will aim to process any withdrawal requests within 7 days of receiving the request. We believe that this is the total time rather than just the time it takes for them to process the initial request, so after 7 days the funds should be available for you to use.
Bonuses & Promotions
There are a few different promotions, however, the majority are based around referring people so we are not really interested in those types of promotions. There is one other type of bonus that is related to getting a 50% bonus on your first deposit up to $500. We, unfortunately, do not have knowledge of the terms of promotions such as how to convert the bonus funds into real funds.
Educational & Trading Tools
There is a forex school section of the site, this contains information regarding different aspects of trading such as Forex Basics and Fundamental Analysis, it is good for new traders but those that have traded before will most likely know everything that is mentioned. There is also an economic calendar that details different upcoming news events and also which currencies or markets the news events may affect.
Customer Service
There are plenty of ways to contact ZX Markets, you can use the online submission form and then get a reply via email, or you can email them directly with the address provided. There is also a Skype address, phone number and postal address available to use.
Head Office: Global Investment House Limited. Kemp House, 160 City Road, London, EC1V 2NX. The United Kingdom.
Address: Global Investment House Limited, Suite 3 Jivan’s complex, Mont Fleuri Mahe, Seychelles.
Phone: +442032899941
Email: [email protected]
Skype: ZX.Support, ZXMarkets
Demo Account
A demo account allows you to test out new strategies or the conditions without risking real capital, so it is good to see them available here. The demo accounts have different expiration times depending on the account used, the Standard account has a 2-week limit, the Premium account has a 1-month limit and the Pro account is unlimited. The trading conditions will mimic the account they are using.
Countries Accepted
We could not locate this information on the site, if you are thinking of signing up then we would recommend contacting the customer service team to find out your eligibility prior to signing up.
Conclusion
ZX Markets offers a range of accounts each with their own conditions so you should be able to find one that suits your needs, their trading platform is not the usual but offers a whole host of helpful features. Leverage is at a good level and there are no commissions which is good. We, unfortunately, do not know what the spreads are or what assets are available. There is also a limited number of ways to deposit and withdraw and there was no indication of any potential fees so that information needs to be added. The decision to use them is up to you.
