ZankFX.com review – 5 things you should know about zankfx.com

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Beware! ZankFX.com is an offshore broker! Your investment may be at risk.

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We open with the following statement: ZankFX.com is extremely limited and very poor in quality and in its services. The website looks as if it were taken from an outdated development company, and just labeled the name of the broker. It has a sort of unfinished aspect about it, plus it is very revealing about the true purpose of the broker. ZankFX.com has not made a good effort at concealing its true nature, for the website is lackluster at best! As for the other shady aspects of the website, well, you will just have to go through the review.

The account creation process takes only three credentials to complete, which is laughable and unacceptable. However, afterward, in the user area, we were asked to give away some personal details. However, even there the process seemed too simple to be taken seriously.

To our surprise, we were able to open a live MT4 account without an issue. There we were able to read a 1.4 pips cost of trade for the EUR/USD currency pair, which is actually very good. However, as we shall see, there are questionable commissions applied to these spreads!

The available tradeable assets are forex currency pairs, some commodities like metal and oil, spot indexes, cryptocurrencies, and stocks.

According to the website, the leverage is capped at the most typical offshore brokerage value of 1:500.

ZankFX.com is available only in English.

ZANKFX.COM REGULATION AND SAFETY OF FUNDS

The company’s Financial Services Guide claims the broker to be regulated in Australia, while, nevertheless, being located in the UK. There are two things wrong here.

The first one being the fact of the Australian regulation. In Australia, it falls into the hands of ASIC to regulate the FX market. The Aussie is one of the biggest FX markets outside of Europe and the US, and thus ASIC has a huge responsibility on its shoulders. Nevertheless, ASIC does not regulate ZankFX.com.

Next, the UK address would put ZankFX.com directly into the hands of the FCA, UK financial watchdog. It is by far one of the world’s top FX watchdogs. Here, again, the FCA does not regulate ZankFX.com.

If ZankFX.com really is located in either one of these countries, then be sure that they are operating illegally.

We find no further evidence of this broker being regulated. And it isn’t, no matter what it says or does.

As it turns out, and not to anyone’s surprise, ZankFX.com is yet another UNLICENSED broker whose sole purpose is to steal money from users, making it also a very big risk to all investments!

Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the  FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! What’s special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent.  CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

ZANKFX.COM TRADING SOFTWARE

This is one of those brokers whose acquisition of the MT4 is as suspicious as it is unbelievable.

We are barely scratching the surface with the following MT4 trading features: time frames, pending orders, customizable trading indications, trades in centralized markets, Expert Advisors, virtual trading servers, many chart customization options, and hundreds of other helpful tools!

We learn from the Financial Services Guide that ZankFX.com comes with spread commissions.

From the same document, we learn that there is a 3.5% commission on each trade when using the CTrader, but we never saw evidence of this specific trading software.

The closest we get to any real commission info is in the account page, where we learn that VIP Accounts are burned by a 2 per side commission. The 2, we assume, is in dollars. This means that all VIP spreads are given an additional 0.4 pips on top.

ZANKFX.COM DEPOSIT/WITHDRAW METHODS AND FEES

From the registered client portal area, we learn of the real payment methods, and they are all based on online banking. The minimum deposit is $100.

According to the withdrawal area, the minimum amount to take out is $100. Clients can withdrawal either through a bank transfer or a crypto wallet. We find info on withdrawal processing times on the home page. According to it, withdrawal requests get processed between 1 and 5 days.

The broker has not revealed the presence of any withdrawal fees, but bear in mind that this is open for interpretation. Unlicensed brokers are well known for their ability to issue charges at the most unexpected of times.

From all the fees, the one with the best longest explanation is the so-called Administration fee, which is, nevertheless, hard to decipher. So we leave it as a snip to act as a warning.

We find no other interesting or noteworthy clauses to mention, which is a rare thing with unregulated brokers. This does not mean that users should trust ZankFX.com.

However, with everything considered we cannot help but find some sort of potential for ZankFX.com, and even a glimpse of hope. Nonetheless, it is unlicensed and must resolve this issue first of all, before attending all other problems that it has.

Yet, for now, we do not recommend this broker to anyone. It is a risk to all investments, and also to all personal details that you have provided it with!

How does the scam work?

Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.

When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.

Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.

The core fraudsters, a.k.a “account managers”, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.

Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.

What to do if scammed?

A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.

If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.

Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!

Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-26

Reviewed Broker

ZankFX.com

Broker Rating

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