ZumaMarkets is a broker targeting the Latin American trading scene. As the name suggests, the broker originates from South Africa. There’s a reason to doubt their legitimacy as they claim to be an affiliate of Red Pine Capital. Earlier, we also had another broker with the same claim, and they turned out to be a clone. We believe Zuma Markets is an exact copy of Trade245 in terms of regulation claims. Learn what we found out in this detailed ZUMAMARKETS Review.
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A Brief Overview of ZumaMarkets
The page has a Spanish default language setting that goes to show their market target. Not only are they targeting Latin investors, Spanish investors in Europe too. The broker does a nice job with the website design and how well they sell their services.
With claims of boosting your trading confidence, newbies will sign up. Before you make such drastic actions, there are a few issues to iron out.
There’s no way this platform is reputable as they claim to start operating in early 2020. We have proof that the website is barely four months in. Targeting Latin American investors is a wise move as there’s no strict regulation.
Despite using a genuine registered entity, we have our suspicion. We have to give them credit for coming up with an aesthetically appealing website. The website is enough to drive unsuspecting investors to sign-up without asking any questions.
Account opening procedure
Opening an account with ZumaMarkets is fast, and the entire process takes ten minutes to complete. You must, however, be willing to part with your banking information. During the verification process, the broker insists on having a copy of your ID and credit card number.
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Now that’s one of the red flags we have to raise with this broker. Asking for credit card information for verification does not go well with us. It seems the broker is harvesting banking information from investors.
Assets found on the platform
There are four main assets or trading instruments to find with Zuma Markets. You get Equity shares, Forex currencies, Raw materials, and Stock Indices. The broker claims to offer more than 80 currency trading pairs and leading company stocks.
Expect to find the FAANG group stocks under this broker as they are leading global stocks. When it comes to trading conditions, the broker seems to be doing fine.
The disclaimer at the footer of their homepage shows Red Pine PTY Ltd as the owner. We have our doubts on this as several clone websites are using this name too. There’s no word from the Company regarding affiliation with these brokers.
We have found two brokers all claiming to belong to the above platform in the past two weeks. It could be true or false; the only way to find out is a press release from Red Pine LTD. We don’t think it’s going to happen as the company will stay away from such entities.
From what we’ve seen on review platforms, the positive reviews are sponsored reviews. You can note that those positive reviews are a week old. Some feel that this is a scam as they haven’t made any withdrawals.
Negative reviews include the broker’s rudeness and blocking withdrawal attempts. There’s no word from the broker regarding solving these disputes or clearing the withdrawal requests.
Domain background and history (zumamarkets.com review)
When we were publishing this post, the Zuma Market’s website was 99 days old. It went live on December 12, 2020. Claim that they were operational in the early 2020s is a lie. It seems that the broker will do or say anything to make the brokerage appear legit.
It’s best to stay away from them until clarity is found. The company they claim to affiliate with must come out and clear the air regarding this broker.
Features of ZumaMarkets
ZumaMarkets is not informing users of the available account types on their platform. We couldn’t even chat as the bot asks for an account number. You also have to be a member to start a conversation. It’s too bad that the broker doesn’t offer any information on available accounts.
We are left wondering about the acceptable minimum deposit with this broker. You should know that regulators have set $250 as the acceptable minimum deposit.
Contact and support
There’s no direct way of communicating with the broker as they are using virtual phone numbers. The issue with these numbers is that they have voice-over agents who pick calls. You might stay a while before an actual staff member picks your call.
The bot will ask for your phone number, and the broker will call you later in the week. With your phone number, they will constantly harass you with calls urging you to deposit funds.
There’s a demo account where investors can try out the platform. The issue with their demo account is that it uses a single stock. You get to predict the price of Apple stocks where they will end up.
That’s not enough, as investors need a working demo account with full platform capabilities. It feels that the one stock demo account is not going to give credible results. You might get 9 out of 10 trades correct and sign-up hoping to replicate results with a real platform.
Deposit options available include MasterCard, Neteller, Skrill, and Visa. Depositing funds with the broker is not the issue; withdrawing your money is the biggest hurdle. For the past three months, no one has made any withdrawals.
It goes to show how difficult withdrawing from the platform has become. And this is why the rising cases in withdrawal complaints flood the trading scene.
Is ZumaMarkets Licensed or Registered?
ZumaMarkets is not a valid trading platform as Red Pine (PTY) Ltd fails to confirm it. The only licensed entity is the company under FSCA regulations. There’s still no word from them leading us to believe Zuma Markets is a clone.
Offshore brokers will try and use names of regulated entities as their own. It helps give their trading websites credibility. We hope that the cloud surrounding their license status gets cleared soon.
Safety of funds with ZumaMarkets
There’s no way of confirming that funds are safe with the broker. With complaints trickling in about withdrawal issues, we must exercise restraint our readers from signing up. The broker is probably based offshore and transfers funds to a private account.
Segregation of accounts is not taking place, which puts funds at risk. Please stay away from the platform.
Scam or Legit ZumaMarkets
ZumaMarkets is trying to use a legit company’s name to feign compliance. We hope that all parties will come out and clear the issue. There’s another company based in South Africa that is also using Red Pine’s license details. Beware of Zuma Markets and Trade245.
For now, we won’t recommend the broker until the license issue is cleared. Please stay away from them.
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