Note: For some unknown reason, we cannot open MultibankFXs official site (https://www.multibankfx.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

General Information & Regulation

MultibankFX, a trading name of MEX Group Worldwide Limited, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with over 1,000+ tradable financial instruments with leverage capped at 1:500 and variable spreads from 0.0 pips on the leading MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of three different live account types.

As for regulation, it has been verified that MultibankFX has four different licenses, but they are all suspicious clone, that is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.42/10. Please be aware of the risk.

Field Survey

The investigators went to London, UK, to visit the foreign exchange dealer MultibankFX as planned. However, they did not find the dealers office at the publicly displayed address. The dealer may just borrow the address to register the company without a real business place. Investors are advised to choose the dealer carefully.

Market Instruments

MultibankFX advertises that it offers access to more than 1,000 trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals and shares.

Account Types

MultibankFX claims to offer three types of trading accounts, namely Maximus, MultiBank Pro and ECN Pro. The minimum initial deposit amount is $50 for the Maximus account, while the other two account types have much higher minimum initial capital requirements of $1,000 and $5,000 respectively.

Leverage

The leverage offered by MultibankFX is capped at 1:500, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

MultibankFX claims that different account types can enjoy quite different spreads. Specifically, the spread on the Maximus account starts from 1.4 pips, the MultiBank Pro account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy raw spreads from 0.0 pips. These spreads are all below the industry average of 1.5 pips.

Trading Platform Available

Platforms available for trading at MultibankFX are said to be the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MultibankFX says to accept payments with credit cards like Visa and MasterCard, bank wire, Neteller and Skrill. The minimum initial deposit requirement is said to be only $50.

Bonuses & Fees

MultibankFX claims to offer all kinds of bonuses, covering the 100% bonus, the 20% bonus, Imperial bonus and Refer a Friend bonus. Just take the 20% bonus as an example: the minimum deposit required for it is $1,000. Clients who wish to withdraw $200 of their bonus must trade 80 lots for every $200 they wish to withdraw. Additionally, clients must complete the trading requirements within 90 days of receiving the bonus. Clients who fail to meet the deadline will only receive a percentage of the bonus.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

Also, the broker also charges an inactivity fee. If a trading account stays inactive for 3 months, a monthly fee of $60 will be charged. However, other licensed brokers give a grace period of 6 months or even 1 year.

Customer Support

MultibankFX‘s customer support can be reached by telephone: +44 203 953 8381 (English), +62 02129264151 (Indonesian), +351 304 500 657 (Portuguese), +400 120 8619 (Chinese), +49 69 257377474 (German), +1 833 291 1788 (French), +7 499 609 46 73 (Russian), +34 931 220 671 (Spanish), +84 28 44581652 (Vietnamese), email: cs@multibankfx.com, cncs@multibankfx.com, cs.mys@multibankfx.com. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram, YouTube and LinkedIn. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

ZFX Information

Zeal Group of Companies, often referred to collectively as the Zeal Group, is a conglomerate of fintech corporations and regulated financial institutions that trade under the name ZFX. The group specializes in providing liquidity solutions for various types of assets in regulated markets and is backed by exclusive technology. Furthermore, the Zeal Group operates globally, combining with their multi-asset specializations and regulatory frameworks, solidifies their position as a competitive player in the financial industry.

Pros & Cons

ZFX is a broker that offers several advantages and disadvantages to traders.

On the positive side, ZFX is a regulated broker, providing traders with demo accounts option, which is beneficial for beginner traders who want to practice their trading strategies before trading with real money. In addition, ZFX offers competitive trading conditions and low minimum deposit requirement through the popular MetaTrader4 trading platform.

On the negative side, no MT5 platform and no Islamic account option for Muslim traders. And ZFX doesn't reveal any info on deposits and withdrawals. Additionally, the broker does not provide services for residents of certain countries such as the United States of America, Brazil, Canada, Egypt, Iran, North Korea (Democratic People's Republic of Korea), and EU countries.

Is ZFX Legit?

ZFX is a regulated broker. Its company name is Zeal Capital Market (UK) Limited, and it is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the registration No. 768451. The FCA is one of the most reputable regulatory bodies in the world, and its strict regulations ensure that ZFX adheres to high standards of transparency and fairness.

ZFX's other entity, Zeal Capital Market (Seychelles) Limited, is authorized and offshore regulated by the Seychelles Financial Services Authority (FSA) under regulatory license number: SD027.

Additionally, ZFX ensures the safety of its clients' funds by keeping them fully segregated in a designated client bank account. This means that the clients' funds are kept separate from ZFX's operating funds. In the event that the company faces financial difficulties or becomes insolvent, the funds in these client accounts cannot be used to meet the liabilities of the company. This measure provides an added layer of security for ZFX clients, ensuring their capital cannot be used for any other purposes aside from their trading activities.

Market Instruments

ZFX provides a comprehensive range of market instruments, catering to diverse trading preferences and strategies. This includes major asset classes such as forex, where traders can engage in currency trading across major, minor, and exotic pairs. For those interested in the stock market, ZFX offers the ability to trade stocks from leading global companies, allowing traders to tap into corporate performance and stock market trends.

Additionally, ZFX includes indices trading, which aggregates the performance of a number of stocks representing a segment of the stock market, providing a broader market exposure. Commodities are also available, offering opportunities to trade in essential goods such as oil and gold, which are often used as hedge investments against inflation or currency devaluation.

Furthermore, ZFX has embraced the growing interest in digital currencies by including cryptocurrencies in their offerings, thus allowing traders to speculate on the highly volatile crypto markets. Overall, ZFX's diverse selection of trading instruments ensures that traders have ample opportunities to diversify their portfolios and explore various market dynamics.

Account Types

Apart from demo accounts, ZFX offers three types of trading accounts, namely Mini Trading, Standard Trading, and ECN Trading accounts. Each account has its own unique features and advantages, catering to different levels of traders with varying trading styles and preferences.

• Mini Trading Account: The Mini Trading account is designed for beginner traders who are new to the forex market. It requires a minimum deposit of $50 and offers the minimum FX spreads starting from 1.5 pips. The leverage is up to 1:2000, and the minimum trading size is 0.1 lots.
• Standard Trading Account: The Standard Trading account is designed for experienced traders who require a more comprehensive trading environment. It requires a minimum deposit of $200 and offers floating spreads starting from 1.3 pips. The leverage is up to 1:500, and the minimum trading size is 0.01 lots.
• ECN Trading Account: The ECN Trading account is designed for professional traders who require direct access to liquidity providers. It requires a minimum deposit of $1,000 and offers spreads starting from 0.2 pips (commission may apply). The leverage is up to 1:500, and the minimum trading size is 0.01 lots.

How to Open an Account?

Opening an account with ZFX is a simple and straightforward process that can be completed in just a few steps.

• First, navigate to the ZFX website and click on the “Open an Account”or 'Start Trading Now' button.

• You will then be prompted to fill out a registration form with your personal information, including your country of residence, name, surname, phone number, email address, password, and referral code (optional). Confirm that you have read 'Terms & Conditions' and then click the 'Register' button.

• Next, you will need to choose the account type that best suits your needs, whether it be a Mini Trading, Standard Trading, or ECN Trading account. Each account type has its own minimum deposit requirement, so be sure to check the details carefully before making your selection.
• Once you have completed the registration form and selected your account type, you will need to provide some additional documentation to verify your identity and address. This typically includes a copy of your passport or national ID card, as well as a recent utility bill or bank statement. Once your account has been approved, you will be able to fund it and start trading in the financial markets.

Leverage

The maximum leverage offered by ZFX is up to 1:2000 and the leverage amount may vary depending on the account type and trading instrument. Additionally, ZFX operates on a tiered margin system, where the leverage is determined based on account equity. For accounts with equity between $0 and $3,000, the maximum leverage is 1:2000. For equity between $3,001 and $10,000, the maximum leverage is 1:1000. More detailed info on leverage can be found in the screenshot below:

Spreads & Commissions

ZFX says it offers competitive spreads and commissions on its trading instruments.

For the Mini Trading account, the minimum spread for forex pairs is 1.5 pips. The Standard Trading account has a minimum spread of 1.3 pips for forex pairs. The ECN Trading account has a minimum spread of 0.2 pips for forex pairs. However, no specific info on commissions is revealed openly.

Trading Platforms

ZFX offers the popular trading platform MetaTrader 4 (MT4), which is widely recognized in the forex industry for its user-friendly interface and advanced trading tools. MT4 provides access to various order types, technical analysis tools, and customization options, making it suitable for both novice and experienced traders. In addition, ZFX offers mobile versions of the MT4 platform for both iOS and Android devices, enabling traders to access the markets from anywhere, at any time.

ZFX also provides a mobile application for its clients, ensuring they can trade on the go. This ZFX Mobile App offers access to all the major features of the trading platform and enables clients to manage their portfolio, place trades, and monitor the markets from their mobile device.

The mobile app can be a valuable tool for traders who need the flexibility to trade anywhere and anytime, while still having access to key functionalities of the platform. Before using the app, make sure it is downloaded from an official source like the App Store or Google Play to ensure security and authenticity.

Copy Trading

ZFX offers a Copy Trade feature, which is great news for both beginner and busy traders. Copy trading, also known as social trading, allows traders to automatically copy the trades of experienced and successful traders. This can help beginners to learn trading strategies from experienced traders, and help busy traders to automate their trading. By using the Copy Trade feature, you can potentially increase your chances of making profitable trades.

Education

ZFX is committed to providing an extensive educational framework to support both novice and experienced traders through their A-to-Z Academy, which offers comprehensive learning resources designed to master trading from the basics to advanced strategies. This initiative underscores ZFX's dedication to empowering its clients with the knowledge needed to navigate the financial markets confidently.

Additionally, ZFX enhances trader support with a 24/7 Help Center, serving as a constant trading support hub where traders can obtain assistance at any time.

The platform also features a detailed Glossary, which acts as a valuable dictionary for demystifying complex trading terminology, making the trading language more accessible to everyone.

Moreover, their FAQ section addresses common queries related to trading mechanics, account management, funding procedures, withdrawals, and specific product details.

Collectively, these educational resources equip ZFX traders with a solid foundation of knowledge and continuous support, facilitating a well-rounded and informed trading experience.

Customer Support

ZFX provides robust customer support with extensive availability and multiple communication channels to ensure that traders can receive assistance whenever needed. Operating hours extend throughout the week, with round-the-clock support from Monday to Friday and extended hours over the weekend from 07:30 AM to 02:00 AM the next day, accommodating traders across different time zones.

Traders can reach out via online chat for immediate responses, use the contact form for less urgent inquiries, or call directly through the phone number 400-8424-611 for personalized assistance. Additionally, ZFX can be contacted through email at cs@zfx.com for comprehensive support.

The broker also maintains a strong presence on several social media platforms including Facebook, Instagram, LinkedIn, and Twitter. This multi-faceted approach ensures that ZFX's clients receive timely and effective support, enhancing their trading experience.

Conclusion

Overall, ZFX is a reputable option for traders looking to access the financial markets. The broker's maximum trading leverage of 1:2000, based on account equity, is one of the highest in the industry and can provide traders with significant opportunities for profit. Additionally, competitive spreads and a choice of popular MT4 trading platforms further strengthen ZFX's position as a reliable broker.

Frequently Asked Questions (FAQs)