Zulu Trade is one of the pioneer social trading platforms, founded back in 2007. You would think that this would add up to its legitimacy - which was my first thought, too. Later on, however, I noticed that the pushy brokers that were somehow able to reach me in the middle of the night were just that - pushy, exhausting, and hungry for money. My money, that is.
And I gotta say, it takes a sharp eye to notice how the Zulu Trade scam works. Since they have years of experience with fraudulent activities, it is no surprise how many of the clients actually fall for their scams each day. It is daunting to me how Zulu Trade was able to pull off this fraud for 13 years, let alone how they are still not shut down and banned from ever trading again.
Platform and Execution SCORE: 32%
The most important thing to know is that Zulu Trade isn’t actually a broker. Yes, you’ve read it right! Namely, the basic of the Zulu Trade scam is that this company serves as a bridge between you and other partner brokers. This really puts things in perspective, huh? That’s when I realized how Zulu Trade gets away with this fraud - they only connect you with a broker that will then guide you through different trading platforms and assets, while collecting a huge amount of money for those “services”.
Zulu Trade basically serves as an unnecessary middle man that overcharges for doing next to nothing. It is astonishing to me how this company is still up and running, but what do I know? I can only hope they will get shut down any minute now, so other traders won’t fall for the same tricks and scams so many of us did.
Withdrawal Speed SCORE: 26%
Considering that Zulu Trade has almost nothing to do with your trading activities, it is astounding how fast they take your money. A lot of it actually goes to their commission and other fees, so when the funds finally reach your account, you will notice that mostly half of it is lacking. What a shocker, right?
Then, when you request to withdraw your money, tough luck! Suddenly, the situation changes completely, and Zulu Trade acts as if they are not responsible for this part. Rather, they shift all of the responsibility to the partner trader they connected you with, claiming it is out of their hands and that their job was basically done a few steps back in this process.
Another thing that popped my eye is the percentage of traders that lose with this broker daily. Considering that Zulu Trade isn’t actually a broker but a middle man, as I mentioned before, I simply cannot understand how they are able to contribute to an 89% loss on a daily basis.
Support and Assistance SCORE: 11%
What Zulu Trade fails to tell you when you first think of starting an account with them is that they severely lack in the customer support and assistance department. This is another one of their attempts to transfer responsibility to other parties ie. their broker partners. In essence, they do not want to deal with us. Rather, they just expect you to contact the broker you were initially connected with, so they can deal with your issue. As you might have gathered by reading this - Zulu Trade simply doesn’t care.
Education and Tools SCORE: 17%
The educational page for this so-called “broker partner” is severely lacking in basic information. And where there is information - the pages mostly look like they were just copied from Wikipedia. Disgraceful!
You can find some basic terms explained such as social trading and even copy trading - where you basically choose the trader whose performance on the market you like, and then the automated system will simply copy their steps in trading. This sounds pretty risky and damaging to me, so I would recommend you to steer clear of this option and this company entirely.