ZX Markets claims to be based in the UK, which would mean that it is licenced and regulated by the Financial Services Authority (FCA). This regulatory body is one of the strongest and strictest in the trading industry. For this country especially, you would have to follow the regulatory frames that are quite harsh, which is necessary for their clients to feel safe and at home. That’s why the United Kingdom is considered as one of the toughest countries to even try to develop a brand since it will most likely be shut down by the FCA on the first sign of trouble.
This, however, is a good thing for us as clients. This way they are preventing the damage which could be made to us by scamming brokers who are just trying to steal some easy money from the clients. FCA is making sure that never happens, which is why they are putting a close watch to all the brokers attempting to provide trading services in the UK.
Sounds good, right? However, we should emphasize right away that although ZX Markets are claiming that it holds a licence by this regulatory authority, there is no proof to it. When you dig deeper into their website you will notice the mention of Seychelles a few times, which is a well-known off-shore area for the broker companies that wish to evade the strict rules of the industry. The company is owned by a private subsidiary called Global Investment House Limited. There isn’t any clear information on the company anywhere online, which should be a red flag for the clients, especially considering that this company is listed in Kuwait. So, which one is it, ZX Markets? The UK, Seychelles or Kuwait?
Platform and Execution SCORE: 14%
Suitable to the brand’s name, there are two types of trading platforms that have similar names - the xWeb and the xMobile platform. But, do not get fooled. When you actually take a deeper look into it, you will notice that their platform is a simple web-based one and that it does not offer a lot of benefits and options for the clients, which is a real shame. With web-based platforms, you can never know for sure what you’re in for. There is no software that would guarantee you safety or smooth execution, not to mention that there are many important features lacking altogether.
The website also claims that the trading platform has received an award for the best trading platform is 2016 by the Online Personal Wealth Awards. Still, it seems that in those 4 years the company was not able to follow the latest trends and get acquainted with the evolving features of the trading market. As a result, their clients are stripped of many possibilities and advantages.
There are around 100 tradeable assets available on the platform, including CFDs and currency pairs. However, we should note that you will find that out only after you’ve already created an account - not before. This is quite shady and unnecessary since the clients are mostly put off by it.
Withdrawal Speed SCORE: 36%
ZX Markets claims that they are always trying to improve their operations when it comes to processing your deposit and withdrawal requests. And that is true to an extent - there is quite a lot of payment options to choose from on their platform. First, there is the traditional way of using your credit or debit card to fund your account. The speed of processing your request in this case mainly depends on your bank’s policy, so you should check about that with them.
Then there is the bank wire transfer, but it is only available in certain regions. The website claims that this option is quite popular with the clients who have larger amounts to the deposit or withdraw from their accounts. This option takes a bit longer to process, as well.
And finally, when it comes to e-wallets, there is the option of Neteller. Neteller is a widely popular online banking option, which is particularly useful when trading cryptocurrencies and other high-tech assets that require fast times of processing. Neteller is quite popular with the European clients, as well as the Asian region, at least according to the website.
However, when it comes to the speed of processing your withdrawal request, that could take up to 7 business days. That is quite a lot from such a serious platform. This is especially strange since the e-wallets take around a few minutes to process. On the other hand, if you wish to deposit your money, that request will be processed immediately. You will also be charged a $20 fee for your withdrawal on any amount, which is quite a lot.
Support and Assistance SCORE: 24%
The customer support team at ZX Markets is quite friendly and approachable. You can contact them via e-mail or by calling them on the phone. There is also the option of filling out the form directly on the website, which is similar to the e-mail option, as we can gather from what we see.
However, one major downside is that there is no live chat option. This type of communication is easiest to the majority of clients, so it is discouraging that ZX Markets hasn’t thought of introducing it. As a result, you would have to wait a couple of days to receive a reply from them via e-mail, which is not promising.
Education and Tools SCORE: 41%
The educational section at the ZX Markets is not particularly admirable. You can find it under the tab marked Trading tools, which is not the most obvious choice when you are looking for information regarding education about trading. Within this section, there is the economic calendar, which shows you what are the latest events in the financial world that you should pay attention to. They can gravely affect your trading day, which is why it would be useful to learn about them.
There is also an interesting section called Forex School. Here you can find useful articles and tutorials about the basics of trading, as well as some advanced information about market analysis. However, this section does not provide enough or regularly updated articles, which is another downside to the company.