A United States regulator warning has been issued against Zenprofx in September 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Zenprofx. Zenprofx is a forex and CFD broker that claims to offer competitive trading conditions, advanced platforms, and excellent customer service. But are they really legit? Or are they just another scam that you should avoid? In this review, we will take a closer look at Zenprofx and see if they are worth your time and money.
What is Zenprofx?
Zenprofx is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. They offer trading in various instruments, such as forex, indices, commodities, stocks, and cryptocurrencies. They also provide access to different trading platforms, such as MetaTrader 4, MetaTrader 5, and their own web-based platform. According to their website, they have over 200,000 clients from more than 100 countries and process over 1 million transactions per day.
What are the advantages of Zenprofx?
- They offer a wide range of trading instruments, with over 250 assets to choose from.
- They have low spreads and commissions, starting from 0.1 pips for forex and 0.01% for CFDs.
- They have fast execution and no requotes, thanks to their STP (Straight Through Processing) technology.
- They have multiple deposit and withdrawal methods, including credit cards, e-wallets, bank transfers, and cryptocurrencies.
- They have a responsive and helpful customer support team, available 24/5 via phone, email, live chat, and social media.
- They have a comprehensive education center, with articles, videos, webinars, and ebooks for traders of all levels.
- They have various promotions and bonuses, such as a welcome bonus of up to 50%, a loyalty program, a referral program, and a cashback program.
What are the disadvantages of Zenprofx?
- They are not regulated by any reputable authority, which means they are not subject to any oversight or protection for their clients.
- They have a high minimum deposit requirement of $250, which might be too much for some traders.
- They have limited account types, with only two options: Standard and VIP.
- They have some hidden fees and charges, such as inactivity fees, withdrawal fees, conversion fees, and swap fees.
- They have some negative reviews and complaints from their clients online, mainly about their withdrawal issues, poor customer service, and false advertising.
Is Zenprofx legit or scam?
Based on our research and analysis, we cannot recommend Zenprofx as a legit broker. While they might have some attractive features and offers, they also have many red flags and risks that outweigh their benefits. The most concerning factor is their lack of regulation, which means they are operating illegally and can disappear with your money at any time. Moreover, they have a poor reputation among their clients and the online community, with many reports of scamming and cheating. Therefore, we advise you to stay away from Zenprofx and look for a more reputable and regulated broker instead.
What to Do If You’ve Lost Money with Zenprofx?
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