ZX Markets is a trading company that has quite a lot of suspicious information about it. For example, the year of establishment is unknown, while the origin differentiates depending on who you ask. According to some sources, this company is based in the UK. However, considering that it doesn’t own an FCA licence, it is unclear who this is possible. Then, during our research, we also learned that the company is actually based on Seychelles and that they operate under its domestic licence. It is still unclear to us which one of these facts is accurate.
So far, ZX Market was able to acquire an admirable number of clients worldwide. We created this ZX Markets review to try and help you make a difference between a reliable broker and a misleading one. Which group does the ZX Markets fall to? Keep reading to find out.
Quality of Service
ZX Markets has provided two types of trading platforms for its clients. Suitable to the brand name, those are the xWeb and the xMobile platform. However, through deeper research, we have learned that these platforms are not even MT4 or MT5, which is a huge downside for the clients. There is no guarantee of a smooth execution or fast transaction times, which is another major lack for the users.
Despite all of this, the company has received an award for the best trading platform by the Online Personal Wealth Awards in 2016. However, the platform does not seem to have changed that much since then, with a lot of new things and features missing completely. There are around 100 assets in total that you can trade here, with the leverage of 1:100.
Speed of Response
The customer support team at ZX Markets is easy to reach via e-mail or by using the telephone number. We were lucky to get in contact with them right away, and they were quite friendly and knowledgeable, too. Still, the biggest downside is the fact that there is no live chat option. This is quite discouraging. Also, you may have some luck finding your answers on the Frequently Asked Questions page.
While the depositing process is as simple as you would imagine with instant processing, the withdrawal requests take a while to be finished. Namely, the bank wire transfer option takes the longest which is not strange – up to 7 business days. Then, there are the credit cards which take a bit longer, up to 3 business days. Finally, the e-wallets are processed within 24 hours, which is great.
The downside with ZX Markets regarding this section is the fact that there is a $20 fee applied to all your withdrawal requests, regardless of the amount. This is not a great business practice at all. Also, you will have to dig quite deep in order to even learn about this.
As we mentioned already, the information regarding the regulation and licencing of the ZX Markets company is quite misleading. On one hand, they claim to operate in the UK. However, considering that they do not own a licence by the Financial Conduct Authority, this is not possible. Also, their website does not list ZX Markets as a regulated brand anywhere.
On the other hand, some watchdog websites have released entirely different information based on their findings – that the company is actually based in Seychelles and operates by its licence. It is still unclear which one of these is true, but it is definitely a red flag in our book.
Variety of Payment Options
The selection of banking options at ZX Markets is not particularly admirable. There is the bank wire transfer, but it takes a while to process, as well as the credit and debit card option which is also quite popular. However, there is only one option among e-wallets, which is discouraging. Namely, you can only use Neteller for your deposits and withdrawals.
Also, you are advised to use the same payment option to make a deposit and the withdrawal. This is just a safety precaution, as well as a way to speed up the processing of your transaction.