Review of FX broker Zero Markets – Can it be trusted?
Over the last few decades, Forex trading has grown a lot. Today, there are many Forex brokers who offer unlimited services to people around the world, but, at the same time, the risks are very high. Today, it has become very hard for traders to tell whether a broker can be trusted, which creates many problems for investors. It is becoming very hard for people to find trustworthy Forex brokers, and the market today has become a place full of scam companies.
We have prepared a review of Zero Markets FX broker, which is a fairly newly established company, located in Australia. This Forex broker claims to be a safe investment option for people around the world, but while working on this review, we found that this company actually has a number of problems. To make sure that you and your funds stay safe, we encourage you to read our detailed review.
Who regulates Zero Markets?
According to the information provided by this Forex broker, it owns a license from Australia’s main regulatory agency, Australian Securities and Investments Commission. Generally, this regulatory agency is considered to be a safe one, but if we look at the offerings of this Forex broker, it is very easy to see that it does not follow every regulatory guideline set out by ASIC.
Firstly, the broker claims that it keeps the funds of the investors on segregated bank accounts, which is a good thing, but the thing is that it does not offer investors negative balance protection. This type of protection is of utmost importance, especially when you are trading with high leverage.
The leverage at Zero Markets can get as high as 1:500, which is a huge number. Trading with such high leverage can be very dangerous for investors. It is especially risky to trade with high leverage if you are new to the Forex market. Mostly, newcomers don’t really understand everything behind leverage and they trade with high leverage. In this case, if anything goes wrong, investors might lose more than they have deposited on their account in the first place.
Our review of Zero Markets shows that this broker does not offer any safety measures for these situations. So, because of this, we would recommend every reader of our review to avoid using this Forex broker. Forex trading is generally a very risky market, because of which, you should make sure that you are doing everything to stay safe, and sadly, this broker can not offer you enough tools for safety.
What are the trading offerings of Zero Markets?
According to the information provided by the broker, there are more than 10,000 trading assets available for investors. However, as we have checked, most of the markets are very hard to access and it might be a huge challenge for investors. The most popular markets around the world are Forex trading, Zero Markets said that it offers 45 currency pairs. According to Zero Markets, you can trade the following assets:
- Precious Metals
However, the thing that is very interesting about this Forex broker is that they claim to not have any commissions and fees. Also, the spreads are very low, standing at zero or 0.1. According to our Zero Markets review, this is a very unrealistic thing, which once again leads us to believe that this Forex broker is trying to attract as many people to their platform as they can.
The thing about Forex brokers is that they need some type of income, which, in most cases, are the fees and commissions. Since this broker is claiming that they are not charging any fees and commissions, it means that they are getting their income from some other way, which, mostly is by scamming people.
No educational material is available at Zero Markets
There are many things that are very questionable about this broker, and one of the things that made us further believe that Zero Markets is a scam is the fact that this Forex broker does not offer any type of educational material to its users. According to the regulatory guidelines of some of the top-tier agencies, the brokers are required to offer their clients educational material.
In the world of Forex, one of the most important things is for investors to be able to get as much information about the ongoing events on the market as they can. The thing is, the Forex market is changing every moment, and if you do not have enough information about the ongoing events, you will end up having a very hard time making decisions.
This Forex broker does not offer any educational material, which is another reason for us to believe that Zero Markets is a scam company.
Trading Platforms of Zero Markets
Our review of Zero Markets shows that this broker offers several trading platforms, such as MetaTrader 4, MetaTrader 5, WebTrader, and mobile application as well. The thing is, MT4 and MT5 are known to be some of the most used platforms around the world, and they offer access to a huge trading market. But, somehow, this does not work well with this broker at all.
The mobile application, which should make trading easier for investors, is basically useless. After trying it out on our own, we could not use it for anything. It was very hard to go around the application and find the things that we needed.
Website and the Customer Support team
The website of Zero Markets is full of unnecessary information, which makes it very hard for investors to find the information that they need. Over the process of the review, we could not find most of the information on the website. The way it looks is also very weird, the design is very bad, and trying to go through the information is almost impossible.
While reviewing this Forex broker, we have decided to test out everything on our own. One thing that we focused the most was the customer support team. While checking it out on our own, we found that, sadly, this is not helpful at all. All of our questions were answered by simply saying to check the information on the website. Also, it took a very long time to connect with the customer support team and their answers looked like something that was previously prepared especially for this reason.
Is Zero Markets a scam Forex broker?
As our review shows, this Forex broker can not be trusted. We came across many problematic things about this Forex broker, because of which, we think that everyone should avoid it. Although the company tries to tell people that their services are safe, we could not find anything that would make us believe that this broker is trustworthy.
So, avoid using this Forex broker at all costs.