Zenfinex Review 2021

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Zenfinex Facts & Figures

Zenfinex is a UK-headquartered broker offering social trading, low fees and MT4.

InstrumentsForex, CFDs, indices, commodities
Demo AccountYes
Min. Deposit$50
Payment MethodsCredit Card, Mastercard, Neteller, Skrill, Swift, Visa, Wire Transfer
Min. Trade0.01 lots
Regulated ByFCA, SVGFSA
MetaTrader 4Yes
MetaTrader 5Yes
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsYes
Margin TradingNo
Auto TradingYes
Social TradingYes
Copy TradingYes
Trade SignalsYes
Islamic AccountNo
CFD
Leveraged contracts for difference are available on multiple financial markets.
FTSE Spread2.0
GBPUSD Spread0.3
Oil Spread0.05
Stocks SpreadN/A
Leverage1:30 UK, 1:400
Forex

Ultra competitive spreads are available on forex pairs at Zenfinex.

GBPUSD Spread0.3
EURUSD Spread0.1
EURGBP Spread0.3
Assets50+
Risk Warning – Your capital is at risk

This review examines Zenfinex, a London-based forex, metals, commodities and indices brokerage. With ultra-low spreads, social trading and MT4 analysis tools, the broker has a lot to offer. We break down the MT4 platform, its product range and more, to help you decide whether to open a live account with Zenfinex.

Zenfinex Details

Zenfinex is a globally recognised brokerage headquartered in Mayfair, London. Nick Cooke founded the company in 2017 which is regulated by the FCA. The client base has grown rapidly, now spanning Europe, Asia, Australasia, South America and Africa.

The FX and CFD provider’s ethos is to be a brokerage for traders, by traders – “Our aim is to deliver an optimal trading environment that gives traders the best opportunity to succeed.”

Trading Platforms

MetaTrader 4

Widely regarded as the leading forex trading platform, MT4 is accessible to traders of varying proficiency. With over 15 years of experience and millions of clients, MT4’s reputation is grounded on key features which include:

Zenfinex trading platform
Zenfinex MetaTrader 4

FIX API

FIX is a messaging standard used globally, aimed at connecting market participants. The solution makes high-frequency strategies possible, with real-time global trades. The terminal offers:

Zenfinex FIX API trading
Zenfinex FIX API platform

Markets

A wide range of instruments are offered by Zenfinex:

It is worth noting that compared to major competitors, there isn’t a huge number of instruments to trade with.

Spreads & Commission

Zenfinex offers reasonable trading fees which vary between accounts. All fees are built into spreads on the Standard account, meaning no extra commission costs. The Pro option offers competitive spreads with $8/€7/£6 commission per lot. Finally, VIP boasts competitive spreads with a commission of $6/€5/£4.5 per lot.

Typical spreads across major FX pairs:

Typical spreads across indices:

Zenfinex Leverage

As an FCA-regulated brokerage, leverage is capped at 1:30. Rates vary across accounts and outside Europe the maximum leverage rises to 1:400.

Mobile Trading

A fully functioning ZenConnect app is available on Apple and Android devices. The application is easy to navigate, enabling the user to socialise and to copy trades effortlessly. Registration is simple and the app itself is suitable for traders of varying skill levels. The Zenfinex team also check-in to ensure you are comfortable, advising you depending on your trading ability.

Zenfinex mobile trading app
Zenfinex app

This app is a social trading terminal, combining the MT4 platform with Zenfinex’s own Straight Through Processing (STP) execution model. We tested the application, which was well designed, had a fast login process and was simple to use.

Key features include:

Deposits & Withdrawals

There are several means of payment that can be found on the Zenfinex website. There are no fees for making deposits and the minimum payment is $50.

Deposits can be made via the following options:

Withdrawals can be made via the myZen client portal. There is no fee for debit and credit cards but there may be an additional cost for bank transfer/wires. Withdrawal speeds vary, with requests processed within 1-2 days. It can take several days to make it back to your bank account and up to five for international transfers. The withdrawal options are as follows:

Demo Account Review

Zenfinex offers a demo account that comes with a $10,000 virtual opening balance. This simulates real market conditions and can be used on all platforms, including the ZenConnect app. Coupled with the range of educational features, this is a perfect tool to practice trading and trial strategies with zero risk.

Zenfinex Bonuses

There are currently no bonuses in action on the Zenfinex website. That said, they have been known to run promotional deals, including zero commission schemes. Check their website for upcoming offers and terms and conditions.

Regulation

Zenfinex Limited holds a license with the FCA and Zenfinex Global is registered with the SVGFSA. The Financial Conduct Authority is widely regarded as one of the more stringent financial regulators. This is a good indicator that they are committed to keeping client money safe and not manipulating market prices.

Other features include account segregation. This means client accounts are kept separate from Zenfinex’s operating capital. External and internal auditors regularly review and monitor activity. As an FCA regulated organisation, client funds are also protected by the FSCS. This protects capital up to £85,000.

Additional Features

Zenfinex has a solid educational presence. The company has partnered with Everything Trading. They offer a free, 37 lesson, beginners forex course as part of the partnership. Further to this, three advanced courses can be accessed once you start live trading.

A second partnership with KenFXFreak was recently initiated, offering admittance to a community of traders, courses, webinars and more. A content schedule is available on the Zenfinex website to keep you informed.

Multiple items are published on their website every week, incorporating breaking news and regular market analysis. These include articles from the broker’s sales support executive, Connor Woods, Ken Chigbo and MacroZen. Other areas include practical tutorials, assisting the user in navigating their services.

Trading Accounts

There are three account levels that cater to traders of all levels and requirements. All accounts open with access to 50+ forex pairs, indices and commodities:

Benefits

Drawbacks

Trading Hours

Zenfinex operates during standard market hours. The broker’s website provides detailed trading hours for each instrument.

Customer Support

Customer support is a strength of Zenfinex. A follow up came shortly after downloading the ZenConnect app, offering technical support and advice based on trading experience. Educational resources were sent via email soon after the call.

The support team is available 24/5 via telephone, email and live chat. The live chat can be found on the Zenfinex website. The staff are multilingual and can take care of issues in real-time. Alternatively, a support ticket can be left outside of hours.

It’s also worth checking the FAQ section on the company website as they comprehensively cover a broad range of issues.

Security

We are confident Zenfinex is a trustworthy broker. Full website terms and conditions are available on the legal documents area of the website. These include a detailed privacy policy, cookie policy and more. Strict regulatory oversight and transparency protect the client. The MetaTrader 4 platform also offers industry-standard login protocols.

Zenfinex Verdict

Despite Zenfinex’s fairly recent establishment, they are a fast-growing company. Operating with a solid variety of tools to trade, the firm is quickly becoming a reputable brokerage. Varying account types make it possible to trade regardless of the client’s ability, from beginner through to expert traders. Educational resources and social trading reinforce their ethos as a company for traders by traders.

Accepted Countries

Zenfinex accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Zenfinex from United States.

Alternatives to Zenfinex

If you are looking for alternatives to Zenfinex we have compiled a list of the top 5 brokers that are similar to Zenfinex below. This list of brokers like Zenfinex is in order of similarity and only includes companies that accept traders from your location.

  1. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
  2. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  3. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  4. ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
  5. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

FAQ

Where is Zenfinex regulated?

Zenfinex Limited is a UK registered company, regulated by the Financial Conduct Authority. Zenfinex Global is registered with the Financial Services Authority in Saint Vincent and the Grenadines.

Does Zenfinex offer a demo account?

A demo account is available with Zenfinex, an opportunity to practice trading in real-life conditions on the ZenConnect app and MT4 platforms. The account is simple to open and comes with a $10,000 opening balance.

How much capital do I need to trade with this broker?

The minimum deposit at Zenfinex is $50/£50/€50. Low deposit options make the broker accessible for traders of all abilities.

Does Zenfinex offer mobile trading?

Zenfinex does offer mobile trading, via the MetaTrader terminal and the ZenConnect platform. ZenConnect is a well-designed social trading app, combining the Zenfinex STP model and MetaTrader 4.

Is Zenfinex a good broker?

Zenfinex is a solid up-and-coming company. The brokerage boasts competitive fees, well-functioning platforms and is regulated by the FCA, a leading financial regulator.

Zenfinex is a UK-headquartered broker offering social trading, low fees and MT4.

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