ZX Markets is a trading company that was established back in 2014. Since then, they were able to release more than a few misleading information about themselves and their operations, which has brought utter confusion among the clients and the watchdog websites. Namely, according to their official website they are operating from the UK. However, without the FCA licence, this is highly unlikely. Then, some other sources claim that the company is actually based in Seychelles. We were not able to determine what the truth is here.
However, we still created this ZX Markets review to help you uncover some of the lesser-known details about the company. We hope that we did our job well and that you can make a smart and valid trading strategy based on it.
Quality of Service
There are two types of trading platforms you can use here – the web-based and the mobile version. They are basically the same, just adjusted two different devices. However, there is still a clear lack of both MT4 and MT5 platform, which is a huge downside. As a result, the ZX Markets trading platform takes quite a while to load, not to mention that it doesn’t seem like it is regularly updated.
The platform offers around 100 tradeable assets. They include some stocks and currency pairs, as well as cryptos and commodities. Still, this is not particularly admirable selection, and the leverage is quite high at 1:100. When you click on each one of these assets, you will learn about the conditions that you will need to follow in order to trade them, such as the margin and the trading hours. Also, there is a handy chart that shows how the asset is performing on the market in real-time. These features, among others, were the reason why the ZX Markets platform won the Online Personal Wealth Awards in 2016.
Speed of Response
A friendly and helpful customer support team is the basis of any well-established trading company. When it comes to ZX Markets, this section is not the worst we’ve seen, but it could definitely use some improvements. For example, there are only two available options for contacting their agents – the email and the telephone number. There is no live-chat option, which is quite discouraging.
As a result of the lack of communication channels selection, the waiting times could go quite long for the response. In case you are not up to this, you could redirect to the Frequently Asked Questions page and try finding some answers here.
When it comes to the processing times for your deposit and withdrawal requests, they depend on many factors. First, you should note that all deposits are processed immediately, regardless of the amount. Then, the credit card processing times can vary depending on your bank’s policy, so you should check about that with their representatives.
At ZX Markets, the bank wire transfers take the longest to process – up to 7 business days. Credit cards are processed within 3 business days on average, while the e-wallets take up to 24 hours. We must say that this is quite long, considering that the e-wallets usually only need about a few minutes to get this done.
When it comes to commissions and fees at ZX Markets, we were glad to see that there are no hidden or inexplicable costs applied to any transactions. However, the only fee that you will need to pay is $20, and that applies to each transaction, regardless of the amount or the payment method.
ZX Markets claims to be a regulated trading company, but its place of business and origin is yet to be determined. Namely, the company is claiming on its website that it operates from the United Kingdom. However, since they do not own an FCA licence, this is highly suspicious.
Then, when we decided to research a bit further, we learned that the company’s official address is somewhere in Seychelles, which is a well-known off-shore area. So, what is the truth here?
Variety of Payment Options
There are not a lot of banking options that you can use to fund your account or make a withdrawal. There is the standard bank wire transfer option, as well as several credit and debit cards. However, the only option when it comes to e-wallets is Neteller. They could sure use some improvement in this area, as well.