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The United Kingdom’s Financial Conduct Authority has issued a warning against Zen Trade in October 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Zen Trade. Zen Trade is a platform that claims to offer low-cost trading, high leverage, fast execution, and access to a variety of markets, including forex, stocks, commodities, and cryptocurrencies. But is Zen Trade a legit broker or a scam? In this review, we will examine the features, pros and cons, and reputation of Zen Trade to help you decide if it is worth your time and money.
What is Zen Trade?
Zen Trade is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. According to its website, Zen Trade is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under license number 25369 BC 2019. However, this does not mean that Zen Trade is a reputable or safe broker, as the FSA is not a well-known or respected regulator in the industry. In fact, many scam brokers use offshore jurisdictions like St. Vincent and the Grenadines to avoid strict oversight and compliance requirements from more reputable regulators like the FCA in the UK or ASIC in Australia.
Zen Trade offers trading on four types of accounts: Basic, Standard, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the maximum leverage is 1:200. The spreads are variable and start from 2.8 pips for the EUR/USD pair. The Standard account requires a minimum deposit of $1,000 and offers a leverage of up to 1:400. The spreads are lower, starting from 2.5 pips for the EUR/USD pair. The Gold account requires a minimum deposit of $5,000 and offers a leverage of up to 1:500. The spreads are even lower, starting from 1.5 pips for the EUR/USD pair. The Platinum account requires a minimum deposit of $20,000 and offers a leverage of up to 1:1000. The spreads are the lowest, starting from 0.1 pips for the EUR/USD pair.
Zen Trade also offers a web-based trading platform that is compatible with any device and browser. The platform has a simple and user-friendly interface that allows traders to execute orders, manage their accounts, access market news, and use various technical analysis tools and indicators. However, Zen Trade does not offer the popular MetaTrader 4 or MetaTrader 5 platforms that are widely used by traders around the world for their advanced features and functionality.
Zen Trade claims to offer customer support 24/7 via phone, email, live chat, and social media. However, many online reviews suggest that Zen Trade’s customer service is poor and unresponsive. Some customers have reported that they have been unable to withdraw their funds from Zen Trade or that they have been pressured to deposit more money by aggressive account managers.
Is Zen Trade legit or scam?
Based on our research and analysis, we do not recommend trading with Zen Trade. There are several red flags that indicate that Zen Trade is not a legit or trustworthy broker:
- Zen Trade is based in an offshore jurisdiction that has little or no regulation or oversight of its financial activities.
- Zen Trade does not provide any information about its owners, managers, or employees on its website.
- Zen Trade does not offer the MetaTrader 4 or MetaTrader 5 platforms that are widely used and trusted by traders around the world.
- Zen Trade has received many negative reviews and complaints from customers who have experienced difficulties with withdrawals, deposits, customer service, and account management.
- Zen Trade does not have any affiliation or partnership with any reputable financial institutions or organizations.
Therefore, we advise you to avoid trading with Zen Trade and look for a more reliable and reputable online broker that has a proven track record of providing quality service and security to its customers.
What to Do If You’ve Lost Money with Zen Trade?
If you have been scammed by Zen Trade or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.