More information about Zenfinex
This review looks at Zenfinex, a London-based metals, commodities, and indices brokerage firm. The broker has a lot to offer, including ultra-low spreads, social trading, and MT4 analysis tools.
Zenfinex is a well-known brokerage firm based in London’s Mayfair district. The FCA regulates Nick Cook’s company, which he founded in 2017. The company’s customer base has expanded rapidly, and it now includes customers from Europe, Asia, Australasia, South America, and Africa.
An FX and CFD provider’s ethos is to act as a broker for traders: “Our goal is to create an optimal trading environment that gives traders the best chance to succeed.”
Zenfinex trading platforms
MT4, widely recognized as the leading forex trading platform, is available to traders of all skill levels. With over 15 years of experience and millions of clients, MT4’s reputation is built on key characteristics, including:
- Trading history
- One click trading
- Multiple execution modes
- Automated trading via API
- Innovative interactive charts
- Complex analytical functions
- 30 customizable technical indicators
- Several timeframes, from one minute to a month.
FIX is a globally used messaging standard designed to connect market participants. The solution enables high frequency strategies with real-time global trades. The terminal offers:
- FIX version 4.4
- Stock CFD liquidity
- Institutional liquidity STP FX
- Bets go up, not count.
- Global transactions in real time
- Relationship between providers of foreign exchange liquidity
Zenfinex offers a wide range of tools:
- Forex – 50+ currency pairs
- The metals are gold, silver, palladium and platinum.
- Commodities – Brent oil and WTI.
- Indices – major global indices including the FTSE 100 and S&P 500.
Spreads and commission
Trading fees at Zenfinex are reasonable and vary by account. On the standard account, all commissions are built into the spreads, so there are no additional commission fees. With a commission of $ 8 / € 7 / £ 6 per lot, the Pro option offers competitive spreads. Finally, VIP offers low spreads and commissions of $ 6 / € 5 / £ 4.5 per lot.
Typical spreads for major currency pairs:
- EUR / USD – Standard: 1.1, Pro: 0.1
- GBP / USD – Standard: 1.3, Pro: 0.3
- USD / CHF – Standard: 1.1, Pro: 0.4
- USD / JPY – Standard: 1.1, Pro: 0.2
Typical Index Spreads:
- FTSE 100 – 2.0 pips
- Dow Jones – 2.5 points
- S&P – 0.6 points
Leverage is capped at 1:30 for FCA-regulated brokerages. Rates vary by account, and the maximum leverage outside of Europe rises to 1: 400.
- Mini – Forex and CFD leverage until 1:30
- Standard – Forex and CFD leverage up to 1:30
- Pro – Forex and CFD leverage up to 1: 100
ZenConnect is a fully functional app for Apple and Android devices. The application is simple to use, allowing the user to communicate and copy transactions with ease. The application is suitable for traders of all skill levels, and registration is simple. The Zenfinex team also assesses you to ensure that you are comfortable and provides you with recommendations based on your trading abilities.
This app combines the MT4 platform with Zenfinex’s proprietary Straight Through Processing (STP) execution model to create a social media trading terminal. We looked at an app that was well-designed, had a quick login process, and was simple to operate.
Key features include:
- In-depth market analysis
- Clean and functional design.
- Profit from people copying your trades
- Discuss and copy deals with the Zenfinex community.
Deposits and withdrawals
There are several payment methods available on the Zenfinex website. There are no deposit fees and there is a minimum payment of $ 50.
Deposits can be made in the following ways:
- Bank Transfer (SWIFT, CHAPS, BACS, SEPA)
Customers can make withdrawals through the myZen customer portal. Debit and credit cards are free, but additional wire / wire transfer fees may apply. Withdrawal rates vary, and requests are usually processed within 1-2 business days. Refunds to your bank account can take a few days, or up to five days for international transfers. There are a variety of output options available:
- Credit or debit card
- SEPA (EU accounts)
- BACS (GBP account)
- Bank transfers
Zenfinex demo account review
Zenfinex provides a demo account with a USD 10,000 virtual starting balance. This app can be used on all platforms, including the ZenConnect app, to simulate real market conditions. It’s the ideal tool for zero-risk trading practise and trial strategies, thanks to a variety of training features.
Zenfinex Limited is an FCA-licensed company, and Zenfinex Global is SVGFSA-registered. The Financial Conduct Authority is widely regarded as one of the most stringent financial regulators in the world. This is a good sign that they care about protecting their customers’ money and not manipulating market prices.
Account segregation is another feature. Customers’ accounts are kept separate from Zenfinex’s working capital in this way. External and internal auditors check and monitor the activities on a regular basis. Customer funds are also protected by the FSCS because we are regulated by the FCA. This safeguards up to £85,000 in capital.
Additional features of Zenfinex
Zenfinex is well-known in the educational community. Everything Trading accepted the company as a partner. They offer a free 37-lesson course for beginners as part of a partnership. You’ll also have access to three advanced courses once you start trading in real time.
A second collaboration with KenFXFreak was recently announced, providing community members with access to traders, courses, webinars, and more. The Zenfinex website has a content graph to keep you up to date.
Every week, they publish several articles on their websites, including the most recent news and regular market analysis. Articles by Connor Woods, the broker’s head of sales support, Ken Chigbo, and MacroZen are among them. How-to guides are also available to assist users in navigating their services.
There are three account levels available to suit traders of all experience levels and needs. All accounts come with 50+ currency pairs, indices, and commodities to trade:
- Standard – a minimum deposit of £ 50 / US $ 50 / € 50 is required to open an account. With no transaction fees and commissions included in retail spreads, the account is ideal for new traders.
- Pro – A standard account requires a minimum deposit of £ 2,500, $ 2,500, or € 2,500. The STP Zenfinex model allows for low forex commission rates of $ 8 per lot. Large traders can benefit from lower commissions.
A minimum deposit of £ 10,000 / $ 10,000 / € 10,000 is required for a VIP account. Institutional spreads are available, with a lower commission of $ 6 per liter.