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Contract reading

What Z Forex legally published, but does not want you to read

Every clause below is published by Z Forex itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Z Forex Capital Market LLC

sole discretionwithdrawalsbonus lockconflict disclosuredeemed acceptanceforum waiverhidden feejurisdictionkyc freezeleverage change

zForex promises guaranteed same-day withdrawals on its homepage. The contract says three business days, usually, and only if six conditions are met. Its Arabic, Spanish and Indonesian client agreements are all the same English file. Bonus money can be taken back without telling you, and the contract names a different regulator than the licence page does.

Back to Z Forex

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
26
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 20 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning10
Notice3

section 24 of 37is where the deepest clause sits, 65% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical3 working daysWithdrawal limit. Jump to the clause this comes from.Guaranteed same-day on the homepage, three business days in the contractCritical3In the contract. Jump to the clause this comes from.Three localised legal pages, one English contractCritical30%Bonus requirement. Jump to the clause this comes from.Bonus funds can be removed without telling you7%Fee you were not shown. Jump to the clause this comes from.Deposit fees to 7% under a promise of zero commission

What the documents say

20 clauses worth knowing about, worst first, each quoted from Z Forex's own files

01

zForex promises guaranteed same-day withdrawals on its homepage. The contract you sign says your money moves "usually within three (3) business days", and only if six separate conditions are met.

Why this matters

Nothing in clause 1.10 gives you a deadline you can hold zForex to. The word "usually" is not a promise, and clause 1.24 lets zForex halt your withdrawal if it judges a transaction potentially harmful to itself.

Exhibit 1CriticalHarder than usual3 working days

Upon receipt of a withdrawal request from the Client, the Company will process the transaction promptly, usually within three (3) business days, provided the following conditions are met:
Clause 1.10 in Deposits and Withdrawals To/From the Client Account, p.2
Read from the broker's site on Open the reference

What it costsA request made on a Friday with all six conditions met can be paid the following Wednesday. The homepage told you it would land that same Friday.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must handle a retail client's withdrawal request promptly and cannot advertise a payout speed their terms do not support. This contract advertises same-day and commits to three business days at best, subject to six conditions and a right to halt.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 12The same discretion that halts a withdrawal can suspend the account it would have been paid from.
02

Download the client agreement from zForex's Arabic, Spanish or Indonesian legal pages and you get the same English document. Each page describes it in your own language. None of the three files is translated.

Why this matters

You are agreeing to terms you may not be able to read. The agreement says the English text is the one that binds you and any translation is for informational purposes only.

Exhibit 2CriticalRarely seen3

In the event of any translation of a document into another language, the English version shall prevail, and the translated version shall be for informational purposes only.
Clause 2.5 in Customer Agreement (served from the Arabic legal documents page), p.1
Read from the broker's site on Open the reference
Our own capture of zforex.com, taken on Sep 16, 2026The claim, on Arabic legal documents page, panel headed وصول عالمي، دعم محليThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Our readingPlenty of brokers publish an English-only contract. zForex goes further: it builds a separate legal documents page per language, writes a description of the client agreement in that language, and serves a differently named file behind each Download button. The three files are the same English text, so the localisation stops exactly where the binding words begin.

  • Worse together with Exhibit 20A contract you cannot read is enforced only in a court on the other side of the world from the people it was marketed to.
03

zForex advertises a 30% first deposit bonus and calls its bonuses fully tradable. The bonus terms let zForex take those funds back out of your account without informing you, at any time, at its own discretion.

Why this matters

The bonus counts as margin while your trades are open. If zForex removes it, the client agreement lets it close your positions because the account no longer holds enough funds.

Exhibit 3CriticalHarder than usual30%

The Company has the authority to subtract Credit/Bonus funds from the Trading Account without informing the Client. This can be done at any time, at the Company's sole discretion.
Clause 2.1 in Credit/Bonus Terms and Conditions, p.3
Read from the broker's site on Open the reference

What it costsA $1,000 deposit with a 30% bonus gives you $1,300 of margin. Remove the $300 while a trade is open and the position is short of margin at the moment it is judged.

  • Worse together with Exhibit 10Removing the bonus creates the margin shortfall that clause 9.2 then uses as grounds to liquidate the open trades.
04

The contract you sign names the Saint Vincent and the Grenadines Financial Services Authority as zForex's regulator. The licence page on the same website names a different body, the Mwali International Services Authority in the Comoros.

Why this matters

Your protections in the agreement are built on rules zForex does not claim anywhere on its site to be bound by. The agreement even says those rules win where they conflict with the contract.

Exhibit 4CriticalRarely seen

Z Forex may adjust your leverage limits, liquidation levels, margin requirements, and ticket (trade) sizes as required by its regulator, the Saint Vincent and the Grenadines Financial Services Authority ("FSA"), and license conditions.
Clause 5.4 in Customer Agreement, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must identify in the client agreement the regulator that authorises them, so a client can look the firm up on that regulator's public register. This agreement names the Saint Vincent authority and the licence page names the Comoros one.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingOffshore brokers commonly hold a thin licence. What is unusual here is that the binding contract and the marketing page point at two different authorities in two different countries, and the contract builds its liability, best execution and margin clauses on the one the site never claims.

05

zForex takes the other side of your trades. Its best execution policy says the company is the counterparty to all transactions and not as an agent of the client. The client agreement tells you the opposite.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

When zForex is your counterparty, your loss is its gain. The two documents you agree to disagree on this, so neither one tells you reliably who you are trading against.

Exhibit 5CriticalHarder than usual

All orders are executed through a direct agreement with Z Forex. The Company acts as a counterparty to all transactions and acts as the principal party and not as an agent of the client.
Clause 1.6 in Best Execution Policy, p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client clearly whether the firm deals on its own account against them, and must not describe the same relationship two different ways across documents. Here one document says agent and another says counterparty to all transactions.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6The one document that would settle which description is true is the conflicts policy, and it is not published.
06

Depositing through zForex's payment partners costs up to 7.0%, and 6.0% in most Gulf currencies. The same page says the company charges 0 commission for deposits and withdrawals.

Why this matters

The fee comes out of the money you send, so you start trading behind. The contract lets zForex take these charges straight from your account balance.

Exhibit 7WarningHarder than usual7%

To make trading accessible, our company charges 0 commission for deposits and withdrawals.
Quoted in Deposit & Withdrawal
Read from the broker's site on Open the reference

What it costsA $1,000 deposit charged at 7.0% reaches your trading account as $930. The $70 is gone before your first trade.

One account's loss can be taken from another account

Clause 6.6 lets zForex take a loss on one of your accounts out of the positive balance of your other accounts. Clause 13.4 makes any remaining debit balance a sum you are responsible for paying. Nothing in the agreement gives a retail client negative balance protection.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Cross-account liability1 clause flagged

A loss on one zForex account can be taken out of the positive balance of your other accounts. If a shortfall remains, the agreement makes it a debt you owe the company.

Why this matters

You get no negative balance protection, so a loss bigger than your account is money you still owe. A single gap in the market can also drain a second account you kept separate on purpose.

Exhibit 9CriticalHarder than usual

In the event of fixed losses in the form of a negative balance in one or more of your Accounts, the Company reserves the unilateral right to offset such losses using the positive balance in your other Accounts.
Clause 6.6 in Customer Agreement, p.6
Read from the broker's site on Open the reference

What it costsYou hold $2,000 on one account and $5,000 on another. A gap that takes the first to minus $1,500 can be settled out of the second, leaving $3,500.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia), ESMA (EU)

Firms licensed by the FCA, CySEC or ASIC must give retail clients negative balance protection, so a retail client cannot lose more than the money in the account. This contract makes any debit balance a sum the client is responsible for paying.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 10No margin call is owed before the liquidation that creates the negative balance this clause then collects.

There is no complaints procedure to use

zForex publishes no complaints procedure in any of its seven contract documents. The client agreement names no ombudsman and no compensation scheme. It tells you to send written notice to an address on a cover page the agreement does not contain.

If it goes wrong1 clause flagged

zForex publishes no complaints procedure in any of its seven contract documents. The agreement names no ombudsman and no compensation scheme, and it tells you to send written notice to an address on a cover page the document does not have.

Why this matters

If zForex refuses your withdrawal, nobody independent will look at it. You also have no reliable address to send a formal complaint to.

Exhibit 8CriticalHarder than usual

They should be sent to the address specified on the cover page of this Customer Agreement (or any other address subsequently notified to you), and directed to the attention of our Compliance Department.
Clause 3.3 in Customer Agreement, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give retail clients a written complaints procedure, access to an independent ombudsman, and cover from a compensation scheme if the firm fails. This contract offers a court in Saint Vincent and the Grenadines and nothing else.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Guaranteed same-day on the homepage, three business days in the contract

Clause 1.10 gives zForex three business days to pay you, and only usually, and only if six conditions are met. Clause 1.24 lets it halt your withdrawal outright if it judges a transaction potentially harmful to the company. zForex's homepage promises guaranteed same-day withdrawals.

Exit conditions2 clauses flagged

Your money has to go back out by the method you used to put it in. If you funded by card and have not withdrawn for 90 days, zForex sends the money to that same card.

Why this matters

Cards expire and get replaced. Once the card is gone, your payout goes by whatever method zForex deems appropriate, and it can reject the route you ask for.

Exhibit 15WarningStandard wording90 days

If the Client's trading account has been funded by a bank card and no withdrawals have been made from this account for a period of more than ninety (90) days, the Company will only allow withdrawals to the same bank card that was used for funding or by any other method that the Company deems appropriate.
Clause 1.17 in Deposits and Withdrawals To/From the Client Account, p.3
Read from the broker's site on Open the reference

zForex rules out refunds for trading losses and for anything tied to a breach of its client agreement. The rest of the policy is a list of details to put in your request.

Why this matters

No deadline makes zForex answer a refund request. The policy never says who decides or on what test.

Exhibit 16NoticeStandard wording

يرجى ملاحظة أن أي انتهاكات لاتفاقية عملاء zForex أو اتفاقية الشركاء أو أي لوائح قانونية أخرى لا يمكن أن تكون موضوعًا لطلب استرداد. وينطبق الأمر نفسه على أي أرباح أو خسائر تم تحقيقها نتيجة لنشاطك التجاري.
Quoted in سياسة الاسترداد
Read from the broker's site on Open the reference

Where it sits: section 1 of 26 in the سياسة الاسترداد, near the start.

The bonus can be taken back without telling you

zForex advertises a 30% first deposit bonus and calls its bonuses fully tradable. The bonus terms let zForex subtract those funds without informing you, at any time, at its own discretion. Profits made with a bonus can be withdrawn, which is more than many brokers allow.

Bonus mechanics1 clause flagged

Taking a zForex bonus can change your leverage away from the published tiers. This sentence was added under the Arabic leverage table since April 2026, and the table above it still shows the standard rates.

Why this matters

The table promises up to 1:1000 on a small balance. If a bonus quietly moves you to a lower tier, your open positions need more margin and zForex may close them.

Exhibit 11WarningHarder than usualNew

قد تختلف الرافعة المالية المطبقة على الحسابات التي تم منحها بونص أو عرضًا ترويجيًا عن النسب القياسية المذكورة في هذا الجدول، وذلك وفقًا لشروط الحملة المعنية وسياسات الشركة.
Quoted in الرافعة المالية الديناميكية
Read from the broker's site on Open the reference

Where it sits: section 13 of 42 in the الرافعة المالية الديناميكية, 31% of the way through.

  • Worse together with Exhibit 10A leverage tier that changes because of a bonus is the same shortfall the liquidation clause acts on.

zForex can suspend, re-price or rewrite at will

zForex can suspend your trading account at any time, with or without written notice, for what clause 17.1 calls valid reasons. It can cut your leverage while your positions are open and then close them for insufficient margin. It can rewrite the agreement and give you 10 business days to leave.

Unilateral control3 clauses flagged

zForex can cut your leverage, the multiple of your own money you are allowed to trade with, while your positions are open. The agreement then lets it close those positions because the cut left you short of margin.

Why this matters

You get no warning first. zForex says plainly that it is not obliged to issue a margin call before your trades are closed.

Exhibit 10WarningHarder than usual

In addition, Z Forex may adjust margin requirements and available leverage, and if your margin becomes insufficient as a result of such changes, Z Forex may liquidate any open positions.
Clause 9.2 in Customer Agreement, p.7
Read from the broker's site on Open the reference

zForex can suspend your trading account at any time, with or without written notice, for what it calls valid reasons. The contract never says what those are.

Why this matters

A suspended account is one you cannot trade or withdraw from. zForex can also end the relationship entirely on two days written notice, with or without cause.

Exhibit 12WarningHarder than usual2 days

The Company has the authority to suspend the Customer's Trading Account at any time, with or without written notice, for valid reasons.
Clause 17.1 in Customer Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 20 of 42 in the Customer Agreement, 48% of the way through.

  • Same clause as Exhibit 1The Arabic website terms and the deposits document carry the same restriction wording, so the account and the payout can be frozen on one test.

zForex can rewrite the agreement at any time and tell you by posting it on the website. If you object, you get 10 business days to close every position and empty your account.

Why this matters

Objecting means leaving. You cannot stay on the terms you originally agreed, and a notice posted on a website is one you may never see.

Exhibit 13WarningHarder than usual10 working days

If the customer objects to any such change or amendment, the customer agrees to close all open positions and provide instructions to Z Forex regarding the disposition of all assets in the customer's account within ten (10) business days after receiving notice of the amendment or change on the website or by email.
Clause 15.2 in Customer Agreement, p.9
Read from the broker's site on Open the reference

Where it sits: section 3 of 42 in the Customer Agreement, near the start.

Every dispute goes to a court in Saint Vincent

zForex's client agreement puts every dispute before the courts of Saint Vincent and the Grenadines, the Caribbean state where the company is registered. You waive in advance any argument that those courts are inconvenient for you. Their decisions are final and binding.

Where you must sue1 clause flagged

zForex puts every dispute before the courts of Saint Vincent and the Grenadines, the Caribbean state where it is registered. You agree in advance never to argue that those courts are inconvenient for you.

Why this matters

For a client in Jakarta, Cairo or Madrid that is the end of any realistic claim. Their decision is final and binding on you, and you gave up the objection before you traded.

Exhibit 20WarningStandard wording

Agreement not to raise any claims asserting that legal proceedings held in Saint Vincent and the Grenadines are inconvenient or invalid for the Customer.
Clause 18.2 in Customer Agreement, p.11
Read from the broker's site on Open the reference

The document request can arrive when you ask for your money

zForex can ask you for more documents at any time and refuse your withdrawal if it judges them unsatisfactory. Clause 1.4 says zForex alone sets the verification standard. Its privacy policy says everything you do on the site may be recorded and analysed, including for marketing.

Documents and data2 clauses flagged

zForex can ask you for more documents at any time and reject your withdrawal if it finds them unsatisfactory. It also sets the verification standard on its own.

Why this matters

No deadline binds this review and no appeal follows it. The request can reach you for the first time on the day you ask for your money back.

Exhibit 14WarningHarder than usual

In addition, the Company reserves the right to reject a deposit or withdrawal request from the Client if the information and/or documentation provided and/or collected is deemed unsatisfactory by the Company.
Clause 1.3 in Deposits and Withdrawals To/From the Client Account, p.2
Read from the broker's site on Open the reference

zForex says every action you take on its website may be recorded and analysed, and it lists marketing among the purposes. The privacy policy sets no retention period, so nothing tells you when your data is deleted.

Why this matters

Your personal and sensitive data can also go to introducing brokers and affiliates anywhere in the world. Deleting it is something zForex reviews rather than something you can require.

Exhibit 18NoticeHarder than usual

يرجى ملاحظة أن جميع الإجراءات التي تقوم بها أثناء استخدام هذا الموقع الإلكتروني قد يتم تسجيلها وتحليلها لأغراض مختلفة، بما في ذلك أغراض الأمن والتسويق ومراقبة النظام.
Quoted in سياسة الخصوصية
Read from the broker's site on Open the reference

Buried at section 24 of 37 in the سياسة الخصوصية, 65% of the way through.

zForex is the counterparty to every trade you place

zForex's best execution policy says the company is the counterparty to all transactions and not the client's agent. The client agreement says it acts as your agent. The conflicts of interest policy the agreement points you to is not published anywhere.

Whose side1 clause flagged

For detail on how zForex manages trading against you, the agreement sends you to its Annex IV, titled Conflicts of Interest Policy. Annex 4 of that same agreement is the Data Protection and Privacy Policy. No conflicts policy is published anywhere.

Why this matters

The only route the contract gives you to understand this conflict leads to a document that is not there. The seven PDFs zForex does publish do not include one.

Exhibit 6WarningHarder than usual

For more information, please refer to ANNEX IV of this Agreement, titled "Conflicts of Interest Policy," or feel free to contact our Compliance Department at info@zforex.com.
Clause 11.2 in Customer Agreement, p.8
Read from the broker's site on Open the reference

The contract and the licence page name different regulators

zForex's client agreement names the Saint Vincent and the Grenadines Financial Services Authority as its regulator. Its licence page names the Mwali International Services Authority in the Comoros. The deposits document says client funds sit in a separate bank account, then reserves the right to move them.

Who regulates this1 clause flagged

zForex says client money sits in a separate bank account from its own. The next clause says deposits will not be moved to another source, then reserves the right to move them.

Why this matters

You cannot tell from that clause whether your deposit stays where it was put. The only safeguard it offers is that zForex will tell you afterwards.

Exhibit 19WarningRarely seen

The Client's funds are kept by us and are segregated. The funds we hold on your behalf are kept in a separate bank account for customer funds to ensure that they are segregated from our own funds.
Clause 1.6 in Deposits and Withdrawals To/From the Client Account, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and cannot reserve a right to move it into their own business. This document states the segregation and then reserves the right to transfer deposits elsewhere.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingSegregation clauses are common and usually flat statements. This one states the protection and withdraws it inside the same short paragraph, so the document both grants and cancels the safeguard without saying which applies.

A 7% deposit fee under a promise of zero commission

Depositing with zForex costs up to 7.0% through its payment partners, and 6.0% in most Gulf currencies. The same page says the company charges 0 commission for deposits and withdrawals. The payment policy zForex publishes as a legal document is three sentences long and names no fee at all.

Cost disclosure1 clause flagged

What zForex publishes as its payment policy runs to three sentences and names no fee, no minimum and no processing time. The contract points you to the client area instead, which you reach only after opening an account.

Why this matters

Reading the payment policy before you deposit tells you nothing about what a deposit costs. The real fee table sits on a separate marketing page.

Exhibit 17NoticeHarder than usual

نظرت zForex في خطط دفع مختلفة لعملائنا المحتملين، بما في ذلك التحويل المصرفي.
Quoted in سياسة الدفع
Read from the broker's site on Open the reference

Where it sits: section 2 of 26 in the سياسة الدفع, near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before that client trades. This policy names no charge, and the contract directs the client to a fee schedule inside the account.

Z Forex is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The homepage guarantees same-day access to your money while the contract commits only to three business days, usually, and only if six conditions hold.

Said in public, in English

Access your funds with guaranteed same-day withdrawals.

Homepage hero panel headed Withdraw Fast

In the contract · clause 1.10

Upon receipt of a withdrawal request from the Client, the Company will process the transaction promptly, usually within three (3) business days, provided the following conditions are met:

02

zForex describes the client agreement in Arabic, then serves an English-only file that says the English text is the one that binds you.

Said in public, in Arabic

تحدد اتفاقية العميل الخاصة بنا الشروط والأحكام التي تحكم العلاقة بين zForex وعملائه. تمثل هذه الوثيقة إطاراً قانونياً يهدف لحماية حقوق ومصالح الطرفين وتعزيز بيئة تداول آمنة وعادلة.

Word for word in English: Our Client Agreement sets out the terms and conditions that govern the relationship between zForex and its clients. This document represents a legal framework aimed at protecting the rights and interests of both parties and promoting a safe and fair trading environment.

Arabic legal documents page, the entry headed اتفاقية العميل, directly above its Download button

In the contract · clause 2.5

In the event of any translation of a document into another language, the English version shall prevail, and the translated version shall be for informational purposes only.

03

The Arabic page offers support in more than nine languages while the contract fixes the language of communication as English.

Said in public, in Arabic

هل تحتاج إلى مساعدة؟ يقدم فريق الدعم لدينا المساعدة بأكثر من 9 لغات.

Word for word in English: Need help? Our support team offers assistance in more than 9 languages.

Arabic legal documents page, panel headed وصول عالمي، دعم محلي

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of zforex.com

In the contract · clause 3.2

The language of communication shall be English, and you will receive all documents and information from us in English.

04

The footer calls the bonuses fully tradable while the bonus terms let zForex take them back at any time without telling you.

Said in public, in English

zForex is at your service with competitive advantages such as tight spreads, same-day withdrawals, fully tradable bonuses, and excellent 1-on-1 client support.

Site-wide footer, present on every page in every language section

In the contract · clause 2.1

The Company has the authority to subtract Credit/Bonus funds from the Trading Account without informing the Client. This can be done at any time, at the Company's sole discretion.

05

The licence page names a Comoros regulator while the binding contract names the Saint Vincent authority as the regulator whose rules govern the account.

Said in public, in English

zForex Capital Market LLC is licensed by the Mwali International Services Authority (MISA) to operate as an international brokerage and clearing house.

Regulation & License page, section headed Secure Trading Experience

In the contract · clause 5.4

Z Forex may adjust your leverage limits, liquidation levels, margin requirements, and ticket (trade) sizes as required by its regulator, the Saint Vincent and the Grenadines Financial Services Authority ("FSA"), and license conditions.

06

The client agreement says zForex acts as your agent while the best execution policy says it is the counterparty to every transaction and not your agent.

Said in public, in English

Our Capacity. We will act as your agent in dealing with you, but we may also act as principal if deemed necessary.

Client agreement clause 2.3, the document a client signs

In the contract · clause 1.6

The Company acts as a counterparty to all transactions and acts as the principal party and not as an agent of the client.

07

The page claims zero commission directly beneath its own table charging up to 7.0% on a deposit, and the contract lets zForex take those fees from your balance.

Said in public, in English

To make trading accessible, our company charges 0 commission for deposits and withdrawals.

Deposit & Withdrawal page, FAQ headed Is there any commission for deposits and withdrawals?

In the contract · clause 1.13

The Client may be responsible for covering all payment and transfer fees, and the Company will deduct such fees from the Client's account.

What changed quietly

This is our first reading of zForex, so there is nothing to compare it against. Two things moved in zForex's own files since April 2026: a sentence was added under the Arabic dynamic leverage table saying accounts given a bonus may get leverage outside the published tiers, and cTrader and copy trading were dropped from the site.

  • ADDEDClause · 2026-04-18 to 2026-09-16

    A sentence added under the leverage table lets zForex put accounts holding a bonus on leverage outside the published tiers.

    قد تختلف الرافعة المالية المطبقة على الحسابات التي تم منحها بونص أو عرضًا ترويجيًا عن النسب القياسية المذكورة في هذا الجدول، وذلك وفقًا لشروط الحملة المعنية وسياسات الشركة.

The documents this reading is based on

26 files, all published by Z Forex. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Z Forex publishes.

How this reading was done

Every clause above was read out of a document Z Forex publishes itself

This reading was published on .

Documents
22 of 26downloaded from the broker's site, and 22 read in full
Pages opened
36pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
6clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Z Forex Capital Market LLC

You contract with Z Forex Capital Market LLC, registered in Saint Vincent and the Grenadines under number 2145 LLC 2022. Four of its policy documents name a slightly different company, Z Forex Capital Markets LLC, with an s on Markets. The client agreement puts the relationship under Saint Vincent law and Saint Vincent courts and calls the Saint Vincent Financial Services Authority its regulator, while the licence page on the same site names the Mwali International Services Authority in the Comoros.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

zForex publishes its full contract set as downloadable PDFs that anyone can read before opening an account: the client agreement, the deposits and withdrawals terms, the bonus terms, the best execution policy, the AML policy, the risk disclosure and the partner payment procedure. Its deposit and withdrawal page lists a fee, a minimum and an execution time for every payment method and currency, which most brokers at this level do not publish at all. Clause 1.6 of the deposits document says client money sits in a separate bank account from the company's own. Bonus terms clause 1.5 lets you withdraw profits made with a bonus. The leverage tiers are set out as a table. No document in the set charges a dormancy or inactivity fee, and we found no clause letting zForex void a profitable trade after the fact.

We did not read the risk disclosure statement or the partner payment procedure. We read four of the seven pages of the best execution policy, and we checked the AML policy for account freezes and deadlines rather than reading it end to end. The client agreement incorporates a document it calls the Terms of Business; zForex does not publish it and we could not find it anywhere on the site. The fee schedule that clause 1.1 points to sits inside the client area, which we did not enter, so we read the published fee table instead. Each language section republishes the same seven documents under its own filenames, and we checked the client agreement in three of them. No earlier copy of the Spanish legal documents page or the Spanish cookie policy was available, so those two are compared against nothing.

How to check any of this yourself

Every quote above links to the Z Forex file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Z Forex publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Z Forex on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 16, 2026.

If you represent Z Forex and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Z Forex. Whether its licence is real and current is a separate check on the broker profile.

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