Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOnly a non-recognised Mwali (MISA) offshore registration, which could not be confirmed on the authority's own register, plus a Saint Vincent company registration that is not a licence. No recognised regulator protects client funds. Held below 9-10 because a specific number, certificate and verify link are published and no fabrication or clone was found.
Identity & transparency
5/10 · ModerateA real, LEI-confirmed entity with a consistent name and a disclosed registration number, address and licence number. But ownership is undisclosed, the address is a well-known Saint Vincent mass-registration office, and contact is via WhatsApp and live chat only.
Withdrawals & conduct
7/10 · HighA fund-integrity pattern across Forex Peace Army and Trustpilot: profits and withdrawals withheld under 'bonus misuse' or 'trading abuse' claims, with specific amounts, dates and a named manager. Held below 9-10 because the broker engages, claims principal refunds, some payouts are reported, and bonus-term enforcement is a credible alternative explanation. No advance-fee demand found.
Reputation
6/10 · HighTrustpilot removed the rating for a guidelines breach (review manipulation), a third-party directory score is low with many unresolved complaints, and scam allegations recur. Held below 8-10 because no regulator warning exists and there is genuine positive feedback alongside the complaints.
Website claims
5/10 · ModeratePresents a near-worthless MISA registration as 'internationally licensed' and advertises 'same-day withdrawals' and 'fully tradable bonuses' that complaints contradict. But it discloses the actual MISA and Saint Vincent basis, claims no tier-1 licence it lacks, uses no fake awards, and is honest about its age.
Operational history
4/10 · ModerateVerified operating history of about four years (company registered 2022, corroborated by the firm's own statements). The 2006 domain date is an aged web address, not continuous operation, and the broker does not inflate its age.
Who they are
A quick desk file on the company behind the brand.
- Brand: zForex
- Legal entity: Z Forex Capital Market LLC (LEI 2549002GHTW6U3LR0907)
- Registered: Euro House, Richmond Hill Road, P.O. Box 2897, Kingstown, Saint Vincent and the Grenadines
- Website: zforex.com (login at panel.zforex.com; sister domain zedcm.com)
- Only licence: Mwali International Services Authority (MISA), Comoros, number T2023321, a non-recognised offshore registration
- Also on record: Saint Vincent company registration 2145 LLC 2022 (a company registration, not financial regulation)
- Offers: Forex, stock, index and commodity CFDs, metals and oil on MetaTrader 5, with deposit bonuses and cashback
- Not accepted: United States, Turkey, Iran, Myanmar, North Korea
- Age claim: trading about four years (company registered 2022); the zforex.com address dates to 2006 but was not this broker until recently
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA), Comoros
Saint Vincent and the Grenadines (company registration)
Why we reached this verdict
How the evidence adds up.
We rate zForex high risk and unverified for four main reasons.
- No real regulator. The only oversight named is a Mwali (MISA) offshore registration. MISA is not a recognised supervisor, its licences have been publicly disavowed, and it runs no compensation scheme. The authority's own register could not be opened to confirm licence T2023321, so the licence is documented rather than independently confirmed. The Saint Vincent entry is a company registration, and Saint Vincent does not license forex brokers.
- Money-back complaints. On Forex Peace Army and Trustpilot, separate traders describe the same thing: profits and withdrawals withheld after the broker accuses them of 'bonus misuse' or 'trading abuse'. Specific cases include a refused withdrawal of about 4,000 USD, a withdrawal on hold since 23 October 2024, and an account manager named 'Navid'. A third-party broker directory records a high volume of unresolved complaints.
- Review manipulation. Trustpilot has taken down zForex's rating and posted a notice that the profile breaches Trustpilot's guidelines. That points to manipulated reviews, so the glowing scores cannot be trusted.
- Real but thin. The company genuinely exists and runs a live MetaTrader 5 platform, and it has operated for about four years, so this is not a clone or a disappearing website. But a real, deposit-taking business with no meaningful regulator and a money-back complaint pattern is high risk.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The broker's own site states its only oversight is a Mwali (MISA) offshore registration (T2023321) plus a Saint Vincent company registration (2145 LLC 2022); no tier-1 or tier-2 regulator is named.
E2A GLEIF LEI record (2549002GHTW6U3LR0907) confirms Z Forex Capital Market LLC is an active, registered entity in Saint Vincent and the Grenadines at the address the site publishes.
ModerateGLEIF legal-entity registerE3Trustpilot removed zForex's aggregate rating and posted a notice that the profile is unavailable due to a breach of its guidelines, indicating review manipulation.
StrongTrustpilotE4Separate traders report profits and withdrawals withheld under 'bonus misuse' or 'trading abuse' accusations, including a refused withdrawal of about 4,000 USD, one on hold since 23 October 2024, and an account manager named 'Navid'.
E5The domain zforex.com was first registered in 2006, but the company dates to 2022 and the broker itself states about three to four years of operation, so the operating history is about four years rather than two decades.
E6No national regulator warning list (FCA, IOSCO, ASIC, BaFin, CONSOB) names zforex.com or Z Forex Capital Market LLC; the FCA 'ZFX Club' clone warning concerns a different firm.
ModerateRegulator warning-list sweepE7The broker runs a live MetaTrader 5 operation and solicits internationally, providing 24/7 support via a United Kingdom WhatsApp number and live chat, while listing the United States and Turkey among restricted countries.
ModeratezForex website
The other side
The strongest case in this broker’s favour.
In fairness to zForex, several things point the other way.
- The company is real and traceable. A global legal-entity (LEI) record confirms Z Forex Capital Market LLC in Saint Vincent and the Grenadines at the address it publishes.
- No financial regulator warns against it. The FCA, IOSCO, ASIC, BaFin and CONSOB lists do not name zforex.com. An FCA clone warning for 'ZFX Club' concerns a different company and is not about zForex.
- It is not a clone. It uses its own name, entity and licence number, not a copy of a regulated firm.
- Many customers report good experiences, including fast deposits and withdrawals, and the broker publicly answers complaints and says it refunded deposits in the disputed cases.
- The withdrawal disputes centre on bonus terms. Aggressive bonus and cashback promotions with strict anti-abuse rules are common at offshore brokers, and the broker says the closed accounts broke those rules. Whether that is fair enforcement or an excuse to keep profits is genuinely contested.
- It is honest about its age, claiming about three to four years rather than inflating the 2006 web-address date.
What would change this
What we would need to see to revise the verdict.
Our view would move with new facts, in either direction.
- Worse: a warning or enforcement notice from any national regulator naming zforex.com, or a clear pattern of demands for extra payments (tax, fees) before releasing funds, would push this toward a scam verdict.
- Worse: independent confirmation that licence T2023321 does not exist on the MISA register would turn the regulation claim into a false statement.
- Better: a licence from a respected regulator (for example FCA, ASIC or CySEC) covering the entity that holds client money, with segregated accounts, would materially lower the risk.
- Better: a consistent, verifiable record of paying out withdrawals, including the disputed bonus cases, and removal of the Trustpilot guidelines warning.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA licence verification (Mwali International Services Authority)
The authority's own entry for licence T2023321; MISA is a non-recognised offshore registrar.
zForex regulation and licence page
The broker's own statement of its MISA licence and Saint Vincent registration.
GLEIF legal-entity (LEI) record
Confirms the company exists in Saint Vincent and the Grenadines; an LEI is not a trading licence.
Trustpilot reviews (rating removed for a guidelines breach)
Customer reviews; Trustpilot removed the aggregate rating for a breach of its guidelines.
Forex Peace Army reviews and complaints
Independent reviews and a withdrawal-complaint thread.
Frequently asked questions
Quick answers about this broker’s safety.
Is zForex a scam?
We did not find proof that zForex is a scam, but we rate it high risk. It has no recognised regulator, and traders report profits and withdrawals held back under bonus-abuse accusations. Treat it with caution.
Is zForex a fraud?
No regulator or court has found zForex guilty of fraud, and we found no fraud-related enforcement or court record naming the company. We assess the risk as high because its only oversight is a near-worthless offshore registration and there is a money-back complaint pattern.
Is zForex regulated?
Only by the Mwali International Services Authority (MISA) in the Comoros, which is not a recognised financial supervisor, plus a Saint Vincent company registration, which is not a licence. No tier-1 or tier-2 regulator oversees it.
Is my money safe with zForex?
There is no compensation scheme or meaningful regulator protecting client funds. If the company refuses a withdrawal, your options to recover money are very limited.
Can I withdraw money from zForex?
Many users report normal withdrawals, but a repeated complaint is that profits and withdrawals are blocked when the broker alleges 'bonus misuse' or 'trading abuse'. Avoid bonuses and withdraw promptly.
Who owns zForex?
The operating entity is Z Forex Capital Market LLC, registered in Saint Vincent and the Grenadines. The individual owners are not disclosed on the website.
How old is zForex?
The business has operated for about four years; the company was registered in 2022. The web address zforex.com was first registered in 2006, but it was not this broker until recently.
What is a MISA licence worth?
Very little. MISA is an offshore registrar on the Comoros island of Mwali, not a recognised supervisor. Its authorisations have been publicly disavowed and offer no real client protection.
Is zForex a clone of another broker?
No. It uses its own name, company and licence number. Note that an unrelated broker called 'ZFX' has a separate FCA clone warning; that is a different company, not zForex.
Does any regulator warn against zForex?
No national regulator warning list we checked (FCA, IOSCO, ASIC, BaFin, CONSOB) names zforex.com at the time of writing.
What should I check before depositing with any broker?
Look for a licence from a respected regulator that covers the entity holding your money, segregated client accounts, a verifiable address and named management, and a genuine track record of paying out withdrawals.
I was scammed by a broker. What should I do?
Stop depositing, gather all records, report it to your local financial regulator and the police, and ignore anyone who asks for an upfront fee to 'recover' your money.
What we recommend
The practical takeaway from everything above.
If you are considering or already using zForex, treat it as high risk.
- Do not deposit money you cannot afford to lose. No regulator or compensation scheme stands behind your funds.
- Avoid deposit bonuses and cashback. The disputes here turn on bonus rules that can be used to block withdrawals.
- Keep records of deposits, trades and withdrawal requests, and withdraw profits promptly rather than letting a balance build up.
- If a withdrawal is refused, raise a formal complaint, and understand that because the entity sits in Saint Vincent and the Comoros, cross-border recovery is difficult.
- Be wary of anyone promising to recover lost funds for an upfront fee; that is a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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