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Contract reading

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

Every clause below is published by ZES 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: ZES LLC Trading Ltd

missing documentbonus locklanguage arbitragesole discretionwithdrawalsforum waiverturnover requirementunilateral amendmentunregulatedcountry restriction

ZES Forex asks you to agree to terms it does not publish. Its terms, privacy and cookie pages carry a heading and nothing else. The contract it does publish names no regulator, no court and no withdrawal rules. Both bonuses lock your account until you trade the turnover, and the free $100 one needs a $100 deposit first.

Contract risk

Money at risk
8.5/10

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.
4
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
13
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 13 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.

Critical4
Warning8
Notice1

section 10 of 20is where the deepest clause sits, 50% 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.

2 of these 2 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

What the documents say

13 clauses worth knowing about, worst first, each quoted from ZES Forex's own files

01

The join form says you agree to ZES Forex's terms. Those terms are not published anywhere. Its terms page, privacy page and cookie page are three headings with no text under them.

Why this matters

You cannot read what you are agreeing to, so you cannot hold ZES Forex to any of it. If your money is held back later, there is no published rule to point at.

Exhibit 1CriticalRarely seen3

terms-conditions
Quoted in terms-conditions
Read from the broker's site on Open the reference
Our own capture of zesforex.com, taken on Sep 16, 2026Sign-up binds you to terms ZES Forex never publishedVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the contract terms and the key cost information before that client trades. ZES Forex asks for agreement to terms it does not publish.

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

Our readingBrokers usually publish long terms and bury the hard clauses deep inside them. Here the pages exist, carry the right titles and contain nothing, so there is no document to bury anything in.

  • Worse together with Exhibit 7The contract that does exist takes all liability away, and the terms that would limit that are not published.
  • Worse together with Exhibit 8No published terms and no named court leaves a client with nothing to argue and nowhere to argue it.
02

ZES Forex calls itself the world's fastest broker for withdrawals on every language version of its site. The contract you sign says nothing about withdrawals: no deadline, no method, no right to ask.

Why this matters

Nothing ZES Forex has published obliges it to pay you back, or says when. The only written rule about your money going out is the bonus rule that locks the account.

Exhibit 4CriticalRarely seen

I am solely responsible for any delays which may arise during the transfer process from the funding to my FX account to the company bank account.
Quoted in Client Agreement
Read from the broker's site on Open the reference
Our own capture of zesforex.com, taken on Sep 16, 2026The claim, on Top banner of the English landing pageVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026The claim, on Persian landing page, client panel sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026Fastest withdrawals promised, no withdrawal terms publishedVisit this page on the broker's siteDownload the full size image file

Where it sits: section 8 of 20 in the Client Agreement, 40% of the way through.

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

Firms licensed by the FCA or CySEC must hold retail client money so that it can be returned, and must tell the client how and when a withdrawal is paid. The ZES Forex contract does not mention withdrawals.

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

Our readingA retail trading contract normally sets out how a client withdraws money, in what time and by what method. This one has no withdrawal clause at all, so the speed promised in marketing is the only statement there is.

  • Worse together with Exhibit 2The bonus lock is the only withdrawal rule in writing, and it works against the client.
03

Claim the first deposit bonus and ZES Forex locks your account until the turnover is finished. On its own example, a $100 deposit needs 50 lots traded inside a month.

Why this matters

Your own deposit is locked with the bonus, not just the bonus money. Miss the month and ZES Forex takes the bonus back out of the account.

Exhibit 2CriticalHarder than usual50

Once the bonus is credited to your account your account will be locked until the required conditions are completed. After completing the required conditions you can make a withdrawal request.
Quoted in 100 First Deposit Welcome Bonus
Read from the broker's site on Open the reference

What it costsDeposit $1,000 and ZES Forex credits $1,000. The rule then asks for 500 lots inside a month before you can ask for any of it back.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Bonus creditedZES Forex locks the account until the required volume is traded.
Inside one monthYou must trade lots equal to half the bonus, 50 lots on a $100 deposit.
End of one monthIf the lots are not traded, ZES Forex deducts the bonus from the account.
Balance at or below the bonusZES Forex cancels the bonus.
Withdrawal requestedZES Forex cancels the bonus, unless your profit is under the bonus amount.
  • Worse together with Exhibit 4The only written rule about money leaving the account is the one that stops it leaving.
  • Worse together with Exhibit 11The lock runs for a month while the company can cancel the bonus at any point inside it.
04

ZES Forex advertises a free $100 bonus for new accounts. To take any profit out you must first put in $100 of your own money. You must also trade 10 lots inside a month.

Why this matters

The most this campaign can ever pay you is $100, and reaching it costs a $100 deposit of your own. The $30 version of the same offer has no published rules at all.

Exhibit 3CriticalHarder than usual$100

In order to withdraw profits you need to invest 100 and trade 10 lots within a month
Quoted in 100 No Deposit Bonus
Read from the broker's site on Open the reference
  • Only applies after Exhibit 10The bonus only arrives after documents ZES Forex has not listed are accepted.
05

ZES Forex tells you on its about page that IFCOMM licenses and regulates it, and that it keeps client accounts segregated. The contract you sign names no regulator, no licence number and no segregation.

Why this matters

Money that is not segregated sits with the company's own money and follows the company if it fails. The contract gives you nothing to point at if that claim turns out to be empty.

Exhibit 5WarningHarder than usual

This agreement has been signed between resident of Serbska Street 55 Lviv Oblast Ukraine ZES LLC Trading Ltd.
Quoted in Client Agreement
Read from the broker's site on Open the reference
Our own capture of zesforex.com, taken on Sep 16, 2026The claim, on Closing paragraph of the about pageVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026The claim, on Closing paragraph of the Persian about pageVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where it sits: section 1 of 20 in the Client Agreement, near the start.

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

Firms licensed by the FCA or CySEC must keep retail client money separate from the firm's own money, and must identify their regulator and registration number to clients. ZES Forex names IFCOMM and publishes no number for it.

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

  • Same clause as Exhibit 13The same opening line names the company, and it is not the brand the licence is claimed for.

ZES Forex names a regulator in its marketing and none in its contract

The ZES Forex about page says IFCOMM licenses and regulates the firm and that client accounts are segregated. The contract names no regulator, no licence number and no segregation. The English copy of that contract does not open at all.

Language arbitrage1 clause flagged

ZES Forex advertises its bonuses in English on the front page. Click the English client agreement link and you do not reach a contract. It opens only under the Chinese, Russian and Persian addresses.

Why this matters

An English speaking client can deposit without ever reaching the contract. The three copies that do open carry three different dates, no version number, and the address written two ways.

Exhibit 12WarningRarely seen

This agreement has been signed between resident of Serbska Street 55 Lviv Oblast Ukraine ZES LLC Trading Ltd.
Quoted in Client Agreement
Read from the broker's site on Open the reference

Our readingBrokers usually keep one contract and translate it. Here the same English text is served under three language paths with three different dates, while the English path itself does not open.

ZES Forex decides every question its bonus rules do not answer

One line of the ZES Forex bonus rules gives the company the decision on any situation the rules do not cover. It can cancel a bonus at any time without notice or reason. Turnover already traded does not bring it back.

Sole discretion1 clause flagged

A closing line hands ZES Forex the decision on any situation the bonus rules do not mention. It can also cancel your bonus at any time without notice or reason.

Why this matters

The bonus can be pulled after you have traded for it, and the rules say it cannot be added back. They can also be rewritten on the website while your account is locked.

Exhibit 11WarningHarder than usual

Any situation not specified in these rules will be subject to the decision of the company.
Quoted in 100 First Deposit Welcome Bonus
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2The turnover that keeps your account locked can be made worthless by a cancellation you get no notice of.

ZES Forex can move the spread, the margin and the leverage on its own

One line of the ZES Forex contract has you accept unilateral changes to spread, margin and leverage rates, with the list left open. A separate rule bans residents of the Emirates, and ZES Forex publishes it in Persian only.

Changed after you sign2 clauses flagged

One line of the contract has you accept that ZES LLC Trading Ltd can change spread, margin and leverage on its own. The words such as leave the list open.

Why this matters

The leverage and the tight spreads you were shown can be moved after you deposit. Nothing in the contract gives you notice, a reason or a way to object.

Exhibit 6WarningHarder than usual

I accept ZES LLC Trading Ltd. has the right to unilaterally make changes such as spread margin leverage rates.
Quoted in Client Agreement
Read from the broker's site on Open the reference
Our own capture of zesforex.com, taken on Sep 16, 2026The claim, on Russian card on the front pageVisit this page on the broker's siteDownload the full size image file
Our own capture of zesforex.com, taken on Sep 16, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where it sits: section 9 of 20 in the Client Agreement, 45% of the way through.

ZES Forex says it cannot accept accounts from residents of the Emirates. You will not find that line on the English, Russian, Chinese, Ukrainian or Romanian pages.

Why this matters

A client in the Emirates reading the English site sees no restriction at all. The rule that could cost them the account sits one page away, in a language they may not read.

Exhibit 9WarningRarely seen

هشدار ما نمیتوانیم حساب های ساکنان امارات را بپذیریم
Quoted in ZES Forex Persian landing page
Downloaded from the broker's site on Open the reference

Our readingCountry restrictions normally sit in the client agreement, where they bind everybody who signs it. Here the only one is a line of marketing text in a single language.

ZES Forex asks you to agree to terms it does not publish

Three legal pages on zesforex.com carry a heading and no text: terms, privacy and cookies. The join form still tells you that you agree to those terms. The one contract ZES Forex does publish makes every loss yours and names no complaints route.

Nothing to hold them to1 clause flagged

You sign a line accepting that any loss from your trades is yours alone. It adds that ZES LLC Trading Ltd holds no responsibility or liability, with no exception for the company's own failure.

Why this matters

A platform outage, a bad fill or a mistake by ZES Forex staff is still your loss under this wording. No complaints procedure is published, so there is nowhere named to take it.

Exhibit 7WarningHarder than usual

I hereby accept that any financial losses which may be incurred as a result of transactions are solely my own responsibility and that ZES LLC Trading Ltd. holds no responsibility or liability.
Quoted in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 6 of 20 in the Client Agreement, 30% of the way through.

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

Firms licensed by the FCA or CySEC must give retail clients a written complaints procedure and access to an independent complaints scheme. ZES Forex publishes neither.

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

  • Worse together with Exhibit 8All liability is excluded and no court is named to test whether that exclusion holds.

The ZES Forex contract names no law and no court

The ZES Forex client agreement ends without naming a governing law, a court, a company number or a complaints address. The only location it gives is a street in Lviv Oblast, Ukraine. A client with a claim has no stated place to bring it.

Nowhere to sue1 clause flagged

You sign a contract that ends without naming a governing law or a court. It carries no complaints clause, no company number and no address for a dispute.

Why this matters

If you need to make a claim, nothing tells you where to bring it or whose law applies. The only place the contract names is a street in Lviv Oblast.

Exhibit 8WarningRarely seen

As the actual beneficiary of the account I have read the warnings and statements above understand accept and am aware of the risks I may face. In accordance with this declaration I wish to open a forex account.
Quoted in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 10 of 20 in the Client Agreement, 50% of the way through.

Our readingAlmost every retail trading contract names the law that governs it and the courts that hear a dispute. This one names neither, so a client has no stated place to go and no stated rules to go by.

ZES Forex asks for documents it never names

The ZES Forex bonus is credited only after all required documents have been completed, and the rules never say which documents those are. The privacy page that should explain what happens to them is empty.

Papers first1 clause flagged

Your free bonus arrives only after all required documents have been completed, in ZES Forex's words. The rules never say which documents, who reviews them, or how long a review takes.

Why this matters

You upload identity papers to a company whose privacy page is blank. Nothing published says what happens to them, who sees them, or when they are deleted.

Exhibit 10WarningHarder than usual

Your free 100 bonus will be credited to your account upon your request after all required documents have been completed and your real account has been opened The maximum amount you can withdraw through this bonus campaign is 100
Quoted in 100 No Deposit Bonus
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1Identity documents are demanded by a firm whose privacy page carries a heading and no text.

The account is with ZES LLC Trading Ltd, not with the brand

ZES LLC Trading Ltd, at Serbska Street 55 in Lviv Oblast, Ukraine, is the company named in the ZES Forex client agreement. No licence number, registration number or compensation scheme appears anywhere on the site. The brand ZES Forex appears nowhere in the agreement.

Who you contract with1 clause flagged

The company on the other side of your account is ZES LLC Trading Ltd, given as resident at Serbska Street 55, Lviv Oblast, Ukraine. Every page you read first says ZES Forex.

Why this matters

A claim of yours would be against the company in the contract, not against the brand in the advertising. No licence number, registration number or compensation scheme is published for either.

Exhibit 13NoticeHarder than usual

This agreement has been signed between resident of Serbska Street 55 Lviv Oblast Ukraine ZES LLC Trading Ltd.
Quoted in Client Agreement
Read from the broker's site on Open the reference

Where it sits: section 1 of 20 in the Client Agreement, near the start.

  • Same clause as Exhibit 5The line that names the company is also the line that fails to name a regulator.

Where the marketing and the contract disagree

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

01

The join form asks for agreement to terms whose page holds a heading and nothing else.

Said in public, in English

By continuing you agree to our terms and acknowledge trading risks.

Account registration panel, shown on every page of the site

In the contract

terms-conditions

02

Withdrawals are promised in 15 minutes while the only published withdrawal rule locks the account for a month.

Said in public, in English

Worlds fastest broker with 15 minute withdrawals on many payment methods

Top banner of the English landing page

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

In the contract

Once the bonus is credited to your account your account will be locked until the required conditions are completed. After completing the required conditions you can make a withdrawal request.

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

03

Persian readers are promised withdrawals in minutes with no approval, while the bonus rules require a deposit and 10 lots first.

Said in public, in Persian

پنل مشتری پیشرفته و اسان برای استفاده تراکنش های حساب خود مانند واریز و برداشت را با یک کلیک و در عرض چند دقیقه بدون انتظار برای تایید انجام دهید

Word for word in English: Advanced and easy to use client panel: carry out your account transactions such as deposit and withdrawal with one click and within a few minutes, without waiting for approval.

Persian landing page, client panel section

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

In the contract

In order to withdraw profits you need to invest 100 and trade 10 lots within a month

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

04

A licence and segregated accounts are claimed for the brand, while the contract names only a company at a Lviv street address.

Said in public, in English

ZES Forex is licensed and regulated by IFCOMM. The security of our client funds is of paramount importance. ZES Forex maintains segregated client accounts with IFCOMM.

Closing paragraph of the about page

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

In the contract

This agreement has been signed between resident of Serbska Street 55 Lviv Oblast Ukraine ZES LLC Trading Ltd.

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

05

Persian readers are told their money is segregated and supervised, while the contract they sign accepts that the company carries no liability.

Said in public, in Persian

ZES Forex توسط IFCOMM مجوز و تنظیم می شود. امنیت وجوه مشتریان ما از اهمیت بالایی برخوردار است. ZES Forex حساب های مشتری جدا شده را با IFCOMM حفظ می کند.

Word for word in English: ZES Forex is licensed and regulated by IFCOMM. The security of our clients' funds is of great importance. ZES Forex keeps segregated client accounts with IFCOMM.

Closing paragraph of the Persian about page

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

In the contract

I hereby accept that any financial losses which may be incurred as a result of transactions are solely my own responsibility and that ZES LLC Trading Ltd. holds no responsibility or liability.

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

06

Trading before investing is the offer, and the rule underneath it requires a $100 investment before any profit leaves.

Said in public, in English

Keep winning with ZES Forex in the new year too You can experience trading in a real account before investing by taking advantage of our 100 no deposit

Promotions page summary of the no deposit bonus

In the contract

In order to withdraw profits you need to invest 100 and trade 10 lots within a month

07

The leverage and spreads advertised in Russian are the same terms the contract lets the company change on its own.

Said in public, in Russian

ZES Forex это ведущий онлайн брокер CFD и сырьевых товаров с быстрым исполнением ордеров кредитным плечом до 1400 без свопа и узкими спредами для трейдеров роботов и скальперов

Word for word in English: ZES Forex is a leading online CFD and commodities broker with fast order execution, leverage up to 1400, no swap and tight spreads for traders, robots and scalpers.

Russian card on the front page

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

In the contract

I accept ZES LLC Trading Ltd. has the right to unilaterally make changes such as spread margin leverage rates.

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

The documents this reading is based on

11 files, all published by ZES 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 ZES Forex publishes.

How this reading was done

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

This reading was published on .

Documents
10 of 11downloaded from the broker's site, and 10 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs FA vs RUthe 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

ZES LLC Trading Ltd

The contract is signed with ZES LLC Trading Ltd, given as resident at Serbska Street 55, Lviv Oblast, Ukraine. Every marketing page uses the brand ZES Forex, and the site header calls itself Bonus Driven Trading Hub. The agreement names no regulator, no licence number and no company registration number. The three live copies of it write the street address two different ways.

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

The bonus rules are short and they show their own arithmetic. ZES Forex works the turnover out for the reader: deposit $100, get $100, trade 50 lots in a month. The no deposit rules also state the payout cap in plain words instead of hiding a profit limit. One line protects a client who withdraws while their profit is under the bonus amount, and that line survives in every language copy.

We read the client agreement, both bonus rule pages and the three legal pages in full, on ZES Forex's own site. The $30 no deposit bonus is advertised in three languages and has no rules page in any of them, so there was nothing to read. An article about the limits of that $30 bonus is no longer on the site. No earlier version of these documents is available, so this is a first reading with nothing to compare against. ZES Forex publishes no payment terms, so we could not check deposit fees, withdrawal fees or currency conversion.

How to check any of this yourself

Every quote above links to the ZES 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 ZES 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 ZES 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 ZES 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 ZES Forex. Whether its licence is real and current is a separate check on the broker profile.

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