Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence from any regulator; its only claimed regulator, IFCOMM, is on FINMA's warning list, and Russian and Turkish regulators acted against its sites.
Identity & transparency
8/10 · CriticalContracting company ZES LLC Trading Ltd. has no registration number, country or registry entry; offices claimed in three countries alongside Turkish sales lines.
Withdrawals & conduct
4/10 · ModerateNo checkable withdrawal complaints on five platforms; the single 2021 account-lock report promotes a recovery service and is discounted, and the record is too thin to call withdrawals safe.
Reputation
7/10 · HighListed by the Bank of Russia and blocked by Turkey's SPK, labelled unregulated by review sites, with almost no client reviews anywhere.
Website claims
9/10 · CriticalClaimed to be licensed and regulated by IFCOMM, promised 15-minute withdrawals, showed unverifiable 2020 awards, and refused Turkish residents while running Turkish sites.
Operational history
7/10 · HighRan from at least October 2018 until its domain lapsed in 2025; the domain now hosts gambling promotions and Turkish mirror domains were rotated repeatedly.
Who they are
A quick desk file on the company behind the brand.
- Brand: ZES Forex, also shown as ZES FX on its Turkish sites.
- Legal entity: ZES LLC Trading Ltd., named in the client agreement without a registration number or country. The Bank of Russia entry adds the name ZES FZ. We found no company registry entry for either name.
- Registered: Not disclosed. The head office was given as Bud 3, Galytsky RN, PI. Petrushevych, Lviv 79005, Ukraine, with further offices listed at Serbska Street 5/5 in Lviv, API World Tower in Dubai and Heron Tower, 110 Bishopsgate, London.
- Website: zesforex.com, with the client portal my.clientzesforex.com and Turkish sites such as zesforex-giris.com. The main domain no longer hosts the broker.
- Only licence: None. It claimed regulation by IFCOMM, which is not a regulator.
- Offers: Forex and CFDs on the SIRIX platform, leverage up to 1:400, a $100 minimum deposit, a $100 no-deposit bonus, and funding by bank wire or crypto.
- Not accepted: Residents of the UAE, the US and Turkey, according to its own site.
- Age claim: Founded in 2018. The first security certificate for zesforex.com was issued in October 2018.
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.
IFCOMM (International Finance Commission)
Mwali International Services Authority (MISA)
Why we reached this verdict
How the evidence adds up.
Two national regulators acted against this operation, and the only regulator it ever named is not a regulator. That supports a likely-scam rating, even though we found no checkable reports of clients losing money.
- Bank of Russia: its list of entities with signs of illegal activity names ZES FOREX, ZES FZ and ZES LLC Trading Ltd, with the websites zesforex.com and my.clientzesforex.com, as showing signs of an illegal professional securities market participant. The entry is dated 4 July 2022.
- Turkey's Capital Markets Board (SPK): bulletin 2021/24 of 6 May 2021 orders access blocked to zesforextr21.com and zesforex-giris.com for offering leveraged trading abroad to people living in Turkey. The zesforex-giris.com site linked to zesforex.com as ZES Forex Global and used the same email address and 0850 phone line. Bulletin 2020/28 had already listed a site named zesforex-tr.com.
- False regulation claim: the About Us page said ZES Forex was licensed and regulated by IFCOMM and kept segregated client accounts with it. IFCOMM, the International Finance Commission, has been on FINMA's warning list since 8 February 2018 and is not in the Swiss commercial register. A body like that cannot license a broker or hold client money.
- Saying one thing, doing another: the contact page listed two Turkish phone numbers next to a footer that refused Turkish residents, and the Turkish sites ran on a series of numbered domains such as zesforex31.com and zesforex10.com.
- Hidden company: the client agreement gives no registration number, country or governing law for ZES LLC Trading Ltd. A UK company search finds no company of that name and the FCA register has no entry for ZES Forex, despite the London office address.
- What we did not find: any specific, checkable withdrawal complaint. The only Trustpilot review alleges a locked account but also promotes a recovery service, so we give it no weight.
- Age: the broker site ran from at least October 2018 until its domain registration lapsed in 2025. The company behind it cannot be dated, so its age is an upper bound.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Bank of Russia's list of entities with detected signs of illegal activity in the financial market names ZES FOREX, ZES FZ and ZES LLC Trading Ltd, with the websites zesforex.com and my.clientzesforex.com, for signs of an illegal professional securities market participant. Entry dated 4 July 2022.
Hard proofBank of Russia warning listE2SPK bulletin 2021/24 (6 May 2021), trading bans section, orders access blocked to www.zesforextr21.com and www.zesforex-giris.com as sites offering leveraged trading abroad to people resident in Turkey, under Article 99(4) of the Capital Markets Law.
E3The archived zesforex-giris.com page (12 June 2021), titled ZES Forex Türkiye Giriş, links to zesforex.com as ZES Forex Global (English), gives info@zesforex.com, a WhatsApp link to 0850 711 15 39 and further Turkish phone lines, and promises 15-minute transfers. It ties the Turkish sites to zesforex.com.
E4The broker's contact page (archived 17 January 2025) lists the phone numbers +380665219298, 0 (850) 711 15 39 and +905354735643, two of them Turkish, while the footer on the same page says it cannot accept accounts from UAE, US and Turkey residents.
E5The broker's About Us page (archived 8 January 2025) states that ZES Forex is licensed and regulated by IFCOMM, maintains segregated client accounts with IFCOMM, and was founded in 2018.
E6FINMA's warning list has carried the International Finance Commission (ifcomm.org, Walchestrasse 15, Zurich) since 8 February 2018 and records that it is not entered in the commercial register. It is not a financial regulator and cannot license brokers.
StrongFINMA warning listE7The client agreement names the contracting company only as ZES LLC Trading Ltd., lists offices in Ukraine, the UAE and the UK, and gives no registration number, country of incorporation or governing law.
E8A search of the FCA register for ZES Forex returns no results, although the broker listed an office at Heron Tower, 110 Bishopsgate, London.
ModerateFCA registerE9A UK Companies House search for ZES LLC Trading returns no company of that name.
E10The MISA register's verification page for licence T2023321 (page dated 22 July 2024) names Z Forex Capital Market LLC, company number 2145 LLC 2022, website zforex.com. The licence is not held by ZES Forex, which never claimed it.
E11zForex's own regulation page names Z Forex Capital Market LLC, registered in Saint Vincent and the Grenadines under 2145 LLC 2022, as the holder of MISA licence T2023321. It is a separate company from ZES Forex.
E12Registry data for zesforex.com shows a registration date of 20 September 2025 through Dynadot, meaning the original registration lapsed and the name was registered again.
ModerateVerisign RDAP recordE13zesforex.com now shows a blank homepage, and its inner pages redirect to an Indonesian gambling promotion titled GSC108 x Zesforex. No broker content remains.
Moderatezesforex.com (live site)E14By April 2026 the zesforex.com homepage had become a bonus promotion page reusing snippets of old ZES Forex text, showing the broker no longer ran the domain.
E15Certificate transparency logs show the first TLS certificate for zesforex.com issued on 19 October 2018, consistent with the claimed 2018 founding.
Moderatecrt.sh certificate logE16The homepage (archived 11 November 2024) advertised 'Withdrawal in 15 Minutes', a $100 no-deposit bonus, leverage up to 1:400 and three 2020 industry awards for which we found no independent record.
E17Trustpilot holds a single review of zesforex.com, two stars, from September 2021. It claims an account was locked after a deposit but credits a recovery service, a pattern typical of planted reviews, so it is given no weight.
WeakTrustpilotE18Forex Peace Army's ZES Forex page (archived 12 April 2024) shows zero user reviews.
E19BrokersView lists zesforex.com as unregulated, notes the IFCOMM claim and holds no client reviews or complaints.
WeakBrokersViewE20SPK bulletin 2020/28 (30 April 2020) lists www.zesforex-tr.com among sites to be blocked for offering leveraged trading to Turkish residents. The site is tied to ZES Forex by its name only.
The other side
The strongest case in this broker’s favour.
The best case for ZES Forex is that it was a small, unlicensed but working brokerage rather than an operation built to take deposits. We tested that view and it does not change the rating.
- It used a known third-party trading platform, SIRIX by Leverate, and ran a client portal, so clients could probably place real trades.
- Its founding claim holds up: the first security certificate for the domain dates from October 2018, matching the stated 2018 start.
- Neither regulator's action alleges stolen money. Both concern unauthorised activity, and we found no court case or fraud charge naming the company.
- We found no specific report of a refused withdrawal or of a fee demanded before a payout.
- The mix-up over MISA licence T2023321 is not the broker's doing. ZES Forex never claimed that licence.
- We looked for an innocent explanation and found none: no regulated parent group, no rebrand to a licensed successor, and no name collision, because the Russian and Turkish records name its own domains.
What would change this
What we would need to see to revise the verdict.
These findings would lower the risk rating:
- A licence from a recognised regulator held by ZES LLC Trading Ltd. or another ZES company for the years it took clients.
- A company registry entry showing that ZES LLC Trading Ltd. exists, with its country, number and directors.
- The Bank of Russia withdrawing its entry as an error, or proof that the Turkish sites were run by someone else.
- Verified accounts from clients who withdrew their full balances.
Specific reports of refused withdrawals, fees demanded before money is released, or a regulator or court finding that client money was taken would move it toward a confirmed scam.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Bank of Russia warning list entry: ZES FOREX, ZES FZ, ZES LLC Trading Ltd
Names zesforex.com and my.clientzesforex.com as showing signs of illegal securities-market activity.
SPK Bulletin 2021/24 (Capital Markets Board of Turkey)
Page 2, trading bans: orders access blocked to zesforextr21.com and zesforex-giris.com.
SPK Bulletin 2020/28 (Capital Markets Board of Turkey)
Page 3: lists zesforex-tr.com among sites to be blocked.
FINMA warning list: International Finance Commission (IFCOMM)
The body ZES Forex named as its regulator, on the Swiss regulator's warning list.
MISA verification page for licence T2023321 (archived)
Shows the licence belongs to Z Forex Capital Market LLC (zforex.com), not ZES Forex.
FCA register search: ZES Forex
No UK authorisation found for ZES Forex.
Trustpilot: zesforex.com
Only one review on record.
Frequently asked questions
Quick answers about this broker’s safety.
Is ZES Forex a scam?
Very likely. ZES Forex held no licence, claimed to be regulated by IFCOMM, which is not a regulator, and was flagged by the Bank of Russia and by Turkey's Capital Markets Board. Its website no longer operates as a broker.
Is ZES Forex a fraud?
No regulator or court has charged ZES Forex with fraud that we could find, but we assess the risk of fraud as high. It misstated its regulation, solicited clients in countries where it had no permission, and two national regulators acted against its sites.
Is ZES Forex regulated?
No. We found no licence from any financial regulator. Its site said it was licensed and regulated by IFCOMM, a body on the Swiss regulator FINMA's warning list, and the FCA register has no entry for ZES Forex despite its London office address.
What is IFCOMM, the regulator ZES Forex named?
IFCOMM, the International Finance Commission at ifcomm.org, presents itself as a dispute-resolution body. FINMA added it to its warning list on 8 February 2018, and it is not in the Swiss commercial register. It cannot license brokers or hold client money, so a claim to be regulated by it protects no one.
Does ZES Forex hold MISA licence T2023321?
No. The MISA register's verification page for T2023321 names Z Forex Capital Market LLC, with the website zforex.com. ZES Forex never claimed a MISA licence, and the two are different companies.
Is ZES Forex the same company as zForex?
No. zForex trades at zforex.com through Z Forex Capital Market LLC, a company registered in Saint Vincent and the Grenadines. ZES Forex used zesforex.com and named ZES LLC Trading Ltd. The warnings about ZES Forex do not concern zForex, and zForex's licence does not cover ZES Forex.
Which regulators have acted against ZES Forex?
The Bank of Russia lists ZES FOREX, ZES FZ and ZES LLC Trading Ltd, with zesforex.com, as showing signs of illegal securities-market activity. Turkey's Capital Markets Board ordered access to the Turkish sites zesforextr21.com and zesforex-giris.com blocked in May 2021, and listed a site named zesforex-tr.com in April 2020.
Is the zesforex.com website still working?
Not as a broker. The original domain registration lapsed and zesforex.com was registered again on 20 September 2025. It now shows unrelated Indonesian gambling promotions, so any login or deposit page found there is not the old broker.
Who owns ZES Forex?
Its client agreement names ZES LLC Trading Ltd., but gives no registration number, country or directors. We found no company registry entry for that name, so the people behind ZES Forex cannot be identified.
Did ZES Forex accept clients from Turkey?
Its main site said it could not accept Turkish residents. Yet its contact page listed Turkish phone numbers, it ran Turkish-language login sites, and Turkey's Capital Markets Board ordered those sites blocked for offering leveraged trading to people living in Turkey.
How old is ZES Forex?
It said it was founded in 2018, and its domain had a security certificate from October 2018. The broker site ran until 2025, when the original domain registration lapsed. The company behind it cannot be dated.
Can I get my money back from ZES Forex?
It may be difficult, because the company cannot be identified and its site is gone. Collect your records, ask your bank or card issuer about a recall or chargeback, and report the case to the police and your regulator. Never pay a recovery service upfront.
What should I check before depositing with a forex broker?
Look the firm up on the regulator's own register and make sure the website and company name match. Be wary of bodies that sound official but are not regulators, promises of very fast withdrawals or free bonuses, and brands that keep switching domains.
What we recommend
The practical takeaway from everything above.
Do not send money to ZES Forex or to any site using its name.
- Treat zesforex.com and its numbered or Turkish copies, such as zesforex-giris.com and zesforex31.com, as unsafe. The main domain is now used for unrelated content.
- If you still have money with ZES Forex, collect your account statements, deposit receipts, emails and chat logs, ask your bank or card issuer about a recall or chargeback, and report the case to the police and your national regulator.
- Ignore anyone who offers to recover your funds for an upfront fee. Recovery pitches aimed at ZES Forex clients already appear in online reviews.
- Do not confuse ZES Forex with zForex at zforex.com, which is a separate company.
- Before using any broker, look it up on the regulator's own register. Bodies such as IFCOMM are not regulators.
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 November 10, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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