There are many questions when choosing the broker. You can choose the broker with the lowest minimum deposit or with the best leverage. But what you need for sure is a legit broker. Broker that is regulated by at least one top-tier regulatory body and has a good reputation. Despite its regulation, ZumaFX is not one of those. Why? Read our ZumaFX review and find out.
|Headquarters Country:||South Africa|
|Foundation year:||Not mentioned|
|Instruments:||FX, Stocks, Commodities|
ZumaFX Regulation and Security
ZumaFX is a broker owned by Red Pine Capital (Pty) Ltd. This name is very familiar to anyone who ever checked warnings against brokers. Because Red Pine has plenty. ZumaFX is a brand established in South Africa, with FSCA regulation. Besides this brand, Red Pine is the owner of a couple of other scams, such as Trade245.
When you visit the website of ZumaFX, you will see that M&N Equity Research allegedly owns this brand. However, this company is simply making financial reports and is not related to trading or ZumaFX.
So far, it looks like our broker is far from legit.
What can you trade with a ZumaFX broker?
ZumaFX broker allows traders to trade with currency pairs, stocks, and commodities. Not just that the choice is below standard, but even this they cannot do properly. The leverage that the company provides is 1:500. The trading platform of ZumaFX broker is MT5. This platform is not a preferred choice of MetaTrader since all the experienced brokers prefer the MT4.
Also, the broker is offering automatic trading, which is highly suspicious. Most of the scams nowadays begin by broker allegedly having automated software that is very safe. In the end turns out that the software didn’t exist, and the broker is everything but safe.
We can conclude that this broker is not even trying to conduct a proper scam, just offering anything.
Deposit and Withdrawal Methods
When it comes to deposits and withdrawals, information is pretty limited. Nowhere on the website of ZumaFX broker is listed what the minimum deposit with this broker is. The only thing we can see is the deposit methods. The deposit methods are debit and credit cards, wire transfers, and E-wallets. In the same way, you can make withdrawals. What we don’t know is how much the broker is charging for withdrawals. Are there any fees for deposits, any commissions? Well, that’s yet to be seen since the website doesn’t give absolutely any information.
Conclusion about ZumaFX
Based on everything so far, we can conclude in our ZumaFX review that the broker is not transparent, not legit, and not safe. If you are looking for a legit broker, ZumaFX should be the last on your list. Or even better, it shouldn’t even be on your list. It would be best to avoid this broker at all costs because there are many not satisfied clients. If you are still not convinced, more reviews about this broker can be found here scambrokersreviews.com
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