Zenfinex Review: Transparency and Regulatory Analysis
As odd as it may sound, Zenfinex is a regulated and not regulated broker at the same time. This is why we decided to clarify once and for all facts about the company and whether you should start investing with it or not.
Let’s start our Zenfinex review.
|Owned by:||Zenfinex Limited / Zenfinex Global LLC|
|Headquarters Country:||UK / Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, MT5|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Zenfinex Regulation and Security
Zenfinex is owned by Zenfinex Group with two entities – Zenfinex Limited in the UK and Zenfinex Global LLC in Saint Vincent and the Grenadines. Now, why is the broker regulated and not? In the UK, the company has the FCA regulation. And it’s alright. However, it’s using an offshore entity for all the other countries and has no regulation at all. It means that if you are a UK citizen, you will be registered with a regulated company while everyone else is dealing with an offshore brokerage. And we all know how it ends.
Fund Withdrawal Issues
Since, as already explained, the company has two entities, we are coming to withdrawal issues. Zenfinex reviews are showing a lot of problems with fund withdrawals. According to investors, the broker handles requests poorly, support is not supporting, and funds are never processed.
When dealing with any offshore entity, it’s hard to understand the regulatory rules. And when the broker is not even regulated, it’s more complicated.
Zenfinex’s website belonging to an offshore entity leaves us with no information about withdrawals, including fees or payment methods. All we know is that you can deposit, and the minimum deposit is $50. However, if you want your money back, it’s a mystery how to get it.
That is why we would recommend you to avoid this and other offshore brokers.
How Does Online Scam Work?
If you have dealt with Zenfinex forex broker or any other broker at all, you know how it goes. You are signing up for an ad about online trading, and the broker calls you with further information. Now, after you deposit your money, some sort of an adviser is taking over and telling you how to invest. At first, you are getting terrific tips, all in order to earn your trust. After a while, he will approach you for more money. And more. And after you invested your entire savings, you will expect a withdrawal. Just, this withdrawal is not an option with a scam brokerage.
Scammed by Zenfinex?
If you have been misled or scammed by Zenfinex, do not hesitate to report it. Our support team is at your disposal, and we are ready to help. Why would you let scam brokerage get away with your hard-earned money? File a dispute and request a chargeback.
But what is a chargeback? It’s a way of refunding your card in case you were scammed.
Contact us immediately and book your free consultations!
What is Zenfinex?
Zenfinex is an online trading brokerage with two entities – in the UK and offshore.
Is Zenfinex a scam?
Since the broker has an offshore entity that is not regulated, beware.
Is Zenfinex regulated?
The UK entity has FCA regulation, while the offshore entity of Zenfinex is not regulated.