ZumaFX: Is it a Scam or Legit Broker?

ZumaFX Detailed Review

Read our detailed ZumaFX review to find out why this broker is listed as a scam! We did a search on every aspect of this broker. We read many ZumaFX broker opinions, did our own task and according to everything, this broker is untrusted and unsafe! Find out why.

ZumaFX Regulation and Security

ZumaFX broker is a brand owned by Red Pine Capital (PTY) LTD. This company is already very well-known as an owner of scamming companies. Along with ZumaFX, they own a brand Trade245, another South African based scheme. The company does appear on the website of FSCA, but without any details such as an address, contact person, etc. We tried to access the ZumaFX website and confirm who they are, but it seems that the website does not work. The company was allegedly also connected to M&N Equity research, a Cyprus based company that helps in providing Financial Report Analysis. Another red flag! Since the company owner of ZumaFX is Red Pine, which is already doing a scam, we can conclude that this broker cannot be trusted.

In which countries does a ZumaFX broker work?

ZumaFX broker operates in all the countries except the US. We tried to get more detailed information, but it was not possible, since the website does not work. Since they are registered in South Africa and claim to have FSCA regulation, they can operate legally only in this country. Every other country is out of their license range. We were able to find many reviews on this company from clients from South America. Seems that this was ZumaFX brokers’ main target area.

What can you trade with a ZumaFX broker?

ZumaFX broker offers their clients to trade with currencies (FX), commodities, and shares. The leverage that the company provides is rather high, and it goes up to 1:500. They haven’t been very transparent about the minimum deposit you can make, but what we do know is that they accept deposits via credit/debit card, E/wallet, and wire transfer. How does their scam work? Someone gives you a call after you submitted your registration on any of their ads, telling you that you have an amazing chance to make even 100$ per day. This broker offers its clients automated trading software, which is an instant red flag. This software is mostly offered by scam companies. After you make your initial deposit, they promise you a call from an expert that will help you set everything up. What actually happens is that this expert is evaluating how much money you have in your bank, and are you worth his time or not. If the answer is no, you will most likely never hear from him again. If, however, he decides to give you a chance, you will end up in major loss.

Scammed by ZumaFX? What to do?

If you were one of the unlucky people that came across ZumaFX and got scammed, here is what to do. You need to file a dispute and ask for the chargeback immediately! If you are not sure how to do that, or you think it will be too time-consuming do not hesitate to contact our support today! We are here to help you out! Do not let scammer broker keep your funds!