Advertised as one of the most innovative copy trading platforms out there, this firm has still faced challenges since their first appearance, back in 2008.
Nonetheless, their user base isn’t insignificant and they have obtained some licenses to back the claims of being one of the safest providers for this sort of trading activities. However, their bad reputation precedes them, and the truth is yet to be found out in the following ZuluTrade review.
Additionally, we strongly advise you not to invest in fraudulent brokers ZeithCoin, AlphaTrade Plus and TudoFX.
Regulated by: | HCMC, FSA, FSC, FSCA |
Is This Company Safe? | Although licensed, not all their customers agree on the safety issue, so practice caution! |
Known Websites: | zulutrade.com |
Have Warnings from: | BCSC |
Registered in: | Greece |
Operating since: | 2008 |
Trading Platforms: | MT4, MT5, ZuluTrade |
Maximum Leverage: | Depends on the chosen broker |
Minimum Deposit: | Depends on the chosen broker |
Deposit Bonus: | No |
Trading Assets: | Forex, commodities, indices, shares, cryptocurrencies |
Free Demo Account: | Available |
How to Withdraw from This Company? | Even if they’re regulated, issues may arise, as clients have reported. Be attentive and careful, and contact our recovery service if you need legal support. |
Complex Issues With the ZuluTrade Regulation
The ZuluTrade broker was at first blacklisted by CySEC for a short period of about one month in December, 2016. However, the regulator has posted an update on that warning, saying that the firm was licensed by HCMC, with a passport to provide services in EEA.
The official website lists ZuluTrade Group of Companies as the website owners, with several licenses that (mostly) check out:
- HCMC license (Greece)
- FSA License (Japan)
- FSC License (Mauritius)
- FSCA (South Africa)
Now, the warning by BCSC still stands from 2015, when the firm offered Canadian citizens binary options trading services while not being licensed.
Regulator in Mauritius doesn’t have an entry under the name of ZuluTrade and there’s no option to search for a company by their license number. FSCA notes that the license number from the site belongs to SIKHULA VENTURE CAPITAL (PTY) LTD, but no domain is mentioned. Therefore, we cannot verify the connection, but it could be another branch of the ZuluTrade Group, just like Finvasia.
There’s no doubt that the company is now far better regulated, with the proper segregation of accounts, negative balance insurance and compensation plans guaranteed by the EEA license. International clientele is still advised to be cautious.
Does the Broker Have a Tier 1 Trading License?
ZuluTrade regulation is still with HCMC, but they are still listed with their old owner. Since the company has a new owner, it should obtain a Canadian license. We’re unsure whether they haven’t done so because there was no time or there is another reason, but for now, ZuluTrade seems to be in an unregulated limbo.
Regulatory Warning Against ZuluTrade Fraud
Oddly enough, we found a regulatory warning from Canada regarding ZuluTrade.
Official Warning Issued by BCSC – Evidence of Fraud
We found several ZuluTrade complaints about the broker providing binary options services in Canada, where such service is strictly forbidden. That was why BCSC issued an official warning and informed citizens that binary options are illegal, unlike in the US, and the broker cannot provide such.
Also remember the names of EuroTrades, Liquidspro Detailed and ZMarket Global trading scams and avoid them at all costs!
Where Is ZuluTrade Broker Active?
ZuluTrade Forex and CFD copy trading services are offered in numerous countries, including:
- US
- UK
- Canada
- South Africa
- Netherlands
ZuluTrade Trading Reviews – What Traders Are Saying
When reading ZuluTrade reviews, we’re getting mixed signals. Some claim the broker has changed their lives, while others have been defrauded. Mainly, it depends on which broker they have been dealing with. Unfortunately, the broker ZuluTrade is not paying too much attention to the companies they cooperate with. While they work with regulated brokers, such as AvaTrade and FXCM, they’re also involved with different offshore unregulated schemes. That’s how clients are defrauded.
What Trading Platforms Are Available? – Trading Software
There are two options for the ZuluTrade trading platform – ZuluTrader and MT4.
ZuluTrade Copy Trading Platform
ZuluTrade has its own platform for copy trading, named ZuluTrader. It’s similar to many WebTraders you’ve seen, with the ability to copy trades. You can choose one of the investors you’re following and copy their trades directly into your account. Trading conditions depend on the brokerage you’re assigned, so you may be entitled to unregulated leverage and high spread. As we mentioned, ZuluTrade is not choosing its partners carefully.
MetaTrader 4 Platform
Besides ZuluTrader, clients can connect their MT4 to the ZuluTrade system too. Once you join, you will have precisely the same options as with ZuluTrader, to follow and copy others’ trades.
iOS and Android Trading
ZuluTrade login is enabled through Android and iOS devices as well.
Assets You Can Trade With ZuluTrade Broker
ZuluTrade investors have access to 5 major markets, including:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
The offer may be limited if your chosen broker doesn’t support some of the above-listed assets.
ZuluTrade Automated Trading Scam
Our greatest concern is the ZuluTrade automated trading system. Many brokers will claim to have automated software to trade for you, but you can quickly become a victim when you can’t control your trades. Again, you should connect your account to ZuluTrade software and allow it to open and close the trades for you. With this company’s regulation status being questioned and a regulatory warning against it, we believe it’s not the brightest idea to lose control over your funds.
ZuluTrade Withdrawal – Get Your Cash Out
Since the majority of the ZuluTrade reviews are negative (41% in total), you have to practice utmost caution when investing with this copy trading platform. While the firm itself claims that they’re transparent, with many monetary channels supported, users report otherwise.
Besides the fees, withdrawal issues and a buggy platform can also cause huge losses. If it so happens that the company prevents you from cashing in your profits or taking your initial deposit back, do contact our recovery experts for professional chargeback support.
What Can ZuluTrade Scam Victims Do?
If you fall victim to the ZuluTrade scam, it’s time to notify us. We will be happy to assist and help you file a dispute for a chargeback. Don’t let anyone steal your funds and vanish. Fight and get a refund before it’s too late!
Contact us via online chat to book a FREE consultation with our experts and we will give you an honest evaluation of your case.
Can I Trade Cryptocurrencies And CFDs With ZuluTrade Broker?
Yes, you can trade crypto and CFDs with a ZuluTrade broker.
Does ZuluTrade Give a Deposit Bonus When Opening an Account?
ZuluTrade doesn’t give any bonuses, but the broker you’re assigned with might offer it.
Is ZuluTrade a MetaTrader 4 Forex Broker?
ZuluTrade enables you to connect your MT4 to its system and copy trades.
Are My Funds Safe With ZuluTrade?
With ZuluTrade being warned by a Canadian regulator and without a proper license, your funds are not safe.