Overall Rating: ★★★☆☆ (3.2/5.0)

ZFX (Zeal Capital Market) is a multi-asset broker founded in 2016, offering forex, commodities, indices, and shares through MetaTrader 4 (MT4). With operations in London, Hong Kong, and Seychelles, ZFX serves both institutional and retail clients under the trading name Zeal Capital Market Limited. While it offers raw spreads, deep liquidity, and a no-dealing desk model, its regulatory structure and offshore operations make it a broker best suited for informed traders who understand the associated risks.

This review explores ZFX’s platform features, regulatory framework, pricing, and whether it’s a competitive option in 2025.

Key Features

ZFX focuses on ECN trading conditions via MT4, aiming to provide professional-grade execution to global clients.

• Trading Platform:
  • MetaTrader 4 (MT4) – desktop, mobile, and web
• Markets Offered:
  • Forex, indices, commodities, and shares
  • 100+ instruments
• Account Types:
  • Mini Account – for beginners, fixed spreads
  • Standard STP Account – variable spreads, no commission
  • ECN Account – raw spreads with commission
• Leverage:
  • Up to 1:500 (offshore clients)
• Minimum Deposit:
  • $50–$1,000 depending on account type
• Funding Methods:
  • Credit/debit cards, bank wire, Skrill, Neteller, crypto

Regulation and Security

ZFX operates under a mixed regulatory structure, combining both top-tier and offshore licences.

• FCA (UK) – Zeal Capital Market (UK) Ltd, [FRN 768451]
• FSA Seychelles – Zeal Capital Market Limited
• Client fund segregation and AML compliance under FCA
• No investor compensation under FSA licence
• UK entity limited to local clients; global clients typically onboarded under Seychelles entity

While ZFX shows credibility through its FCA registration, most international accounts are not protected under FCA rules.

Pricing and Costs

ZFX offers a transparent pricing model for ECN clients but higher costs for Mini and Standard accounts.

• Spreads:
  • ECN: from 0.0 pips
  • Standard: from 1.3 pips
  • Mini: fixed spreads from 1.5 pips
• Commission:
  • ECN Account: $7 per round lot
• Deposit/Withdrawal Fees:
  • No deposit fees
  • Withdrawal fees depend on the method
• Inactivity Fee:
  • Yes – $10/month after 90 days of inactivity

Overall, ECN pricing is competitive, but Mini and Standard accounts are more costly.

Educational Resources and Customer Support

ZFX provides decent educational tools and responsive support channels for traders at all levels.

• Education:
  • Beginner guides, trading strategies, glossary
  • Market news and basic tutorials
• Market Analysis:
  • Daily commentary and technical analysis
• Customer Support:
  • 24/5 live chat, email, and phone
  • Fast onboarding with multilingual support

Risk Management Tools

ZFX relies on platform-based risk tools within MT4. There are no advanced or unique risk features.

• Stop-loss, take-profit, and trailing stop orders
• No guaranteed stop-loss orders (GSLOs)
• No confirmed negative balance protection for offshore clients
• Basic margin alerts built into MT4

Pros and Cons

Pros

• FCA-regulated entity (UK clients)
• MT4 with ECN execution and raw spreads
• Account variety for different skill levels
• Leverage up to 1:500 for global clients
• Competitive pricing on ECN accounts

Cons

• Offshore regulation for most global clients
• No MT5 or proprietary platform
• No guaranteed stop-loss or insurance for offshore clients
• Limited instrument range compared to top-tier brokers

Conclusion: Is ZFX the Right Choice?

ZFX is a solid choice for traders seeking MT4 access with ECN execution and FCA credibility—but only if onboarded under the UK entity. Offshore clients under the Seychelles licence face less regulatory protection, which should be considered when choosing a broker. Its execution, pricing, and account variety are competitive, but lack of platform diversity and investor safeguards may limit its appeal for some.