Zenfinex Review 2024

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Zenfinex is a UK-headquartered trading broker offering a selection of instruments on the popular MetaTrader platforms. In this review, we break down spreads and fees, withdrawal times, customer support, plus the broker’s copy trading app. Find out whether to open a live trading account with Zenfinex.

Zenfinex Headlines

Zenfinex was launched in 2018 and is based in London. Whilst popular with UK traders, the private limited company has since expanded into Asia, Europe, Australasia, South America and Africa. The broker seeks to distinguish itself through its competitive fees and social trading platform, available as a user-friendly mobile application.

Zenfinex Limited is regulated by the UK Financial Conduct Authority (FCA).

Trading Platforms

Zenfinex offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These terminals are used by more than half of retail forex traders and offer a wide variety of features, from dozens of technical indicators to thousands of signals and robots from the MetaTrader marketplace. Multiple timeframes are available alongside a selection of instant and pending order types.

MT4 is best suited to beginners while MT5 is a sensible option for more experienced traders, offering additional analysis tools and more advanced features. Both platforms offer customisation to suit individual trading styles and can be used to implement various strategies, including scalping.

Markets

Zenfinex offers access to a variety of financial markets. This includes over 50 currencies, precious metals gold and silver, oil and natural gas CFDs, plus popular indices such as the FTSE 100. UK traders can also make use of spread betting products.

But whilst an interesting range of assets, the selection of instruments is limited compared to more established providers.

Trading Fees

Zenfinex is a low-cost broker with spreads and commissions improving as you move through the account tiers. With the Standard account, spreads on the EUR/USD and GBP/USD are 1.1 pips and 1.3 pips, respectively. With the Pro solution, the same spreads are 0.1 pips and 0.3 pips. There are no commissions with the Standard account but the Pro option comes with a £6 commission per lot. Spreads on the FTSE are 2.0 points which is in line with competitors.

Leverage

Zenfinex is an FCA-regulated brokerage, which means that leverage is capped at 1:30. Traders can adjust leverage levels from within the client dashboard. Professional traders can also qualify for leverage up to 1:100 on forex and CFDs. Speak to the customer support team to check you meet eligibility requirements.

Mobile Trading

Zenfinex offers a mobile application called ‘ZenConnect’, which is available on Android and Apple devices. The app is simple to navigate and allows you to execute trades, learn from experts and connect with other investors.

The innovative social trading platform lets you follow and copy the trades of other users, monitor portfolio performance and execute positions 24 hours a day. The app can be downloaded for free once you’ve registered for a Zenfinex account.

Deposits & Withdrawals

Zenfinex offers multiple methods for deposits and withdrawals. The minimum deposit is $50 and there are no fees when making payments. For withdrawals, Zenfinex has a ‘myZen’ client interface which has no charges for credit and debit cards but a fee for bank wire transfers. Zenfinex aims to administer all withdrawal requests within 1-2 days.

Deposits can be made via the following options:

• Bank wire transfer (SWIFT, CHAPS, BACS, SEPA)
• Mastercard
• Neteller
• Skrill
• Visa
• ACH

The withdrawal options are as follows:

• Bank wire transfer
• Credit or debit card
• BACS (GBP denominated account)

Demo Account

Zenfinex’s demo account offers $10,000 to refine strategies and explore the broker’s platforms. The demo account can also be used to trial the ZenConnect application. The demo solution replicates real market conditions and is paired with instructive indicators to help improve trader performance.

You can sign up for a free demo account from the Zenfinex website.

UK Regulation

Zenfinex’s UK branch holds a licence with the FCA, whilst their global branches are registered with the SVGFSA. Their regulatory status means that customer money is protected through structures like account separation and the Financial Services Compensation Scheme (FSCS), which covers client investments up to £85,000 should Zenfinex become insolvent.

Additional Features

Zenfinex is affiliated with ‘Everything Trading’, which offers a user-friendly learning environment. As part of the collaboration, the broker offers 37 sessions for forex beginners. Further trading courses and tutorials are also available when you prove yourself as an active trader.

Additionally, Zenfinex’s website includes multiple additional tools, including detailed analysis on popular financial markets.

Live Accounts

Zenfinex offers three account levels; Standard, Pro and VIP. Each account offers access to over 50 currencies, commodities and major indices.

The VIP account offers low commissions from $6 per lot but requires a minimum deposit of £10,000. The Pro account is for seasoned traders, with a minimum deposit of £2,500. This account offers low commissions available through the broker’s STP model at $8 per lot. The Standard account, which has a minimum deposit of just £50, is aimed at new traders with zero commissions and competitive spreads.

Pros

• Choice of MetaTrader platforms plus a mobile copy trading application
• Fast withdrawal speeds
• 24/5 customer support
• STP trading model
• Easy-access charts
• Low trading fees
• FCA-regulated
• Secure login

Cons

• Relatively new company started in 2018
• No cryptocurrency trading
• Narrow range of assets

Contact Details

Multilingual customer service is available 24 hours, 5 days a week by telephone, email and live chat. The ZenConnect app also offers technical support and advice from within the app. Get in touch with the support team using the details below.

• Email – support@zenfinex.co.uk
• Telephone – +44 (0) 20 3983 8250
• Address – Zenfinex Ltd, One Mayfair Place, Mayfair, London, W1J 8AJ

Should You Trade With Zenfinex?

Zenfinex is arguably one of the fastest-growing CFD and forex brokers. Based in London, but operating worldwide, the firm supports its clients with a range of trading tools and customer support. The FCA regulation is also good news for UK investors. But whilst fees are competitive, the range of products is narrow versus other providers. Overall, Zenfinex is a good entry-level trading broker.

FAQ

Top 3 Zenfinex Alternatives

These brokers are the most similar to Zenfinex:

1. FXOpen - FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.
2. INFINOX - Infinox is a UK-based and FCA-regulated broker that offers diverse trading products thanks to its STP and ECN account types and support for MetaTrader 4, MetaTrader 5 and a proprietary platform. Clients can also benefit from a free VPS that can support automated strategies and a social trading platform, catering to both beginner and seasoned traders.
3. Vantage FX - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Zenfinex Feature Comparison

Trading Instruments Comparison

Zenfinex vs Other Brokers

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