Z.com Forex Review 2024 | Pros, Cons & How It Compares (2024)

Z.com Forex is a Hong Kong-based broker that offers trading on 16 popular currency pairs through its web-based platform and mobile app. This Z.com Forex review will cover fees, regulations, platform features, bonus incentives, and more. Our experts also share their opinion on the forex broker.

Assets & Markets

The Z.com Forex asset list is very restrictive, with just 16 currency pairs and no stocks, commodities, or cryptocurrency trading. This is a significant disadvantage vs alternatives.

Popular pairs such as GBP/USD, AUD/JPY, USD/CHF, and EUR/GBP all feature.

The minimum contract size is 10,000 units (or 1 lot).

Spreads & Fees

Z.com Forex operates a straightforward and transparent pricing structure.

The broker does not charge any commission fees and spreads are fixed, though they may vary during times of significant market volatility.

When we used Z.com Forex, were offered spreads of 1 pip on USD/JPY, 1.6 pips on GBP/USD, and 2 pips on GBP/JPY. Rollover charges apply for positions held overnight.

Our experts found there are no fees to open or maintain a live account. Additionally, the broker does not impose an inactivity charge, which is good news for less active traders.

Leverage

Z.com Forex customers can trade with a maximum leverage of 1:20, so for every $100, you can trade with $2,000.

This is low, even compared to EU-regulated brokers who are permitted to offer leverage of 1:30 for users trading major currency pairs.

A maintenance margin call is triggered when the margin ratio falls below 60%, and trades will be automatically closed out if it falls below 30%.

There isn’t a choice of live accounts at Z.com Forex. This means no change to trading conditions, such as lower fees and better tools for higher deposits.

All new customers must adhere to the initial deposit of HKD $10,000 (approximately USD $1,200).

How To Register For An Account

Choose ‘Open Real Account’ from the dropdown menu on the Z.com Forex website. This starts a lengthy application process that must be verified with either a cheque or bank wire transfer of HKD $10,000.

To get started with a bank wire transfer:

1. Complete the online application and select ‘Next Step’
2. A link will be sent to the registered email address to upload identity verification details and proof of residency
3. Complete the bank wire transfer and send proof of payment to cs.trade.hk@z.com (account details will be sent to your registered email)

New account applications will be processed in two to four business days. User IDs will be sent by post and the default password will be sent to the registered email address.

Payment Methods

Deposits

Deposits are accepted in Hong Kong Dollars (HKD) only. This is a drawback for global traders.

Most accepted payment methods are suitable for Chinese and Hong Kong traders only, but the Faster Payment System (FPS) can be used through any bank.

Deposit requests received before 4pm, Monday to Friday will be processed the same day. There are no maximum deposit limits.

How To Make A Deposit

You can initiate a FPS transfer directly through your online banking account by entering the Z.com Forex FPS ID number, 162724629. The payment should reach its destination within hours.

Note, the broker requires proof of deposit within 10 days of making the payment.

Withdrawals

Withdrawals are processed in HKD only. As with deposits, requests received before 4pm Monday to Friday will be processed on the same day, however the total transfer times may vary.

One request can be made per day, though there is no minimum withdrawal limit.

How To Make A Withdrawal

To request a withdrawal, login to the platform and select ‘Account’ then ‘Balance & Transfer’, and then ‘Withdrawal Request’.

Input the amount to withdraw and select ‘Confirm’ to continue.

Demo Account

The broker offers a free demo account allowing customers to practice trading with virtual funds. New users can access the simulated profile for 30 days, after that they will need to complete a new sign-up request to access the account.

The Z.com Forex paper trading account can be loaded with virtual funds up to HKD $1,000,000. Trading conditions including pricing and rollover rates are the same as live accounts, though no margin call will be issued.

How To Open A Demo Account

1. Select the ‘Open Account’ icon from the top right of the broker’s homepage
2. Choose ‘Try Free Demo’ from the dropdown menu
3. Complete the online application page and choose the virtual balance
4. Select ‘Confirm’
5. User credentials will be sent to the registered email address
6. Follow the link in the email to log in and start demo trading

Trading Platform

Z.com Forex only supports its proprietary platform, Z.com Trader Web. This is a browser-based platform that can be used through all major internet browsers but cannot be run as an app.

Beginners will find the platform easy to use, with simple navigation. Some of the main draws include one-click trading, real-time price quotes, interactive charts, and integrated live news. Charts can be viewed across 12 timeframes from one minute to one month, and users can have up to 10 order panels open at a time.

However, it is not as sleek as alternatives, and experienced traders may feel that it only has basic features; with limited technical indicators and analysis tools. Ultimately, it is not the best platform for active traders.

Accepted Order Types

• Stop
• Limit
• If done
• Market
• One-click
• One cancels the other
• If done-one cancels the other

Order Expiry Types

• Day
• Good-till-date
• Good-till-Friday
• Good-till-cancelled

How To Place A Trade

The easiest way to open a new position is using the one-click trading function.

Simply select the currency pair from the dropdown panel at the top left of the terminal, enter the number of lots into the box, and select ‘Buy’ or ‘Sell’.

Open positions will be displayed in the bottom-right corner.

Z.com’s bespoke mobile application is available for free download to iOS and Android (APK) devices.

The app has all the same features as the web-based terminal including one-click trading, live news streams, and interactive charts. Navigation is simple, allowing you to easily switch between accounts, graphs, and live FX rates.

The app works well on smaller screens with zoom, scroll and minimization features on charts. Another advantage is the custom alert feature which provides real-time notifications of price changes and upcoming market events or company announcements.

Bonuses & Promotions

Z.com Forex scores well in terms of bonus rewards and financial incentives for new and existing customers.

While using Z.com Forex, we were offered a HKD $200 bonus for a new live account followed by a volume-based windfall up to HKD $10,000.

The broker offers the following rewards for new users depending on how many lots they trade within 30 days of registering:

• 8 Lots – HKD $800
• 28 Lots – HKD $1,800
• 188 Lots – HKD $2,800
• 288 Lots – HKD $3,800
• 1288 Lots – HKD $10,000

Regulation & License

Z.com Forex is an owned subsidiary of GMO Financial Holdings, an affiliated organization of GMO CLICK Securities INC. GMO Financial Holdings has been listed on the Tokyo Stock Exchange since 2015.

The broker is authorised and regulated by the Hong Kong Securities and Futures Commission, firm registration number AZE792. Licensing includes the provision of leveraged foreign exchange trading services. The brand’s financial reports are audited regularly by Deloitte Touche Tohmatsu.

It is not clear whether global traders benefit from the same protection as Hong Kong residents, and there is no mention of negative balance protection or segregated client funds.

Additional Features

Z.com Forex offers some basic educational resources including a glossary of key terms and a beginner’s guide to forex trading, but a lot of the content is available in Chinese only, including the broker’s YouTube channel. This means the brand isn’t the best fit for most global traders.

An economic calendar, calculators, and step-by-step user guides can also be found on the broker’s website.

Super Chart

A unique offering available to Z.com Forex customers is access to the Super Chart tool, which provides a powerful suite of analytical charts to aid with investment decisions. Features include:

• In-built economic calendar
• Live news announcements
• Display up to 16 charts in a single interface
• 26 integrated drawing tools such as Fibonacci lines and Gann lines
• 37 popular technical indicators including MACD, Bollinger Bands, and RSI
• 6 chart types available; line, bar, candlestick, point & figure, dot and Heikin-Ashi

Customer Support

The customer service available to Z.com Forex users is available 24/5, though there are no international contact options such as local telephone numbers. Contact methods include telephone, email, postal address, and online enquiry forms.

We were disappointed to see there is no live chat function, but the FAQ section on the broker’s website is comprehensive, covering categories such as account opening, deposits and withdrawals, system requirements, and margin trading.

• Fax – (852) 3923 8099
• Email – cs.trade.hk@z.com
• Telephone – (852) 3923 8088
• Online Enquiry Form – On the ‘Contact Us’ webpage
• Address – Suites 2308–09, 23/F, Tower 1, The Gateway, Harbour City, Kowloon, Hong Kong

Security & Safety

Z.com Forex operates with 256-bit SSL data encryption, as well as security measures such as two-factor authentication. For all new registrations, customers are required to adhere to a relatively stringent application process with identity verification.

Company Details

Z.com Forex was founded in 2011 as a subsidiary of GMO Financial Holdings Inc. The brand operates from a head office location in Harbour City, Hong Kong. The group boasts more than 900,000 clients worldwide.

Z.com Forex was the first entity owned by GMO Financial Holdings Inc to offer services outside the Asia region. Other brands under the GMO umbrella include FX Prime by GMO Corporation and GMO-Z.com Trade UK Limited.

Customers benefit from a straight-through-processing (STP) model retrieving pricing directly from top-tier liquidity providers.

The firm has also gained recognition as a consecutive winner of the ‘Outstanding Brand Awards’ from Economic Digest for the past 10 years.

Trading Hours

The Z.com Forex trading hours are 24 hours a day, Monday to Friday. The trading platform is available from 6am Monday to 6am Saturday, HKT (GMT -8).

There are three main trading sessions for the forex market; London, Tokyo, and New York. Specific currency pair opening and closing times will be reflected within the trading terminal.

Z.com Forex provides all the basic features of a forex brand, though the list of currency pairs is limited, leverage is lower than most competitors and the proprietary trading platform lacks advanced tools. Additionally, global traders may be frustrated that so much of the brand’s content and payment methods are geared towards China.

Overall, Z.com Forex is the best fit for traders from China and Hong Kong.

FAQs

Is Z.com Forex Legit Or A Scam?

Z.com Forex is authorized and regulated by the Hong Kong Securities and Futures Commission (SFC). This is a reliable regulator for traders from Hong Kong and a good sign that the firm is legitimate.

Is Z.com Forex A Good Broker?

Z.com Forex is an average broker with bespoke software, 24/5 customer support, a demo account, and a simple fee structure. On the downside, it is mainly geared toward the Chinese market and won’t be the best pick for most global traders.

Can I Trade On A Demo Account With Z.com Forex?

Yes, Z.com Forex offers a 30-day free demo account for new customers. Users can simulate trades under real market conditions with up to HKD $1,000,000 in virtual funds. The paper trading profile provides all the same features as the live account.

Are Z.com Forex’s Fees Competitive?

Trading fees at Z.com Forex are relatively competitive. The broker offers commission-free trading, with fixed spreads. This includes a spread of 1.6 pips on GBP/USD and 1 pip on EUR/USD.

Does Z.com Forex Offer A Reliable Trading Platform?

Z.com Forex offers a proprietary web-based terminal and mobile app. While easy to use, it lacks the powerful analysis tools and advanced charts of popular third-party platforms like MT4. Ultimately, it is best for beginners.

Top 3 Alternatives to Z.com Forex

Compare Z.com Forex with the top 3 similar brokers that accept traders from your location.

1. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

Z.com Forex Comparison Table

Compare Trading Instruments

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Z.com Forex vs Other Brokers

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	Visit	Z.com Forex is an STP broker headquartered in Hong Kong. The brokerage is regulated by the SFC and offers a joining bonus. New clients can open an account in less than 5 minutes through the desktop site or mobile app.
Z.com Forex is an STP broker headquartered in Hong Kong. The brokerage is regulated by the SFC and offers a joining bonus. New clients can open an account in less than 5 minutes through the desktop site or mobile app.