A Comprehensive Zetradex Review — Extra Caution Advised!

Zetradex is a Forex and CFDs broker based in Comoros and regulated in MWALI. The broker lacks popular platforms such as MT4, MT5, or cTrader which is one of its biggest disadvantages. It only offers a web-based custom platform and a proprietary mobile trading app. The minimum deposit is just 1 USD, but spreads are expensive from 2 pips. Add to this the fact that Zetradex was established in 2022 and there seems to be more cons about the broker than pros. Let’s analyze Zetradex further and define if it really is bad or whether you can trust its services.

Zetradex Forex broker overview

Zetradex is regulated by MWALI and offers up to 600 instruments in diverse markets. The broker says on its website that it has over 1 million clients, which seems an exaggeration as it is young and lacks proper trading platforms. The website seems normal in appearance, but the Contact Us button is at the bottom of the main page, which is a slight inconvenience. The broker also lacks phone support and offers WhatsApp and Messenger services, which is not a full substitute for legitimate phone support.

Zetradex ze Standard Account

The standard account from Zetradex, ze Standard comes with just 1 USD minimum deposit requirement, but the spreads are very expensive from 2 pips. There are no commissions charged and leverage is up to 1:3000. 1:3000 leverage is more like gambling rather than trading, as it can allow beginners to blow up their entire balance in a few trades.

Zetradex ze Pro Account

The Ze Pro account requires traders to deposit at least 1,000 USD, which is very high, but the spreads start from 0 pips. The broker is not offering transparent information about trading commissions, and we assume it has expensive fees for each lot traded. The leverage here is also 1:3000 which is very high.

Zetradex ze Ultra Account

The Ze Ultra account is the most attractive one with a 100 USD minimum deposit and 1 pip spread on major pairs, with 1:3000 leverage as well. While this account seems most appealing, the broker is not well-established enough to recommend to our readers.

The broker also offers demo and Islamic or swap-free accounts.

Zetradex Deposits and Withdrawals

Deposit and withdrawals are another aspect where Zetradex has several red flags. The deposits are instant and free, while all withdrawals come with commissions and lengthy processing times. Most of the withdrawals are charged for at least 2% and require more than 2 business days for super uncomfortable processing. Even Crypto withdrawals are super lengthy, which is a major red flag. Zetradex accepts many payment methods, including wire transfers, bank cards, Sticpay, Payeer, AstroPay, Crypto, Mobile Transfer in Africa, and China UnionPay. Stay away from this broker!

Zetradex Education, Platforms, Indicators, and Tools

Zetradex offers little to no educational resources to its clients. The broker only offers proprietary trading web traders and mobile trading apps, severely lacking in features. While these platforms have some indicators built-in, they are nowhere near advanced software such as MT4 or cTrader. Also, since both platforms were developed in-house we can not confirm it is impossible to manipulate prices, adding to our list of red flags. There are also no custom tools offered, which is just a minor drawback when compared to other major red flags we have detected.

Zetradex Additional Features

Zetradex offers three different bonuses, including a 100% Marathon Bonus, a 333% Medal Bonus, and a 5000% Olympic Bonus. These bonuses come with different minimum deposit requirements and have different maximum leverages. Typically, when brokers offer bonuses there are many complicated rules and conditions and advise our leaders to exercise extra caution when dealing with such bonuses from non-legit brokers.

Zetradex Safety and Regulations

Zetradex is regulated by the MWALI International Services Authority (MISA) which is based in Mwali. The regulator is not very strict, and the broker offers up to 1:3000 leverage, enabling traders to blow up their accounts in just a few trades. We can not confirm whether the broker follows strict policies or if it keeps trader funds in segregated bank accounts.

Zetradex Customer Support

The support is provided via several channels including live chat, email, WhatsApp, and Messenger. There is no phone support, which is a red flag as WhatsApp is known for its constant security struggles. The support and website, though, are available in several languages, which is good.

Conclusion — Is Zetradex legit?

Overall, Zetradex fraud is highly likely, as the broker claims to have 1 million clients and was just established in 2022. It does not offer any advanced trading platforms and is only regulated offshore. There is no proper phone support and spreads are high on standard accounts at 2 pips. Traders will have to deposit at least 100 USD to get 1 pip spread, which is inconvenient, to say the least. Overall, the broker is very risky to open an account with. We advise our readers to exercise extra caution with brokers who claim millions of clients while not offering MT4 or any other advanced trading platforms.