Updated on February 14, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding ZeegosFX due to the issues we've identified.
Is ZeegosFX Scam or Legit Broker? ▲
Upon thorough examination, ZeegosFX emerges as a non-regulated entity, raising red flags regarding its safety as a trading platform. Our extensive verification process failed to unearth any form of authorization or registration for the firm, casting a shadow of doubt on its operational integrity. It is imperative to highlight that ZeegosFX lacks the necessary regulatory oversight, making it an unsafe choice for traders. The absence of regulatory compliance suggests that ZeegosFX might be operating from a location different than the one advertised, further intensifying suspicions around its legitimacy.
Registered in: Belize
Type of License: Offshore License
Is ZeegosFX safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
ZeegosFX operates as a broker in the realms of Forex and cryptocurrency, under the ownership of ZeegosFX Ltd. Despite claiming a California, USA base and boasting a license from the International Financial Services Commission (IFSC) in Belize, ZeegosFX falls short of the regulatory standards required to offer financial services within the United States. Notably, the absence of authorization from the National Futures Association in the USA raises serious concerns regarding its claims of legitimacy.
Belize, renowned for its picturesque landscapes and tax haven status, has emerged as a hub for Forex firms seeking regulatory licensing minus the rigors of stringent and costly procedures. However, the allure of Belize as an offshore zone for brokerages comes with heightened risks, primarily due to the lack of robust regulatory oversight. Our comprehensive article on the dangers of trading with Belize-based brokers underscores the significance of opting for brokers regulated by esteemed entities such as the FCA and CySec. These regulatory bodies enforce stringent rules, including account segregation and participation in compensation schemes, thereby mitigating the risk of financial loss for traders.
Our steadfast advice to traders is to steer clear of offshore and unregulated brokers, given the substantial risks associated with such entities, including the potential for scams. The protection of client funds remains paramount, a safeguard predominantly offered by brokers regulated in jurisdictions with stringent oversight, such as the UK and Australia.
ZeegosFX Update
Recent investigations reveal that the ZeegosFX website has ceased operations, indicating a suspension of its trading services. Despite this development, we urge traders to exercise caution and vigilance, particularly in the face of any future propositions from this entity.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
ZeegosFX Review 2024
