Zurichbanc Review Is Zurichbanc.com A Legit Broker

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Zurichbanc Review: Is Zurichbanc.com A Legit Broker?

Zurichbanc.com Review: this is the website of a Forex broker that claims to be operating from Bulgaria. Is Zurichbanc a scam broker or a safe one? Read this revealing review to find out important details about this Forex trading company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Zurichbanc reveals that its company headquarters is in Bulgaria where trading is under the watch of the Bulgarian Financial Supervision Commission (FSC). When we checked, the commission does not regulate the broker nor does it license the company, Ankor Group Investment Ltd. we also found another disturbing detail which we will reveal later during this article.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Zurichbanc

Zurich Banc claims to be providing traders with the most innovative way to trade and invest. They provide more than 1,000 world-class assets. Top trading tools and features are also available to enable clients to make the most gains.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Zurichbanc Trading Platform

The trading platform offered by Zurichbanc is not disclosed on the page. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are forex, indices, commodities, precious metals, stocks, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are fixed at 3 pips for the most affordable account.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Zurichbanc

The means of making deposits and withdrawals with this broker are VISA, MasterCard, Bank Wire, Neteller, Qiwi, WebMoney, Paysafe, Yandex Money, AstroPay, and Skrill. We find it encouraging that e-wallets are allowed for transactions.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $250 and this is within the obtainable average of $100 to $250 usually required by many other brokers. A profit clearance fee that ranges between $1.5 to $5 is charged per trade and monthly maintenance costs $7.50.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Zurichbanc Licensed?

No. Zurichbanc is not a properly licensed and registered broker. The FSC does not list it among regulated brokers in Bulgaria.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Blacklisted in the United Kingdom

The broker has been marked by the UK trading vanguard, the Financial Conduct Authority (FCA) as a scam company.

It is revealed that Zurich banc is trying to pass itself off to unsuspecting traders as Zurich Investment Services Limited (UK).

Support

To get in touch with the broker or its customer service, interested clients are to call +442080589513 or email at [email protected]

Conclusion

Zurichbanc holds no legit license and is thus not rated highly by us. It is also blacklisted by a top European trading authority making it further look untrustworthy. Although it requires an affordable minimum deposit we find that its spreads are unfavorably high. Payment methods are also encouraging but the charges to be applied on clients’ accounts put one off completely.

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ZurichBanc Review – is zurichbanc.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Bronze $250 1:400 3 pips, fixed
Silver N/A N/A N/A
Gold N/A N/A N/A

ZurichBanc is a forex broker with registered address in Bulgarian. It allegedly offers the three account types listed above, but hasn’t disclosed any trading specifics. This review will shade some light on the broker’s service. Be sure to check out at least the first points of the disadvantages section, if you are going to skim through the review, as we have major concerns regarding ZurichBanc.

ZurichBanc Advantages

ZurichBanc has not disclosed the maximum leverage ratio it provides on its website, but as we opened the broker’s platform, we were offered 1:400. Leverage levels that high will suit even the most aggressive traders

Yet, keep in mind that no matter how lucrative it may sound, using leverage ratios that high is very risky. It is easy to lose track of your trading strategy, investment objectives and you may eventually blow out your entire account.

Comprehensive selection of assets

Another possible benefit of ZurichBanc is the fact that the broker offers trading in wide range of financial instruments, covering various asset classes such as forex, indices, commodities, precious metals, stocks, and some of the most popular cryptocurrencies.

That being said, we always urge our readers to invest only in well-regulated companies. As this is not the case with UM Capital, you’d better select among the brokers from the below link, all of which are reliable and offer trading in a variety of CFDs, including on cryptocurrencies like Bitcoin.

ZurichBanc Disadvantages

No legit license

Our greatest concern with ZurichBanc.is the lack of credible financial regulation. The broker is allegedly owned by Ankor Group Investment Ltd., a company with registered address in Burgas, Bulgaria.

Click on the image to view full size.

We should note that CFD providers in Bulgaria have to be licensed by the local Financial Supervision Commission (FSC) or by similar financial authority of any EU Member State. Unfortunately, this is not the case with ZurichBanc, which means that potential clients of this broker have no assurance whatsoever for the security of their funds.

Exposed as a clone by the FCA

Needless to say, unregulated brokerages like ZurichBanc are not authorized to do business on any regulated financial market, such as the EU, Australia, USA, etc. Yet, it seems that the broker illegally targets investors in the UK, as the local Financial Conduct Authority (FCA) has blacklisted it and exposed it as a clone firm.

According to the regulator, ZurichBanc tries to mislead investors that it is a brand of FCA- licensed insurance company Zurich Investment Services (UK) Limited. This is yet another clear-cut sign of trouble regarding this forex provider.

No information on trading conditions, testing service unavailable

Another obvious disadvantage of ZurichBanc is that it has not disclosed key trading specifics on its website, such as the typical spreads, the initial deposit it rewires for opening a live account, etc. Furthermore, clients of this brokerage are not offered demo accounts either.

Demo accounts are always appreciated not only by newbies, but also by people who want to test a broker’s trading conditions, especially in those cases where the spreads are not (clearly) specified on the company’s website.

Unproven web platform, high spreads

We had to open a real account with ZurichBanc (without depositing any money), in order to sneak peek into its platform and get some trading information. Unfortunately, the spreads we saw on the broker’s platform are not in the least favorable for traders – the benchmark EUR/USD spread is fixed at 3 pips.

ZurichBanc’s web platform. Click to view larger.

Most forex brokers offer spreads within the range of 1.0 – 1.5 pips for this pair, and many of them are reliable and licensed ones. That is why we would advise you to select a brokerage from the below link:

Unusual hefty fees

While the website of ZurichBanc contains very few details on actual trading conditions, there is information on various additional fees that apply (in the Terms and Conditions). Typically, brokerages charge only some withdrawal, swap and dormant fees, but this broker has a lot more:

– – Profit clearance fee , which varies depending on the total profit of the successful CFD/Forex trade, ranging from $1.5 to $5 per trade;

– – Monthly maintenance fee of $7.50.

Click on the image to view larger.

Conclusion

As it turns out, ZurichBanc is not based in Zurich, nor related to FCA-licensed company Zurich Investment Services (UK) Limited. Overall, this unregulated broker appears to be one of the many fraudsters on the forex market, so you’d better stay away from it and find a reliable forex provider instead. That being said, one of the most trustworthy authorities is the UK’s Financial Conduct Authority. You can find more information about regulation in the UK, as well as a list of licensed brokers below:

And finally, here are the highlights of the present review of ZurichBanc:

Pros Cons
Generous leverage No legit license
Various financial instruments Exposed as a clone by the FCA
No information on trading conditions
Unproven web platform, high spreads
Unusual hefty fees
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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