Zuitex Review: This is a forex broker with Swiss background according to the website. Is Zuitex a trusted broker or a scam?
The brokerage claims to be located in Switzerland and to be licensed by the Swiss Financial Market Supervisory Authority. It provides the following address:
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Kleinbergstrasse 15, 9000, ST. Gallen, Switzerland.
There are several claims on the page of awards won by this broker because of its excellence. Zuitex mentions that it is run by experts in “Forex and CFD trading”.
The German Bank, Commerzbank, JP Morgan, Goldman Sachs, German stock exchange are named as part of the 100 liquidity providers for this broker.
Zuitex Trading Platform
Trading platform offered by Zuitex is not named on the page. But further digging turned up that it offers clients the MetaTrader4 platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.
Tools that comes 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.
Assets that can be traded on with this broker are currency pairs and CFDs on indices, commodities, precious metals, and cryptos.
Zuitex gives traders a leverage of 1:1000, which is a generous offer. Spreads are also stated to be below 1 pips. This is encouraging as the industry average is 1.5 pips or lower.
Deposit and Withdrawal Methods On Zuitex
Payments on Zuitex are allowed for both deposits and withdrawals via Visa, MasterCard, Skrill, and Neteller.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for Zuitex and this is a good sign.
The minimum deposit ranges from €500 to €50,000 depending on any of the four accounts chosen. This is higher than the average minimum requirement of $100 to $250. It is not mentioned if the withdrawals come with charges or not.
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 Zuitex Licensed?
No. Zuitex claims to be owned by Aldima Ltd. which is an offshore registered broker in Seychelles. This kind of brokerages are not under the jurisdiction of any legit commission. They are therefore under no mandate to play fair.
Further, we found that Zuitex has been blacklisted by both FINMA in Switzerland and FMA in Australia. Both authorities included the broker in a list of scam brokerages to watch out for.
To get help, clients are directed to send a mail to firstname.lastname@example.org or call +41 (0) 44 508 30 56
We have seen that Zuitex only offers trading assets and spreads that seem too good to be true. However, there is proof that the broker has been blacklisted by authorities. High minimum deposit requirement is also a discouraging find.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website