Zoxir Forex Broker – Is it a trustworthy brokerage company?
Zoxir Forex Broker claims to be a successful broker company, with a guarantee of profitable and transparent trading conditions around the world. In their “about company” section you can find facts about having 200000 open accounts, being in the industry for more than 4 years, etc. Looking at this information, we were quite surprised as we have never heard about the company itself and considering the fact that they have been in the industry for such a long time, they must be known among experienced traders. However, we found out that the domain was registered at the beginning of 2021, which makes Zoxir just 3 months old instead of 4 years. It will not be a surprise to say that the company is not licensed, but their website suggests otherwise, claiming that they are authorized to offer customers financial services by 3 different regulatory bodies. This is already a red flag, giving us the ability to suspect that the company is a scam trying to steal your money.
The maximum leverage available to customers is up to 1:500, but there is no trace of information on spreads. The information is also missing on the trading platforms, and the site does not mention anything about MT4, or MT5, which are the most common types of software used by different brokers.
The minimum deposit requirement on Zoxir FX brokerage is set to $150 and can go higher for different types of accounts. One can open start, progressive, and premium accounts, and using these, it is possible to trade metals, stocks, indices, commodities, currencies, and cryptocurrencies. The website does not have any bonuses or promotional offers available for newcomers or loyal customers.
Is Zoxir Legit?
No, Zoxir is not a legit brokerage company as it offers wrong information about licensing. According to the info available on their website, the company is authorized by reputable financial companies including IFSC (the International Financial Services Commission), CySEC (Cyprus Securities and Exchange Commission), and FSC (Financial Services Commission of the Republic of Mauritius). All of these platforms give customers the ability to check whether Zoxir is on the list of their licensed companies and after digging out, we were not able to find any matches on any of the financial regulatory bodies’ websites that are mentioned by Zoxir. What this means is that it is not safe to trust this company with your financial assets because if something inconvenient happens, you will not be able to take any legal actions.
Zoxir Review – Trading Features
In order to let you see why this platform is not worth your money, time, and attention we decided to review trading features in more detail, so you will make your decision based on all the important information.
Spreads & Leverage
The maximum leverage available to the customers of Zoxir is up to 1:500. While it is true that this ratio can be good for experienced traders, beginners might struggle as high leverages can easily wash away all your money in a matter of minutes. We were not able to find anything valuable about spreads, which can be caused by two things – either they are very high and unattractive, or once again, the company is a scam.
As we already mentioned earlier in our review of Zoxir, it is possible to make 3 types of accounts including start, premium, and progressive. They all come with different requirements and specifics, for instance, it is not possible to trade metals and cryptocurrencies with the “Start” account, while the other two are giving you this ability. The website says that deposit insurance and protection is available to customers, however, we highly doubt that this information is true, as everything we read on the website came out lie.
The minimum deposit requirement is $150 for the “Start” account, which can be considered good, but as we talk about the fraudulent company, this alone is not enough to evoke trust. The minimum deposit goes higher for another two accounts, and it is $1000, and $10000 relatively.
Bonuses are quite common for scammers, as with fake promotional offers it is possible to position your platform as an attractive trading destination and easily trick new customers into your system. We were surprised when we did not discover such offers available on Zoxir. Seems like they did not even put enough effort into convincing users to use their website.
All in all, we do believe that the website is quite poor in providing users important and valuable information such as spreads and bonuses, but even with available features, it is not possible for us to recommend this platform to our readers as the trading metrics do not correlate with the industry’s standard and compared to other reputable brands, they are quite unimpressive.
Zoxir – Final Verdict
We do believe that not having a license is already more than enough for users to not trust this platform with money because there is no guarantee that the company will not steal it. Lying about important stuff is also a very big disrespect to customers – they leave you with only one choice to never make a deposit on their platform as there are no legal ways for you to fight against the scammers.