Zankmt4 – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Zankmt4 - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://zankmt4.com
Founded: 2022
Regulations: No Regulation
Languages: English
Deposit Methods: Paytrust88 for transfer of Malaysian Ringgit (MYR), Thai Baht (THB), Vietnamese Dong (VND) and Indonesian Rupiah (IDR)
Minimum Deposit: $100 equivalent in MYR, THB, VND, IDR
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, Commodities, Stocks, Indices
Trading Accounts and Conditions
Zankmt4 offers its clients 3 different types of trading accounts:
- Classic: The minimum deposit is 10,000 in USD, EUR or GBP. Spreads start at 1.4 pips, the maximum leverage is 1:500, and there are no commissions charged.
- Pro Account: The minimum deposit is 50,000 in USD, EUR or GBP. Spreads start at 0.8 pips, the maximum leverage is 1:500, and there are no commissions charged.
- VIP Account: The minimum deposit is 100,000 in USD, EUR, GBP. Spreads start at 0.5 pips, the maximum leverage is 1:500, and there are no commissions charged.
This information conflicts with what we saw on the payments page, where the minimum deposit allowed was the $100 equivalent in MYR, THB, VND, and IDR.
Zankmt4 – Advantages
Zankmt4 is not a broker that you can trust and there are no advantages to trading with them.
Zankmt4 – Disadvantages
Here are the red flags that showed us that Zankmt4 is a scam operation.
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Lack of Regulation
The first thing we would like to highlight is Zankmt4’s lack of regulation. This broker claims to be an award-winning regulated entity, which is all lies.
On their main page, Zankmt4 states that they are regulated and licensed to operate by the ASIC (Australian Securities and Investment Commission), and that they are owned and operated by a company called Zank Capital Ltd. The broker also has a UK address under the company name Zank International Ltd in their Terms and Conditions.
These inconsistencies are obviously a cause for concern. However, just to be sure, we carried out a complete search for the broker’s regulation status. To operate in the UK, a broker needs to be licensed by the Financial Conduct Authority (FCA), the financial regulator of the country. Similar rules apply for this broker to be able to operate in Australia – they need to be regulated by the ASIC (Australian Securities and Investments Commission).
Here is what we found out. There is no record of a company or broker by the name of Zank International Ltd in the FCA register. We did find a company called Zank Capital Ltd. listed on the ASIC register, but that company’s information did not match anything given in this broker’s details.
Thus, we were able to deduce two key things – this broker is not regulated at all by any financial regulator, and they are actually a clone firm, an entity that has stolen another (legal) company’s credentials and passed them off as their own. This tells us that we are dealing with a serious scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Serial Scam Operation
During our investigation into Zankmt4’s regulation status, we also found out something that confirmed that this broker is not to be trusted. We found out that they are a serial scam operation. Zankmt4 is simply the latest incarnation of a scam entity. This entity has given the same details with other names – ZankGlobal, Zank Capital and ZankFX.
We have listed all the brands associated with this entity so that our readers are aware of the danger and can take steps to protect themselves against this serial scam operation.
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Poor Trading Conditions
Another indication of this broker’s scam is their trading conditions. Surprisingly, Zankmt4 has a real trading platform – and a good one at that: the MetaTrader 4 software. However, to access the live account, we would have had to provide our proof of address and a copy of an ID, which we were not willing to do. Therefore, we only checked the demo account to get an idea about the trading conditions.
The first issue we had was the massive minimum deposit requirement. To open a basic account (called the Classic), you need to make a deposit of $10,000 / €10,000 / £10,000. Considering the fact that regulated brokers with excellent reputations allow you to open an account for as little as $5, this amount is just plain ridiculous.
While the spreads are within industry standards, the leverage offered is also extremely high. High leverage ratios may give traders a chance to make some big profits, however, chances are higher that traders will lose all their money and end up in debt. Especially if they are not seasoned traders. Due to the extremely high risk of this kind of leverage, countries like the UK and Australia (the two jurisdictions this broker is clearly targeting) have placed strict limits on how much of a ratio is legal. These two countries do not allow brokers to offer a ratio of more than 1:30 to their customers. Therefore, this leverage offered by Zankmt4 is not only high, it is also illegal.
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Lies About Payment Options
On their website, Zankmt4 claims to offer multiple payment options – bank transfers, credit and debits cards, cryptocurrencies and TransferWise. However, when we checked their payment section, there was only one way to make payments – through a vague payment provider called paytrust88. And the only currencies in which the payments could be made were Asian – Malaysian Ringgit (MYR), Thai Baht (THB), Vietnamese Dong (VND) and Indonesian Rupiah (IDR).
Considering the tall claims of making deposits in US Dollars, Euros and GBPs, this is a huge let down and clear sign of a scam.
Conclusion
Zankmt4 has lied about its legal status and almost every single service offering. This broker is a clone firm and a serial scammer, with ridiculous trading conditions, poor policies and contradictory payment options. This is not a broker that any trader should do business with – you will only lose your money if you deal with Zankmt4.
Zankmt4
Pros
- None
Cons
- Lack of Regulation
- Serial Scam Operation
- Poor Trading Conditions
- Lies About Payment Options
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more