ZHRT – Is This Broker Trustworthy?

Website URL: https://zhrt.hk

Founded: 2015 – 2019

Regulations: No License to Operate

Languages: English, Chinese

Deposit Methods: Bitcoin

Minimum Deposit: Unknown

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Forex pairs, CFDs on Crypto Coins, Natural Gas, Oil, Gold, Silver, Indices, Stocks

Trading Accounts and Conditions

ZHRT offers you two different types of trading accounts: the Standard account and the ECN account. Beyond this, the broker has not provided any information about the minimum deposit requirements for these accounts.

The leverage offered stands at a maximum of 1:500, while the spreads for the Standard account begins at 2.1 pips.

ZHRT – Advantages

We could not find any advantages to this broker, so we have not listed anything in this section of our review.

ZHRT – Disadvantages

Here are the many disadvantages we found with ZHRT:

• Unregulated Broker

ZHRT claims to be an award-winning broker that is owned and operated by Zhonghui Rongtong (Hong Kong) Consulting Service Co. Limited. This company is supposedly based out of Hong Kong.

All brokers that operate out of Hong Kong need to be regulated by the island’s Securities and Futures Commission (SFC). Getting a license to operate from Hong Kong’s SFC is not easy task. A broker needs to have a minimum of HK$5 million (~US$645,000) in working capital, and must also participate in the Investor Compensation Fund, a system that has been put in place to cover trader losses in case of broker insolvency.

The SFC makes it very easy to check a broker’s regulation status. All you need to do is check their online Public Register of Licensed Persons and Registered Institutions, which is what we did to check ZHRT’s regulation status.

We found neither ZHRT nor its parent company are registered with the Hong Kong SFC, meaning that this broker is unregulated and therefore operating illegally.

Plus500

$100

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• Broker Does Not Take Responsibility for Losses

Another worrisome proviso that ZHRT has put in place is that it will not take any responsibility for any losses suffered by traders. On its Terms and Conditions page, this broker states that it will not be held responsible for any losses that you as a trader may face – even if you cannot use the services they are supposed to offer.

This condition is a clear indication that this broker is a scammer.

• No Minimum Deposit Requirement Mentioned

ZHRT offers their customers a choice of only two trading accounts, and on top of that, the broker hasn’t even mentioned the minimum deposit requirement. The only way you will know how much you are supposed to deposit is when you actually register for an account with them.

• Unable to Register

ZHRT claims to offer their clients the use of the MetaTrader 4 platform, which would have been a huge positive – had we actually been successful in registering for an account.

The MT4 platform is the world’s best trading platform because it is easy to use and has numerous features (charting tools, market analytics tools and automatic trading tools) that make trading much easier – both for novice as well as pro traders.

As we said, had we been able to register for an account, we would have put this point in the advantages section of this review. However, while the MT4 platform is registered under ZHRT’s name, we just could not access it.

As the final step of the registration process, you need to enter a code which you will receive in your email. The problem is that even after we entered the code, we were unable to get through to the platform. We found out that what we needed was something called the Recommend Code, which will only be provided by the broker. The problem is that this broker has not provided any phone number by which you can contact them. So, the only way to get that code is by waiting for an agent to contact you.

This entire process is extremely suspicious since legitimate brokers can get your account up and running through a very straightforward process of online registration.

• Very High Leverage Ratios

ZHRT offers you a maximum leverage of 1:500, which is extremely high. And considering the fact that are so many red flags regarding this broker’s operations, we feel it would be extremely risky for customers to avail of the high leverages offered by this broker.

• Very High Spreads

On their website, ZHRT claims that the starting spreads for their Standard account is 2.1 pips. This is much higher than the market average, which ranges from 1 pip to 1.5 pip. Therefore, the spreads offered by this broker are not advantageous to traders.

• Bitcoin is the Only Payment Option

The only way that you can deposit money in your ZHRT trading account is via Bitcoin. While many regulated brokers today also offer cryptocurrencies as a payment option, they also ensure that there are other, more conventional, options available to their customers, such as credit and debit cards, bank wires and e-wallets.

The reason why Bitcoin as the only payment option is a red flag is because transactions in this digital currency (just like all other cryptocurrencies) is virtually anonymous and irreversible. This means that you don’t know where your money is going or in the event that you get scammed or want your money back, you will not be able to get your funds back – ever.

This is an option usually used by scammers as there is no way that you will be able to trace your funds or even get them back.

Conclusion 

ZHRT has all the hallmarks of a scammer and we would strongly recommend to all traders that they not do business with this broker. If you are looking for a broker to contract with, we would advise you to choose one that is regulated and upfront in its dealings.

ZHRT

2.6

User Experience

3.4/10

Payment Options

2.5/10

Security

2.2/10

Support

2.6/10

Reputation

2.5/10

Pros

• None

Cons

• Unregulated Broker
• Broker Does Not Take Responsibility for Losses
• Unable to Register
• Very High Leverage Ratios
• Bitcoin is the Only Payment Option