Is Broker Zoomtrader a Scam

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ZoomTrader Review

ZoomTrader was a Forex broker that is owned by Celestial Trading Ltd, located at: Global Gateway 8 Rue de La Perle Providence, Mahe, Seychelles.

Their phone number in the United Kingdom is: +44 203 807 0590. Their email address is: [email protected] Official website is https://zoomtrader.com/.

Complaints or withdrawal problems should read this.

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ZoomTrader Review

ZoomTrader uses the Tradologic binary options trading platform which offers Digital, Turbo, Touch Up/Down, One Touch and Range Options. They offer 80% returns on $EURUSD binary options and they have hourly bitcoin options with returns of 67%.

The range options they offer are a fun way to trade around economic announcements when volatility increases. Traders need to be mindful of the spreads when trading range options.

ZoomTrader was popular with binary options traders in Germany and Spain. Their trading platform is available in many languages including: Deutsch, Français, Português, Español, Русский, العربية, Türkçe, 中文, Dutch and of course English. The minimum deposit for a new account is $250. The minimum trade size is $10 and the maximum trade size is $4,000. They offer over 65 assets for trading on.

ZoomTrader Trading Platform

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ZoomTrader License

When investors are reviewing a Forex or Stockbrokers to know if they are a legitimate broker or a scam broker, they check one thing. Did the governments regulator like FCA United Kingdom give them a license, or do they fall under the MIFId regulatory rules in the European Union (EU)?

ZoomTrader is not an licensed broker.

You can find an updated list of licensed brokers here.

Zoomtrader Broker Review

�� Demo Account:
⚖ Allows Hedging:
�� Allows Scalping:
�� Headquarters: Seychelles
�� Founded:
�� Trading Platform(s): Tradologic
�� Regulating Authority(s):
�� Minimum Deposit: 200
�� Maximum Leverage:

Visit Zoomtrader
Risk Warning: Your capital may be at risk

Our Review of Zoomtrader

Company Overview

Zoomtrader is an online broker that aims to make it easy for traders of all levels of experience to trade on indices, stocks and currencies.

Account Types + Opening

There is one type of account on offer with Zoomtrader, and provided you are over 18 you can apply to open an account with them just by filling in the simple online form on the homepage of their website.

Promotions, Sign Up + Deposit Bonuses

Zoomtrader offers various types of bonus, and promotions can appear on a time limited basis throughout the year. The standard signup bonus for a Zoomtrader account is around 50%, and it is capped at a maximum of $10, 000.

Commissions and Fees

Fees are associated with making withdrawals; there is a flat fee of $25 for making a withdrawal via wire transfer, for example. With the commissions that Zoomtrader takes (which will vary depending on the type of trade that you are making), traders will be able to take home up to 83% of their total revenue.

Trading Platform Review & Mobile Apps

The Zoomtrader trading platform integrates trading software with real time support (both via the website’s online chat function and over the phone). There is no Zoomtrader mobile app available to date.

Deposits & Withdrawal Methods + Ease

There are three ways to make deposits and withdrawals with Zoomtrader: by bank transfer, by Visa or Mastercard and by a Moneybookers account. There is a minimum deposit amount of $250 in effect with this broker. One thing that makes Zoomtrader stand out from other trading platforms, however is not just that there is a minimum withdrawal limit (200 of whichever currency you are using) but also that there is a maximum amount that you can withdraw per week (i.e. 5000 of whichever currency you are using). Though withdrawals and deposits are relatively easy to perform with Zoomtrader, then, some traders may feel restricted by this cap. The cap is in keeping with Zoomtrader’s stated purpose: to let people trade as a hobby, or for entertainment purposes rather than as a professional focus.

Regulators & Safety: Are they a reliable, legitimate broker or a scam?

Zoomtrader has acquired a license with CySEC, and so they are fully regulated. All indications suggest that this is a legitimate broker.

Is Broker Zoomtrader a Scam?

Broker Zoomtrader is still a greatly debated topic that is proved by the numerous questions we receive on this matter. That’s why it’s not a bad idea to remind you, how it is really is.

Zoomtrader’s beginnings

Zoomtrader is a binary options broker that was founded in 2020 and is based in Cyprus. All brokers based in Cyprus, however, must be subjected to regulations and therefore be fair with their clients. The zoomtrader staff didn’t really like it, because they like cheating and robbing people, so they moved their headquarters to the Carribean, where CySec regulations aren’t necessary.

Zoomtrader has been working, from its beginnings, for example in Czech republic and to suit its costumers, he also offered Czech language. Czech national bank has issued a warning against their activities in 2020. Zoomtrader could correct their offences to be regulated by Czech national bank again, but in the end, it didn’t happen. Which is why they shouldn’t be accepting Czech clients anymore.

Zoomtrader and CySec and other regulations

A false ČNB registration

Although Zoomtrader issued a list of all possible regulatory authorities (source), but it’s all fake. In reality, neither zoomtrader, nor their company Zoomtrader Ltd. are regulated by most of them.

Click, for example, on the Czech republic’ flag and you’ll be directed to this website (picture on the right). That’s a nice document stating regulations, but the catch is that it’s not a zoomtrader that’s regulated, but another company – Novox Capital Ltd.

After a bit of a research on the internet we’ve found out that it’s a company that has nothing to do with zoomtrader. It sponsors only brokers OptionBIT and OptionXP , who aren’t also very famous for their activities.

Zoomtrader fraud fined

Last year CySec has even issued a fine of $15.000 to Zoomtrader for not having a licence and still operating in the European Union. According to the law only CySec regulated brokers can offer binary options trading. Company Zoomtrader Ltd. has in the end ended up not that bad, taking into an account that penalty for this type of a violation is usually 20x higher, around $350.000.

Experiences with this broker

For as long as I’ve been interested in binary options, I’ve heard only one good thing about them and it was from a young lady that has been swearing that she earns thousands of dollars with this broker.

Of course, we don’t completely believe it, given the fact that she suddenly published her zoomtrader sponsorship code, which makes zoomtrader pay her money if people lose their money when referred by her. Therefore, we believe that she has only been a part of their marketing department or something.

Quite too often I come across an article or a comment on the internet, where they talk about how they completely stopped paying off their clients’ money.

Zoomtrader bonus

Another illegal practice of zoomtrader’s is the way they handle clients who have deposited their money. We are talking about bonuses that a client hasn’t asked for. The reason is that after the client needs to trade it over several time, before being able to withdraw them back. We are talking about high amounts of money.

Your experience

Have you ever traded with the broker Zoomtrader? What were your experiences? Make sure to leave us a comment, so others can also make up their minds. Thanks!

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo
    Binomo

    2nd place! Good choice!

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