Warning! ZankMt4 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
ZankMt4 feels like an outdated and offshore company right from the get go. We don’t know how these brokers keep getting away with this, but at least we are hee to warn you against them.
We get very obviously fake regulatory information that the broker pushes almost as an afterthought, as if it came up with these on the spot. And by these, we mean a single claim the company makes.
Apparently ZankMt4 is regulated by ASIC, while also provide a link to the Australian regulator. First of all, the link to the website of the regulator was useless and it led to a an empty ASIC subsection. Moreover, a broker that looks and is as ZankMt4 can never be taken seriously by a renowned regulator such as ASIC, or any other for that matter. Not to mention that there is no regulatory proof on the ASIC site that it regulates the company.
One more very suspicious aspect that we stumbled upon was that there were no legal docs to speak of anywhere. Legal documents are crucial bindings that create a professional relationship between the user and the broker. Without them, there is no accord between both parties, leaving the user vulnerable to all sorts of manipulation from the broker’s side.
We do not need further evidence to proclaim that ZankMt4 is unregulated and a risk to all users!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Moving one, we had to open an account, and lucky for us the account opening section was incredibly easy to fill. We were in a user area in less than a minute, and this is not necessary a good thing.
Yet, we still did not access a trading software, but not for the common reason of it being missing. There was actually a ready MT4, but we did not use it for a reason we have discussed further down below.
So we have to rely on the website, which may not be the best source of precious trading information, but we have no other source.
According to the site, clients can trade with forex currency pairs, metals, commodities, indices, cryptocurrencies, and shares. The leverage is capped at 1:500. The spread starts from 1.4 pips on the Classic account, meaning that this is the minimum spread one gets when using this account type. In our experience with unlicensed brokers, spread values are manipulated in order to attract a larger audience.
The reason why we did not interact with the MT4 was because the MT4 file was suspicious, in that our PC warned us that there might be a malware in it.
Moreover, the name of the file itself was of a ZankInternational while the main company’s name is actually Zank Capital LTD. So, this makes it clearly unsure whether the MT4 belongs to the broker or not.
It matter not in the end, for the company is unlicensed and a risk.
ZANKMT4 MINIMUM DEPOSIT
According to the website, the minimum deposit is $10 000. This is an exaggeration if we ever saw one. Such a high requirement is usually kept for higher account types!
Clients can use credit cards, wire transfer, and crypto wallets as payment methods.
Note that not only is this information taken from the site of an untrustworthy broker, but also that all investments are at a risk!
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ZANKMT4 WITHDRAW TIME AND FEES
There was also a lack of a withdrawal are in the client portal. And the only thing we learn from the website is that withdrawals take between 1 and 5 days to complete.
No other withdrawal details exist, and in reality we don’t need any. There is a a reason why this broker is unregulated and a scam!
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
ZankMt4 is a waste of your time and a risk to all your funds! Do not waste your breath here!