Table of contents
Here is a review of Zuitex that will give you all the necessary information about it.
First of all Zuitex is owned and operated by ALDIMA Ltd which is the holding company of another broker that is rather shadygoing by the name of UKinvest.
The location of Zuitex is claimed to be in the UK, where the FCA is in charge of issuing licenses. Neither Zuitex nor ALDIMA Ltd were found in the official FCA register.
Furthermore, in the Terms and Conditions we found out that Zuitex holds a GBL1 (Global Business License) License which is a license offered in Mauritius. Even if the company has actually got such a license this does not make them regulated by the Financial Services Commission of Mauritius (FSC). After checking with the FSC, our predictions came to pass: Zuitex is nowhere to be found in the database of registered companies.
What’s more is that the broker claims to be a Swiss expertise in trading, and refers to a Swiss Financial Market Supervisory Authority, FINMA, as its main regulator
For those wishing to trade with a Swiss broker, be sure to check that it is regulated by FINMA. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Next, Swiss brokers must sign the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The site can be accessed in English, German, Italian and Spanish.
The broker claims to be offering a leverage up to 1:1000 which has the potential of quickly draining all of your investment, but can also make for a huge profit if used wisely.
The spread for the EUR/USD currency pair that we got from the trading platform was 1.1 pips.
The trading assets from the platform are Metals, Currency Pairs, Crypto, Shares, Oil, and Indices.
The MT4 is made available here which is always a plus in our book.
Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
The EUR/USD spread we got was 1.1 pips, which is a very good ratio for traders. Oddly enough, there seem to be no commissions attached to the low spread value.
Note that we easily opened a live account and we were not required to present any verification documents. Only unlicensed broker are capable of such a thing. Regulated brokerage firms always require a user to verify him/herself before opening a Live account.
The leverage as mentioned can reach the outstanding 1:1000 value.
The MT4 is available as a desktop trader and on mobile devices, both iOS and Android.
ZUITEX MINIMUM DEPOSIT
The minimum deposit here is $1 as deduced from the dashboard.
There are three methods that are used for funding an account: Wire Transfer (one must contact support for that), Ethereum via Crytpo Grizzly and bitcoin via TheChange. These methods are taken from the client dashboard.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
ZUITEX WITHDRAWAL TIME AND FEES
There is no specific minimum withdrawal amount, but we must inform you that the broker charges €10 for any Bank withdrawal under €100. For international Wire Transfers, the minimum withdrawal is €50. For SEPA transfers (Single Euro Payments Area ) the withdrawal minimum is €5. For “all other” withdrawal methods, the company will charge a €10 commission if the amount is less than €20. We have to mention that the dashboard only gave us the opportunity to withdrawal via Credit Card or Wire Transfer.
All withdrawal requests are processed during the day as of the submitted request, or the following day if the client makes a request outside of normal working times.
ADDITIONAL FEES AND TAXES
There is an inactive fee that ranges from €25 to €49.99. An account is considered dormant if it’s not been used for more than 6 months. If an account is dormant for 5 years than the company will stop to treading the users money as “client funds”, which means that they will take cease them for themselves.
There are no other fees mentioned anywhere. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
Zuitex is one more typical scammer broker that tries to take the money of anyone who deposits. Well consider this a warning: do not trust Zuitex with your money!
Zuitex compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines