Zoomexchangeworld Review – The Issues with the Broker

Zoomexchangeworld Review

When you wish to start trading in the financial markets, your first step would be to open an account with an online broker. These days, you can do this from anywhere, as long as you have access to the internet, but this does not mean that you should not pay attention.

It is vital for you to be careful when you are trading online because there are a lot of pitfalls that can result in losses for you. All you have to do is go through this Zoomexchangeworld review to get an idea of the risks involved.

The biggest problem with the internet is that even though it has undoubtedly brought convenience into our lives, it does have some downsides. You cannot just trust anyone over the internet because there are scams and frauds happening left and right.

This also applies to online brokers and it will not take you long to come across some of the horrific situations that people have had to deal with. Not all platforms that you find are authentic, or reliable.

You do not want to choose a fraudulent brokerage, or a shady one, or one that offers low quality services. Indeed, such companies do exist and many people have had to suffer at their hands.

This only happens when you only look at what the company is claiming to offer and do not check thoroughly to ensure there are no issues. It is a must to make this effort because it can give you the kind of experience you are looking for.

The same approach should be taken when it comes to Zoomexchangeworld because at first glance, there does not seem to be anything wrong with this brokerage. But, you will soon come to know that it is lying about a lot of things, including its own business model. Some of the issues with this broker are mentioned in the review below.

False claim of licensing and regulation

Opting for a brokerage without looking at its license and regulatory status is the biggest blunder you can possibly make. If you want to stay safe from a scam, or a fraud, your goal should be to choose a licensed and regulated broker because this can give you peace of mind.

Such companies have to maintain high standards and provide quality services, not to mention that they are also transparent and fair.

But, the best thing about licensed and regulated brokerages is that they also ensure safety of funds and can be held accountable by the regulatory authority that issued their license.

This depends on the jurisdiction where they are based and in the case of Zoomexchangeworld, it claims to have its offices in the United States. Since it is one of the top regulated jurisdictions in the world, this should be impressive.

However, when you check the online register of regulatory authorities in the United States for brokers, which are the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), you will not find Zoomexchangeworld mentioned.

This means that it is not regulated or licensed to provide its services in the United States and if it is still doing it, then it is doing so illegally and this kind of company cannot be trusted.

The generous bonuses

The fact that Zoomexchangeworld is offering you bonuses should be highly appealing. Who does not like a bonus? It means that you can do more trading and get more opportunities to make money, without having to invest more of your own funds.

This already sounds too good to be true and when it does, then it should be considered fishy. There was a time when trading bonuses were extremely popular in the financial markets, but things have changed.

These days, you will discover that most of the regulatory authorities do not allow online brokers to offer trading bonuses to their clients. It is because these bonuses usually come with conditions and policies that are considered exploitative and malicious. Yet, you will find that Zoomexchangeworld is offering trading bonuses of about 200%.

This is an excellent tactic to draw clients to the platform, but you will find that Zoomexchangeworld has not mentioned any Terms and Conditions associated with this bonus. This is an issue because they can later introduce a condition, such as having to achieve a specific trading volume before you can make withdrawals, or something equally malicious.

Lack of trading platform

How do you engage in trading online? You use the trading platform that an online broker offers to you and there are several reputable ones that exist. You will quickly learn about the MT4 and the MT5, which are known as the top two trading platforms. They boast advanced features and tools that can be immensely handy during the trading process.

But, when you check out the trading platform that Zoomexchangeworld offers, you are in for a big shock. This is because it does not appear to offer any trading platform at all.

All you will find is some sort of chart that does not really do anything. Zoomexchangeworld may present itself as a binary options brokerage, but you cannot trade binary options with this chart either. It does not come with the option of opening or closing a trade.

Instead, the chart is for you to just track your balance while Zoomexchangeworld trades on your behalf. Of course they are unlikely to make profits for you and are just going to pocket your money.

High minimum deposit

You will also come to know that Zoomexchangeworld asks for a minimum deposit of $500 for opening an account and this is considered high. The average amount is usually $200 to $250 and these days, most brokerages are allowing their clients to open accounts for as low as $10.

Apart from that, you will find that you can make payments via bitcoin, wire transfers and Skrill. The first two options do not come with a chargeback, so it is best to avoid using them altogether.

Final thoughts

Given the issues that you will discover about Zoomexchangeworld, it is better for you to avoid the platform altogether.