Opinion about ZoomTrader

Can it be considered a scam to ZoomTrader ? In Estafa.info we have the opinion that it is not, and to form it, we have conducted an analysis about the broker, which we invite you to read below.

If you are investigating the security of this broker or are uneasy with it for any reason, you should know that it is a very common thing because the information on the internet is quite confusing. However, we want to shed some light on this situation and inform you of everything you need to know about Zoomtrader.com .

Our experience with ZoomTrader

The company has its headquarters in Samoa at 13 Novasage Chambers, Level 2, CCCS Building, Beach Road, Apia and, unfortunately, the services that you can get through this website are not covered by any type of license from any financial authority of the Dollarpea Union. Considering this, the rest of the investment experience with this company is quite good, with an attractive investment offer and small add-ons on the web such as the educational section or the news section.

In the following sections we will see in detail the most important aspects for anyone who wants to open an account on a company's website or is considering making use of its services to invest in binary options.

Is ZoomTrader a scam?

Wondering if ZoomTrader is a scam is a natural thing. The fact that the company is based in Samoa does not help, because it makes the regulations and laws that it is obliged to comply with much more opaque to us. Not having a license implies important security deficiencies that we will analyze in the security and regulations section, but nevertheless, we cannot say that the company is a scam.

In any case, if you want to avoid having problems with scams or scams and since the company is not licensed, we recommend that you never accept their financial advice. We say this because it is well known that in binary options there is an obvious conflict of interest between the company and its clients. So much so, that the company wins when its customers lose and since there is no authority to monitor their behaviors, it can be too tempting to give advice biased by interest. We don't claim that they do, but certainly an investor has no reason to take on this extra risk. Therefore, if you need financial advice, in our opinion it is better that you seek it outside the company.

For the rest, if you want to stay out of trouble, we recommend that you avoid binding to certain conditions for withdrawals by accepting a welcome bonus. Having extra money to invest is always attractive, but rejecting it you will gain peace of mind. Not that they are a fraud, but they have somewhat abusive conditions.

Investment offer

In our opinion, ZoomTrader's offer allows you to invest in binary options in a satisfactory way. As usual among online brokers, depending on the income you make, you will have access to a different type of account. The names they use to categorize them are Bronze, up to $4999, Silver from $5000 to $9999 and Gold from $10000. The advantages of superior accounts are nothing out of the ordinary: Access to a greater number of trading strategies, which in our opinion, as we have already commented, would not be interesting due to the lack of measures against conflict of interest, access to charts and signals and an exclusive manager, which likewise does not generate confidence due to conflict of interest. In short, if the broker is attractive to you, try it with a small amount so that you see how it works, withdraw your money totally to check the process and, after all that, decide if you want to re-enter, now knowing how the withdrawal process will be.

Binary options trading

In the opinion of Estafa.info , the supply of underlying assets to invest in binary options is a very important aspect in making the decision to open an account in a online broker . Therefore, below we explain how the offer of this company in particular is.

If we start with the raw materials, we see that it offers a good selection of 6 underlying: coffee, copper, oil, gold, silver, sugar. If we continue with the currencies or forex market, we find 12 pairs: of which for the dollar are the crosses of said currency with the dollar, pound sterling, yen and Swiss franc. The rest are all dollar pairs with other currencies, except for the pound sterling – yen pair. Continuing with the indices, we have to say that in this case the offer is not very complete since it only offers 10 and the IBEX 35 is not among them. Finally, we have the shares of companies. There are 37 stocks available, including Siemens, Walt Disney or Danone, among others, but none of them is New Zealand.

Welcome bonus

As often happens with unregulated brokers, in this one it is possible to get a bonus to be able to invest more with our income. The truth is that they do not advertise a welcome bonus as such, at least on the homepage, which is granted in all cases of new users, but their terms and conditions do provide for the possibility of granting bonuses linked to user deposits, not only on the first deposit, but also in subsequent ones. Of course, the company reserves the right to grant them or not at its sole discretion, but there is always the possibility that you contact their customer service and ask them to see what happens.

However, it is something that you should seriously value. If you receive a bonus you will have to trade 40 times the amount of it and until you do so you will not be able to withdraw the money. Not the bonus, not the deposit, not the winnings that you have been able to get. Nothing, until you meet this requirement. To give you an idea, for a 100% bonus on $500, you will have to trade a volume of $2000 before you can make any withdrawals. A condition like this usually leads us to operate more than the account and attract unnecessary losses, but of course it is something that you should value personally.

ZoomTrader payment methods

In this section, the diversity of payment methods offered by the company is to be appreciated. Apart from the main credit cards, it can also be entered with a good amount of electronic wallets and, of course, bank transfer.

Although they are not obliged to follow dollar regulations on investment, they are obliged to follow international anti-money laundering laws. This means that after your deposit or before making a withdrawal, they may ask you to send them a color photograph of certain documents, to make sure that the identity you have given them is real. Therefore, when it happens, you should not worry, because the company is acting in accordance with the legality. If you don't provide them with that information, they can't send you your money, but as soon as you do, they will start the withdrawal process. This is not a ploy to avoid paying, but it is important that when you register you make sure to put all your data correctly.

From Estafa.info we recommend that when trying an unlicensed broker, make a small income, trade on a few occasions and try to withdraw the money. In this way, the client will have a much clearer idea of the broker's reliability and, if it finally turns out to be a fraud, the losses will be reduced to the minimum possible.

ZoomTrader security and regulations

When you access ZoomTrader.com you are negotiating with a company that is based outside of Dollarpa and has no obligation to comply with strict community laws. Summarizing the state of the matter in the most important points for you, this implies that: They have no need to develop a protocol against conflict of interest, they have no need to put your money in segregated accounts, so if they have financial problems, they will not be able to return your deposit, they do not have to work under the transparency requirements of MiFID, so their marketing strategies can be much more aggressive or confusing than what we are used to in New Zealand and they also have no obligation to put all their means to offer you the best possible execution of the orders you give them.

Therefore, it is possible to trade with this broker and we believe that if you do so you will not have major problems. Now, if these happen, you will be totally helpless and you will not be able to claim before any institution apart from the company itself and the courts of Samoa, which for logistical reasons is surely unfeasible.

Customer service

To get in touch with them you have 9 different phones, but in none of them is it likely that you will find an agent who speaks New Zealand. You can request to be called for free or make use of the live chat to receive quick and personalized attention. If you are not in such a hurry, or you want to send them a formal communication, you can write them an email or a traditional postal mail.

Fortunately, they do have Spanish-speaking agents in the live chat, so we assume that it will be the best option for users who may be reading this review. The attention to us was friendly and fast, so in this section we were satisfied.

Functionality of the website

The functionality of the website is good, but we have to say that the New Zealand translation is one of the worst we have seen so far. As a button shows: the section of the trading help is called Negoceando, a real kick to the dictionary. But with a little good intention, you can understand what they mean and the truth is that investing is very easy and the same can be said about moving through the different sections of the web. However, when consulting important sections such as the terms and conditions, we recommend that it be done in the English version, as this way we will obtain a much clearer wording. In addition, this version is the one that prevails in case there are inconsistencies between the New Zealand page and the original in English.

Mobile application

The mobile app had some pretty negative reviews, but the truth is that they have given them a little push and have improved a lot. However, they still do not work flawlessly, which is what one aspires to, when you are going to gamble your money by investing. If you are going to invest from your mobile sporadically, it can be useful, but if most of the time you are going to want to do it from a mobile device, you may want to read some of our other reviews to find another option.

Finding

ZoomTrader is not a scam, but it is a broker that has not convinced us at all. Security guarantees are non-existent. It does not have a license and, therefore, if an insolvency occurs, customer deposits would be absolutely lost since they will not be separated from the organization's treasury in any way. The customer service is not bad but it does not compensate for the insecurity generated by the absence of regulation. As for the investment offer, the software itself is good, and the underlying asset offer is discreet but sufficient, amounting to more than 60 assets. Therefore, the offer could be interesting for someone who wants to focus on a specific set of assets and does not want to get out of them, in order to keep them under control.

We think the best advice we can give you is to visit our list with the best binary options brokers . If you choose one of them you will be able to sleep much calmer at night, at least when it comes to thinking about the treatment they give to your money.