Beware! ZankGlobal is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The website of ZankGlobal looks like something different than an FX broker. If we went there without an idea of where we are we would not guess a forex broker. And this is not good, because forex brokers should always present themselves as what they are. Furthermore, the site feels out of place, as if though it is no longer trendy. Read the review for more details on the ZankGlobal experience.
It turned out that the website is extremely limited, with only a few subpages to fill in the gaps.
Registration incredibly simple, only email, user name, and pass, however content of user dashboard area were blocked, we had to give aya our ID documents. So all trading conditions from the website,
The trading conditions on the WebSite suggest that users can only profit if they deposit a minimum of $10 000. LKet us explain. The Classic Account offers a minimum spread of 2.4 pips, which is in no way lucrative. The Pro Account gives clients a 1.6 pips minimum cost of trade for the price of a $10 000 minimum deposit. The VIP account is even more outrageous- for a minimum of $50 000 the user can profit from a 0.0 spread.
Users of the company can trade in forex pairs, commodities, indices, cryptocurrencies, and shares. The leverage is capped at the most common offshore broker amount, 1:500.
The services of the website are only available in English.
ZANKGLOBAL REGULATION AND SAFETY OF FUNDS
The legal documents reveal that the broker is located in Honk Kong, but nowhere does it say that it is regulated there. There is no other licensing info.
It never says that the broker is located by the Hong Kong Securities and Futures Commission (SFC). Neither does it say that the firm is regulated anywhere else.
And so ZankGlobal is NOT LICENSED anywhere. This makes it a risk to all investments made in it, as well as all personal information provided.
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC..
ZANKGLOBAL DEPOSIT/WITHDRAW METHODS AND FEES
The Classic Account can be opened for $1000, but as we already discussed this is not worth it. The Pro Account is your next best shot, where in return for a minimum deposit of $10 000, you get access to seemingly decent trading conditions. Yet, without a registration, we cannot confirm that any of these are the minimum deposit.
The website claims the payment methods are credit cards, debit cards, online banking, epay wallet, bank transfer, and cryptocurrency.
Withdrawals via credit and debit cards can take up to 10 days to process which is ridiculous. Those made through bank transfers can take some 5 days, while all other methods take on average 2 days. This information was the only withdrawal info we could get.
There are mentions of fees in the legal documents, which should not come as a surprise to anyone seeing that the broker is unregulated. And so, users should never invest in it!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!