Profile
Zeal Capital Market (ZFX) is a global CFD and forex broker offering trading in multiple asset classes through the MetaTrader 4 (MT4) platform. Operating under the ZFX brand, Zeal Capital Market caters to both retail and institutional clients. This Zeal Capital Market review evaluates the broker’s regulatory status, execution model, trading conditions, platforms, instruments, and account protections, aligned with the latest EEAT and SGE standards.
Regulation and Security
Zeal Capital Market operates under two main regulatory entities:
- Zeal Capital Market (UK) Limited – authorised and regulated by the Financial Conduct Authority (FCA), FRN 768451
- Zeal Capital Market (Seychelles) Limited – regulated by the Financial Services Authority (FSA) of Seychelles, Licence No. SD027
The UK entity provides a higher degree of client protection, including negative balance protection, segregated client funds, and potential FSCS coverage. The Seychelles entity offers greater leverage and fewer restrictions but lacks the same investor safeguards.
Execution Model
ZFX uses a Straight Through Processing (STP) model, routing client orders directly to liquidity providers without internal dealing desk interference. This allows for faster execution and reduced conflict of interest. The broker aggregates quotes from multiple providers to offer competitive pricing and liquidity across instruments.
Platforms and Tools
Zeal Capital Market offers the popular MetaTrader 4 platform, available on:
- Windows desktop
- Mobile apps (iOS and Android)
- WebTrader browser-based terminal
MT4 provides robust tools including one-click trading, chart indicators, custom scripts, Expert Advisors (EAs), and support for automated strategies. No proprietary platform is offered. There is no support for MT5 or API access at this time.
Supported Instruments
ZFX offers CFD trading across a wide range of asset classes, including:
- Forex (major, minor, and exotic pairs)
- Indices (e.g., S&P 500, DAX, FTSE 100)
- Commodities (e.g., gold, silver, oil)
- Stocks (US and European equities)
- Cryptocurrencies (limited selection, depending on entity)
Instrument availability varies by regulatory jurisdiction. The Seychelles entity offers a wider range, while the FCA-regulated entity restricts leverage and certain high-risk assets.
Account Types and Trading Conditions
ZFX offers three primary account types:
- Mini Account – For beginners; low minimum deposit; fixed spreads
- Standard STP – Variable spreads; market execution
- ECN Account – Raw spreads from 0.0 pips; commission-based; tight execution
Maximum leverage is up to 1:500 under the Seychelles entity, and up to 1:30 under the FCA entity. Base currencies include USD, GBP, and EUR. All accounts support hedging, scalping, and Expert Advisors. Order types include market, limit, stop, and trailing stop.
Retail and Institutional Features
Zeal Capital Market caters to both individual and institutional clients. Institutional offerings include:
- Liquidity solutions and white-label services
- Custom margin requirements
- Dedicated account managers and reporting tools
Retail traders benefit from multilingual support, negative balance protection, and segregated funds (depending on entity). However, advanced institutional features such as FIX API, multi-currency margining, or in-house analytics are limited.
Client Protection and Transparency
Clients under the UK FCA are protected by:
- Segregated client funds
- Negative balance protection
- Complaints resolution via the Financial Ombudsman Service (FOS)
- FSCS compensation up to £85,000
The Seychelles entity lacks these layers of protection. Transparency is enhanced by ZFX’s publishing of legal documents, risk disclosures, and clear entity differentiation on its website.
Base Currencies, Order Types, and API Access
Supported base currencies include USD, EUR, and GBP. Traders can place all standard MT4 order types, including:
- Market
- Pending (limit and stop)
- Trailing stop
No API access is currently provided, and advanced custom integrations are not available. VPS services are available for algorithmic traders through third-party providers.
Pros and Cons
- Pros:
- Dual regulation: FCA and FSA Seychelles
- ECN and STP execution with no dealing desk
- Wide asset coverage including forex, indices, and metals
- MT4 support with EAs and mobile access
- Competitive spreads and leverage (offshore)
- Cons:
- No MT5 or proprietary platform
- Limited educational resources and analytics
- Weaker client protection under offshore license
- No direct API or FIX connectivity
- Asset range limited under FCA entity
Is Zeal Capital Market a regulated broker?
Yes. ZFX is regulated by the UK FCA and the Seychelles FSA. The FCA entity offers higher client protection, while the Seychelles entity provides higher leverage and broader asset access.
What trading platforms does ZFX support?
ZFX supports MetaTrader 4 (MT4) across desktop, mobile, and web. There is no support for MetaTrader 5 or a proprietary platform.
What is the execution model used by ZFX?
ZFX uses a Straight Through Processing (STP) execution model, with ECN access available on selected accounts. There is no dealing desk interference.
Which asset classes can I trade with Zeal Capital Market?
You can trade forex, indices, commodities, stocks, and limited cryptocurrencies via CFDs. Product access varies by jurisdiction.
Does ZFX offer negative balance protection?
Yes, but only under the FCA-regulated entity. The Seychelles entity does not guarantee this protection.
