ZoraFX

ZoraFX is a forex broker registered in the United Kingdom since November 2018. Its official website is zorafx.com. The broker holds a Currency Exchange License (MSB) from FinCEN in the United States, indicating it is permitted to operate as a money services business for currency exchange and related transactions.

Publicly available information about ZoraFX is limited, and its regulatory status outside of FinCEN is unclear. The broker does not appear to be authorised by any major European or UK financial regulator such as the FCA, which may be a consideration for traders seeking stringent oversight.

According to our records, ZoraFX is regulated by the Financial Crimes Enforcement Network (FinCEN) in the United States under a Currency Exchange License (MSB). This licence requires the broker to comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. However, FinCEN primarily focuses on financial crime prevention rather than investor protection or capital adequacy.

We could not verify any other regulatory licences for ZoraFX from further jurisdictions. The absence of regulation by a dedicated financial services authority such as the FCA or CySEC means that clients may have limited recourse in the event of disputes or broker insolvency.

ZoraFX was founded on 6 November 2018, and its registered country is the United Kingdom. However, aggregated industry data and the broker's own website suggest a different registration in Saint Lucia, leading to inconsistencies in its corporate structure. This discrepancy raises questions about the true operational base and legal entity behind ZoraFX.

Given the limited and conflicting information, we recommend that traders exercise caution and seek additional verification before engaging with this broker.

Details about ZoraFX's account types, trading platforms, and instruments are not readily available from independent sources. The broker's website may offer information on these topics, but we have not relied on those claims due to the low confidence in the web search results.

Traders interested in ZoraFX should directly inquire about account specifications, including minimum deposit, spreads, leverage, and available assets. Without verified data, it is difficult to assess the competitiveness or suitability of the broker's offerings.

ZoraFX's deposit and withdrawal policies are not documented in our known facts. As with account types, prospective clients should contact the broker directly for information on payment methods, processing times, and any associated fees.

The lack of transparent funding information is a common concern with less established brokers and may indicate potential liquidity or operational issues.

FXCanary's Scam Risk Score for ZoraFX is 33 out of 100, classified as 'Guarded'. This score reflects the broker's unverified regulatory status, conflicting corporate registration details, and scarcity of independent user feedback. While no specific scam allegations have been confirmed, the overall risk profile suggests that traders should approach with caution.

We advise investors to consider only brokers with strong regulatory oversight and a transparent track record. ZoraFX currently does not meet those criteria, and any trading with this entity involves heightened uncertainty.

ZoraFX is a UK-registered forex broker with a FinCEN licence, but significant gaps in its public information and inconsistencies in its corporate registration limit our ability to provide a comprehensive review. The broker's guarded risk score underscores the need for due diligence.

For traders prioritising safety, we recommend exploring alternatives with established regulatory credentials from respected authorities like the FCA, CySEC, or ASIC.