Abstract：Does Zenstox give you good trading experience initially and later scam you with seemingly illicit contracts? Were you asked to pay an illegitimate clearance fee to access fund withdrawals? Drowned financially with a plethora of open trades and manipulated execution? Did you have to open trades when requesting Zenstox fund withdrawals? You have allegedly been scammed, like many other traders by the Seychelles-based forex broker. In this Zenstox review article, we have investigated multiple complaints against the broker. Have a look!
Does Zenstox give you good trading experience initially and later scam you with seemingly illicit contracts? Were you asked to pay an illegitimate clearance fee to access fund withdrawals? Drowned financially with a plethora of open trades and manipulated execution? Did you have to open trades when requesting Zenstox fund withdrawals? You have allegedly been scammed, like many other traders by the Seychelles-based forex broker. In this Zenstox review article, we have investigated multiple complaints against the broker. Have a look!
Elaborating on the Top Forex Trading Complaints Against Zenstox
The Alleged Fee Demand Upon Zenstox Fund Withdrawal
A Qatar-based trader reported this trading incident on WikiFX, where you find regulatory details of forex brokers worldwide. As per the complaint, Zenstox withheld funds worth $61,000 and demanded an illegitimate $2,000 clearance fee from the trader, who registered a criminal case against the broker afterward. Here is the Zenstox review the trader shared on the WikiFX platform.
Withdrawal Denied Despite Mutual Agreement
A classic Zenstox withdrawal complaint surfaced online, with the trader accusing the broker of not fulfilling the mutually agreed withdrawal request. At the time of writing the Zenstox review, the fund was stuck for as long as six months. The customer further stated that the broker has denied withdrawals and may manipulate his trading account. Check out the traders review below.
Examining the Alleged Trap for Zenstox Traders
On a broker review platform, a trader reported that Zenstox begins by asking you to deposit and does not demand anything extra. The broker‘s officials will show you projected returns on your investments, which forms a part of their strategy to defraud you. With time, the officials will make you sign a contract with the broker that hinders you from withdrawing without the company’s verification and approval, as per the complaint. The trader even alleged that signing a contract gives the broker the right to reject your withdrawal request at will. Read the screenshot below to know more.
Withdrawal Denial & Subsequent Account Closure Case
A United Arab Emirates-based trader complained that Zenstox repeatedly rejected withdrawal applications and asked him to open trades. The trader, as per the complaint, admitted to having earned profits when accessing the Zenstox login. However, the trader became determined to withdraw and closed all trades with a profit. However, the broker closed the account, where $23,000 was transferred in 20 days, the trader added. Check out the negative Zenstox review below.
Zenstox Review by WikiFX: An Update on Regulation and Score for the Broker
A host of withdrawal denials and fund scam allegations can be expected from an offshore regulated entity, such as Zenstox, where there is no guarantee of investor protection measures. True to many offshore regulated brokers, Zenstox has allegedly defrauded many traders, as evident from the complaints above. Since the trading risks remain elevated, the WikiFX team could only give it a score of 2.24 out of 10.
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