Anyone who is involved in, or is about to get involved in, financial trading will at some point consider choosing a suitable broker to operate with, which can sometimes be quite a complex task due to the sheer number of options available on the market. Therefore, the best decision can be made. Taking this opportunity, we analyze whether ZumaFX is reliable or not.

ZumaFX is a broker owned by Red Pine Capital (Pty) Ltd. This name will be very familiar to anyone who has read warnings against brokers. ZumaFX is a well-known brand in South Africa and is regulated by FSCA. Apart from this brand, Red Pine also owns several other scams such as Trade245.

When you visit the ZumaFX website, you will see that M&N Equity Research is said to own the brand. However, this company only does financial reporting and has nothing to do with trading or ZumaFX.

So far, our broker seems far from legit.

ZumaFX broker allows traders to trade currency pairs, stocks and commodities. Not only is the selection substandard, but even then they don't do it right.

The leverage provided by the company is 1:500. The trading platform of the ZumaFX broker is MT5. This platform is not the preferred MetaTrader option as all experienced brokers prefer MT4.

Also, the broker offers automated trading, which is very dubious. Most scams today start with a broker who claims to have very secure automated software. It turns out that the software does not exist and the broker is not safe.

We can conclude that this broker is not even trying to be a proper scam and just offers nothing.

When it comes to deposits and withdrawals, information is very limited. Nowhere on the ZumaFX broker website does it state what is the minimum deposit for this broker. The only thing we can see is the deposit method. Deposit methods are debit and credit cards, bank transfers and e-wallets. Likewise, you can withdraw money. We do not know how much the broker charges for withdrawals. Is there any handling fee or commission for the deposit? This one remains to be seen, as the website is completely devoid of information.