ZXCM Review: Unlicensed Forex and CFD Broker

Savun Law & Consultancy · Updated 7 November 2026

ZXCM is a broker brand that gives an address in Rodney Bay, Saint Lucia, as its headquarters. Under the name ZX Capital Markets Ltd it opens forex and CFD accounts with leverage of up to 1:500, and it still accepts clients through zxcm.com. A person who sends money to this platform from Türkiye is dealing with an entity that has no authority under Turkish law to provide investment services.

In short: ZXCM is not authorised in Türkiye by the Capital Markets Board (SPK). It highlights its company and licence records in island jurisdictions as signs of trust. Claiming back money sent because of unauthorised intermediation in Türkiye is legally possible.

What this article covers

What records does ZXCM rely on?
Where is the risk for a Turkish investor?
Other platforms using the same method
The legal process
Frequently Asked Questions

🔍 What Records Does ZXCM Rely On?

The registration of ZX Capital Markets Ltd in Saint Lucia is an international business company (IBC) registration; on its own it does not count as a financial services licence. The Seychelles FSA "Securities Dealer" licence (SD214) that the company declares is not valid for investment services in Türkiye either.

🚩 Where Is the Risk for a Turkish Investor?

The account and the funds are held outside the protection mechanisms of Turkish law, in a company based in an island state.
With 1:500 leverage, a small price movement can be enough to wipe out an account.
In a dispute, the counterparty is in a jurisdiction that is hard for a Turkish investor to reach.

ZXCM does not appear on the SPK list of authorised intermediary institutions. Providing investment services without permission to people resident in Türkiye is defined as a criminal offence in Article 109 of Capital Markets Law No. 6362.

🔗 Other Platforms Using the Same Method

We have previously reviewed other platforms that put Seychelles and Saint Lucia registrations on display.

🧭 The Legal Process

First, the SPK authorisation of the institutionTR is confirmed.
The effect of the arbitration and jurisdiction clause in the foreign contract on the Turkish investor is examined.
The routes for a refund from an overseas forex firm are then assessed.

For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions

Is ZXCM's Seychelles licence valid in Türkiye?

No. Providing investment services in Türkiye requires SPK authorisation; a foreign licence does not replace that permission.

Does a Saint Lucia registration count as a licence?

The registration in Saint Lucia is a company incorporation record. It does not mean permission to act as a financial intermediary.

Is the loss on my ZXCM account caused by leverage?

High leverage speeds up losses. However, providing the service without permission is a legal problem whatever the source of the loss.

I am a ZXCM victim. What should I do?

For detailed information and legal support, you can contact Savun Law & Consultancy.

3 attorneys registered with the Istanbul Bar Association · verifyGoogle 4.8 ★ · 123+ reviews · seeOffice in Istanbul · English-speaking team · about us

Questions & answers · Istanbul Bar Association 75235

Lost money to this platform? Ask our lawyer.

Write your question and Attorney Veli Savun will answer it on this page. You do not need to give your name.

Example questions — tap one and adapt it to your situation:

Answers are general information only; they do not create a lawyer–client relationship and are not legal advice on your specific case. All questions & answers →

This page is an English adaptation of our Turkish article ZXCM (ZX Capital Markets) Forex ve CFD Dolandırıcılığı.

More from Forex & CFD Broker Scams

All articles in this section →