Zoe Broker Review: Scam Broker Associated with Zoe.cash

Zoe Broker is a Spanish Forex and CFDs broker with a very controversial profile. The broker is doing business from zoebroker.com domain and primarily targeting Spanish speakers. For that reason, Zoe Broker has been blacklisted by the Spanish financial regulator, CNMV. As we look at the regulatory warning, we find that Zoe Broker is associated with a company called Generation Zoe. But Generation Zoe is a ponzi scheme that uses a Cryptocurrency called Zoe Cash to deceive investors. The company is currently running the website zoe.cash, where they market the coin as the blockchain that is dedicated to remote work, quick loans and DEX.

These days there are coins for every purpose that you can think of. Most of those tokens are however worthless and a waste of time. If you want to find out, just go to CoinMarketCap and you will see that 1 Zoe cash is an equivalent of $0.001, and the trading volume is very low. Furthermore, market cap has never been declared, which raises serious red flags. Sadly, the broker that we’re reviewing now is part of the grand scheme. We can’t recommend them in our list of good Forex and CFDs broker as they are a risky platform for your trading.

Zoe Broker Review: Why broker is a scam

The scam broker is also associated with a couple of other companies that don’t appear to be legitimate. We managed to narrow down to Generacion Zoe S.A, Kurzena Limited (a shell company) and Universidad del Trading S.A.

Now, the domain zoebroker.com was created by Kurzena Limited. This shell company is operated out of the St. Vincent and the Grenadines, just like SolidECN which is yet another scam broker operated within that jurisdiction.

We don’t recommend trading with these offshore brokers (especially those incorporated in this island) due to weak regulations where brokers thrive by scamming individuals and nothing is done.

Now, since Generation Zoe is a ponzi scheme with its own smart contract, the owners need to find a way of laundering money from the platform and into their pockets (with the goal of evading authorities).

The best way to do this is to create a Forex and CFDs broker and use it for this purpose. That is why the broker’s website is keen not to mention the name of the fraudulent company.

Elsewhere in Angentina, authorities are investigating this company on accusation of money laundering. The owner of the ponzi scheme Mr. Leonardo Cositorto risks arrest and prosecution. This follows news that early this month, authorities arrested company executives over same accusations.

Zoe Broker and the trading platform

They offer the popular MetaQuotes platform where currency pairs as well as Crypto can be traded.

This software comes with in-built indicators and an excellent charting capability. All serious Forex brokers are giving their clients access to the MetaQuotes trading software.

But this also includes scam brokers who take advantage by offering the software with the intention of feigning legitimacy.

It’s not clear whether this broker has a standard account or multiple account types. Their website is also not looking very professional. It seems it was done in a hurry with no consideration for important pages like terms and conditions.

The conclusion

Zoe Broker is a scam broker — the broker is part of a bigger scheme to defraud investors by offering illegal securities in exchange for investors hard-earned money.

We do not recommend this broker at all. We urge traders to pick properly licensed and reputable brokers here.