Is JustForex a scam or a legit broker?
JustForex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
What is JustForex?
JustForex is a retail Forex broker that provides traders access to the foreign exchange market and offers great trading conditions on accounts such as Standard Cent, Standard, Pro, Raw Spread, a wide choice of trading instruments, a leverage up to 1: 3000, tight spreads (See No Spread Forex Trading)and market news. JustForex offers its clients the best trading conditions, providing them with the necessary trading tools and strategies, it is a Broker with Low Spreads and flexible leverage. At the moment, different types of accounts are available for opening, which differ in trading conditions.
Licenses & Regulation
Is JustForex regulated?
JustForex is owned by JF Global Limited, which is an offshore company licensed in St. Vincent and the Grenadine.
However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders.
Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.
According to the website, “JustForex has reached the trust of over millions of clients from 197 countries. Our company is one of the top popular world brokers.” The broker claims to be regulated by the Financial Services Authority of St. Vincent and the Grenadine. However, this license is not enough to be able to operate in “197 countries”.
JustForex offering, the company is not officially registered with any industry authority to offer trading services, while its performance is not overseen or supervised by anyone. Moreover, the broker was previously listed as a trading scam while investors were warned by its unregulated nature and use of marketing techniques to attract traders.
JustForex has been banned in Spain by its locel regulator CNMV:
“JUSTFOREX is not authorised to provide the investment services , which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”
The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more.
JustForex in India
JustForex allows Indian traders to open accounts and trade. However, JustForex has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
JustForex in the USA
JustForex is not legal in the USA and is not available for American traders. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for JustForex, you are only permitted to trade with the U.S regulated platforms. The broker also does not offer its service to residents or citizens of certain jurisdictions including Japan and the United Kingdom.
Apps
Justforex provides access to its website from smartphones. Convenient and user-friendly interface allows traders to use any functions and actions at any time. Open an account, manage withdrawals, read analytics, proceed verification – all these steps may be done from the mobile phone.
Demo Account
JustForex gives an opportunity to open a free demo account. Demo trading is a simulation of real trading on Forex, which is made for practicing and training. The demo account does not require investments, it is free. It allows you to gain experience in online trading, practical skills in working with MetaTrader, and to test your strategy without any risks.
Conclusion
Overall, the company offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of the JustForex company puts some question marks either to enter the trading or not. Since the capital and the security of the investors’ funds is a primary goal, it is strongly recommended to choose among well-regulated companies that hold all necessary licenses, upholds authorized operations and delivers customer service on a proper level.
You can also share your trading experience with JustForex by commenting on this review.
