JustForex is a retail Forex broker but it doesn’t have a great reputation as it does not have a license from any Forex authority in the world. It only means that JustForex is a suspected fraud company. Because of no license from anywhere, there is a high chance that JustForex doesn’t comply with the standard and there is no guarantee of safety as the business may operate in any way.
Did You Know?
The Forex market (foreign exchange market) is globally recognized for being highly efficient marketplace, facilitating trade and commerce against national currencies.
It provides traders with access to foreign exchange markets by offering viable trading conditions. It’s a retail broker and works with Standard Pro, Raw Spread, and Standard Cent, offering a variety of trading instruments for the traders to choose from. Moreover, it offers tight spreads, and market news and leverages up to 1:3000, claiming to provide the best trading conditions for its clients.
If you are a trader with them you can expect low spreads, essential tools and strategies, flexible leverages and much more. Currently, JustForex offers different types of accounts based on trading conditions.
- JustForex holds an offshore license, so it’s not safe to trade.
- It was registered in St. Vincent and the Grenadines.
- JustForex recommended licenses include ASIC for Australia and FCA in the UK GB.
- IC Markets is an alternative broker for JustForex thanks to its ASIC license in Australia.
Let’s take a quick look at its regulations and licensing.
JF Global Limited is an offshore company, which is the owner of JustForex. This company has an offshore license from St. Vincent and the Grenadines, but even after registration, JF Global Limited doesn’t provide any requirements to JustForex, meaning that there is nothing substantial to comply with.
As the company operates with no standard regulations, it’s a non-regulated and unsupervised firm. That means it’s not bound to follow international rules for forex trading. So, traders are always at risk with their investments.
Consequently, this turned into an offshore zone for questionable brokers like AAG Markets, CVC Markets, and many others.
The company claims to be operating in 197 countries, enjoying the trust of millions of clients. They also claim to have been licensed by the Financial Services Authority in St. Vincent and the Grenadine, but the said license is insufficient to allow operation in 197 countries.
This company is not supervised for its performance, nor has it any registrations with the industry authorities that allow it to offer trading services to the clients. In fact, it has been historically listed as a scam broker. There have been documented warnings to the traders, informing them of the unregulated practices and marketing gimmicks to rope in new traders.
As a result, it was banned in Spain by the local regulatory body CNMV. According to CNMV, JustForex is not eligible to provide investment services, advice, or any other auxiliary services related to financial instruments including foreign currency transactions.
The international regulators’ list also alerted the regulatory bodies of other countries about the unregulated nature of the company. These regulatory bodies are there to balance and stabilize the market offerings and provide safety to the clients from such fraudulent and unreliable agents and ensure trusted financial services.
Due to its iffy nature, is illegal in the US, hence, unavailable in the American market. The US law suggests that all CFTC-regulated brokers can trade within the US. It means that as a trader, you can trade with all US-regulated platforms except for JustForex.
It’s quite evident that it is not a reliable option because it doesn’t operate in one of the biggest global markets for forex trading. Moreover, the fact that it doesn’t offer services in business hubs like Japan and the UK makes it even more unreliable.
Indian traders can open accounts and trade with JustForex. But there is nothing regarding compliance with the Indian forex regulators on the official website. Interestingly, forex trading is banned in India, which takes away the question of compliance or regulation off the table.
For a country that has already prohibited the practice, you’re always at high risk if you’re an Indian trader working with JustForex.
Users can access the website through smartphones. The interface is quite user-friendly and intuitive, so the traders can easily understand and execute the functions from anywhere. By using the app, you can open accounts, withdraw money, view analytics, and verify transactions through your mobile phone.
Like any other forex app, has all the tools to lure users and present a highly attractive virtual world. However, behind all the glitz and intuitive app features, there is an element of high uncertainty mainly because the company does not comply with any regulations and international forex trading standards.
JustForex also provides a free demo account to the users, which simulates real forex trading conditions. This tool is there for practice and training. With the demo account, you don’t need any investments. You can learn the strategies and skills involved in efficient forex trading. More importantly, it’s all free so there is no financial risk involved.
When it comes to demo accounts, most trading brokers offer free demo accounts these days. However, there may be a higher level of trust mainly due to the regulated nature of the companies. Therefore, even when JustForex offers a viable starting option for traders, it’s not always the safest when you want to switch from demo trading to real trading.
The best companies share their licensing and regulation details properly with their clients to develop a trusting environment, making it safer for traders to invest in foreign exchange. Therefore, given the iffy nature of the company, it is advised to choose a regulated company for your forex trading to keep your capital and investments safe.
JustForex offers a competitive environment for the traders, but its unregulated nature poses serious questions on its credibility as a forex broker. It means that most of the time, trading is a high-risk option for potential investors.
- User interface
- Questionable Marketing Tactics
- Horrible Market Reputation