The broker saw the face of the stock market in 2011 when it was registered. JustForex offers its users access to its official website. The website’s sole reason is to provide the user with information that she or he needs to begin trading. The official website of JustForex is something else. Different reviews online read that the broker offers to trade in other assets, but a view of the website says something completely different.
Nothing can be seen on the home page, giving even a slight indication that the broker offers different assets.
The broker was registered in 2012 and has been in the business ever since. As a matter of fact, the broker has no offshore regulation. Also, JustForex restricts the USA, Japan, and UK residents from using its trading services. It is interesting to note that more than 45% of Americans are active in trading, making it one of the most dynamic countries in market involvement worldwide. A non-participation clause for the residents from such countries is not new, but brokers should think in terms of revenue collection.
The broker does not provide a lot of information about its inception on the home page.
If the user is really onto finding it, he can stumble upon the information about the firm’s presence in the forex market, which looks nothing but a promotion.
The broker has also added its registration number on the bottom right corner of the whole webpage. Keeping it away from the eyes of a user indicates insecurity in self. A broker should be anything but not a scam or insecure.
The broker is also regulated by one regulatory body, the FSA. CySEC is nowhere to be seen around the broker’s claim of being legitimate.
JustForex Scam or safe?
The broker is regulated by random, local authorities. no central or major regulatory body oversees the operations of JustForex. therefore, we cannot say that it’s safe to trade with the broker.
The broker mentions that it is a “retail forex broker” and cites a third party’s presence as in, the third party being its “payment agent”. The involvement of middlemen in the trade venture creates unsafe trading conditions.
The broker offers seven trading accounts with minimal disparities. The broker also offers special Islamic accounts due to the prohibitions made by sharia law. It is interesting to note that the broker has, in one place, barred citizens of the UK and the USA and on the other hand, has created special accounts for a religion-based population that can help in revenue collection. This slightly indicates a hypocritic mindset and a sense of insecurity in the business model.
The standard cent and the standard account both have a minimum deposit value of $1. This is an apparent move to lure in innocent people who don’t have a lot of ideas about trading and are fascinated by the thoughts of “depositing on the dollar but earning on a thousand”. The broker offers an account that can be managed by just $1, but when we think about it, if the broker was good enough why would it create two separate accounts that each have a minimum deposit of $100? this entails suspicion and hesitation on the user’s part.
Such minimum deposit accounts are opened, and the broker asks the trader to trade on leverage. Leverage is a dangerous trading strategy, and almost none of the novice traders can generate profits via leveraged trading.
JustForex offers a 1:1000 leverage for the standard cent and the standard account and 1:3000 leverage for pro and the raw spread account. In layman terms, the broker gives the trader a choice to operate a market worth $3000, with a deposit of $1. Who wouldn’t trade on such an offer, right?
The catch here is that since the trader is open to the profits of $3000, he is also exposed to the same loss. First off, leverage of 1:1000 is in itself, a precise tool to eat the trader’s money. On top of that, the broker goes to the extent of offering leverage worth 1:3000. This can come up as a major red flag.
These leverage providing schemes are nothing but a mirage for a novice trader who is on his way to make money and sometimes apparently, brokers are dependent on such people who are still learning the nuances of trading.
There is not much to offer by the broker when it comes to trading platforms. The broker provides platforms like MetaTrader4 and MetaTrader5 on PC, android and iPhone. However, with a broker offering as much as seven different trading accounts, at least four varieties of trading platforms should be given. The broker does not give platforms like Ctrader any value or worth.
Markets and tradable products:
The broker seems to be keen on trading forex, hence the name JustForex. However, we came across broker reviews, which stated that the broker also offers to trade in metals, indices, and even CFDs. But on the home page, there is no such indication of the same. However, the broker tries to make it obvious that it wants the investors to invest in Forex and Forex only.
It claims on its homepage that more than 150 tradable assets can be traded, but no information at all can be seen on the same screen about any of the mentioned assets. The only thing an investor can see is Forex. Playing mind tricks on people, showing them what the broker wants them to see is not a sign of a good broker. The broker should make sure that a potential trader knows what’s happening in and out when he visits the website.
And Forex in itself is a volatile market. Because currencies are traded in lots and not in single pairs, Forex trading is considered expensive.
The trader has to log on to the broker’s official website and then click on trading accounts and then click on open account. This could have been handled simply by adding a button on the home screen that says open account. The home screen endorsed back end registration which we, as researchers, could not understand, in terms of the reasons behind its presence.
Commission and fee:
The broker entails high spreads and commissions. The accounts where JustForex asks for no commissions is where the broker asks for variable spreads. The accounts where the broker asks for no spreads are the accounts where it asks for lot based commissions. All in all, high fees is involved when you trade with JustForex.
Deposit and Withdrawal:
JustForex provides Visa and Master cards as deposit and withdrawal options. Credit and debit cards are not mentioned on the same list.
Apart from relatively less involvement of nationalised banks, the broker allows cryptocurrencies as deposit and withdrawal tools. By not allowing credit cards with centralised banking systems and allowing cryptocurrencies which are considered relatively unsafe, the broker puts the user in a confused state.
Education and research material:
A limited amount of educational and research material is available with the broker. Moreover, the material is not structured and updated. The big numbers-game that lies behind the whole picture is not explained by the broker anywhere.
The JustForex broker has not provided a lot of information on the home page, and even if it has been provided, misinterpretation can be a probable situation. The broker claims to offer different tradable assets, but by the view of it, it looks like forex trading is what Just Forex is all about.
We recommend you to visit HFTrading,TradeATF, ROinvesting and several others for leading online brokerage services and then compare both the brokers. As researchers, we pointed out as many differences as we could, now we leave it to the investors to look out for themselves.
Frequently asked questions:
Can I lose money while trading with JustForex?
Yes, you can, and probably you will lose it in the first trade itself. Better brace yourself for the impact and never trade the money you can’t afford to lose.
What is the minimum deposit for JustForex?
The bar for minimum deposit should not agitate you much, given that it is just $1. People give things out, doesn’t mean that you should go ahead and take it from them. This might be a sign of utter manipulation. Find out what’s in it for you, apart from the “minimum deposit” fact.
Be the first to leave a review.