JustForex is a financial service provider established in the year 2012. The broker is considered unsafe for trading as it does not hold any offshore licence. The broker does not offer its services in some most popular counties such as Japan, USA and UK. The tradable assets offered for trading are limited and fail to diversify the portfolio size of investors.
Moreover, the official website is the mirror of the broker’s activities and services. Unfortunately, the broker’s website seems to be overloaded with irrelevant information and ignores the important ones. It has mentioned the registration number in the small font and bottom right of the page, which seems like trying to hide something.
JustForex Scam or Safe?
The broker is regulated by some random and local authority rather than from an authentic central regulatory body. This compels us to think that the broker is a scam, and it is extremely risky investing with the firm.
Also, it does not provide segregated bank accounts, advanced encryption technology and robust safeguard tools. Thus, your personal information, bank details and transactions are not safe.
The trading platforms of brokers are not up to the mark; they lack various important features. It seems like the broker has opted for the cheapest package of each platform. Also, there is no platform-based tutorial which explains the working of each function to traders. It is not possible to contact the customer support team each time for these small issues.
Overall, we can say that brokers’ trading platforms fail to enhance the trading standards of investors. The firm does not offer popular ctrader and lacks tutorials which creates problems for novice traders.
Markets and Products:
It seems like the broker is obsessed with only forex trading as indicated by the name JustForex. The broker offers metals, indices and CFD trading but has not mentioned this on its homepage. It seems like the broker is trying to push traders in Forex trading only.
The broker’s website also states that they offer trading on 150 assets, but there is no data related to these 150 assets. You will only find forex and information related to the forex which frustrates after a few minutes. So, there is nothing exciting about the markets and tradable products offered by the broker; instead, it looks more like promoting a particular market. Let us tell you that forex is a highly volatile market and you may find price fluctuating every second.
The process of account opening with the broker is ambiguous. The steps are not clearly mentioned. It is the trader’s right to know beforehand what steps he will have to follow and which documents are required.
From various customer reviews, we learned that the process of account opening with the firm is complex and time-consuming. There are numerous baseless formalities. Also, the broker asks for some sensitive data such as permanent addresses and bank statements. Users do not feel comfortable with providing such sensitive data.
Commissions, spreads and fees
The broker plays a trick with traders in commissions and spreads. The trading account for which the broker allows zero commission trading it charges high spreads and variable spreads. Simultaneously, the trading account for which it does not ask for variable and high spreads it charges high commissions.
Moving to the trading fee. Three are various hidden fees associated with each trade. The more shocking thing is that the broker has not mentioned anything about these fees. It is an illegal activity. Traders should know everything before opening an account with the broker. You can clearly see how badly the broker is cheating on traders. How can you trust such a firm?
Deposit and Withdrawal:
The process of deposit and withdrawal with the broker involves numerous time-consuming formalities. You are required to fill a withdrawal form. It takes 3 to 4 business days for this withdrawal request to proceed. JustForex offers Master cards and Visa as withdrawal and deposit options. Debit cards and credit cards are nowhere mentioned. Apart from this, it also lacks many commonly used global methods.
The broker allows trading on unrealistic leverage of 1:3000. It is beyond the limit fixed by some authentic financial bodies. European Union has fixed the maximum margin limit to 1:300. This can come up as a significant red flag.
Research is one of the essential things for traders. It helps in making a potential trading decision. Thus, it enhances the size of profit. Unfortunately, the research tools available with the broker are limited, outdated and relatively slow. They fail in tracking the live market shifts. It is better to go with other advanced and renowned broker firms.
The broker offers limited educational resources. Also, the available material is not up to the market. Neither it is structured nor updated. It also lacks numerous vital concepts. It is a relatively old broker firm asking for a handsome trading amount but at the same time fails in offering this basic tool.
The customer support team of the broker is inefficient and the worst ever. The firm’s response time is greater than one minute and three days for a phone call and email respectively. Also, you cannot avail the service at weekends.
Disadvantages of JustForex
There are several reasons which compel us to look for other brokerage firms over JustForex
- High spreads
- High trading commission
- Limited trading products and markets
- Poor customer support
- Limited educational resources
- No licence from an authentic central regulatory body.
- Unrealistic leverage of 1:1000
In all, we can say that JustForex is not a trustworthy broker for trading. Limited trading instruments, outdated platforms, complex UI/UX, high trading charges, unrealistic leverage and poor educational material compel us to look for other better options over JustForex. The firm seems like a scam, and your money can be at risk with the firm. Think twice before investing. You can opt for other renowned and advanced firms such as HFTrading, T1markets, Global TradeATF, ROinvesting and several others.