JustForex is now a veteran of the online foreign exchange market despite only having started operations in 2012. Unfortunately, it appears that its experience does not match the reputation that it has.
Although not every customer of JustForex holds an unfavorable impression of the company’s services, a number of them do, and they are not shy about expressing their dissatisfaction with the company on a variety of online message boards and discussion forums.
The complaints include a wide variety of concerns, the overwhelming majority of which criticize the forex broker for engaging in some form of chart- and price-manipulation.
Additionally, the bonuses and promotions that are offered by the broker have frequently been referred to as being deceptive.
Although one should never overlook actual trade feedback, it is more than warranted to approach the information with the traditional grain of salt in mind. Those who have experienced a financial loss are always more likely to submit feedback, and it is possible that they will exaggerate their experiences or present only part of the story. In point of fact, JustForex also has a large number of evaluations that are positive, and the website now holds an aggregate score of 4.8 out of 5.
Having said that, the fact that there are so many complaints regarding the services provided by JustForex is not at all encouraging.
The broker’s unclear regulatory standing is another factor that works to undermine its reputation as a whole. Because it is not based in any of the major financial centers around the world, JustForex qualifies as what is known as a “offshore” broker.
A certain GM Group Limited is the owner of the JustForex trademark. They can be reached at Suite 305, Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
JustForex and GM Group have a checkered regulatory history, despite the fact that they are now regulated and registered by the regional FSA (Financial Services Authority) under license number 23993.
In spite of the fact that it is difficult to verify, JustForex was at one time authorized to conduct business in Belize. JustForex made the decision to relocate their business operations to St. Vincents as a result of the lack of transparency and stability that exists in the banking system in Belize. The primary impetus behind this action was a concern for the privacy and security of their customers’ information and accounts.
Since that time, the JustForex official website no longer contains a listing for the Belize regulatory authority.
The FSA license that was mentioned does not provide the operation with a significant amount of clout in the regulatory trust department as things stand right now. The regulatory authority of Saint Vincent and the Grenadines is not considered to be among the most prestigious in the world.
Although it is stated on the JustForex website that the brokerage does not allow traders from the United States, the European Union, Japan, or the United Kingdom, it appears that JustForex’s services are offered in every other country.
In light of the information shown above, why would you want to work with this broker?
JustForex provides access to a trading platform that is both well-known and highly regarded, despite the fact that the company also makes the standard marketing claims about its honesty, professionalism, and innovative spirit. In point of fact, it is compatible with both MT4 and MT5.
However, the extensive selection of cryptocurrency CFDs offered by the operation is the primary selling point of the business. Despite the fact that these trading instruments are hardly regulated in any way, they do provide traders with exposure to some of the most dynamic and interesting assets that can be traded.
The maximum leverage on some tradable assets is an incredible 1:3,000, and spreads start from 0 pips, so the trading conditions offered by the broker do indeed have some merit to them.
JustForex lists 18 of the world’s largest banks as its liquidity providers, and the company holds the money that is deposited by its traders in separate bank accounts. This is despite the fact that JustForex’s regulatory footings are shaky.
Different types of JustForex accounts
JustForex provides customers with no fewer than three different account options, each of which does not mandate a minimum initial deposit. It should come as no surprise that traders will still be required to make a deposit of some kind using real money in order to use these accounts for trading.
One such account is the Cent Account, which features the most fundamental configuration that the broker is able to provide.
The account uses US Cents as its base currency rather than US Dollars (US Cent). This type of account is obviously geared toward micro traders, and it serves as an excellent intermediary step between the Demo account and the Live account.
The greatest leverage available with the Cent Account is 1:1000, and there are no commission fees associated with using it. The spreads are relatively attractive in comparison to those offered by other brokers; they begin at 0.3 pips on widely traded assets such as the EUR/USD pair, for example.
There is also no predetermined minimum deposit requirement associated with the Mini Account. It supports no less than eight different currencies, in contrast to the Cent Account.
This one has a maximum leverage of 1:3000, and the spreads begin at 0.3 pips.
The Standard Account is nonetheless quite approachable despite having a requirement of only one dollar for initial deposits. Traders can participate in more or less substantial amounts of activity in exchange for that kind of money.
This sort of account provides a maximum leverage of 1:3000, in addition to the eight different currencies. The spreads on the Standard account begin at merely 0.1 pip levels.
The Pro and Raw Spread accounts each have a $100 minimum deposit requirement, making these accounts very accessible.
The ECN Zero Account takes things one step further, raising the stakes even further. The fact that it only requires a deposit of $500 to open an account is extremely reasonable.
Those who sign up for such an account are eligible to receive ECN trade execution as well as spreads that begin at zero pips. However, the cost of that is reflected in the form of commissions.
This particular account type allows for a maximum leverage of 1:500.
The last type of account we offer is the dedicated Crypto Account, which does not require a minimum deposit and also does not have a minimum deposit amount.
The United States Dollar is used as the base currency for this type of account. Spreads begin at 0 pip increments, charges are levied, and a maximum of 1:3 leverage is provided to traders. When taking into account the sensitivity of this asset class, I find that to be an extremely reasonable price.
There are not any actual cryptocurrencies available for purchase from the broker because this particular account type is focused on crypto CFDs.
Trading Platforms Provided by JustForex
The broker that gives clients access to trading platforms in MT4 as well as MT5. It’s possible that some traders would prefer to have access to an even greater number of trading platforms; but, taking into account the characteristics of the product that MetaQuotes has developed, this is sufficient.
In addition to the MT5 platform, JustForex offers four different versions of the MT4 platform, including a Desktop version, a Web Trader version, and mobile versions for iOS and Android. There are a few key capabilities and trading tools that are consistent across all of these versions, despite the fact that there are a few key variances between these versions.
The charting power of MT4 is unparalleled. The platform allows for complete user customization, and it provides an extensive selection of chart types, time ranges, and drawing tools for use in technical analysis.
More than eighty technical indicators are already there and ready to use in the version of JustForex that can be downloaded for free from the company’s website.
Traders have the option of either purchasing indicators from third parties or developing their own indicators from scratch in order to broaden the scope of this choices.
EAs are allowed on JustForex. Expert Advisors are software programs that are created specifically to manage automated trading. To get the best possible results, you can also add in some custom scripts to the mix.
A virtual private server (VPS) is required in order for automated trading to make any sense at all. A VPS is able to execute predetermined trading strategies without the trader’s participation 24 hours a day, seven days a week.
The JustForex website provides some hints that the broker provides a virtual private server (VPS) service. It has been discovered, however, that the website about VPS only provides a recommendation for a third-party service provider.
MT4 allows users to trade off of charts with a single click and provides a wide variety of order types.
Market Coverage
While currency pairs are the primary emphasis of JustForex, the platform also offers trading in a wide variety of other tradable commodities, such as CFDs, indices, futures, gold, silver, oil, and Bitcoin in addition to a number of other cryptocurrencies.
A staggering number of crypto/crypto and crypto/fiat pairings are provided by the broker, in addition to the enormous number of FX currency pairs that are available. This collection includes cryptocurrencies such as Bitcoin, XRP, Ethereum, Ethereum Classic, NEO, LTC, and Dash, among others. On the fiat side, we have US Dollars, Japanese Yen, Euros, and Russian Rubles.
Support
The live chat option that is accessible on the JustForex website allows users to communicate with the company’s customer care team.
24/7 English-speaking customer service is provided by phone. The following are the support phone numbers:
+371 67 881 045 and +44 1418 461237.
In addition to that, a callback function is included in the package.
support requests should be sent to support@justforex.com.
Conclusion of the JustForex Review
JustForex provides excellent trading circumstances in addition to a number of incredibly high-quality account kinds.
It is truly remarkable how many different pairs of trading cryptocurrencies there are.
Having said all of this, it is quite challenging to look past the brokerage’s poor reputation.
