JustForex is an online broker that started its trading service in the year of 2012. The broker does not offer its services in many major countries like the USA, UK, and Japan. The trading assets rendered by the broker are restricted and limited in number leading to poor diversification and mitigation of risks. The broker’s website is overloaded with unnecessary information and undermines all vital data and information that any financial service provider is ought to provide.
Is JustForex Safe or Scam?
JustForex is regulated by some random local authority instead of any top-tier regulatory authority. Therefore, we do not think your capital is safe with the broker. At the same time, the broker does not hold any offshore licenses. There are no varied bank accounts or advanced encryptions like SSL or Firewalls. Therefore, even your personal information, transactions, and bank details are not protected.
Trading Products and Markets
The broker mainly provides trade in forex. One cannot build a fruitful portfolio by just trading currency pairs. At the same, risks are higher as there are no other trading products to cushion up the portfolio. The broker claims that it offers a trade-in of about 150 assets, but there is no data about them. When you search up inside the website, all you can find is information about what forex trade is. One can look up such information on the internet anyways. Therefore, the broker fails to brief traders about its workings in the asset category.
Account Opening
The process of account opening is pretty complicated and ambiguous. The steps for the process are not mentioned on the website. The broker asks you to fill in personal details like name, email, and more without stating what the next step holds. This creates hesitation as well as suspicion on the trader’s part.
We came across many customer reviews stating the whole account opening process by JustForex is extremely complicated and involves unnecessary formalities that make no sense.
Trading Charges
When looked at the trading charges, it feels like JustForex is nothing but a money minting machine. It plays various tricks to manipulate clients into believing that it charges less commission and spreads. But when you choose an account type that involves low spreads, you encounter high commissions. Similarly, while choosing a commission-free trading account, you come across high spreads. One way or the other, the broker is either landing upon high commission or high spreads.
Other than this, there are various unexpected charges associated with the broker. The broker mentions nothing about such fees on its website. This way, we can say that the broker is just trying to manipulate traders into believing it renders low-cost service while in reality, it is trying its best to extract money in each way possible.
Deposit and Withdrawal
Multiple time-consuming formalities are involved with the deposit and withdrawal of funds with JustForex. One needs to fill in a withdrawal form, and the whole process can take four to five business days. The broker lacks much-advanced withdrawal and depositing methods and juts Visa and MasterCard. Many brokers process millions of withdrawal requests each day. We do not understand what is stopping JustForex.
Leverage
The broker claims to render leverage of 1:3000. It obviously seems unreasonable and unrealistic. It is beyond the regulations and limits set by many authorities and financial institutions.
According to European financial laws, the maximum leverage limit is 1:300. The leverage of JustForex goes so much far beyond the limits. It can serve as a major red flag in trading.
Research
Research tools constitute a major part of trading and help traders make better trading decisions at the same, many tools aid in depicting the exact entry and entry points to make the most out of a trading position. Sadly, the research tools offered by JustForex are pretty restricted and outdated.
Education
The broker renders a limited set of education material for its clients. Most of the material available with the broker needs some major upgradation. Many vital concepts and theories are absent. The broker fails to deliver quality in any area to its traders, and it shows.
Poor Customer Support
JustForex does not care about solving issues and queries of traders and potential clients at the earliest. There are delays in responses when it comes to phone calls, and emails are not responded to in days. Most of the time, the live chat feature of the broker dysfunctions frequently. We can say that the broker does not want its traders to grow and succeed by rendering professional support flexible.
Disadvantages of trading with JustForex
There are a lot of cons associated with trading with JustForex, but here we are mentioning some major ones:
- High trading commissions and spreads
- Limited trading products and instruments
- Poor customer service
- Complex user-interface
- Unresponsive website
- No trading license from any top-tier regulation authority
- Unrealistic leverage
Conclusion
All in all, we can say that JustForex is not the right broker to pursue trade with. There are no good points that we could have found about the broker, but there are many disadvantages. The broker is not even able to fulfil the bare minimum necessities of trading. Restricted trading instruments, complex user-interface, unrealistic leverage, and high trading charges do not say anything positive about JustForex. We would advise traders to think twice before putting their hard-earned money with the broker.
There are other competent brokers like HFTrading, T1markets, Investby that offer better services at low trading costs. These brokers and financial service providers are highly regulated and render high-quality security features for their clients.
FAQs
What is the leverage offered by JustForex?
JustForex offers unrealistic leverage of 1:3000. Such kind of leverage does not suffice with the trading standards and rules.
What are the disadvantages associated with JustForex?
- High trading commissions and spreads
- Limited trading products and instruments
- Poor customer service
- Complex user-interface
- Unresponsive website
- No trading license from any top-tier regulation authority
- Unrealistic leverage
What kind of research tools are offered by JustForex?
Research tools constitute a major part of trading and help traders make better trading decisions. Sadly, the research tools offered by JustForex are pretty restricted and outdated. The broker just offers some calendars and calculators and nothing else. There are no charting tools or automated trading tools available with the broker.
