Justforex Review 2023
The primary responsibility of a forex brokerage is to facilitate traders’ access to the foreign exchange market, and many of them even teach basic trading skills and strategies. Today, numerous forex trading brokerages are available; some are large, while others are smaller, but they all operate similarly. Justforex is one of the fastest-growing Forex brokers.
To know what the broker offers traders, we conducted an in-depth analysis of Justforex’s rules, platforms, global access, registration, leverage, and educational opportunities.
Regulation and Security
The Justforex brand is owned and operated by JF Global Limited, a company registered in Seychelles and regulated by the Financial Services Authority (FSA) of Seychelles under a Securities Dealer Licence number SD088.
In terms of security, the broker uses some security measures, such as data encryption and SSL technology to protect clients’ data. This helps prevent a third party from intercepting user data when working with the website.
Negative Balance Protection
Negative Balance Protection is a measure that keeps the value of your investment portfolio from dropping below zero in the case of a loss. The Justforex will close your trades when your equity falls to a certain percentage of your account balance to prevent it from getting to a negative value, and even if there is a gap in the market that pushes your equity to zero, your balance will be reset to zero. So, you can’t lose more than you deposited.
Money belonging to each customer is kept in separate bank accounts and is never mixed with the money the broker uses to fund its operations. This helps to ensure that the broker doesn’t use clients’ money for personal purposes.
Is Justforex available worldwide?
Justforex operates globally, offering trading services to millions of traders from over 197 countries. However, the broker does not provide services to residents and citizens of certain jurisdictions, including Australia, Canada, the EU and EEA, Japan, the United Kingdom, the United States of America, and other countries sanctioned by the EU.
It is impossible to overstate the importance of an efficient trading platform. A dependable trading platform makes analysis and trade execution smoother. Justforex offers traders access to a wide range of cutting-edge trading platforms, allowing them to trade the available financial instruments with ease. The following are some examples of trading systems that users can use:
MetaTrader is a trading platform for Forex and CFDs developed by MetaQuotes and released in 2005. It is widely acknowledged as one of the most effective Forex trading platforms.
The MT4 interface supports advanced charting features, 30 technical indicators, nine timeframes, automatic trading, and other tools for real-time market analysis. Beginner traders will profit immensely from the platform’s user-friendly design.
The MT4 trading platform also supports custom indicators, trading scripts, and a variety of other trading tools for real-time market analysis. The MT4 trading platform is the most effective instrument for forex traders that actively monitor the market and keep their orders organized.
MetaTrader 5 is the most recent trading platform provided by MetaQuotes. It is an improvement on the MT4 platform, designed for trading more assets, including stocks. The MT5 platform features one-click trading, built-in depth of market widgets, an economic calendar, 184 graphical objects, 21 timeframes, and 38 technical indicators. MetaTrader 5 also incorporates significant improvements in copy trading, mobile trading, and other unique features that improve the efficiency of trading various financial products online
The broker provides a proprietary mobile app called the JF mobile app. It allows traders to use their mobile devices to access all of the features of the Justforex website, which is incredibly convenient. Because of its simple and clear user interface, you can use it anytime to create an account, monitor withdrawals, review analytics, and perform other trading activities from the comfort of your mobile phone.
The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) mobile apps can also be connected to the Justforex server. Even though the desktop application is the most user-friendly, investors who want to manage their trades no matter where they are will find the mobile solution an excellent alternative. Like the desktop terminal, the mobile app offers the same analytical charts, timeframes, and technical indicators.
Copy trading tool
Justforex Copy trading allows you to copy other traders and benefit from their success, and you can manage risk by setting your own risk management parameters. There are many profitable traders to choose from on the Justforex Copy trading platform.
EXPERIENCE THEIR TRADING TOOLS
Justforex offers a variety of live trading accounts, including the Standard Cent, Standard, Pro, and Raw Spread accounts. The Standard Cent and Standard accounts require only a $1 or currency equivalent deposit to open and create a viable trading environment. In contrast, the Pro and Raw Spread account demand only $100 to open and provide a good trading environment. Justforex also offers swap-free Islamic accounts to its customers.
The creation of new accounts is done online via the broker’s website. Click on the “Registration,” tab located on the upper right-hand corner of the broker’s website. To comply with AML and KYC rules, a verification must be done after gaining access to the back office. For this, you will be required to upload a photocopy of your identification document and a utility bill for proof of address. You will also be asked about your trading experience and source of income.
Deposit and Withdrawals
There are different ways to deposit or withdraw from Justforex, and they include credit and debit cards, online payment processors, wire transfers from local banks, and cryptocurrencies. Deposits are processed instantly, while withdrawals take one to two hours to process. This is an amazing turnaround time. The preferred payment processor determines the fees that are charged.
Depending on the method, the minimum deposit required could range from one dollar to five hundred dollars. Other payment methods are free except for bitcoin transactions, which incur a one percent flat-rate cost. To comply with AML laws, you can only withdraw via the method used to make deposits. Click here to find more details regarding their withdrawal and deposit policy.
Traders are provided with over 170 financial instruments across various asset classes, such as currency pairs, commodities, indexes, and cryptocurrencies. Justforex offers 65 currency pairings, seven cryptocurrencies, ten commodities, 65 equities and index CFDs, and other products. This product offering is adequate for most retail traders, which make up the broker’s core target market.
Commissions and Fees
Spreads, commissions, and withdrawal fees are some of the costs a trader must bear. Except for the Raw Spread account, which charges three units of the base currency for each lot and side, the broker does not charge commissions on other accounts. Deposit and withdrawal fees vary with the method you chose.
Spreads at Justforex are relatively low across all accounts. Standard Cent and Standard accounts have spreads that start at 0.3 pips, whereas the Pro account has spreads that start at 0.1 pips. On the other hand, the Raw Spread account offers spreads that start at 0 pips. The average live spread on key currency pairings such as GBPUSD and EURUSD are 0.7 and 0.6 pips, depending on the type of account used. The spreads on indices such as the NASDAQ 100 and the Volatility 75 are fixed at 1.0 pip.
You can use leverage to increase your overall purchasing power by borrowing money from the broker. While this can help you improve your earnings, it can hurt your trading capital if you abuse it or don’t have a good risk management approach.
Justforex offers up to 1:3000 leverage, but the size of leverage you get varies with your account size. The bigger your account size, the less the leverage.
Analysis and Education
Justforex has a section known as Analytics and Education, which provides traders with all the resources they need to become better traders. The available educational resources at Justforex include the following:
Reporting and analysis
This provides traders with access to news articles that keep them up to date on the latest developments in the financial markets. If you visit this section of the broker’s website, you might gain new perspectives on the most recent market happenings.
This section contains a selection of learning materials and video tutorials designed to help you become acquainted with the Justforex platform. The broker walks you through all you need to know about their trading platform, from logging in to placing complex orders. There are also countless informative articles on a wide range of topics, all constantly updated as new material becomes available.
This is a compilation of the answers to the most often asked questions about trading with Justforex. When you click on the FAQ tab in the navigation bar, you will be brought to a new webpage that contains answers to questions regarding trading, account administration, account opening, platforms and tools, the advantages of trading with Justforex, and many more.
Justforex has a responsive customer support team who are available 24/7 and can be reached via multiple contact channels, including the following:
- Live chat, whose button is at the bottom of the website
- Telephone support number: +371 67 881 045 or +44 1418 461237
- Messengers: Telegram, WhatsApp, Viber, Skype, Messenger, and more.
Customer support is offered in English, Indonesian, Malaysian and Chinese 24 hours a day, seven days a week. The multi-lingual support team can deal with most account and technical queries.
Reputation amongst Traders
There are various reviews of Justforex on multiple forums. While some of the reviews applauded the broker for numerous reasons (excellent customer service, multiple account options, ease of making payments, and more), others expressed concerns about the broker’s weak, tier-3 regulation. The poor regulation often discourages prospective clients from opening an account with the broker.
Can beginners trade with Justforex?
By offering a free demo account and a dedicated education area, Justforex provides new traders with a risk-free environment to study and practice trading. If you have any queries, the broker’s devoted customer support team is always available to respond to clients’ general, trading, and technical queries and concerns.
Also, the broker offers a cent account that requires only a $5 deposit for a beginner to test the waters when they want to go live. So, I will say yes; beginners can trade with Justforex if they are comfortable with the lack of regulation.
Justforex has been around since 2012, and it is currently based in St. Vincent and the Grenadines. The broker offers over 170 different trading instruments across four distinct account types to accommodate traders of varying experience levels.
The broker claims to have customers from 197 countries but it does not allow traders from the United States, Japan, or the United Kingdom to open accounts with it.
While it has hundreds of good ratings on numerous online platforms, the company is only regulated by the Financial Services Authority (FSA) of Seychelles.