JAFX broker appears to be a solid platform which will enable the retail traders to play with different financial instruments through a single portal. However, things are not that straight forward with them and unless you are careful enough, there is a real possibility of losing your trading capital.
They are unregulated and offshore located broker and as such, we can never suggest any of our audience to deal with them for any reason. The availability of the crypto pairs might attract a lot of traders, but remember that they are far reputable choices available if you are an avid crypto day trader and platforms like Binance and Bitmex offer much friendlier trading conditions.
There are few positive and likeable factors about them, but unfortunately all of their features are not something which is truly unique. At the end of the day, if your main concern is security, then it is indeed impossible to open an account with this brokerage. Apart from the trading related matters, there are other things this firm is accused of and to learn all about their real agendas, read on.
Is JAFX Regulated and Reliable?
Whenever something happens at a huge scale which catches the market off guard, it is common to see the majority of the traders lose money. Along with the traders who were over leveraged, many brokers also go broke as their books aren’t balanced as much as they should have been. If and when a broker goes down, they usually take all of the client’s money with them unless they are regulated by strict institutions such as FCA, ASIC and FINRA.
We know that things like bankruptcy are not something which happens on a regular basis. Nonetheless, as there is always a possibility, we have to take appropriate actions to minimize the damages. JAFX.com is owned by JAFX Ltd and they are located in St. Vincent and the Grenadine. They do not entertain clients from the United States and other select countries.
Furthermore, as they are technically not overseen by any institution, they do have the highest degree of control imaginable over the trading conditions. In other words, thighs like flash crash, liquidity crisis, etc,. Might take place and wipe out the account of the clients and they won’t be able to do anything about it. On the bright side, they do provide free demo accounts to clients who register with them and it will contain upto $50,000 virtual currency.
While you are on the demo account, bear in mind that execution delay or other stutters won’t happen, but in the real account, during volatile times things might take a nasty turn. In short, always have a back up plan and never deposit money which you can’t afford to lose. As far as reliability goes, due to their legal structure and negative sentiment on the internet, we have to advise you to stay away from them for your own good.
This broker appears to offer decent customer support. Note that, as we couldn’t find any verified clients, we cannot comment anything about the proficiency of the support staff. Nonetheless, they do provide a lot of ways to get in touch with their staff. If you have any queries related to their services, you can reach them via email, telephone and live chat.
The response time for live chats are currently unknown, but before you use this feature, you will have to provide them with your name and email address. Alternatively, you can also request a call back from them by filling the contact form on their website.
Address – JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Phone – +44 20 3519 7974 (UK), +61 39 1115 706 (Australia)
JAFX Trading platforms, tools and Interface
JAFX platform supports MetaTrader 4, web trader and mobile trading apps. Regardless of the type of gadget you might be using, it will support most of the devices which have an active internet connection. MetaTrader interface is loved by a lot of retail and professional traders. Clients are free to choose any strategy they want and hedging is allowed on this platform.
There is no information about the margin hedge requirement and the spreads are said to be between 0.3 to 0.6 pips. If you are a scalper, then this broker wouldn’t be the perfect fit for your needs. On the flip side, if your trading style requires a longer time period to play out, then you would be probably okay with the trading conditions. Islamic accounts are available and people who uphold the religious beliefs don’t have to pay or receive swaps under any condition.
The web trader is decent enough and the clients can open multiple charts with just a click. As far as functionality goes, they have indeed made all the right choices and most people will never deal with any form of hassles while using the software. Unfortunately, apart from the trading tools, there aren’t any relevant apps provided by them.
To keep an eye on the latest events and to know the important announcements clients have to use third party economic calendars. Lastly, know that there are no margin or pip calculators on their website. In other words, newbies might have a hard time when it comes to knowing the kind of risk they are taking per trade.
Trading Instruments and Leverage
The number of choices made available by JAFX broker is simply amazing. Traders have access to all the major and minor forex pairs along with crypto pairs and stocks. Given the fact that it only takes $10 to open an account with them, the number of offerings does enhance their appeal. Before opening any position, always take note of leverage offered for the underlying asset and remember that leverage changes from one asset class to another.
For example, the leverage for forex pairs are capped at 1:500, but that won’t be the case for stocks or cryptocurrencies. If you want to join them mainly because of the crypto pairs, then you might want to take a look at other alternatives such as Binance and Kraken which are more focused on the crypto sector and they do provide much better leverage and overall experience.
Deposit and Withdrawals
Like we mentioned in the above paragraph, the minimum amount which is enough to open a live account with this platform is $10. The minimum withdrawal amount is a mystery and the time required for them to process wire transfers might take upto 21 days. They do state that Bitcoin transactions are free from any kind of transaction fees, but it might not be an option which is suitable for everyone.
Lack of other payment methods such as Paypal or Skrill is a deal breaker. All in all, their policies are a little concerning and vague at the same time. If you are not able to receive money back from them or for any reason have it held forcibly in your trading account, then let us know about it.
We will give you a complimentary consultation and our recovery experts are happy to assist you for free. All you have to do to contact our team is fill out a few details on the contact form available on our website.
JAFX Review Conclusion
JAFX is an unregulated forex and crypto broker who have earned themselves a lot of negative sentiment online. They are not transparent and the client’s money is not really secure with them. Moreover, a lot of users have shared details about the kind of questionable things allowed on this platform.
You can find all the details regarding the user feedback by visiting Forexpeacearmy. The main reason behind their popularity is their referral scheme and exceptional marketing skills. However, you should never listen to people who have conflict of interest with you and at the end of the day, proceed and associate yourself with a regulated broker for best results.
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