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Launched in 2012, JustForex has slowly grown into an online Forex industry veteran. Unfortunately, its reputation does not seem to match its experience.
While not all of its users have a negative opinion of the JustForex service, some do, and they do not hesitate to give voice to their discontent through various forums and message boards.
The complaints cover a wide range of issues, but most of them decry some sort of chart- and price manipulation by the forex broker.
The bonuses and promotions run by the broker have often been described as deceitful as well.
While one should never disregard actual trade feedback, taking it all with the proverbial grain of salt is more than warranted. Those who have lost their monies are always more inclined to post feedback and sometimes they might exaggerate or not present the entire picture. In fact, JustForex actually has many positive reviews as well and enjoys an aggregate score of 4.8 on Trustpilot.
That said, seeing so many complaints is certainly not reassuring in regards to JustForex’s services.
Further aggravating the overall image of the broker is its murky regulatory status. JustForex is what one would call an “offshore” broker, not regulated in any of the major global financial hubs.
The company that owns the JustForex brand is a certain GM Group Limited, based at Suite 305, Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St Vincent and the Grenadines.
Currently regulated and licensed by the local FSA (Financial Services Authority), under license number 23993, JustForex and GM Group did some shady regulatory flip-flopping in the past.
Although it is challenging to verify, JustForex did at one point hold a licence in Belize. The lack of transparency and stability in the Belizean banking sector is the reason why JustForex decided to move their operations to St. Vincents. This move was primarily motivated by a desire to safeguard their users’ information and accounts.
Since then, the Belize regulatory listing has been removed from the official JustForex website.
As it currently stands, the mentioned FSA license does not lend the operation much clout in the regulatory trust department. St Vincent and the Grenadines are not among the most prestigious regulatory jurisdictions.
While the JustForex website does state that the brokerage does not accept traders from the US, EU, Japan, or UK its services are apparently peddled everywhere else.
Knowing the above, why would you want to sign up with this broker?
Above and beyond the usual blurb about integrity, professionalism, innovation and the likes, JustForex does in fact offer access to a reputable and popular trading platform. It actually supports both MT4 and MT5.
The main selling point of the operation is its extensive selection of cryptocurrency CFDs though. While these trading instruments are hardly regulated in any way, they do offer traders exposure to some of the most dynamic and interesting tradable assets.
The maximum leverage on some tradable assets is an incredible 1:3,000 and spreads start from 0 pips, so there is indeed some merit to the trading conditions offered by the broker.
Despite its shaky regulatory footings, JustForex lists 18 of the world’s biggest banks as its liquidity providers and it keeps the monies deposited by its traders in segregated bank accounts.
JustForex Account Types
There are no fewer than three account options at JustForex which do not feature a minimum deposit requirement. Obviously, to be able to trade through these accounts, traders will still have to make a real money deposit of some sort.
One such account in the Cent Account, which is the most basic setup the broker offers.
Instead of USD, the base currency of the account is USC (US Cent). This account option is obviously aimed at micro traders and it represents a great intermediary step up from the Demo account.
The Cent Account offers maximum leverage of 1:1000, and it charges no commissions. Compared to other brokers, the spreads are very attractive: they start from 0.3 pips on popular tradable assets such as the EUR/USD.
The Mini Account does not require a set minimum deposit either. Unlike the Cent Account, it supports no fewer than 8 currencies.
The maximum leverage on this one is 1:3000 and the spreads start from 0.3 pips.
With its $1 minimum deposit requirement, the Standard Account is still extremely accessible. For that kind of money, traders get to trade for more or less meaningful amounts.
This account type supports 8 currencies, as well as a maximum leverage of 1:3000. The Standard spreads start from just 0.1 pips.
The minimum deposit for Pro and Raw Spread accounts is $100 which remains highly accessible.
Raising the stakes one step further is the ECN Zero Account. Its minimum deposit requirement of just $500 is extremely reasonable still.
Those who register for such an account, get ECN trade execution and spreads starting from 0 pips. The cost of that translates to commissions though.
The maximum leverage on this account type is 1:500.
Last but not least, we have the dedicated Crypto Account, which does not come with a minimum deposit requirement either.
For this account type, the base currency is USD. Spreads start from 0 pips, commissions are charged and the maximum available leverage is 1:3. Considering the volatility of this asset class, that is very reasonable indeed.
This account type focuses on crypto CFDs, so no, there are actual cryptos offered for purchase by the broker.
JustForex Trading Platforms
The broker offering trading platforms in both MT4 and MT5. While some traders may prefer to have access to even more trading platforms, considering the capabilities of MetaQuotes’ creation, however, that is well enough.
JustForex features 4 MT4 versions in addition to the MT5 platform: a Desktop one, a Web Trader as well as iOS and Android versions. While there are some differences between these versions, the most important capabilities and trading tools are present across the board.
MT4’s charting power is peerless. The platform is fully customizable and it offers a staggering range of time frames, chart types and drawing tools for technical analysis.
The version that can be downloaded for free off the JustForex website comes with more than 80 preinstalled technical indicators.
Traders are free to expand this selection through the addition of indicators purchased from 3rd parties, or created from scratch.
JustForex supports EAs. Expert Advisors are designed to handle automated trading. Custom scripts can also be tossed into the mix to optimize results.
Automated trading only really makes sense through a VPS, which can keep pushing the set strategies 24 hours a day, without requiring input from the trader.
The JustForex website sort of lets on that the broker offers a VPS service. But it turns out that the page about VPS merely recommends a 3rd party provider.
MT4 supports one-click trading off the charts and a multitude of order types.
Market Coverage
JustForex is focused on currency pairs but also includes an extensive range of other tradable commodities including CFDs, indexes, futures, gold, silver, oil, and Bitcoin in addition to a number of other cryptos.
Alongside a massive selection of FX pairs, the broker offers an astonishing range of crypto/crypto and crypto/fiat pairings. This selection covers BTC, XRP, ETH, ETC, NEO, LTC and DSH among others. The fiat side includes USD, JPY, EUR and RUB.
Support
JustForex’s support staff can be contacted through the live chat feature available on its website.
English phone support is available 24/7. The support phone numbers are
+371 67 881 045 and +44 1418 461237.A callback feature is also part of the package.
The support email is [email protected].
JustForex Review Conclusion
JustForex offers great trading conditions as well as some positively superb account types.
The number of tradable cryptocurrency pairs is simply amazing.
That said, it is really difficult to look past the bad reputation of the brokerage.
Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.
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