The welcome bonus offer is the first thing you see when you visit JQL Markets’ website (jqlmarkets.com). This should immediately raise red flags because legitimate brokers would never give out bonuses. Brokers might put unreasonable limits on their clients’ accounts and make withdrawals more difficult for the customer when bonuses are involved.
Thus, JQL Markets has had a poor beginning. To assist you decide if you can trust JQL Markets, I will provide further information in my evaluation.
Authorization and Supervision of JQL Markets
According to their website, JQL Markets is headquartered in Ontario. IIROC is the Canadian government agency in charge of regulating the financial sector.
To legally operate as a broker in Canada, JQL Markets needs to be registered with IIROC. So, I looked through the IIROC registration, but there was no record of this broker there. Since JQL Markets’s headquarters are in Ontario, I also looked them up in the Financial Services Commission of Ontario’s registry.
This is conclusive evidence that JQL Markets is not a legitimate broker. You should probably stay away from doing business with them because it’s risky.
Never deal with a broker who is not properly licensed and regulated. Financial authorities in various countries, including the United States and Europe, monitor the foreign exchange market to prevent fraud. To prevent forex brokers (and other comparable service providers) from acting against their client’s best interests, these authorities establish stringent regulations and legislation on the industry.
The unlicensed and uncontrolled would, however, be exempt from these rules. They are free to take actions detrimental to you (such as stealing your data) without repercussions.
The Canadian financial regulator is also less stringent than other prominent global counterparts. The one positive aspect of this regulator is that it mandates broker participation in the Canadian Investor Protection Fund, which can be used to provide compensation in the event of a dispute.
If the broker steals the clients’ money, the FCA and other important regulators will compensate them through insurance. If an FCA-regulated broker steals your money, for instance, you might receive up to £85,000.
However, unlicensed brokers don’t provide you with these services. This is one of the main reasons why JQL Markets, an unlicensed forex broker, is not one I advise using.
Trading Conditions on the QL Markets
Before signing on with a forex broker, it is in your best interest to read over their trading conditions. Checking out this broker’s trading conditions:
Market Place
MetaTrader 5, the most widely used and respected trading platform, is available to JQL Markets’ customers.
These forex brokers utilize this platform since it has everything traders need. Technical analysis tools such as a financial calendar, trading signals, a dedicated app market, and user-created scripts are at your fingertips with MetaTrader 5. Those fantastic features aren’t available on any other trading platform.
Lowest Acceptable Initial Investment
The minimum deposit for opening a trading account with JQL Markets is $1,000. This is more proof that the broker in question does not have your best interests at heart.
Some regulated brokers have a $10 minimum deposit, although the industry standard is $100.
To quickly amass a large sum of money, many forex scams maintain a high minimum initial deposit. Because they know their services are subpar, such brokers won’t let you try them out first. Instead, they make you commit a lot of money upfront. If you decide to stop using their services, they will take your substantial investment and run.
This is a frequent practice among dishonest forex brokers, and it’s for this reason that I don’t advise anyone to work with them.
Influence and Exposure
This broker provides significantly larger leverage, up to a maximum of 1:400. It’s risky and might leave you broke.
Using a lot of leverage is a red flag for fraud. This is why brokers are limited in the amount of leverage they can give their clients by financial authorities. The Financial Conduct Authority (FCA) in the United Kingdom, for instance, prohibits brokers from providing a leverage ratio of more than 1:30.
A high ratio of debt to equity can soon put you in the red and wipe out whatever profits you may have made. They pose a high danger to anyone trying them for the first time.
Investment Accounts
Please notice that I do not endorse any of the following trading accounts that JQL Markets offers its customers.
Silver
This account requires a minimum deposit of $1,000. This trading account comes with a 10% bonus on your initial investment. JQL Markets does not detail any further benefits beyond the incentive.
Ruby
The account requires a $3,000 opening balance. Here, you’ll receive a 15% incentive.
Gold
The minimum deposit for a Gold account is $5,000, and it comes with a 20% bonus on deposits.
Diamond
You can get a 30% deposit bonus if you open a Diamond account with a minimum deposit of $10,000.
Platinum
This account requires a $30,000 opening balance. With this account, you may also benefit from a 30% deposit bonus. The broker provides no details about the accounts beyond the bonus offers.
Methods of Payment and Fees for JQL Markets
Methods of Exchange
This broker is more suspect because it hasn’t revealed how it accepts payments. In most cases, brokers will retain such data on hand to better inform their clients.
Fees
JQL Markets has not disclosed its fee structure, similar to its lack of disclosure regarding its supported transaction methods. It’s risky since it offers the broker carte blanche to charge you at will and wipe out any money in your account.
It’s also worth noting that the broker has been keeping the details of its TOS from its customers. You won’t find them on the site, and there’s no way to get to them.
Rewards Provided
This broker appears to be attempting to entice traders with a variety of bonus offers. You will receive a $100 non-withdrawable bonus from JQL Markets.
In addition, you will receive a monthly bonus for your first transaction for a full year based on your initial deposit amount ($30,000, $10,000, or $5,000). This incentive will be equal to the gain or loss on that deal, up to a maximum of $100.
When trading a normal lot with a deposit of $1,000 or more, you’ll also receive a cashback incentive of $3 (minimum $0.3) and a maximum of $3. Although authorized brokers are not permitted to give bonuses, JQL Markets operates numerous promotional programs.
Forex scammers frequently utilize generous incentive offers to lure in their victims. In the foreign exchange market, bonuses have a bad reputation since they allow brokers to make customers’ withdrawal processes more difficult. Bonus money is never yours to keep, but rather the broker’s.
Can I Trust JQL Markets? Yes!
There are many different types of fraud operating in the foreign exchange market. Some con artists will phone you out of the blue and say you’ve won a prize or are qualified for a bonus. Some would place adverts online promising large bonuses on initial deposits or quick and simple earnings.
It’s simple to make a fake website and fill it with false information. These con artists also prey on traders with little experience. These brokers typically run their businesses out of tax havens like St. Vincent or the Commonwealth of Dominica. The absence of robust monetary oversight in these regions allows them to function freely. This means they can steal their users’ money with impunity and not have to worry about breaking any laws.
Before opening an account with a broker, you should thoroughly review their rules and terms and conditions.
The Final Thoughts on JQL Markets
JQL Markets is an unlicensed broker that has concealed a lot of its important details. Their policies, fees, and accepted payment methods are all hidden from view. All of these factors matter when deciding whether or not a broker can be trusted.
JQL Markets is a fraud, so don’t even bother with them.
The foreign exchange market is rife with frauds like JQL Markets. Also, their numbers only seem to increase. Disseminating accurate information about these frauds is the most effective approach to stop them in their tracks.
You may also read –https://www.repdigger.com/mark-rohald/
