Despite being a retail Forex broker, JustForex has a poor image because it is not authorized by any major regulatory body in the industry. This merely suggests that it may be a fraudulent organization. Since JustForex lacks any required licensing to operate, there is no way to know for sure that it is safe or that it even complies with the standards.
What is JustForex?
By creating favorable trading circumstances, it facilitates participation in the foreign exchange markets. It’s a retail broker that supports the Standard Pro, Raw Spread, and Standard Cent platforms and provides traders with access to a wide range of trading products. Also, it claims to provide the greatest trading circumstances by providing tight spreads, market news, and leverages of up to 1:3000.
You can expect minimal spreads, crucial tools and tactics, variable leverages, and much more if you sign up to trade with them. Traders can choose from a variety of account kinds on JustForex, each tailored to certain scenarios.
A Quick Overview of JustForex
- Due to their offshore license, trading with JustForex is risky.
- St. Vincent and the Grenadines is where it was set up as a legal entity.
- ASIC in Australia and FCA in the UK GB are two examples of licenses that JustForex recommends.
- With its Australian Securities and Investments Commission (ASIC) license, IC Markets is a viable JustForex alternative.
Rules and Permits for Trading on JustForex
Let’s take a glance at the rules and permits that govern it.
How regulated is JustForex?
JustForex is owned by the offshore firm JF Global Limited. Despite holding an offshore license from St. Vincent and the Grenadines, JF Global Limited has not provided any requirements to this organization beyond registration.
This is a non-regulated and unsupervised business because it works outside of any generally accepted norms. That frees it from having to comply with standard practices in the global foreign exchange market. Therefore, the investments of traders are always precarious.
As a result, this area became a haven for shady brokers like AAG Markets, CVC Markets, and others to operate from.
The firm promises to serve customers in 197 countries around the world. In addition, they state that they have a license from the Financial Services Authority of St. Vincent and the Grenadines, however, this license does not provide authorization to conduct business in all 197 countries.
The performance of this company is not monitored, and it is not registered with the appropriate authorities to provide trading services to customers. It is widely known to be a fraudulent broker. Traders have been warned in writing about the unregulated tactics and marketing tricks used to attract new traders.
As a result, the CNMV, Spain’s national regulatory agency, outlawed it. The Central Bank of Mexico (CNMV) has ruled that JustForex cannot legally offer investing services, counseling, or other ancillary services relating to financial instruments.
Companies on the international regulators’ list drew attention from foreign regulatory authorities because of their lack of oversight. These regulatory organizations exist to check and balance the market, protect customers from dishonest dealers, and guarantee honest banking services.
U.S. version of JustForex
JustForex is prohibited by law and hence not available in the United States. All brokers registered with the CFTC are presumed legal to conduct business within the United States. This means that, except JustForex, you can use any of the US-regulated platforms to execute trades.
The fact that it does not participate in one of the largest currency exchanges in the world is a glaring red flag that it is not a trustworthy choice. Not providing its services in major economic centers like Japan and the United Kingdom also makes it a questionable choice.
India’s JustForex branch
JustForex allows account registration and trading from Indian merchants. However, no mention of being in line with Indian forex authorities is made on the corporate website. Forex trading is illegal in India, which eliminates any need to worry about being compliant or regulated.
Trading on JustForex as an Indian is risky business because the practice has been outlawed in the country.
Apps of JustForex
Mobile phones can be used to access the site. Traders won’t have any trouble understanding the interface or putting it to use because of how straightforward it is. The app enables account creation, withdrawal of funds, access to analytics, and transaction verification all from the convenience of a mobile device.
It offers all the features necessary to entice customers and create a highly appealing digital world, just like any other forex software. Despite its shiny reputation and user-friendly software features, the company does not adhere to any regulations or international currency trading standards, therefore customers should proceed with caution.
Practice Account on JustForex
A free demo account is available on JustForex, which may be used to practice currency trading in a risk-free environment. You can use this resource as a training aid. There is no risk involved with the practice account. You can get the knowledge and practice necessary for successful foreign exchange trading. The fact that there is no out-of-pocket expense is a bonus.
Almost all trading brokers today provide free practice accounts. However, the regulated nature of the businesses may contribute to a higher level of trust. Because of this, while JustForex can be a good place to start for some traders, it isn’t always the safest to make the transition from practice trading to real money.
Conclusion
Traders can feel more at ease making foreign exchange investments with firms that are transparent about their license and regulatory status. Because of the uncertainty surrounding the corporation, it’s best to do your forex trading with a firm that is subject to government oversight.
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