Is JustForex a Scam broker?

JustForex.com Review

7.2

Meta Trader 4

10.0/10

Meta Trader 5

10.0/10

Forex Trading

10.0/10

Cryptocurrency Trading

6.0/10

License /Regulation

0.0/10

Pros

  • Fast Deposits
  • Easy and Fast Withdrawals
  • Fast Execution Platform
  • Wide range of assets
  • Awesome customer Support

Cons

  • No Service to US Citizens
  • Not a regulated Broker

Our goal at Orasio is to investigate, review publicly available information about online companies, especially those involved in brokerage services and online investments and bring you genuine reviews to help you avoid scams! Today, we review Justforex.

JustForex is operated by JF Global Limited, from Saint Vincent and Grenadines with registration number 23993. It is duly licensed by the Financial services authority to offer brokerage services. This information can easily be found on the JustForex website.

JustForex
JustForex

A quick search of the registration number 23993 on the regulator’s website returned this result.

justforex
FSA Results

Well, that is weird, I thought! is JustForex making false claims? I went ahead and searched for JustForex, and JF Global Ltd. the parent company for JustForex, it returned no results.

Curious, I visited their website again and went straight to the online support chat, within a few seconds, I had Emily respond to my chat. Here is the thing, I have used JustForex for over 4 years, I had no doubt about their business, Indeed, I had classified them as one of the top 3 online investment platforms in the world purely based on my experience, but diving further into their license and getting those results gave me doubts. I needed to find out more!

Well, turns out the FSA, does not publicly disclose the companies they license and regulate for whatever reason, but these information is available on-demand according to Emily from JustForex.com support.

I proceeded and contacted the FSA via email, my quest to review JustForex and to recommend them had led to a wild ride. From personal experience, I love their services, but if they are making false claims, then it gives me cause to worry.

justforex.com
JustForex

The SVGFSA acknowledged receipt of my E-mail and promised to provide me with the necessary information. Fingers crossed! and waiting, three weeks later, I had this Email from the SVGFSA

JustForex License Review
Response from the SVGFSA

This raises so many questions;

  • JF GLOBAL LIMITED the mother company for JustForex.com is not regulated or licensed as a Forex Broker by the Financial Services Authority.
  • No Forex/Brokers licenses are issued from this jurisdiction.
  • The Financial Services Authority (the “Authority”) does not “Regulate, Monitor, Supervise or Licence” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage.
  • The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies (Amendment and Consolidation) Act.

Justforex.com the retail forex broker is only registered in Saint Vincents and Grenadines as an International Business Company, but it is stated in a way on their website as if they are regulated, truth is, justforex.com is not a regulated broker.

My 4 years trading experience with justforex.com

For four (4) good years, I traded with Justforex.com and made money from them. I have never had any challenges withdrawing or depositing money with them. In fact my trading experience with them has been nothing but phenomenal and I have often recommended them to others as my broker of choice.

This new’s of their lack of regulation really hit’s home hard to me and maybe a deal-breaker for many others.

Final words on Justforex

  • Be cautious with this broker
  • They are not licensed
  • Yet they provide optimal services

This could primarily be due to they being new on the scene, but 8 years is quiet a long time for them to get licensed by other jurisdictions.

I am uncertain with this broker, and while we classify them as good, we have reason to doubt if they would continue to provide great services, and should they not, how are we going to put them in check since they are not regulated? If they go burst or disappear with client funds, how do we ensure that there is some sort of protection for the traders who use their platform including me?

Word of advise, never put huge sums of money with this broker.

Do you trade with JustForex? Let us know your thoughts in the comments.

This Post Has 2 Comments

  1. Truong Sang

    “Hello, I am the Master IB for Justforex in Vietnam.
    Justforex usurped $ 900.000 of nearly 100 Vietnamese Clients with sophisticated tricks.

    At first, Justforex used advertisements to trick Clients into depositing a small amount of money for trading. After a Client deposited a large enough amount, they will begin to appropriate the entire Client’s money without determining whether the money was the earned profit/loss or principal.

    They were accusing Clients without any given evidence or data. Only one-sided slander via email without a representative speaking-up from Justforex. Not even a single number has been shown to prove their claim about Clients.

    Delete transaction and history data and portal for login to erases traces of the comparison between the Client and Justforex.

    SCAM BROKER! STAY AWAY FROM SCAMMER.

  2. Seth

    I have been using them since 2016. And they were good to my judgement by all standard until last month when I tried their Visa card method of depositing into my trading account.

    I was debited from my bank. But the transaction on my dashboard remained pending for days although they stated that such method of deposit is instant

    So I contacted them only to be told they have not received any money from me and that they were contacting a third party.

    I decided to close the pending deposit transaction.

    Till now I have not received anything. Am still in talk with them. 2 days ago they required of me a bank statement suggesting I deposited with Visa card. I sent it to them. Am yet to hear anything positive from them, although I have decided to part away from them

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