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