WikiFX Review: Is JustForex a scam or a legit broker?

JustForex, an offshore brokerage that claims to be licensed, is the subject of our investigation. As is the case with the majority of offshore brokers, its services are not available to clients in jurisdictions such as the European Union or the United States.

If you intend to engage with this or any other offshore broker, you must first ensure that doing so does not violate the laws of the nation in which you reside.

Then, let's start using the WikiFX APP. JustForex is featured, but only with a score of 1.31/10. The phrases unregulated and unlicensed are prominently displayed. WikiFX also urges investors to avoid this broker!

To make matters worse, we find out that in just 3 months last year, WikiFX received as many as 4 exposures about JustForex, calling it a scam. This is a good indication of how dangerous it is!

Read on to discover more about this bogus company and how to deal on the FX market in a safe and secure manner.

1. Offshore Regulation

JustForex is not a new name in the industry, but the ownership of the brand has changed. In the past, JustForex was the trading name of a Belize-based IPCTrade Inc, but the company behind the brokerage is now called Just Global Markets Ltd and is based in the Seychelles.

We recommend that you always check that the legal information on the broker‘s website matches the records of the relevant regulator, including whether the domain used is the same. In JustForex’ case, the data is confirmed by the Seychelles Financial Services Authority (FSA).

However, this has little significance for the protection of your cash. While the Seychelles are not a hub for fraudsters like other offshore locations such as the Marshall Islands, there are little rules for brokerage firms.

These businesses just need to demonstrate a $50,000 capital, which may subsequently be used for operational purposes. In comparison, licensed brokers in the EU and the UK must keep at least 730,000 EUR in net capital. In Australia, the threshold for brokers is 1,000,000 AUD, whereas in the United States it is 20,000,000 USD. Therefore, regulated brokers are far less likely to fail.

2. Accounts

Standard, Pro, and Raw Spread are the three primary account categories offered by JustForex. When utilizing the MT4 platform, you also have the option of opening a Cent Account, which enables you to test the waters of trading without risking a substantial amount of capital.

The accounts' base currency might be USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CHY, or ZAR. All accounts permit trading in FX, commodities, indices, and cryptocurrencies, but the Pro and Raw accounts also contain equities and a greater number of instruments. All accounts are swap-free to accommodate the religious needs of Muslim consumers.

The minimum deposit for Standard accounts is merely 1 USD, while Pro and Raw accounts require 100 USD. However, you should be aware that a rising number of registered brokers let you to begin trading with comparable sums.

3. Spreads & Leverage

JustForex guarantees incredibly low spreads, beginning at as 0.3 pips for Standard accounts. On the trading site, however, we saw more realistic values of 1.1 pips for the EUR/USD benchmark currency pair. The Raw account is charged a flat rate of 3 currency units each lot. If the margin is genuinely close to zero, this might indicate a level of exceptional competition.

JustForex has a leverage of up to 1:3000, which is quite high even for offshore brokers. This limit leverage applies only to accounts with a balance of less than $200 USD.

High leverage offers the potential for greater profits, but also raises the danger of abrupt and substantial losses. Therefore, all prominent regulators limit leverage for regular trading. In the EU, UK, and Australia, the maximum permissible amount is 1:30, however it is 1:50 in the United States. This maximum leverage applies solely to trading major currency pairings, whereas leverage for other volatile assets is considerably more restricted.

4. Trading Platforms

MetaTrader 4 (MT4) and MetaTrader 5 are two of the most popular trading platforms in the world, and JustForex provides users with access to both (MT5). The program is accessible via Windows, mobile applications, and a browser-based online version. The MT5 desktop platform appears as follows:

These platforms have become the industry standard because they include a vast array of capabilities, including a number of customization choices, the ability to utilize numerous accounts, the design and implementation of bespoke scripts for automated trading, and the backtesting of trade methods.

Market Depth, which displays the number of bids and offers for a security at various prices, and a built-in economic calendar are features of MT5 that were not accessible with MT4. Additionally, MT5 offers additional technical indications, visual elements, and time periods.

However, JustForex offers the Cent Account and Social Trading services exclusively to MT4 clients.

Conclusion

In conclusion, JustForex is highly dangerous and may be a fraud. Please save the proof and call us immediately if you become a victim of this broker's fraud. You may also log in to our official website or mobile app for self-exposure, copy this URL into your browser to open it, and view instructions on how to expose the fraud at https://bit.ly/3dWv4C4

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!