The short answer: JustMarkets appears to be a legitimate broker. Here’s why:
- Regulation: It holds licenses from reputable financial authorities like the South African FSCA and the European CySEC, ensuring adherence to strict industry standards.
- Transparency: Fees and trading conditions are clearly outlined on the website.
- Positive Reviews: The broker boasts a high rating on Trustpilot and other review platforms, with users praising its customer support and trading experience.
However, be aware of the following caveats:
- Limited Trading History: Though operating since 2012, it rebranded from JustForex, which primarily existed in offshore zones. This limited track record in regulated markets warrants caution.
- Varying Trading Conditions: Regulations can impact leverage, instruments, and fees, so research based on your specific location.
- Negative Reviews: While positive reviews dominate, some highlight issues like account closures or withdrawal delays.
What is JustMarkets?
JustMarkets is a global forex and CFD broker offering various assets like currencies, gold, oil, indices, and cryptocurrencies. It aims to provide competitive spreads, low fees, and user-friendly trading platforms like MT4 and MT5.
JustMarkets Details:
Feature | Description |
Headquarters | Seychelles, Cyprus |
Regulation | FSCA, CySEC, FSA, FSC |
Platforms | MT4, MT5 |
Instruments | CFDs on Forex, Gold, Oil, Indices, Metals, Shares, Cryptocurrency |
Minimum Deposit | $10 |
Account Types | Standard, Pro, Raw Spread |
Spreads | Starting from 0 pips |
Leverage | Up to 1:3000 (varies by regulation) |
Customer Support | 24/7 Live chat, Email, Phone |
Deposits and Withdrawals
JustMarkets offers various deposit methods like bank transfers, credit/debit cards, and e-wallets. Deposits are generally fast, and the minimum deposit is $10. Withdrawals are processed within 1-2 hours for most methods. However, check for any potential fees associated with your chosen method and location.
If you have lost money to companies like FXPro, or OctaFX, please report it to us on our Report a Scam form.
Account Types
JustMarkets offers different account types based on platform and features. Common choices include Standard, Pro, and Raw Spread. Some accounts allow conversion into swap-free Islamic accounts. Remember, account options and regulations might vary depending on your location.
Red Flags and Warning Signs
While seemingly legitimate, it’s crucial to acknowledge potential red flags:
- Limited history under-regulated entities: Be mindful of the shorter track record under stricter regulations.
- Varying trading conditions based on location: Research how regulations impact available products and fees before committing.
- Negative reviews highlighting withdrawal issues: Consider these experiences seriously and weigh them against positive feedback.
Customer Complaints and Negative Reviews
While JustMarkets enjoys an overall positive reputation, some user reviews express concerns about:
- Withdrawal delays or difficulties: Research how the broker handles withdrawals and potential reasons for delays.
- Account closures without clear explanation: Understand the broker’s policies and any potential red flags that could trigger an account closure.
- Limited customer support responsiveness: Consider the availability and efficiency of customer support, especially if you anticipate needing assistance.
JustMarkets Alternative Brokers
Exploring other alternatives is always wise before deciding. Here are some options:
- VPFX: Known for good trading services and educational resources.
- NCM Investment: Competitive trading conditions and a wide range of instruments.
CMC Markets: Offers a vast array of trading instruments and educational materials.
Got Scammed by JustMarkets? We Help Victims!
While not a scam itself, if you’ve encountered unfair practices or suspect fraudulent activity, remember:
Gather evidence: Keep records of all communications and transactions.
Contact regulatory authorities: Report your concerns to the relevant financial regulators.
Seek legal advice: Consider seeking legal counsel if necessary.
If you have encountered such scam brokers, we can help you by providing a free consultation call and recovery service recommendations to help you recover the lost funds.
Conclusion
JustMarkets presents a potentially viable option for forex and CFD trading but do your due diligence. Consider their regulations, offerings, potential red flags, and user reviews before making a decision. Remember, no broker is without its drawbacks, and extensive research is key to finding the platform that best suits your trading needs and risk tolerance.
Disclaimer: This review is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
