Introduction
“With offshore locations outside Europe, JustForex brings high-leverage, low spread FX brokerage services. The JustForex brand operates from Belize and the islands of St. Vincent and Grenadines. Following its launch in 2012, JustForex continues to target traders globally.”
JustForex Video Review
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The brand claims to offer market-making and ECN-style brokerage services depending on which account type you take eg. the ECN account or the Standard account respectively. The JustForex team offers low margin, high-leverage FX and CFD trading with Investor protection and the MT4 available in 12 languages for desktop, web and mobile trading. They offer leverage up to 1:3000 and spreads starting at just 0.0 pips and commissions free deposits.
Investor Protection & Regulations
“JustForex offers investor protection via regulation, account segregation and a multi-layered server system which prevents significant platform outages.”
JustForex operates with regulated status in the two countries in which it is based.
Belize: In Belize, the JustForex brand operates as JF Global Ltd. It claims to be registered by the Financial Services Authority (FSA), with license number 23993. However we could find no proof of this except for on their website.
St.Vincent & Grenadines: Here, the company operating the brand is known as IPCTrade Inc, regulated by the International Financial Services Commission (IFSC) with license number 120247.
JustForex has put up its full regulatory information on the home page of its websites. Regulatory information of JustForex on the IFSC website can be viewed here .
IPCTrade Inc Status on IFSC Online Directory These may not be the most strict regulators or authorizers on the market but further protection from investors comes from account segregation which is a system of separating traders’ funds from the brokerage’s operating funds.
They also have a system of negative balance protection which ensures that excessive slippage in the market does not cause traders to lose more than their trading capital.
JustForex also operates a multi-server system, which ensures redundancy that can cater to unexpected outages. This keeps the system online 99.99% of the time.
Tradable Products
“Trade over 90+ currency pairs and precious metals on JustForex.”
The comprehensive list of assets that the JustForex brand offers for trading on its platforms includes currencies, metals and cryptocurrencies.
Currencies
AUDJPY
AUDNZD
AUDUSD
CADCHF
CADJPY
CHFJPY
CHFSGD
EURAUD
EURCAD
EURCHF
EURDKK
EURGBP
EURHKD
EURHUF
EURJPY
EURNOK
EURNZD
EURPLN
EURRUB
EURSEK
EURSGD
EURTRY
EURUSD
EURZAR
GBPAUD
GBPCAD
GBPCHF
GBPDKK
GBPJPY
GBPNOK
GBPNZD
GBPSEK
GBPSGD
GBPUSD
NZDCAD
NZDCHF
NZDJPY
NZDSGD
NZDUSD
SGDJPY
USDCAD
USDCHF
USDCNH
USDDKK
USDHKD
USDHUF
USDJPY
USDMXN
USDNOK
USDPLN
USDRUB
USDSEK
USDSGD
USDTRY
USDZAR
Metals
Cryptocurrencies
BTCEUR
BTCRUB
BTCUSD
LTCBTC
LTCEUR
LTCRUB
LTCUSD
ETHUSD
ETHBTC
DSHBTC
EMCUSD
EMCBTC
DSHUSD
BTCJPY
BTCCNH
LTCJPY
LTCCNH
NMCBTC
NMCUSD
PPCBTC
PPCUSD
ETHLTC
ETHRUB
ETHJPY
ETHCNH
ETHEUR
BTCGBP
DSHCNH
BCHUSD
BCHBTC
XRPBTC
XRPUSD
XRPEUR
EOSBTC
ETCBTC
IOTBTC
XMRBTC
NEOBTC
OMNBTC
Indices and stock CFDs are not offered for trading on JustForex.
Account Opening
“Open and trade with a Cent, Mini, Standard, ECN-Zero or Crypto account on JustForex with no minimum deposits on the cent and mini account, no spreads on the ECN Zero account and leverage up to 1:3000 for standard account types.”
JustForex provides five types of accounts for trading activity of its clients.
Cent
The Cent account has no set minimum deposit, and offers the USD as the only account currency. Leverage of up to 1:1000 can be accessed and the account is commission-free with 0.3 being the lowest spread.
Mini
There is no set minimum deposit and leverage can be as high as 1:3000. The lowest spread is 0.3, and this is also an account that offers options of trading with not just the USD, but also the Chinese Yuan, British Pound, Euro, Indonesian Rupee and the Kuwaiti Dollar.
Standard Account
The Standard account incorporates features of the Mini account, but with two key differences. The account deposit minimum is set at $100, and the lowest spread is 0.1 pips.
ECN-Zero Account
The ECN-Zero account has a maximum leverage of 1:500, spreads as low as 0.0 pips and trades attract commissions. Minimum deposit is $500.
Crypto Account
The Crypto account has a leverage of 1:3, no set minimum deposits, commission-free trading and can only be traded in US Dollars. Lowest spread is zero.
Traders also have access to a demo account which expires after some time. The demo account can only be opened from the Members’ Area.
Once you have your Back Office details, you can login to then create your Demo and Live account details. These can then be used to access the demo or live trading accounts on the MT4 desktop, mobile and web-based platforms.
The JustForex brand is available worldwide with a few exceptions. Citizens of the following countries are prohibited from trading on JustForex:
JustForex is also compliant with protocols that verify account holder information as well as payment protocols. To this end, users must pass Know Your Customer or KYC verification processes and must also have approved payment methods which can be verified.
Deposit & Withdrawals options
“JustForex offers a wide variety of payment methods to enable clients conduct deposits and withdrawals seamlessly, these include credit/debit cards, bank wire e-wallets and several cryptoassets.”
JustForex offers 14 transaction methods, grouped into 4 major classes.
Credit/debit cards: Cards issued by VISA, China UnionPay and MasterCard are accepted on JustForex. Processing time is one business day.
The bank wire method features local transfers which are available in some countries, and the international version that is available to all. Local bank wires can be done to bank accounts of users in Vietnam, Indonesia, Malaysia and Thailand. Payments are made instantly. The international transfer method carries a processing time of 3-5 days. $100/100 Euros is the minimum that can be withdrawn with e-wallet methods.
E-wallet methods featured on JustForex include Skrill, Qiwi Wallet, Neteller, PerfectMoney and FasaPay. Transactions are processed instantly. The equivalent of $5 is the minimum that can be withdrawn with e-wallet methods.
The only accepted cryptocurrencies are BitcoinCash (BCH) and Bitcoin (BTC). Transactions are processed instantly. The equivalent of $5 is the minimum that can be withdrawn with cryptos.
The ECN-Zero, Standard and Mini accounts on JustForex allow for the use of one out of up to 10 currencies. The other 2 accounts do not have such flexibility.
Web & Desktop Trading Platforms
“Trade FX and CFDs with the JustForex MT4 platforms for download, web and with mobile trading.”
JustForex offers various versions of the MT4 platform. Apart from the desktop and mobile versions, a web trader is also offered. To download the MT4 platform, you must first open a Practice Account by clicking the tab shown in the snapshot.
This will prompt you to open a Back Office account. After filling the form and confirming your account, you will be sent your login details. It is from your Back Office that the MT4 platforms can be accessed.
The Webtrader is a condensed version of the desktop version of the MT4. It is not possible to use EAs with the web version. However, the primary functions of the MT4 can be accessed with the array of tabs and buttons on display.
Webtrader from JustForex With the JustForex MT4 Webtrader, you can select any chart you want, select assets for trading (one at a time), change time frames and use a number of tools and indicators available on the platform.
For a richer trading experience, you must use the desktop version. This can be downloaded using a link in the Back Office.
Some of the benefits of the desktop version of the MT4 include:
Ability to use expert advisors.
Order for freelance programming services and various MT4-based products from the MQL Community, directly from the platform.
You can connect your MT4 to a remote server (forex VPS) for as low as $10 per month.
Privacy & Security
“Good but limited cyber-security for trading functions and transactions.”
JustForex continues to provide the basic cyber-security protocols that brokers have used in the last decade, which is a bit too basic, considering how sophisticated cyber-threats have become.
There is no 2-factor authentication protocol (2FA). Logins are only protected using usernames and passwords. However, transactions can only be initiated in the Back Office. Traders are advised not to use the same password used for the trading platform login when accessing the Back Office. This protects the client’s funds if the trading passwords have been compromised.
JustForex maintains a position of segregating clients’ funds. However, not much information is provided about this service. Furthermore, no investor compensation funds are provided for traders who use JustForex. This puts extra burden on trading clients to ensure that they do all they can to hold JustForex accountable at all times.
Mobile Trading Platforms
“You can download iOS and Android versions of the MT4 platform from inside the back office and use the apps for trading, managing your account and staying on top of the market movements.”
You can also download the iOS and Android versions of the JustForex MT4 platform from the Back Office. Clicking the appropriate link takes you to the relevant app store, where the download can be completed.
Here’s what you get with the MT4 mobile apps:
Fully interactive charts which allow a switch between line, bar and candlestick charts.
Trade with as many as 9 time frames.
You have access to a complete trade order suite.
Multi-window chart display.
You can still use the same technical indicators found in the desktop version.
Financial news is also provided for free.
Trading Features
“JustForex offers a forex VPS service, market overview, trade forecasts and technical analysis. There is also a news bar.”
With JustForex, you get the following features:
A functional news bar so as to trade the news.
You can also trade with expert advisors, use any of the 30 native indicators, various tools such as the Line tool, Channel tool, Fibonacci and Gann tools, etc.
Additional features of the trading suite of JustForex include the following:
A forex VPS service, which comes from Vultr.com. This service is recommended by the JustForex team and features latency of less than 1ms. VPS services mean faster trade execution and less downtime on this virtual private server. It also means better security and the ability to run automated trades 24/7 without compromising trading execution time and slippage.
An educative blog.
A social trading network which is based on the MT5 platform. JustForex traders can simply join the network, select the traders whose trades they want to follow, and earn from forex trading in a passive manner.
An economic news calendar
Cryptocurrency analysis and technical analysis from the in-house team.
Leverage is set from 1:1 to a maximum of 1:3000 depending on account type. JustForex is not located in Europe and is therefore not bound by the ESMA regulations.
*These figures are all according to the broker’s website at time of writing.
Commissions & Spreads
“Spreads of 0.0 pips are applied on JustForex’s ECN-Zero and crypto accounts.”
The table of spreads for assets traded on JustForex is shown below. Spreads on JustForex are fixed, except for the ECN-Zero account. Spreads on EUR/USD are the lowest of all spreads charged on assets.
Symbol Spread
AUDCAD
2
AUDCHF
1.8
AUDJPY
2.1
AUDNZD
2.3
AUDUSD
0.2 – 1.7
CADCHF
2
CADJPY
1.7
CHFJPY
1.9
CHFSGD
21.1
EURAUD
2.1
EURCAD
2.1
EURCHF
1.8
EURDKK
21
EURGBP
0.3 – 1.8
EURHKD
31.8
EURHUF
259
EURJPY
0.8 – 1.2
EURNOK
35.5
EURNZD
2.8
EURPLN
42
EURRUB
4265
EURSEK
30
EURSGD
14.5
EURTRY
22.9
EURUSD
0.1 – 1.1
EURZAR
131
GBPAUD
2.9
GBPCAD
4.6
GBPCHF
2.8
GBPDKK
46.2
GBPJPY
2.8
GBPNOK
74
GBPNZD
4.5
GBPSEK
82.2
GBPSGD
18.5
GBPUSD
0.1 – 1.3
NZDCAD
2.7
NZDCHF
2.8
NZDJPY
2
NZDSGD
19
NZDUSD
0.2 – 1.9
SGDJPY
19
USDCAD
0.3 – 2.1
USDCHF
0.3 – 1.9
USDCNH
21
USDDKK
26.2
USDHKD
2.6
USDHUF
240
USDJPY
0.2 – 1.7
USDMXN
87.2
USDNOK
26.5
USDPLN
35
USDRUB
4140
USDSEK
43.5
USDSGD
8.7
USDTRY
8
USDZAR
63
XAGUSD
4.2
XAUUSD
0.5 – 3.7
*These figures are all according to the broker’s website at time of writing.
Bonus & Promotions
“Enjoy trading bonuses and promos on JustForex including 100% welcome bonus and some trading contests.”
Bonuses on JustForex are exclusively offered to new traders on JustForex, and peaks at 100%. A deposit of at least $100 is the requirement to enjoy this bonus.
Apart from the deposit bonus, JustForex also offers periodic promotions. No schedule is attached to these promotions and they are run at the broker’s discretion. A just concluded promo was a New Year trading competition, which paid out $1000 to the winner.
Customer Support
“Access customer support in 12 languages across various channels such as the Live Chat and social media. Response time is immediate for LIve Chat and the CallBack feature is available and takes 1 business day or less.”
Customer support on JustForex is multi-lingual. It features customer support agents who provide support in 15 languages (English, Russian, French, Portuguese, Spanish, Mandarin, Thai, Malay, Vietnamese, Indonesian and Arabic). The following channels are available:
Live chat: English live chat is available 24/7.
Phone: +371 67 881 045 and +44 1418 461237
Email: support@justforex.com (General), finance@justforex.com (Transactions), compliance@justforex.com (compliance issues) and affiliates@justforex.com (partnerships).
Telegram: https://telegram.me/justforexBot
Whatsapp (https://api.whatsapp.com/send?phone=37281964389)
Callback Request Tab.
Email support is slower; responses come in within one business day. Phone support is also instant, and the Callback feature gets the user a call from the team within 1 business day (could be faster). JustForex therefore has a responsive customer support service.
It took less than 10 seconds to connect to the live chat after filling in personal details on the form. The rep was very helpful in their answer to our query about leverage.
Research
“Robust research is provided by the in-house team at JustForex, which includes daily forecasts and updating news.”
When compared with other platforms, it can be said that JustForex has a better market research suite than most retail brokers in the market. Technical analysis as well as analysis of crypto pairs is provided in-house. Market overview and daily forecast is also provided.
Education
“Get access to articles and educational videos on the JustForex website from the basics to intermediate level.”
JustForex offers several forex articles spanning various topics such as Market Hours and FX Market Basics. A forex glossary as well as several educational videos will also provide some additional knowledge for the trader.
Trading Experience
“Use the JustForex’s MT4 platforms to acquire a good trading experience at all levels.”
The JustForex MT4 range of platforms provides the perfect introduction to forex trading for beginners and intermediate-level traders. Traders with some experience but without the time to trade can also benefit from subscribing to the social trading service.
FAQ
Where is JustForex based?
The JustForex brand operates out of Belize and St. Vincent and Grenadines.
How does JustForex make money?
JustForex makes its money from spreads on the Cent, Mini and Standard accounts, and from commissions only on trades done with the crypto and ECN-Zero accounts.
How do I deposit in JustForex account?
You can deposit funds using credit/debit cards (VISA, MasterCard), Skrill, Neteller, FasaPay, China UnionPay, Qiwi Wallet and Perfect Money. Bank wires as well as Bitcoin and Bitcoin Cash round off the transaction options on JustForex.
What is the min. deposit for JustForex?
Minimum deposit is $0 for Cent, Crypto and Mini accounts, $500 for ECN-Zero accounts and $100 for the Standard account.
What is the max leverage in JustForex?
Maximum leverage is up to 1:3000 on JustForex Ltd. JustForex is not located in Europe or the UK, so can provide such high leverage without the restrictions recently imposed by ESMA.
Is JustForex regulated?
JustForex is regulated in Belize by the IFSC and in St.Vincent and Grenadines by the Financial Services Authority.
Does JustForex use MetaTrader?
Yes, JustForex offers the MT4 platform for regular trading and the MT5 platform for social trading. Mobile, desktop and browser-based versions of the software are available.
Conclusion
JustForex is not based in Europe. So for traders looking to escape the stringent margin requirements imposed by ESMA in August 2018, brokers like JustForex will offer a viable alternative.
JustForex is regulated, but the IFSC and FSA do not boast of the same regulatory prowess as CySEC, CFTC or the FCA. This is a factor that may cause some concern for traders. Additionally, the lack of an investor compensation mechanism patterned after the UK’s Financial Services Compensation Scheme or its Cypriot equivalent is a negative for JustForex. Investor confidence is at the heart of regulated forex trading. JustForex will have to do a considerable amount of work to boost this confidence.
On a positive note, JustForex has stepped up its game as far as provision of action insight to its clients is concerned. With a Market Overview tab, as well as crypto and technical analyses for assets listed on its platform, traders on JustForex will have a source of market information and insight with which to work with.
We look to the year ahead to see whether JustForex can establish itself as an offshore broker for FX trading.
