JustMarkets Review 2024

Trust

JustMarkets Regulations

In this section, we will delve into the regulatory frameworks governing broker’s various entities and what that means for you as a trader. We employ a rating system for regulators, ranging from 1 to 3, where Tier-1 signifies the pinnacle of trustworthiness.

JustMarkets operates under four entities:

• Just Global Markets Ltd. is regulated by the Financial Services Authority (FSA, Seychelles). We rate FSA as a Tier-3 regulator.
• JustMarkets Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC). We rate CySEC as a Tier-1 regulator.
• Just Global Markets (PTY) Ltd is regulated by the Financial Sector Conduct Authority (FSCA, South Africa). We rate FSCA as a Tier-2 regulator.
• Just Global Markets (MU) Limited is regulated by the Financial Services Commission (FSC, Mauritius). We rate FSC as a Tier-3 regulator.

Why is It Important to Know Where Your Broker Subsidiary Is Regulated?

Each regulator has its own requirements for brokers, which may differ substantially. Such requirements cover aspects like leverage levels and specific protections for investors. These protections may include negative balance protection, segregated accounts, and investor compensation funds. Traders should understand the differences between regulations to evaluate whether the broker suits their needs.

JustMarkets offers standard protections – segregated accounts and negative balance protection. The segregation of clients’ funds ensures that clients’ money is not used for the broker’s own business purposes. Negative balance protection safeguards clients from losing more money than they have in their accounts. These protections are available at all four entities of the broker.

Clients of JustMarkets Ltd, which is regulated by CySEC, would also have access to the protection of the Investor Compensation Fund, which provides compensation of up to 20,000 euro in case of a broker’s bankruptcy.

I have summarized key aspects of the brokers’ entities in terms of regulation and safety in the table below:

Is JustMarkets Safe to Trade With?

JustMarkets has four entities that are regulated by Tier-1, Tier-2, and Tier-3 regulators. All entities hold clients’ funds separately from the firms’ funds and provide negative balance protection. Segregated accounts ensure that clients’ funds are separate from the broker’s operational finances. Negative balance protection minimizes the risk of traders incurring debt beyond their account balance. The CySEC-regulated entity also provides access to an Investor Compensation Funds, which covers funds of up to 20,000 euro in case of broker’s bankruptcy.

Stability and Transparency

In my tests for the Trust category, I also cover factors relating to stability and transparency. Here, I focused on how long the broker has been in business, the size of the company, and the transparency in terms of information being readily available.

JustMarkets has been in business for over 11 years. My research showed that the company is not publicly traded and does not operate a bank. Clients can find the important documents on a dedicated section of the company’s website. These documents include Client Agreement, Introducing Broker Agreement, Anti Money Laundering Policy, Privacy Policy and Refund Policy, Complaint Procedure for Clients, Risk Disclosure, and Copytrading Terms and Conditions.

JustMarkets’ clients can find the regulatory details and check the broker’s regulations via links to regulators’ websites. The details about JustMarkets’ efforts to protect clients’ funds are available on a separate section of the website. The Account Types page contains the details of the broker’s account offering.

In summary, my research indicated that JustMarkets can be regarded as having a reasonable level of trust and stability due to the following factors:

• The broker has been in business for more than 11 years.
• Its entities provide negative balance protection and offer segregated accounts.
• The CySEC-regulated entity provides access to an Investor Compensation Fund.
• The broker provides easy access to important information on the company’s website.

Fees

JustMarkets Trading Fees

For this review, I tested JustMarkets Pro Account, where the broker charges spreads and swap/rollover fees and does not charge commissions. JustMarkets also offers a commission-based account.

JustMarkets Spreads

I tested the spreads on the JustMarkets Pro Account during the London open at 8:00 a.m. UK time and just after the US open at 2:45 p.m. UK time. These are the most actively traded times.

I summarized my findings in the table below:

My tests indicated that JustMarkets features low spreads for EUR/USD, Gold, Apple, and Tesla. The spreads for WTI Oil, DAX, and BTC fell within a medium range, while those for Dow Jones were high.

Swap Fees

My tests showed that the swap rates for EUR/USD were moderate, while those for GBP/JPY were high.

Non-Trading Fees

JustMarkets does not impose inactivity fees, which means that accounts can be dormant for a period of more than 6 months without incurring any additional charges. The broker also refrains from imposing any other non-trading fees.

Are JustMarkets Trading Fees Good?

My research revealed that JustMarkets offers competitive fees for EUR/USD, Gold, Apple, and Tesla. During my tests, the spreads for WTI Oil, DAX, and BTC fell within a medium range. However, the spread for Dow Jones exceeded the industry average. The broker also refrains from imposing any non-trading fees.

Platforms and Tools

MetaTrader is popular among brokers because of its extensive range of technical analysis tools and support of algorithmic trading. Many traders are already familiar with either MetaTrader 4 or 5, so they don’t have to spend time learning the features of the platform.

JustMarkets Desktop and Web Platforms

In this review, I tested the MetaTrader 5 platform, examining its charts, indicators, drawing tools, order functionality, and overall ease of use.

General Ease of Use

MT5 is an advanced trading platform that could be tailored to traders’ needs. Its interface is rather intuitive, although some traders may want to search for tutorials to take a deep dive into MT5’s capabilities. In general, advanced traders would have no problems with MT5, while beginners may need to spend some time learning the fundamental features of the platform.

For beginner traders, it’s beneficial to familiarize yourselves with various chart options, indicators, drawing tools, and order types. You may need to learn how to create watchlists and manage your trading positions. Despite the initial time and effort required, traders who invest in this learning, ultimately gain a powerful tool that helps achieve better trading results. While the general look of the MetaTrader 5 platform may seem a bit outdated, I find the platform fairly intuitive and easy to learn. However, for novice traders who have never had experience with this platform, it may initially appear overwhelming. JustMarkets provides the standard MT5 offering, so those who have previously used the platform with other brokers will be ready to trade in a couple of minutes.

Charts

MT5 offers 97 indicators and 21 timeframes, which is more than enough to customize your charts and adjust them to your needs.

Trend indicators, oscillators, volumes, Bill Williams indicators, and custom indicators help to design the chart you need.

Available timeframes range from 1 minute to 1 month, providing traders with an opportunity to observe short-term developments, as well as significant multi-month trends.

MT5 also supports:

• lines
• channels
• Gann tools
• Fibonacci tools
• Elliott tools
• shapes

These tools are commonly used for decision-making in trading, so their inclusion is a must for any reputable trading platform.

Each chart can be displayed as a bar, a candlestick, or a line. Candlesticks are generally the most popular among traders as they suggest plenty of various patterns that are used for making trading decisions. That said, other chart types also have their advocates.

MT5 charts are accessible even to novice traders. Nevertheless, they also offer enough options for experts.

Like most traders, I have my favorite indicators and drawing tools, which include RSI, moving averages, and channels. I prefer using candlestick charts for the insights they offer through candlestick patterns. I find it easy to use and combine various indicators in MT5.

Orders

MT5 offers all main order types including:

• Market orders. This type of order allows you to buy or sell the instrument at the current market price. It is used when the trader needs to establish a position in the fastest possible way. The main downside of a market order is the necessity to pay a spread, which is the difference between the bid price and the ask price
• Limit orders. This order is used to buy or sell the instrument at a pre-set price or better. Limit orders are suitable when the trader wants to get a specific entry point and is unwilling to pay the current market prices.
• Stop-loss orders. These orders are used to get you out of the position when the price is moving in the wrong way. The order is triggered when the price reaches a specified point.
• Stop limit orders. This is a stop-loss order which puts a limit order instead of a market order, when triggered. This is a potentially risky way to close a position, and it should be used only by experienced traders.
• Trailing stop orders. This order allows you to set a stop order that will move if your open position trends favorably. It is used to protect your profits in case the market direction changes.

Different expiration types are available for all pending orders, including GTC (good-till-cancel), Today, Specified, and Specified Day.

Personally, I strongly prefer limit orders and use them for both entry and exit points. These orders are highly effective in risk management, particularly during significant market movements when market orders can result in prices that deviate greatly from your expectations.

Copy Trading Service

Traders with either a Standard or Pro MT4 account have access to a copy trading service. This service benefits two types of participants: traders who share their strategies and earn when others replicate their trades, and investors who can amplify their gains by copying the trades of successful traders.

Price Gap Protection

JustMarkets offers price gap protection, which is used to limit slippage for pending orders. This feature is available for Standard Cent, Standard, Pro, and Raw Spread accounts. The price gap refers to the difference between the requested price of a pending order and the first available market price following a gap. This feature is not standard among brokers, providing extra protection during significant market movements. Traders are advised to consult the FAQ section on the broker’s website for specific price gap values across different instruments.

My Key Takeaways After Testing JustMarkets on MetaTrader 5 Desktop Platform

I spent over a week testing the JustMarkets’ MT5 platform. MetaTrader 5 is an established platform, and I have been using it for years. While some could consider the platform’s design outdated, its functionalities are powerful and user-friendly once you get the hang of the navigation menus. While some brokers opt for in-house platforms designed with a beginner-friendly interface, I find that dedicating a bit of time to mastering MT5 is well worth the effort. The platform offers a range of advanced features such as strategy testing and Expert Advisors, making it an ideal choice for traders looking for a more comprehensive set of tools.

JustMarkets Mobile App

In this review, I have tested the JustMarkets MetaTrader 5 Mobile App for Android.

General Ease of Use

The MT5 mobile app for Android is quite user-friendly. It provides charts, quotes, account balance info, an economic calendar, news, and other tools designed to help traders make informed decisions. As expected, traders have access to the standard features of the MT5 mobile app. If you’ve previously worked with the MT5 app, you’ll be able to begin trading in a short period of time.

Charts

MT5 mobile app offers:

• 30 technical indicators
• 24 drawing tools
• 9 timeframes
• 3 chart types

This selection of options is sufficient for mobile-based trading. I prefer using a mobile app when I don’t have access to the desktop platform, but need to monitor the market and open positions. While the app is helpful in certain circumstances, it is not as efficient as the desktop platform, which remains the primary solution for traders who require fast and active trading capabilities.

Orders

The MT5 mobile app allows you to place market orders, limit orders, and stop orders. However, trailing stops are not available on mobile trading terminals.

My Key Takeaways After Testing JustMarkets’ on MT5 Mobile App

I’ve been using the MT5 mobile app for quite some time and find that it effectively fulfills its purpose — allowing traders to manage their positions while away from their desktops. The design is straightforward, offering only the essential functions. Given the limitations of mobile devices, such as smaller screens and the absence of a keyboard, it’s unreasonable to expect the app to deliver the full capabilities of a desktop trading platform.

Tradable Instruments

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to bet on securities without owning the underlying assets. The key advantage of CFDs is the access to significant leverage, which is typically not available when trading other instruments. In this light, CFDs are very popular in short-term trading.

What Can You Trade with JustMarkets?

• 61 forex pairs.
  • The list includes major pairs and exotic options.
• 12 commodities.
  • WTI Oil, Natural Gas, Gold, Silver and other popular commodities are included in the list.
• 165 stocks.
  • Traders have access to popular stocks from the EU and US.
• 13 indices.
  • The list includes popular names like Dow Jones and DAX.
• 14 cryptocurrencies.
  • Bitcoin, Ethereum, Dogecoin and other popular cryptos are available for trading.

JustMarkets offers access to forex pairs, indices, commodities, stocks, and cryptocurrencies. Its forex selection is in line with industry standards, while the range of available commodities and indices is notably extensive.

The broker features a moderate selection of stocks, but the portfolio is well-diversified between U.S. and EU markets. The cryptocurrency offerings, which include the most popular names, is also average for the industry.

My Key Takeaways After Exploring JustMarkets’ Tradable Instruments

I spent over a week exploring the instrument selection and concluded that Just Markets provides a well-rounded offering. If you are searching for the most popular names in various asset classes like forex, commodities, indices, stocks, or crypto, you will find them on the platform. The selection more than meets the needs of beginner traders and is generally suitable for advanced traders as well. However, specialists in stocks and crypto might desire a broader array of instruments.

Customer Support

JustMarkets Customer Support Test

JustMarkets provides customer support which is available 24/7 via online chat, email, and phone. During my tests, I posed various questions to the chatbot and customer support team through live chat. I asked various questions about VPS, deposit and withdrawal methods, account types, and other things that are important for every client.

I’d note that the chatbot is thoroughly constructed so that it provides answers to the common questions. However, it’s notably challenging to get through to a human agent. Standard requests like “I want a human agent” don’t yield results. I eventually discovered that responding with “No” to the query “Was this information helpful?” triggers an option to connect with a human representative. But once connected, the agent responded promptly and provided professional answers to my questions.

Deposit and Withdrawal

JustMarkets Deposits

JustMarkets’ clients can fund their account via credit cards, range of e-wallets, local bank transfers, and crypto. Deposits are available in multiple currencies, and the broker provides a high number of local options. The minimum deposit level is determined by the deposit method but does not exceed $50.

JustMarkets Withdrawals

JustMarkets provides a wide range of withdrawal options. The minimum amount depends on the withdrawal method but starts from $5.

Account Types and Terms

The broker has two groups of accounts that are available with either MetaTrader 4 or MetaTrader 5 platforms.

• MT4 accounts include Standard Cent, Standard, Pro, and Raw Spread accounts.
• MT5 accounts include Standard, Pro, and Raw Spread.

Leverage options depend on the regulatory entity you’ve registered with. Clients, opening accounts with the CySEC-regulated entity, are limited to the leverage of 1:30, whereas those registered with other entities can access leverage of up to 1:3000.

• The Standard Cent account, which is available exclusively on MetaTrader 4, provides an opportunity to start trading with a limited amount of money on the deposit to test the broker’s services.
• The Standard and Pro accounts operate on a spread-based fee structure, while the Raw Spread account is commission-based.

Traders should note that JustMarkets offers swap-free accounts for both Muslim and non-Muslim clients. The broker offers two levels of swap-free status: Extended Swap-free and Standard Swap-free. Non-Muslim users are granted the Extended Swap-free level by default, which means that swaps are not charged on a range of instruments including Forex majors, Forex minors, Forex exotics, digital assets, indices, stocks, and XAU/USD. On the other hand, the Standard Swap-free level has swap charges determined by each instrument’s specifications. To qualify for the Extended Swap-free level, traders need to maintain a specific level of trading activity, which is assessed by an algorithm analyzing trading behavior.

Why is Choosing the Right Account Type Important?

The account you choose must suit your needs. The main features to consider when looking for the best-fit account are base currency options, contract size, commission, fees, the number of pending orders/positions, and the minimum deposit requirement.

What Account Types does JustMarkets Offer?

JustMarkets’ clients can choose between USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and ZAR as base currencies for their accounts. Islamic Account options are available for all account types.

What is CFD leverage?

CFD Leverage allows you to avoid paying the full value of the position. Instead, you pay a deposit, which is called margin, while the remaining funds are borrowed.

Top-tier regulators like the FCA, CFTC, and ASIC, impose leverage restrictions as a risk-mitigation measure aimed at protecting retail traders from excessive losses. High leverage has the potential to magnify both gains and losses, a fact often underestimated by inexperienced traders. On the other hand, offshore or unregulated brokers tend to offer high leverage to attract traders looking for higher profit potential, but this comes at the expense of increased risk and minimal investor protection.

In JustMarkets’ case, traders have access to leverage of 1:3000. This is an extremely high level of leverage, so traders should use appropriate risk management techniques.

Clients who open an account with the CySEC-regulated entity have access to leverage of up to 1:30. This is a modest level of leverage required by top-tier regulators like CySEC.

JustMarkets Account Opening Process

To open an account with JustMarkets, follow these steps:

• Go to the broker’s website and click “Registration”.
• Provide your country of residence and email, and choose a password.
• In your profile, submit your date of birth, citizenship, and mobile phone.
• Answer questions on your professional status and trading experience.
• Upload documents for Identity Verification and Address of Residence Verification.

What is a demo account?

A demo account is an account that allows you to test the broker’s services and your trading skills without risking your money.

Please note that your trading experience will differ when you use a demo account compared to a real-money account due to human psychology, as traders find themselves under pressure when the real money is at stake.

It’s a good idea to use the demo account for practicing and learning the trading platform, but do not spend too much time on the demo.

JustMarkets provides demo accounts, so traders have the opportunity to test the broker’s services without risking real money.

Research

JustMarkets publishes a Market Overview discussing the key events of the day. While the coverage is professionally executed, in my opinion, it’s somewhat dry and may be challenging for beginners to digest.

A similar sentiment applies to the Forex Market Daily Forecast, which addresses crucial technical levels and impactful news events affecting currency markets.

The Market News feed has not been updated since 2020 but is still displayed on the broker’s website.

Additionally, traders have access to an Economic Calendar, which is a fairly standard feature among brokers.

Key Takeaways After Testing Research Tools

I’ve been following the regular research articles for a while now and, although informative, they come across as rather dry. Traders today expect more engaging methods of information delivery. Current trends also lean towards a one-stop-shop for research needs, which should extend beyond daily analytical reviews of major currency pairs. In this context, the research offering falls short of industry standards.

Education

JustMarkets features numerous educational articles in a dedicated section of its website. While these articles cover a range of topics, they lack structure, requiring traders to sift through them individually to assess their usefulness.

The broker’s webinars, focused on technical analysis and trading strategies, are dated as they were recorded several years ago.

Additionally, the Educational Video section contains MetaTrader tutorials. The broker also offers a Forex Glossary.

The Bottom Line

JustMarkets operates through four separate entities. Just Global Markets is regulated by FSA Seychelles, a Tier-3 regulator. JustMarkets Ltd falls under the jurisdiction of CySEC, a Tier-1 regulator. The broker also holds FSCA regulation (Tier-2) for its Just Global Markets Ltd entity and FSC Mauritius (Tier-3) for Just Global Markets (MU) Limited. All these entities offer negative balance protection and keep clients’ funds in segregated accounts. Additionally, the CySEC-regulated entity provides access to an Investor Compensation Fund.

In terms of tradable instruments, JustMarkets delivers a diverse portfolio that includes forex pairs, stocks, commodities, indices, and cryptocurrencies. While the total number of tradable instruments isn’t overwhelming, traders can easily find popular tools across various asset classes.

When it comes to trading platforms, JustMarkets offers a choice between MetaTrader 4 and MetaTrader 5. My tests revealed that the Pro Account offers spreads that are favorable compared to industry standards. Besides the spread-based Pro Account, JustMarkets also provides Cent and Standard accounts as well as the commission-based Raw Spread Account. Impressively, the broker allows for as many as eleven base currencies for these accounts, a feature that’s somewhat uncommon.

Traders have access to multiple deposit and withdrawal options, including local options and cryptocurrencies. My tests indicated that the broker’s research and educational support was limited.

Overall, JustMarkets delivers a well-rounded trading experience, distinguishing itself notably for its competitive spreads and the diverse range of currency options available for accounts, deposits, and withdrawals.

FAQ