Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
JAFX Review вЂ“ is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading accounts and conditions
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average spreads (& Commission)|
|STP/ECN||$10||0.01 lot||1:500||0.6 pips + $4 per lot, round turn|
JAFX offers a single STP/ECN trading account with tight variable spreads, high leverage levels and the option to trade in micro lots. You can trade in a number of currency pairs, as well as various CFDs on the MetaTrader 4 platform.
There are also a PAMM account and an unlimited free demo account with virtual $50 000. The broker also offers several automated trading systems.
Overall, the offerings of JAFX appear attractive: low initial deposit required and low trading costs. Average trading costs are around 1.0 pips for EUR/USD (spread + commission), which is on the lower end of the industry standards.
Keep in mind that JAFX does not accept clients from Burma, Ivory Coast, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, Vietnam, Zimbabwe.
The broker allows scalping and hedging.
The Company. Security of Funds
JAFX is an offshore unregulated broker – a fact that should cast serious doubt and invoke caution among traders. Dealing with unregulated offshore brokers is very risky as many of them are nothing but a scam whose only goal is to make off with their clients’ money.
According to some forum posts, JAFX is owned by some guy named John Anthony who has been running a binary options trading signals site johnanthonysignals.com, while others accuse him of running a Ponzi scheme with the purchasing of golden membership on the signals site. Then there are satisfied clients of the JAFX brokerage who say it offers good trading conditions and tight spreads.
We are not certain what the truth is in this case, but nonetheless we would not recommend JAFX. It is always better to deal with properly regulated brokers, like the ones supervised by, for example, UK’s FCA or the Australian Securities and Investment Commission (ASIC).
JAFX, like hundreds other brokers, provides the popular MetaTrader 4 (MT4) platform for trading – as a desktop, web and mobile application.
MT4 is the most frequently offered trading platform and is popular both among brokers and traders. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
JAFX accepts payments through bank transfers, credit and debit cards, Bitcoin and the electronic payment system Skrill. It does not charge transaction fees on deposits.
Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
JAFX is an offshore AND unregulated broker and this is dubious enough. Otherwise, the trading conditions are indeed rather favorable, but there are other, properly regulated and less dubious brokers who offer similar ones.
|MT4 available||Registered offshore|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for JAFX
JAFX inactivity fee
This [email protected] “company”money for everything, the last time i tried withdraw 977 USD to my bitcoin wallet, and guess what ? they cancelled the withdraw and then they took 10 USD from my account.
this is the excuse: “JAFX charges an inactivity fee of $10 for clients with a non-zero balance which have not traded in the past 30 days.”
now, im an active trader (been trading this week) and i had my money on JAFX, how you see ? DO NOT USE THIS [email protected]
They are Abusive, this is a scam, they take your profit with out reazon and without warning.
Sell the rumors.
My first trading account was started in 2020/early 2020 with JAFX. I had almost no education on trading, brokers, regulation, etc. I was a total newbie.
Enter 2020 and while I have accounts with new brokers, I still have my JAFX account and trade with it.
the customer support has ALWAYS been top notch. The single time there was any kind of issue, it was during a Bitfinex maintenance. Bitfinex is one of their liquidity providers for trading crypto and maybe other instruments. idk. BUT there was a loss that was not right and instead of freaking out, I stayed calm and messaged them. They fixed the wrong amount within about 8 hours while I slept.
Many have probably read about a lawsuit with the company and this probably makes people nervous, which is understandable. I guarantee there are other lawsuits going on with brokers that we don’t know about. The US government is concerned about one thing and that is money. If any entity is in someway not paying their share to the US Gov, they will be attacked by the US Gov. I think this is what is happening with JAFX. They got a huge influx of customers and the gov wants their share. This is my opinion.
I personally have never had any major issues with JAFX. At all. Spreads, while high to some, seem fair compared to others I have seen.
There has never been a situation where I regretted having a trading account with JAFX other than my own terrible trading. (have a plan, money mgmt and stick to it day after day)
I rate JAFX with 4 stars. I deduct one star just because I do think spreads are a little high on say XAUUSD and BTCUSD. Other than that, I have yet to have a negative experience with them.
Run away now.
They are horrible. Charged fees on a no fee debit deposit, excessive spread of 37 pips on a cross pair, and I have now spent two plus months trying to get my money from them.
JAFX theft of money
they are horrible, they refuse to do the right thing and return $22 that they missapropriated by charging fees to return my money.
they made the mistake and they refuse to fix it at their expense yes it is a small amount but not to me it isn’t.
they will never call you they just hide behind emails. stay far away from them.
They are pure scam artists taking your money any way they can
JAFX stole $2,000+
I am new to Forex trading but I know that what JAFX did was wrong on three occasions; each transaction stole more from me ($800+, $900+ and $2K+)!! By the last transaction loss, I knew more about trading and could argue with more conviction than before.
Scam – you wont see your money
DO NOT USE THIS COMPANY. They will scam you of all of your money and you wont see it. Be warned now. I was told that my money would be transferred to bank account and all of a sudden it was canceled. I sure as hell didnt do it and now it doesnt show up on my transaction history. DO NOT USE THIS COMPANY THEY ARE SCAM ARTISTS.
JAFX still hasn’t paid me my money
JAFx is still holding on to withdrawal 2 weeks after the request with the run around by customer service. DO NOT USE this broker.
No Credit Card Transactions Accepted – Poor Customer Service
This company does not accept credit cards to fund accounts anymore. They go through VLoad which is a joke to get your credit card to actually go through. Try calling them ANYTIME and you will be disappointed. Also, if you fund the account using Bitcoin, you have to physically call them or do online chat to get the funds to show/credit your account. I wish I knew of another broker that allows cryptocurrency forex trading and I would never use them again. I’m researching to find another broker that does allow for both Forex and Crypto trading now and as soon as I find one that looks trustworthy, I’m leaving JAFX for good. Horrible practices and very poor customer service.
Transfer my money back out
My $100 has disappeared. How long does it take to transfer my money back out. Your site was recommended but it seems like a scam
Do not trust this broker, I have been waiting almost 30days to receive a withdrawal. That is absolutely ridiculous. I believe they are a scam and fraud. Do not trust them with your money
Dont ever do business with JAFX
Joseph Wed, 01/31/18 02:12:47 pm America/Montreal
Hello. How may I help you?
Martin 02:13:07 pm
Hi, is it possible to call trade desk or request a call immediatly
Joseph 02:14:41 pm
Unfortunately no. The Trading Desk doesn’t have a phone number. It might take up to 24 business hours to be replied.
Martin 02:15:20 pm
wow, this is awful customer service. I have 4 trades opened and I cant close them bcs of some bugs or something like that
Joseph 02:17:35 pm
When it comes to trade inquiries they must be assisted by the Trading Desk. We do not have that type of information since it is a more delicate field. Otherwise I would gladly assist.
Martin 02:18:09 pm
Well bring someone to the trade desk. I cant wait 24h
Joseph 02:23:27 pm
I do apologize for the inconvenience but you need to wait for a response from the Trading Desk. Otherwise I would gladly assist.
Martin 02:25:06 pm
So you are telling to your customer to wait and lose money bcs of your fault?
Joseph 02:32:41 pm
I understand your concern but I’m afraid I don’t have the tools to assist with those inquiries in this department.
Martin 02:33:18 pm
tell the trading desk to call me, do something
Joseph 02:43:42 pm
As I said, the Trading Desk will be getting in contact with you via email.
Martin 02:45:15 pm
And I told you I can’t wait 24 h for an email that wont solve anything. I want to talk to someone in charge
Joseph 02:46:41 pm
Unfortunately you need to wait. The Trading Desk doesn’t have assistance via phone. Sorry for the inconvenience.
Martin 02:47:31 pm
Then tell them to cantact me now
Joseph 03:17:29 pm
That’s our Customer Service phone number.
Martin 03:18:14 pm
”Customer service” right
I was put with JAFX by Trading with Robbie, who is a scammer. Between Rabia Issa , his real name, and JAFX, they stole my account by devious means. It is now in the hands of the Israeli police.
It has recently become my favorite broker
I’ve been trading Forex for several years now and could write a book about my experiences with brokers. I stumbled upon JAFX completely by accident last year, while reading a message board. Since the minimum deposit was low, I decided to give them a shot. Long story short, I am still trading with them, so that pretty much tells you what my opinion is. However, if you have a few spare minutes and want to know more, feel free to keep reading.
Why do I keep trading with JAFX?
– Good spreads on my preferred trading assets.
No broker is perfect of course, so I best mention the negatives that I have noticed. Although they have been adding new options, JAFX accepts fewer online payment methods than some brokers. They have recently started accepting Bitcoin, which is a nice addition. They do accept credit/debit, and wire transfers, too. With some transfers there are no fees, but you will need to check to see if there is a cost for your preferred deposit or withdrawal method.
I do all of my own trading and have yet to test any of the managed account options, so I will refrain from commenting on that option at the moment. I do, however, plan of testing soon and will report back with the progress. There are currently five options to choose from, one of which (MasterEA) has a current gain of 52%+. My plan is to put that one to the test to see if I can boost my overall earnings.
I have read some derogatory comments about JAFX, but I simply have not found anything to substantiate the claims I’ve read. I deposit money, trade, profit (on good weeks, of course), and withdraw. Nothing more, nothing less. I expect my trading environment to be drama-free, and this is exactly what JAFX delivers. I have reached out to their support team with some questions and was responded to promptly. They can be reached via phone, which is excellent. I would definitely recommend reaching out to them if you have any questions or concerns.
Forex Brokers Lab
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Commissions and fees
Platform & Tools
Regulators : No
Minimum Deposit: $10
Maximum Leverage: 1:500
My Score: 5.2
JAFX is a forex broker we have heard often in recent times. Particularly in the period when crypto money has risen, especially bitcoin, it has gained a great advantage. Because unlike many forex brokers, JAFX broker offers advanced services for cryptocurrencies trading. Even so many forex brokers currently offering cryptocurrencies trading were not offering this service. But in such an atmosphere, the multitude of cryptocurrencies offered by JAFX brought itself ahead.
Under normal circumstances, investors traded in crypto money exchanges such as Binance, Poloniex. However, there is no gain from falling prices by entering a sell order here. In addition, investors were not able to take advantage of leverage. Later brokers that provided services to meet this demand of investors had a significant advantage. Traders were able to trade both bitcoin with leverage and also profit from falling bitcoin prices. This review is like a bitcoin forex broker review also.
One of the brokers who can follow these developments and evaluate them well is JAFX forex broker. At present JAFX’s official website, jafx.com, has about 500 thousand monthly visits. I can say that it is a good number for a broker established in 2020. I think this is a success among brokers like JAFX. We will see in this JAFX review 2020 how JAFX made this. You cannot find this detailed informations from other JAFX reviews.
Is JAFX scam or legit? Is JAFX a good broker? Which cryptocurrencies does JAFX offer for trading? What are the trading conditions such as minimum deposit, maximum leverage and JAFX spreads? Is it an advantage to open an account and trade with JAFX? In this JAFX broker review, you will find the answer to all these questions.
Is JAFX a regulated broker? Can we say JAFX scam? The biggest problem with JAFX is regulation because it is one of the unregulated brokers. It means there is no JAFX regulation. They are clearly indicated on the official website in the FAQ section. They also state that the process of obtaining licenses is a very long process and that they are in the process of approval.
Trading with an unregulated broker is a very risky situation. However, some investors are taking this risk because of the advantages offered by brokers. When the broker is unregulated it naturally has to offer more competitive offers.
Remember that there is no legal authority to complain when you open an account with unregulated brokers and you encounter a problem when trading. At the same time, the company does not have a membership of compensation scheme to guarantee clients’ funds in the event of a bankruptcy. Investors trading in FCA and CySEC-regulated brokers have such an advantage.
On the forex forums, it is possible to find both positive and negative comments about JAFX. I did the funding for about $ 500. After about 40 days, I wanted to withdraw the profit I got. I was able to withdraw my money within 2 days without any problems. However, I would recommend that you have not risk too much and review the comments in the forums by history.
Account Types & Spreads Offered by JAFX
The account type offered by JAFX is only standard account type. Account types such as Cent account, ECN account are not available. Many forex brokers are trying to offer the appropriate account type for each investor type. In this way, these brokers offer several different types of accounts. However, I can say that I find JAFX unsuccessful in this criterion.
Despite all of this, we see that the standard account features offered are successful and competitive. If we look at this type of account in terms of spreads, 0.6 pips on EURUSD. Besides this, 4 dollars commission charge per lot as round turn. The maximum leverage is 1: 500 and the minimum deposit is $ 10. JAFX minimum deposit limit is lower than the average of the forex industry which is $ 100. If you want to see a list of reputable brokers with low minimum deposit, click the button below. Micro lots are available so you have 0.01 minimum trade size.
There is also a swap-free account option called Islamic account for Muslim investors who do not want to earn or pay interest due to religious reasons.
The biggest reason why JAFX is so preferred by traders is the variety of cryptocurrencies offered for trading. JAFX offers 16 cryptos such as bitcoin, ethereum, litecoin, dash, ripple and more than 30 crypto-pairs. All popular cryptos available for trading.
As many of other brokers, JAFX also offers MT4 platform. The platform is the most popular platform for many years. You can trade as desktop, web and mobile on JAFX MT4. The platform has many functions, offers MAM (Multi Account Manager) and has a wide range of technical analysis.
Besides all these, the negative feature is the quality of the customer service. They have a really bad customer service and they do not want to answer when you ask a question. For example; I asked a simple question and customer representative could answer me with one word. But instead of responding, he told me that he could open a ticket and direct me to the relevant department. But what I want is just a simple answer. This process is very slow when I try to communicate via live chat. Because there are not enough employees.
Deposit & Withdrawal Methods of JAFX
Let’s look JAFX withdrawal review. JAFX deposit / withdrwal methods are very limited. The fastest method you can use the credit card. JAFX bitcoin deposit / withdrawal method is avaliable. However, you can use only Skrill from the popular e-wallet systems. It is a disadvantage to does not have PayPal. Clients have some JAFX withdrwal issues when I search on the internet. If you also have you can write comment section below.
When I look the FAQ about JAFX fees, the broker charges an inactivity fee of $10 for clients with a non-zero balance which have not traded in the past 30 days.
JAFX is an unregulated broker. The forex broker focuses on cryptos. The trading conditions are lower when we compare the other brokers who regulated. Be careful if you want to trade with this broker.
Jafx.com Review: Is JAFX A Scam Or Legit Forex Broker?
JAFX Review: this is the name of a Forex broker that claims to offer 24/7 MT4 crypto-trading. Is jafx.com a scam forex broker or a legit trader?
Like we stated above, the first thing one encounters on the page of the brokerage is the claim of 24/7 trading. We found that this broker is actually located in an offshore location, where it claims to hold a license. Its address is:
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JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine.
Traders are assured success with the “transparent, reliable pricing and superior executions” offered by the broker. They are told that they will get tools to succeed. Other unique features boasted about are: they are fully reliable, easy & fast setup, fast withdrawal and deposit, and mobile trading.
JAFX Trading Platform
It is mentioned that TigerWit trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 47+ Forex currencies, CFDs on 107+ stocks and 30+ cryptocurrencies. We find the trading assets portfolio encouraging.
Maximum leverages can reach 1:500 and spreads of 0.6 pips + $4 per lot round turn. Scalping and hedging strategies are allowed.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on JAFX
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer, Skrill, and Bitcoin. We find this encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $10 is required to trade with this broker and this is within the obtainable average of $100 – $200. Charges and fees on withdrawals are not charged, which gives it a more transparent image.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is JAFX Licensed?
No, JAFX is located in St. Vincent and the Grenadines. The license from the Securities Commission of St. Vincent and the Grenadines is not considered enough for Forex brokers. JAFX does not have any level of reputation and we cannot assure traders that they would not disappear with funds.
Traders are encouraged to still be careful about offshore brokers and should avoid them totally if they can. Unlicensed brokers are under no authority and not mandated to follow the fair rules of trade.
Disturbing Things Found About JAFX
We found that in order to get favorable reviews on FPA, the broker has been found to pay money to internet users. This cast serious doubts on any positive information found about it online. further, we found that a lawsuit was filed against JAFX by CFTC in 2020. Generally, the broker has a bad reputation in the market.
To contact the customer representative of this broker, clients are required to use the phone lines: +44 20 8089 1402 (UK) or +61 39 9997 331 (Australia).
JAFX lacks a proper license and we found that its reputation is not good in the market. Its trading conditions are enticing but could be different when one starts a live trading account. We do not advise traders to take risks with this broker. If you have anything to add to this review, please leave a comment.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
Reason to avoid: Offshore license
Listed Date: July 23, 2020
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Company name: JAFX Ltd
Registration/license: St Vincent and The Grenadine
Registration/license requirement: USD 2,000
Is JAFX a regulated forex broker or a scam?
no, JAFX broker is Non-Regulated Broker. It is NOT SAFE to trade.while we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.
JAFX is a Forex and CFD broker operated by JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine.
The website provides two contact phone numbers with UK and Australia’s country codes. Even if the firm has offices in those countries, it is not regulated by FCA in the UK or ASIC in Australia or any other regulatory agency.
Since the broker is unregulated and most probably located offshore, we would not recommend investing with JAFX. It is better to trade with the brokers regulated by the UK’s FCA or any other reputable regulator.
For instance, The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.
A broker must pay for regulated licenses to be able to offer trading. JAFX doesn’t pay for licenses but it does offer trading which is prohibited by law.
Your money isn’t safe with JAFX.
To be able to offer trading, you must buy a regulatory license from a country where you want to settle. If you offer trading without licenses, you don’t respect the laws and become a fraudulent broker. Brokers who don’t have regulated licenses like JAFX will not give you your money back because they are outlaws.
Based in a country with weak regulations
JAFX is based in a country where the regulations are weak regarding trading. Countries like the Marshall Islands,Vanuatu, Seychelles, Saint Vincent and the Grenadines, Bermuda and Bulgaria are deemed to be the location of fraudulent brokers because the legislation is weak.
Never trust the broker.
It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money.
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JAFX is a scam that doesn’t have regulated licenses. We advise you to avoid this broker if you don’t want to have a problem. If you have been a victim of this broker, don’t hesitate to leave us a comment to report this broker and avoid other people from being victims.
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