JustProForex – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
JustProForex - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
JustProForex seems to offer only one type of trading account, where the minimum deposit requirement is $500. The maximum leverage offered by the broker is 1:1000. This broker has not mentioned the exact spreads they offer; all they have said is that they offer raw spreads that have low commissions.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://justproforex.com
Founded: 2011-2019
Regulations: Unlicensed
Languages: English
Deposit Methods: Cryptocurrencies, Bank Wire, MoneyGram, Western Union
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: 1000+
Types of Assets: Foreign Currency Pairs, CFDs on Precious Metals, Indices, Shares, Bonds, Commodities, ETFs and Cryptocurrencies
Trading Accounts and Conditions
JustProForex seems to offer only one type of trading account, where the minimum deposit requirement is $500. The maximum leverage offered by the broker is 1:1000. This broker has not mentioned the exact spreads they offer; all they have said is that they offer raw spreads that have low commissions.
JustProForex – Advantages
Here are some of the points that could be considered advantages for this broker:
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Range of Trading Instruments
JustProForex claims that they offer more than 1000 trading instruments that span 13 different asset classes. This includes a range of foreign currency pairs, as well as CFDs on bonds, exchange traded funds, shares, indices, precious metals, commodities as well as cryptocurrencies.
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Very High Leverage Ratio
The maximum leverage offered by this broker is 1:1000, which is extremely high and this will allow you to adopt a very wide range of trading strategies. However, we also need to warn you that with such high leverage, you are also at an equally high risk of losing all your funds.
JustProForex – Disadvantages
The few advantages that JustProForex has are not enough to offset the many serious issues we have unearthed about this broker. Here are all the reasons why you should not trade with them:
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False Claims of Regulation
JustProForex states on their website that they are run by their parent company – JustProForex Group Ltd. The broker claims that they are regulated by four different financial regulators in Europe – the CySEC (Cyprus Securities and Exchange Commission) in Cyprus, the FCA (Financial Conduct Authority) in the UK, BaFin (Federal Financial Supervisory Authority) in Germany and the ACPR (Prudential Supervision and Resolution Authority) in France.
These are very tall claims, so we checked the online registers of all four financial authorities and we found that JustProForex or their parent company was not listed on any one of them!
Furthermore, this broker also claims to be represented in Switzerland by another company – Bull Invest AG. But there is absolutely no information about this company either.
This means that this broker has boldly lied about their regulatory standing and are actually operating illegally.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Clone Website
Next, we found out that this broker is actually a clone website. A clone website is one which uses the details of a regulated website and passes off that information as their own in a bid to create a sense of legitimacy about their operations.
We found that JustProForex is using the license details of another brokerage by the name of JFD Group Ltd. JFD Group Ltd. is licensed by both the CySEC and the FCA, and JustProForex has tried to pass off these license numbers off as their own.
The domains owned by JFD Group are: www.jfdbrokers.com, www.jfdwealth.com, www.jfdchange.com, www.jfdprime.com, www.jfdbank.com, www.jfdchina.com and www.jfdpartners.com. The domain name for JustProForex, www.justproforex.com, is not connected in any way to JFD Group Ltd.
This means that this broker is a scammer.
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Lies About Awards Won
The lies this broker has told pervade every part of their website. JustProForex flaunts a list of awards that they claim they have won over the years. They look very impressive, but a closer inspection reveals that they are all lies.
These awards actually belong to JFD Group Ltd, and not to JustProForex. Once again, this broker has lifted information from JDF Group’s website and presented it as their own.
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False Claims About Trading Platforms Offered
JustProForex also claims to offer three different trading platforms – the MetaTrader 4, the MetaTrader 5 and the web-based platform Gudants. Had this been true, this would have been a huge point in favor of this broker.
While the Gudants platform is good, the MT4 and MT5 platforms are world-class. These are the trading software used by pro traders across the world. The MT4 and MT5 platforms offer their users a range of trading tools such as charting and market analytics options as well as automatic trading.
We tried to download the platforms that this broker supposedly offers, but we unable to do so. What this indicates is that even the platforms offered by JustProForex seem to be just another bunch of lies.
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High Minimum Deposit Requirement
Compared to the many lies that JustProForex has told, this seems to be a minor issue, but since we are listing all the negatives, we should also let you know that the minimum deposit requirement to open an account with this broker is more than 2 times the market average.
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Spreads Not Mentioned
Once again, all we get instead of real information is more fluff. JustProForex does not clarify the kinds of spreads they charge for using their platform. All they say is that they offer raw spreads and low commissions.
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False Claims About Payment Methods
JustProForex displays a range of payment methods on their website – Visa, MasterCard, Skrill, Sofort, Bank Wire, Western Union, MoneyGram, and Cryptocurrencies.
However, when we delved further, we found that the only way you can actually transact is via cryptocurrencies, MoneyGram and Western Union. The common thread between these payment options is that they are all pretty much anonymous, and transactions via these methods cannot be reversed. So, this means that the broker has ensure that once you invest with them, there is no way you can get your money back!
Conclusion
JustProForex is a scammer that has lied about everything on their website in order to dupe customers into investing with them. There is no doubt that all traders should never contract with this broker.
JustProForex
Pros
- Range of Trading Instruments
- Very High Leverage Ratio
Cons
- False Claims of Regulation
- Clone Website
- Lies About Awards Won
- False Claims About Trading Platform Offered
- High Minimum Deposit Requirement
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.