Jyncfx – Can You Trust Them?

Website URL: www.jyncfx.com

Founded: 2019

Regulations: Unlicensed

Languages: English, French, Polish, Russian

Deposit Methods: PayBox

Minimum Deposit: €500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Cryptocurrencies, Commodities, Indices, Stocks

Trading Accounts and Conditions

Jyncfx offers its users the following trading account options:

• Basic: The minimum deposit you need to make is €500. The maximum leverage offered is 1:100 and you get a trading bonus of 15%.
• Start+: The minimum balance for this account is €5,000. The maximum leverage is 1:150 and you are offered a trading bonus of 35%.
• Trader: The minimum balance you should have to trade on this account is €35,000. The leverage is capped at 1:200 and the trading bonus offered is 50%.
• Investor: The minimum balance you should have in your account is €100,000. The maximum leverage is 1:300 and you are offered a trading bonus of 100%.

The broker has not mentioned details of the spreads offered, but we were able to register for an account and we found out that the EURUSD pair has a spread of 3 pips.

Jyncfx – Advantages

There are so many red flags about Jyncfx that you would have advantages to trading with them.

Jyncfx – Disadvantages

Here are the disadvantages of trading with Jyncfx:

• Unlicensed Brokerage

Jyncfx is the acronym for Jacque Yves Nuar co, a brokerage that is owned by Global Business Community Inc. This company is based in the Seychelles. To operate a forex brokerage out of the Sychelles, a company needs to be regulated by the country’s Financial Services Authority of Seychelles (FSAS).

However, when we checked the online register of the FSAS, we did not find any company or brokerage by these names listed there. And since there is no other licensing information on this broker’s website, we can safely state that this broker is unregulated and is therefore operating illegally.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

• Offering Access to Third-Party Websites

Jyncfx also states that it offers access to links of third-party websites. However, the broker does not specify which websites these may be. The broker also goes on to state that it will not take any responsibility if you face losses caused by the third-party companies.

• Legal Terms and Conditions Copies from Another Broker

When we went through the Terms and Conditions section of Jyncfx’s website, we realized that it was copied directly from another broker’s (called XM Group) website.

The fact that a broker would simply lift content from another broker’s website and pass it off as their own clearly indicates how trustworthy they are. In fact, this lack of effort makes us suspicious of their motives and raises the question as to whether Jyncfx is a scammer.

• User Funds Kept Outside EEA

Jyncfx states that your funds (or part of them) are held in accounts that are located in countries outside the EEA (European Economic Area). And then broker states that if any of these banks or institutions fail you may not be treated the same way clients whose funds are kept in accounts located within the EEA. Furthermore, this broker shrugs off all responsibility if case you face any issues with these banks or institutions located outside the EEA.

Such lack of responsibility and the fact that your money will not be in a safe place clearly shows that this is not a broker you should ever trust.

• Broker Can Give Your Funds to a Third Party

Things get even worse for you if you trade with Jyncfx. This broker states that it may give the money you have deposited in your account to a third party. These third parties could be exchanges, intermediate brokers or even clearing houses, and they will hold either partial or total control of your funds.

No legitimate broker would ever use your funds in this manner.

• Lies About MT4 Trading Software

Jyncfx claims to offer the MetaTrader 4 software to its clients, and if this were true, it would have been a huge advantage for the broker. The MT4 platform is the world’s most popular because of its range of features (charting and market analysis tools, pending orders, live news feeds, price alerts, automatic trading algorithms, etc.).

Unfortunately, the link provided for the MT4 platform by this broker did not work, so we can only assume that they don’t in fact offer this software. Instead, we were forced to use the Activ8 platform, which does not compare in performance to the MT4.

• Bonuses Offered

Another red flag about this broker is that it offers its customers bonuses – and pretty hefty ones at that. Bonuses have been banned in the EU, the UK and many other parts of the world because they have terms and conditions that are very unfair to traders.

So, the fact that this broker also offers bonuses in a jurisdiction where it is not allowed makes us even more suspicious of this broker.

• Large Number of Fees and Charges

This broker’s Terms and Conditions are long and convoluted. In fact, it is so long that most traders won’t even both reading it, which is what the broker wants.

In relation to the fees charged by this broker, there are many:

• They will impose a transfer charge if you make credit or debit card payments.
• If you use a third-party deposit, then you will be charged $50 as a handling fee.
• You will be required to pay other fees and charges as communicated by the broker – but the broker fails to mention what they will be and how much they will be.
• Over and above those commission and charges, you will also be required to pay other fees – once again not specified.

Conclusion 

Jyncfx shows all the signs of being a scammer and we would recommend to all traders that they should not contract with them.

Jyncfx

2.5

User Experience

3.3/10

Payment Options

2.2/10

Security

2.4/10

Support

2.5/10

Reputation

2.3/10

Pros

• None

Cons

• Unlicensed Brokerage
• Offering Access to Third-Party Websites
• User Funds Kept Outside EEA
• Broker Can Give Your Funds to a Third Party
• Lies About MT4 Trading Software