The quote “better safe than sorry ” is all too familiar with traders. Traders take risks every day, and to do so, they need a trustworthy broker. The broker also needs to have options that fit the trader’s financial goals and objectives.
For this broker review, we’ll examine the broker JustMarkets, previously known as JustForex, in depth.
JustForex, now known as JustMarkets, is a broker operating in over 160 countries. To date, it has over 2 million trader clients. But are they the safest broker to trade with? And do they offer the right services to match your trading needs?
What is JustMarkets?
JustMarkets, formerly known as JustForex, is a globally recognized online broker that offers a wide range of trading services. Established in 2012, it provides access to over 80 currency pairs, 39 cryptocurrencies, energies, and commodities, including oil and gold.
The broker is known for its diverse account types, which can cater to traders with different needs and experience levels. But more than that, it is most known for its competitive leverage of up to 1:3000.
JustMarkets is operated by Just Global Markets Limited, headquartered in Seychelles, Mauritius, Cyprus, and South Africa.
Why did JustForex change their name to JustMarkets?
JustForex rebranded to JustMarkets in 2022 to better reflect its expanded range of trading instruments beyond forex. Over the past decade, the company has grown to offer trading in indices, stocks, metals, energies, and commodities.
The new name, JustMarkets, aligns with their broader market offerings.
Is Just Forex regulated?
JustMarkets is regulated by four jurisdictions — Seychelles, Cyprus, South Africa, and Mauritius.
Seychelles Financial Services Authority (FSA)
In Seychelles, Just Global Markets Ltd. is regulated by the Seychelles Financial Services Authority (FSA) as a Securities Dealer with Registration Number 842198-1 and License Number SD088.
The Seychelles regulator is a popular regulator for offshore brokerage firms because of its low-cost requirements and the country’s low taxes. However, the Seychelles FSA is often considered a low-tier regulator compared to stricter regulators such as the UK’s Financial Conduct Authority or the US’s Securities and Exchange Commission.
Cyprus Securities and Exchange Commission (CySEC)
JustMarkets is also regulated by the Cyprus Securities and Exchange Commission (CySEC) with registration number HE 361312 and license number 401/21.
Unlike the Seychelles FSA, CySec is considered a mid-tier regulator, which is more stringent than a low-tier one but less stringent than a high-tier one.
Being regulated in Cyprus provides traders with a certain level of confidence because Cyprus is a member of the European Union and operates under the EU’s Markets in Financial Instruments Directive, or MiFID.
Mauritius Financial Services Commission (FSC)
JustMarkets is registered as Just Global Markets as an Investment Dealer in Mauritius, registration number 194590, and is regulated by the Financial Services Commission (FSC) in Mauritius, license number GB22200881.
The Mauritius FSC is also considered a mid-tier regulator.
Read more: Financial Regulatory Agencies Worldwide
South Africa Financial Sector Conduct Authority (FSCA)
The South Africa Financial Sector Conduct Authority (FSCA) regulates Just Global Markets Pty Ltd with FSP number 51114 and with registration number 2020/263432/07.
While JustMarkets is regulated only by mid-tier and low-tier regulators, these regulators still play a crucial role in protecting traders and clients by preventing financial service provider malpractice, money laundering, and fraud.
Each regulator still enforces compliance, supervises licensed entities, and holds wrongdoers accountable. However, they may not hold the same stringent standards as top-tier regulators.
Has JustMarkets been flagged by other regulators?
Yes. The National Securities Market Commission in Spain blacklisted JustForex in 2023 for dealing with Spanish clients without the proper license to do so in that jurisdiction.
However, it’s important to note that no widespread misconduct or malpractice has been reported about JustMarkets, especially in the countries in which they are regulated. Likewise, traders are advised to act with caution when choosing brokers.
Is Just Forex regulated in South Africa?
Yes! As previously mentioned, JustForex, now JustMarkets, is regulated by the South Africa FSCA. The broker has a CATEGORY I authorization to provide financial advice and trade on behalf of clients for shares, money market instruments, bonds, derivative instruments, and other instruments.
JustMarkets Features
Let’s take an in-depth look at JustMarkets’ features, offers, and services.
JustMarkets Registration Process
The JustMarkets registration process is simple and straightforward. Beginner traders will have no problem understanding the platform’s interface.
To register an account with JustMarkets, a client can visit the JustMarkets official website and click on the “registration” button.
Upon clicking, the user will be prompted to fill in a form that asks for their name, country of residence, email, and password.
Upon completing the details, the Pro account is automatically offered, but a user can choose another account type at any time.
The next step is to fund the account. JustMarkets offers various payment methods, which will be discussed more later. These include local banks, popular e-wallets, and cryptocurrencies.
Once the account is funded, a trader can download a trading platform compatible with JustMarkets (MT4 and MT5). Once downloaded, users can log in to the trading platform and link their JustMarkets account.
The user is now ready to place their first order and trade!
Available trading platforms
An account with JustMarkets is compatible with the popular trading platforms MetaTrader (MT4) and MetaTrader 5 (MT5). Both platforms have user-friendly interfaces and support automated trading. They are available as desktop applications and on Android and iOS devices.
JustMarkets can also be used with the MetaTrader WebTrader, which offers access to the financial markets without downloading any software but offers the same functionality as the MT4 and MT5.
JustMarkets Account Types + JustMarkets Minimum Deposits
JustMarkets offers a diverse set of account types that suit various trading strategies. JustMarket account types include Standard, Standard Cent, Pro, Raw Spread, and Islamic Accounts.
Market Order Execution is available on all trading accounts, regardless of account type.
Standard Account
The Standard Account is the most popular account type for JustMarkets clients.
This account type requires a minimum deposit of $10 and offers spreads from 0.3 with no commissions on trades.
The maximum leverage offered is 1:3000 for instruments, forex, indices, commodities, and stocks.
The Standard Account is available for both MT4 and MT5 platforms.
Standard Cent
The Standard Cent was designed for beginning traders with smaller capital. With this account, traders can start trading with micro lots for a more comfortable experience.
Like the regular Standard Account, the minimum deposit is $10, and spreads start at 0.3 pips. There are no commissions.
However, this account can only trade forex and commodities and is only available on the MT4 platform.
Pro Account
The Pro Account offers competitive spreads at 0.1 pips and no commission. It requires a minimum deposit of $100 and can trade forex, indices, commodities, and stocks.
Traders can also trade with a maximum leverage of 1:3000.
This account type is available for MT4 and MT5.
Raw Spread
The Raw Spread offers spreads from 0 pips with a fixed $3 commission on each side per lot. Meanwhile, the minimum deposit is $100.
This account allows traders to trade forex, indices, commodities, and stocks. It is also available for both MT4 and MT5.
Islamic Accounts or Swap-Free Accounts
JustMarkets offers a special option for traders who follow the Islamic faith, where Sharia law prohibits trading with swaps.
Traders can convert any account type into a swap-free one by contacting the broker’s support team.
Withdrawal Options
JustMarkets offers flexible withdrawal options for its clients.
The main methods include bank wire transfers, credit and debit cards, popular e-wallets such as Skrill, Neteller, and Perfect Money, cryptocurrency, and internal transfers between different accounts on the platform.
According to their official website, withdrawals are processed within one minute. However, clients must note that the funds that reach their accounts depend on the chosen payment provider.
Customer Support
JustMarkets customer support is said to be available 24 hours a day, 7 days a week. Additionally, it supports six languages, namely English, Indonesian, Malaysian, Spanish, Portuguese, and Vietnamese.
The multilingual support feature is only available through email at [email protected].
Meanwhile, English support is available through phone at +248 4632027 and +230 52970330.
Clients can also contact JustMarkets through various social media platforms and messaging apps such as Telegram, Instagram, Viber, iMessage, Messenger, and WhatsApp. Additionally, clients can also go to the broker’s website and start a LiveChat.
Educational Resources
The broker has extensive resources for trading education. JustMarkets has a dedicated Learning Center that compiles its educational resources.
Users can also make use of the Help Center, which organizes queries about the website and the platform.
Traders can also access trading articles and educational videos on their website. Moreover, they also have access to market research, economic calendars, and daily forecasts.
Just Forex Reviews Online
JustMarkets has received a mix of reviews online. Users have praised its fast withdrawal process, helpful customer support, and overall trading experience. Positive reviews often highlight the platform’s efficiency and the support team’s responsiveness.
However, some reviews point out issues such as difficulties with withdrawals and occasional technical problems.
For instance, one trader reported that their deposit was only credited after a month. Others said that it took a minimum of five days before their withdrawals were processed.
Is Just Forex safe to trade with?
Safety and reliability are paramount when considering a broker for your trading activities. JustMarkets, formerly known as JustForex, has established itself as a reputable broker in the financial industry since its inception in 2012. The company is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) of Mauritius, the Financial Sector Conduct Authority (FSCA) in South Africa, and the Seychelles Financial Services Authority (FSA).
Despite being regulated by multiple authorities, JustMarkets is often considered a mid-tier broker. While it may not have the same level of stringent oversight as top-tier regulators like the UK’s Financial Conduct Authority (FCA) or the US’s Securities and Exchange Commission (SEC), it still provides a secure trading environment. The broker offers competitive trading conditions, including low spreads, high leverage up to 1:3000, and access to the popular MetaTrader platforms (MT4 and MT5).
However, as with any broker, it’s essential to conduct your own research and consider both positive and negative feedback from other traders to make an informed decision.
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