Overall Rating
3.73/ 5
JustForex Key Features
| ? Min. Deposit | USD 1 |
| ?️ Regulated By | FSA-St-Vincent |
| ? Trading Cost | USD 9 |
| ⚖️ Max. Leverage | 3000:1 |
| ? Copy Trading | |
| ?️ Platforms | MT4, MT5 |
| ? Instruments | Indices, Forex, Commodities, Futures, Stock CFDs, Cryptocurrencies |
Our verdict on JustForex
With a number of low-deposit accounts and tight spreads, JustForex appeals to traders familiar with the MT4 and MT5 platforms looking for low costs. However, JustForex is difficult to recommend as it is registered in St Vincent and the Grenadines which does not supervise brokers, so is essentially unregulated.
An STP broker, JustForex offers trading on indices, commodities, cryptocurrencies, share CFDs, futures, and over 66 Forex pairs, which should satisfy most traders. JustForex has 7 live accounts on the MT4/MT5 trading platforms with minimum deposits starting at 1 USD, and spreads of only 0.90 pips (EUR/USD) on its Cent Account. Trading costs improve further on its Pro and Raw Spread accounts, with spreads of 0 pips (EUR/USD) in exchange for a commission of 6 USD (round turn) and minimum deposit requirements of 100 USD.
JustForex’s responsive customer support is available 24/7 to help with any technical or account queries, but its educational content is limited, forcing traders to self-educate elsewhere.
Is JustForex Safe?
While it seems as if JustForex has a history of responsible behaviour, JustForex is registered as a business with the FSA of SVG, which applies no supervision of trading-related activities, so any claims it makes regarding the security of funds cannot be proven.
Founded in 2012 and headquartered in St. Vincent and the Grenadines, JustForex is essentially an unregulated broker. See below for registration details:
- JF Global Limited, Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines, registration number 23993, registered by the Financial Services Authority (FSA).
According to its website, JustForex clients’ funds are deposited in segregated bank accounts, and it offers negative balance protection, which means that clients can lose all but not more than the balance of their trading account. However, these claims cannot be verified, because the FSA of St Vincent and the Grenadines provides no oversight of any trading-related activities.
While JustForex has been operating since 2012 and has many satisfied customers, it is important to note that trading with an unregulated broker carries extreme risk. As unregulated brokers have no governmental oversight, any statements they make regarding their operations cannot be verified. Furthermore, many countries do not recognize JustForex as a legitimate broker.
Overall, clients should proceed with caution should they decide to open an account at JustForex.
Trading Fees
Justforex’s trading fees are lower than other similar brokers.
JustForex offers 7 live accounts with varying minimum deposits on both the MT4 and MT5 trading platforms . Five of its accounts are commission-free, with trading costs included in the variable spreads, while the other two accounts have a tighter spread in exchange for a commission per lot traded.
JustForex’s accounts were assessed to compare the costs to those of other Forex brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.
When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
Unfortunately, JustForex is not transparent about the average spreads associated with each account type, so these calculations were based on the minimum spreads.
Swap Fees
The final trading cost to consider at JustForex is the swap rate charged on positions held overnight. JustForex is completely transparent regarding its overnight financing rates and these can be found on the website for every instrument.
For instance, the fee for holding 1 lot of EUR/USD overnight in a long position on a Standard Account is -4.44, and -0.09 for a short position.
Overall, JustForex’s trading costs are low compared to other brokers. The ongoing costs on the Standard Accounts are slightly higher than other brokers but the minimum deposits are negligible. The ongoing trading costs on the Pro Accounts are lower than average but the minimum deposits are higher, but still in line with what beginners would be happy to pay.
Justforex’s Non-trading Fees
JustForex’s non-trading fees are lower than other brokers.
Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.
JustForex charges no commissions on deposits or withdrawals, which is a welcome development in an industry where fees are charged on almost all transactions.
However, Just forex charges a fee of 5 USD per month after 151 days of dormancy, but these inactivity fees are lower than most other brokers.
JustForex Mobile Trading
JustForex’s mobile trading platforms are average compared to other similar brokers. It offers mobile versions of MT4 and MT5, but no proprietary mobile trading solutions.
JustForex offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.
Trading Tools
JustForex offers a limited range of trading tools compared to other Forex brokers.
JustForex offers support for a social trading platform, MAM accounts, and a VPS hosting service. Most other brokers also offer additional tools such as Trading Central or Autochartist to help traders make better trading decisions.
Social Trading
Social trading is a service that allows investors to follow the trading strategy and copy trades of professionals, which are also known as signal providers. JustForex provides a list of signal providers that are rated based on various criteria: trading period, maximum drawdowns, best trades, profit factor. Top-ranked signal providers are displayed first in the list.
Usually, the actions of experienced Forex traders are used as a guide for beginners. It reduces the time for market research and analytics before trading on Forex. Social trading is useful for traders who have no time for training or making independent investment decisions.
MQL5 Signals is a product from the developers of MetaTrader 4, which allows followers to copy the signals of successful traders and copy their transactions directly from the MetaTrader terminal.
Risk Warning
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. JustForex would like you to know that: Trading on the Forex market is connected with risk. Investments can fall and rise. You may get back less than you invested. Past performance is no guarantee of future results. Clients should be aware that trading through JustForex carries a high risk of losing money on the Forex market.
Overview
An STP broker, JustForex offers excellent trading conditions on seven live accounts and support for the MT4 and MT5 platforms. Additionally, its non-trading fees are lower than other similar brokers.
While JustForex’s market analysis materials are of a high quality and are frequently updated, its educational materials are somewhat limited.
Another major drawback for traders considering JustForex is that it is unregulated. However, JustForex claims that client funds are placed in segregated bank accounts and that all customers are offered negative balance protection, but these cannot be verified.
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