JustForex Broker Review
JustForex, a retail Forex broker operating out of St. Vincent and the Grenadines, provides services to retail traders from the upcoming and emerging markets. JustForex has many ways of promoting themselves to attract more customers, and one of them is being generous about promotions.
The brokerage firm says that a client sets up a new account every eight seconds. The company’s website shows that the average profits are seven times more than the initial deposit. Along with this, 52% of traders consider it their primary source of income, and 70% use it for research purposes.
Let’s dig in a little deeper and find out what JustForex has to offer.
You can find our transparent JustForex review below. Broker reviews are updated frequently!
We value your feedback: Rate this broker by leaving a comment and rating below this review.
Pros / Cons
- Low Minimum Deposit
- High Leverage
- ZAR Account Currency
- Broker Verified
- No FSCA Regulation
The corporate owner of JustForex is GM Global Limited which maintains registration in St. Vincent and the Grenadines. The other company involved in this set up The Financial Services Authority (SVGFSA) that authorises international business companies (IBCs), but it does not provide much regulatory oversight.
The deposits made by clients remain segregated, and JustForex also says so on their website. JustForex works hard to protect its clients in more than one way. One of those ways is deep liquidity (granted by 18 global banks) and international security standards to meet the proper security needs. Negative balance protection also exists, but deposit insurance is not there.
JustForex Tradeable products
JustForex has several tradeable products. These include; over 60 currency pairs, seven cryptocurrencies, ten commodities, 65 equities, and 11 index CFDs. An additional 25 futures contracts complete the asset selection, spanning over six classes, for a total of 183.
This offering is very useful and sufficient for most retail traders, especially for this broker’s main target group or the target audience.
JustForex Account types
JustForex offers six different trading accounts, including Standard cent, Standard, Pro and Raw Spreads. A demo trading account and an Islamic swap-free trading account.
The standard account is a commission-free trading account with only a $1 minimum deposit. In addition, the account has access to up to 1:3000 leverage and includes spreads starting from just 0.3 pips. You can trade on 65 Forex pairs and eight metals.
The pro account is also a commission-free trading account with a 0 minimum deposit. In addition, you can access up to 1:3000 leverage, and the account’s spreads start from just 0.1 pips. The clients can trade on 65 Forex pairs, eight metals, 11 indices, two energies, 65 shares and 25 futures instruments.
The Raw Spread account is a commission-based trading account with a $100 minimum deposit with leverage of 1:3000 and spreads starting from 0 pips. You can trade 65 Forex pairs and eight metals with this account.
The cent account is another commission-free option at JustForex with $1 minimum deposit. It provides you with leverage of up to 1:1000 and spreads starting from 0.3 pips. The clients can access 37 Forex pairs with this account.
JustForex also offers a demo trading account and an Islamic swap-free account.
Average Standard Account Spreads on Majors
- EUR/USD: 0.1
- GBP/USD: 0.4
- USD/JPY: 0.3
- AUD/USD: 0.3
Opening an account
To open any trading account, the users simply need to click on the registration or open account button.
To open an account at JustForex, here’s what you need to do:
- Give your personal and financial details.
- Describe your trading experience.
- Validate your identity and citizenship. Uploading a national ID, passport, or driver’s license will help in verifying your identity.
There are 11 base currencies for opening an account with JustForex. These include:
USD, GBP, EUR. MYR, IDR, THB, VND, KWD, CNY. ZAR and JPY.
The great thing is that you can open up an account in ZAR if you are a South African.
You can choose between different versions of the trading platform as a client, including the basic version of the MT4 and MT5 trading platforms.
They offer a quick guide on using MT4, in a good way, directly under the introduction of the trading platform. However, JustForex does not grant any third-party add-ons to upgrade the trading platforms, which is a disadvantage. The MQL5 Signal Trading supports social trading in MT5.
At JustForex, the clients want the MT4 trading platform, and that usually remains the top choice. However, MT5 is also equally available, confirming the broker’s additional investment into its infrastructure.
You can use MQL5 Signal Trading available inside the MT4/MT5 trading platform if you are working as a social trader.
You can trade with expert advisors as a client, and you can use any of the 30 native indicators and analysis tools such as the Line tool, Channel tool, Fibonacci and Gann tools, etc.
JustForex also offers a social trading network that is based on the MT5 platform. So you can simply join the network and select the traders whose trades you want to follow.
You can also download the application available on iOS and Android of the JustForex MT4 platform. The platform is similar in function to that of the desktop platform.
JustForex Commissions and fees
JustForex trading fees vary depending on the market being traded and the account type.
Some accounts provide commission-free trading, while others provide commission-based trading. For example, the Standard, Pro and Cent accounts are commission-free; however, the Raw Spread account is not.
In the Pro account, you earn 0.6 pips commission-free EUR/USD spread. This can be considered a big plus. On the other hand, the Raw Spread account lists 0.0 pips for a fee of three currency units of the base currency on each side, or $6 for the EUR/USD.
The swap rates on leveraged overnight positions apply, and the corporate actions such as dividends, mergers, and splits, impact equity and index CFDs.
The company passes on all relevant credits/debits and remains as transparent about them as possible. An inactivity fee of $5 per month also exists if there has been no trading activity by the client for more than 150 days.
The deposit and withdrawal fees depend on the payment processor, but the overall fee structure is minimal.
The Pro account offers spreads as little as 0.1 pips.
JustForex allows you to use the leverage size in the range from 1:1 to 1:3000 while trading the forex market.
The maximum leverage for the cent account is 1:1000, while the pro, standard, and raw spread account have 1:3000.
JustForex mentions that for positions opened between 22:00 (GMT+3) Friday and Monday 02:00 (GMT+3), the leverage would be changed to 1:200 for the specified period, and the margin requirements will be calculated accordingly.
Deposits and Withdrawals
JustForex supports 25 payment options, including credit/debit cards, online payment processors, local bank wire, and cryptocurrencies.
The processing times for deposits are instant, while the withdrawals are commendably fast, with an interval of one or two hours in-between. The applicable fees are dependent on the preferred payment processor.
Education and Research
JustForex generates dozens of trade set-ups daily, which are organised among six sections. JustForex’s content is generally brief but consists of charts and the necessary essential material for written analysis, resulting in acceptable research. The education consists of webinars, an extensive library of written content, and five short educational videos. If you are a new trader, you can register for webinars and gain access to past ones.
JustForex offers great research tools, including Stock Market Analysis, Forex Technical Analysis, Market News, Market Overview, Daily Forecast and an Economic Calendar.
JustForex offers customer support is available in several languages such as English, Indonesian, Malaysian and Chinese. These services are available 24 hours a day, seven days a week through phone, email, live chat, and messenger apps such as Telegram, WhatsApp, and Skype.
Bonuses and Promotions
JustForex offers great bonus promotions to attract new traders. The promotions can be as high as 120%. However, it is advised that you should read the terms and conditions before confirming their bonus to keep yourself out of trouble.
Along with this, JustForex also offers a $30 welcome bonus, and a $50 refer a friend bonus.
Probably the most unique feature offered by JustForex is the leverage of up to 1:3000. This is considered especially high, so many regulators can provide traders with an opportunity to get more for their money. However, it is to be noted that trading with leverage is not advisable for all traders, especially first-time traders and should be done with extreme caution as it can also cause significant losses and irreversible damages.
Another pro feature of JustForex is the bonuses offered to the clients. They may vary according to circumstances, but they often provide a solid incentive which is a smart way of attracting and getting new clients.
JustForex South Africa
As a South African, you will be pleased to hear that JustForex accepts South Africans. The brokerage firm also allows you to open an account in ZAR. So, if you are a South African looking for trading opportunities, JustForex can be your best bet.
JustForex also has an affiliate program, where you can earn for every qualified client you refer. This is just one of the initiatives and many others that help bring the company on top. If you are associated with JustForex, then your life is sure to get easier.
You can receive up to $1500 for each client you refer, which is a pretty reasonable offer.
According to our findings, JustForex offers a straightforward trading platform appropriate for both novice and experienced traders. You can choose from seven different types of trading accounts, some of which are commission-free and others of which are commission-based, as well as a demo trading account and Islamic swap-free accounts.
Traders can also use the MetaTrader Signals tab to obtain Forex VPS services and social trading. Both novice and experienced traders may benefit from the broker’s bonuses and promotions, as well as the chance to trade on the worldwide recognised MetaTrader 4 and MetaTrader 5 trading platforms for PC and mobile trading apps.
JustForex provides multilingual customer service 24 hours a day, seven days a week, which is quite beneficial to all traders. In addition, the research and education tools are extremely extensive in features and information.
Although JustForex isn’t regulated, it has great statistics on its website and provides a good trading environment and instruction. Given the effort put in to provide unbiased research with hundreds of daily trade ideas, it continues to outperform many competitors in this aspect.
The emphasis of JustForex continues to be on emerging markets, whose portfolios have historically been lower than in established markets.
JustForex tries to overcome its regulatory gap by running large bonus programs. Because of the overall services provided to traders, it is a feasible option for all types of traders.
We value your feedback: Rate this broker by leaving a comment and rating below this review.
Thinking of Trading with JustForex?
What is JustForex’s minimum deposit?
The minimum deposit for all account types is $1.
How do I deposit/withdraw from my JustForex account?
You can deposit/withdraw funds through debit or credit card, bank wire transfer, PayPal, Skrill, Neteller, Fasapay, Alipay, and Qiwi.
Is JustForex spreads high?
JustForex offers tighter spreads on all forex pairs.
What is the maximum leverage at JustForex?
JustForex offers maximum leverage of 1:3000.
Does JustForex use MetaTrader?
Yes, JustForex uses MT4 and MT5.
Is JustForex available in South Africa?
Yes, JustForex is available for South African traders.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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