JustForex Review 2020
JustForex offers online forex trading on the MetaTrader trading platforms. This brokerage offers MAM accounts, social trading, market analysis and educational materials to assist traders. Whilst the broker provides a range of flexible account types, the broker regulation is offshore and thus we would take great caution and prefer to use an alternative online broker.
JustForex Review 2020, Pros & Cons
- MAM accounts
- Supports social trading
- Selection of training articles are provided on the website
- Regulation lacking
- Clients from USA are not accepted
- Withdrawal fees are charged
- Spreads & commission not the lowest
In this detailed JustForex review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
JustForex is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including JustForex .
JustForex Review: Summary
JustForex is a forex broker that provides access to trade forex online. It is owned and operated by ‘JF Global Ltd’; a company registered in St. Vincent and the Grenadines. The brand was established in 2012 with a commitment to efficiency, integrity and flexibility. The broker offers over 170 tradable assets to its global clientele.
JustForex states that its liquidity comes from 18 of the biggest banks in the world. Prices are aggregated from these liquidity providers and streamed to the clients on the provided trading platforms. As a result, the spreads start from 0 pips (although increase much higher) for the ECN Zero accounts which offer ECN execution speeds from 0.05 seconds.
The brand offers the MetaTrader platforms; MT4 and MT5 for all its clients. Multiple account types are offered and there is no minimum trading capital required. Several trading tools are available as well as market analysis and managed accounts. JustForex boasts of millions of clients from 197 countries from all over the world.
JustForex Review: Regulation
JustForex is registered by the Financial Services Authority (FSA). JustForex Global Limited is registered in St. Vincent and the Grenadines. It is authorized and regulated by the Financial Services Authority (FSA). Most professionals would advise against using a trading broker that only has this regulation. Experts usually prefer a broker regulated by the FCA, CySEC or ASIC.
JustForex states that it is committed to Anti Money Laundering (AML) and Know Your Customer (KYC) policies. This is why all customers are made to go through the KYC verifications which entails provision of a ‘proof of address’ and a ‘proof of identity’. Client activities are also monitored and all records are properly maintained and audited.
The broker is committed to providing a secured and safe trading environment for all clients. So, it has implemented a ‘Secured Socket Layer’ (SSL) which encodes all user transactions to and from the servers. This technology is perfect for combating cyber crimes and deterring internet hackers.
The broker claims that clients’ deposits are kept in segregated bank accounts opened with top rated banks. Thus, they are separated from the broker’s bank accounts. The client funds should not be used by the broker for its internal day to day operations.
JustForex Review: Countries
JustForex states that its services are not meant for residents of the United States of America. Some JustForex broker features and products mentioned within this JustForex review may not be available to traders from specific countries due to legal restrictions.
JustForex Review: Trading Platforms
MetaTrader 5 (MT5) is a professional trading platform with powerful tools for charting, trading, fundamental and technical analysis. The MT5 investment platform is fast, flexible and supports numerous trading styles and strategies. Developed by ‘MetaQuotes Software Corporation’ in 2010, MT5 is widely used by millions of traders across the world. JustForex only provides the MT5 desktop version.
Here are some of the key the features of the MT5 trading platform:
- Charts of all the instruments can be displayed on 21 timeframes.
- Multiple order types including pending orders and execution orders.
- 38 technical indicators are inbuilt into the MT5.
- 44 graphical objects used for analysing charts.
- Access to the MetaTrader market and forum.
- Automate your strategies by building your own Expert Advisors (EAs).
- Access to use VPS services to improve speed and reliability.
- Depth-of-Market feature.
- Economic Calendar is inbuilt into the platform.
- Price alert notifications via SMS, email and platform pop-ups.
MetaTrader 4 (MT4) is the older version of the MetaTrader platform. The MT4 platform was developed in 2005 by the same MetaQuotes Software Corporation. It has remained the most popular platform despite having a successor in the MT5. Reasons for this include the simplicity of MT4, the large number of brokers who offer it and because of compatibility issues as there are already thousands of trading systems built for MT4 that cannot run on MT5. The MT4 platform is equally a sophisticated platform loaded with powerful tools for conducting detailed chart analysis and trading. It is well known for its short learning curve and user-friendly interface. JustForex provides all the versions of the MT4 namely:
- MT4 WebTrader: It requires no downloads or installations because it runs on web browsers which makes it compatible with all operating systems and all devices.
- MT4 Desktop: This version is the main version that incorporates the full features of the MT4. It is downloadable on Windows operating system.
- MT4 Mobile: This version is available on Android and iOS devices.
Here are some of the key features of the MT4 investment platform:
- Intuitive, customisable and fast trading platform.
- Displays the fluctuating prices of all the instruments in real time via the market watch window.
- Analyse the charts with 30 inbuilt technical indicators and 24 analytical tools.
- Display your charts over 9 timeframes from 1 minute to 1 month.
- Supports automated trading via Expert Advisors (EAs).
- Strategy tester for back testing EAs over historical data.
- Purchase EAs, indicators, trading signals and other tools from the MetaTrader market which is available via a tab on the MT4 platform.
- Built in MetaEditor to programme MQL customised indicators, scripts, EAs, etc.
- Alert notifications via email, SMS and platform pop-ups.
JustForex Review: Trading Tools
MAM is a solution for JustForex money managers who wish to trade on behalf of investors and for investors who wish to authorise money managers to trade their accounts. JustForex provides the Multi Account Manager (MAM) software which enables money managers to manage and trade several accounts at the same time. The managers operate a master account and receive commissions from any profits they make. Investors can monitor the performance of the money manger on his account but cannot trade. Investors can add or remove MAM whilst past performance should not by any means be a guarantee of future performance.
JustForex supports social trading via the MT4 trading platform. Social trading enables traders to replicate the strategies of other expert traders by copying their trades onto their own trading account. The experts are the signal providers; they are rated based on their performance statistics. Traders have the opportunity of choosing and following the signals of any provider they choose based on their performance data. The signal provider can earn a percentage of any profits made while the investor can copy signals without trading or even knowing how to trade. It should be strongly noted that there is absolutely no guarantee on the performance of these signals and historical results are not a reflection of future results.
Virtual Private Server (VPS)
A VPS is powerful virtual computer that can be used to run your trading platforms 24/7. It is normally needed by traders who require uninterrupted connections to the trading servers. EA users, social trading investors and traders who use some other sophisticated trading systems often need a VPS. They are widely regarded as being readily available, reliable and very fast. VPS subscriptions can be made from the MetaTrader platforms as there are several providers.
This tool shows thousands of upcoming economic events from over 50 countries. The impact of these events is classified accordingly as low, medium or high. The analyst consensus is shown as a percentage and the previous impact percentage is also shown. Clicking on an event will show its detailed analysis and chart. The calendar can be customised to suit the traders’ favourite events.
This section of the JustForex website consists of:
- Market Overview: This sub section is updated every week day. It looks at the market movements of the assets including the economic news feed.
- Daily Forecast: This gives a daily analysis of some of the major pairs using technical and fundamental analysis methods. It ends with trading recommendations.
- Technical Analysis: This uses technical indicators and chart patterns to give analysis especially on major currency pairs.
- Market News: Gives the news from the markets. It is not regularly updated.
- Cryptocurrency Analysis: Gives a periodical analysis of the cryptocurrencies especially Bitcoin.
- Stock Market analysis: It gives the analysis of the most popular stocks.
JustForex Review: Education
This section of the JustForex website contains over 55 articles on forex trading. The articles focus on beginners by introducing forex trading, terminology, trading best practices and money management strategies. Then, the articles gradually move towards conducting market analysis and then focus on the different technical indicators. Generally, the forex trading articles are well written with examples and illustrations.
The glossary contains over 70 forex/CFD trading terminologies and their detailed definitions. This can help users familiarize themselves with some of the more popular trading terms.
JustForex offer a total of 5 trading videos teaching traders how to use some special functions in the MetaTrader platform such as:
- Choosing a trading signal in the MT4 or MT5 platform.
- Purchasing a robot or indicator from the Market within MetaTrader.
- Creating a ‘Trading Robot’ in the MetaTrader without writing codes.
JustForex Review: Trading Instruments
The following instruments are available for trading online with JustForex:
- 84 Major, Minor & Exotic Forex Currency Pairs
- 4 Metals
- 7 Cryptos
- 11 Indices
- 2 Energies
- 65 Share CFDs
- 25 Futures
JustForex Review: Trading Accounts & Fees
There is no minimum deposit. The account currency can be in USD, EUR, MYR, IDR, THB, VND, KWD, CNY or ZAR. The maximum leverage is 1:3000 and the spread starts from 0.3 pips.
This account is denominated is cents which is a subdivision of the USD. The maximum leverage is 1:1000 and the spread starts from 0.3 pips.
The minimum deposit is $100 and the maximum leverage is 1:3000. The spread starts from 0.1 pips. Only 57 forex and 2 metal assets can be traded from this account.
The minimum deposit is $500 and the spread starts from 0.1 pips. The maximum leverage available is up to 1:3000. This is the flagship account that can trade all the available instruments.
ECN Zero Account
The minimum deposit is $500 and the spread starts from 0 pips. The maximum leverage is 1:500 and commissions are charged on trades. Only forex, metals and cryptocurrencies can be traded on this account.
Demo accounts are free and unlimited on both the MT4 and the MT5 platforms. A demo account can be a good way for a trader to familiarise themselves with the different trading platforms available and to practice different trading strategies.
Swap-free accounts that are Muslim friendly and confirm to sharia law are available on all account types.
As broker fees can vary and change, there may be additional fees that are not listed in this JustForex review. It is imperative to ensure that you check and understand all of the latest information before you open a JustForex broker account for online trading.
JustForex Review: Customer Service
The JustForex client support desk speaks English, Indonesian and Malaysian languages. The English support phone lines are available 24/7 while the other languages are available 24/5. If you wish to be called by the support team at a convenient time for you, then, fill the ‘call back request’ form on the website. There are several options for chatting with a customer care representative. They are: Telegram, WhatsApp, Skype, Facebook messenger, Viber, Instant web chat and LINE chat. The support team can also be reached via email and on social media through Facebook, Instagram, Twitter, LinkedIn and Telegram.
JustForex Review: Deposit & Withdrawal
- Credit/debit cards: Visa, MasterCard and China UnionPay cards are accepted. The minimum deposit is $5 while the maximum deposit $10,000 and maximum withdrawal is $2,000. Deposits are free while withdrawals are charged at 2.4% + $2.5. Card deposits are instantly processed while withdrawals take up to 5 days.
- Online payments: The online payments acceptable are FasaPay, Alipay, Skrill, Neteller, SticPay, Perfect Money, and QIWI. Deposits are free but withdrawal fees of 1% or less are charged depending on the method used. Online deposits are processed instantly while withdrawals can take 1-2 hours. Payment processors may also charge fees of their own that you should be fully aware of.
- Local transfer: JustForex accepts local transfers from the countries where they have offices or representatives like South Africa, Nigeria, Ghana, Vietnam, Thailand, Malaysia, Indonesia, etc. There are no deposit fees but withdrawal fees are charged depending on the currency.
- Crypto Payments: JustForex accepts Bitcoin and Bitcoin Cash payments. Payments in cryptocurrencies are free of both deposit and withdrawal fees and are processed within 2 hours.
JustForex Review: Account Opening
To register an account with JustForex, visit the website and click on the ‘registration’ button to reveal the ‘back office registration’ form.
Fill the form and click on ‘Register’. The back office creation confirmation message displays. Another form with the title ‘Open First Account’ displays. Fill the account type, base currency, leverage, password and click ‘open account’. You are immediately logged into the clients’ area.
From the clients’ area, more accounts can be created, verification documents can be uploaded and deposits/withdrawals can be made. Once the trading account is verified, you can commence trading online using the provided investment platforms.
JustForex Review: Conclusion
JustForex is a broker that attracts traders by offering very high leverage, reasonable execution speeds and competitive spreads. They offer a range of flexible account types which are provided to cater to the differing needs of new and experienced traders. To further support beginners, a large number of training articles are provided. Demo accounts with virtual funds are also available for practising trading online.
The broker offers social trading platforms and MAM accounts which are useful for those who wish to provide trading signals and investors who wish to copy the signals without trading by themselves. JustForex also provide some trading tools like the daily forecast and technical analysis which can equip traders and help to inspire trading ideas when approaching the markets.
One major area where JustForex needs improvement is in the area of regulation. Most traders consider the European, Australian and American regulatory agencies more respectable than that of offshore regulators. In fact, most experts advise against trading with offshore brokers at all. For this reason alone, we would not choose JustForex with so many other reputable and regulated forex brokers to choose from.
Margin trading on the Forex market is speculative and carries out a high level of risk, including full loss of deposit. You must understand this and decide by yourself whether this type of trading fits you, considering the level of knowledge in a financial area, trading experience, financial capabilities and other factors.