JustMarkets ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
JustMarkets (formerly JustForex) offers online forex trading via the user-friendly MetaTrader platforms for desktop, web and mobile devices. You can trade a good selection of currency pairs, including major, minor and exotic crosses. There are managed accounts and social trading for investors and those of you who want to share your strategy with others. I found them to have a quite decent selection of market research and analysis which can help to inspire possible trade ideas. If you are a beginner, you can take advantage of the free educational materials and demo accounts to improve your trading skills and knowledge. Whilst they provide a good range of flexible account types for all types of forex trading strategy, the broker regulation is offshore and thus cannot provide the same protection as some other top-tier regulators can.
Pros & Cons
- Easy to use trading platforms for web, desktop and mobile
- Good selection of forex currency pairs to trade
- Spreads from 0.0 pips and quick execution speeds
- Managed accounts and copy trading solutions
- Decent variety of training articles are provided
- Minimum deposit of just $1 to open an account
- Plenty of quick and easy payment options available
- Free demo accounts to practice trading online
- Islamic accounts for Muslim traders
- Responsive 24/7 support team
- Lack of top-tier regulation
- Clients from many countries are not accepted
- Withdrawal fees are charged
- Could improve non-FX offering
- No FIX API connectivity
As the name suggests, JustMarkets is a forex broker that provides convenient access to trade forex online via intuitive platforms for all of your devices. The broker 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. Despite the name, they do not just support forex trading. You will find that they have a reasonable selection of over 170 tradable instruments across different asset classes available to its global clientele.
JustMarkets 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 as low as 0.0 pips (although can increase much higher) for the ECN Zero accounts which offer rapid ECN execution speeds from 0.05 seconds. I think this are decent trading conditions which can be suitable for scalping and automated trading systems.
The broker provided you with the excellent MetaTrader platforms; MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for buying and selling instruments with minimal fuss. Multiple account types are available and there is no minimum trading capital required to get started. This means you can try the broker in a live environment with minimal risk. There are also several trading tools provided along with market analysis and copy trading platforms. Aside from all of the positives, regulation could be improved in my opinion.
When choosing a broker, regulation is one of the first things that I look for. I would always prefer to trade with a regulated broker, although not all regulators are considered equal. JustMarkets 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 offshore regulation. Experts usually prefer a broker regulated by a top-tier regulator such as the FCA, CySEC or ASIC. However, I do understand that the regulation the broker has enables them to provide certain products and services that other regulators wouldn’t allow. Just make sure you understand the potential risks.
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. JustMarkets 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’.
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. Client activities are also monitored and all records are properly maintained and audited.
JustMarkets states that its services are not meant for residents of the United States of America and some other countries. They are currently not accepting clients from the EU. If you find that you are unable to open an account with them, please feel free to browse our broker reviews for an alternative option.
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. I think it is a great platform for manual and automated trading. You can create your own chart templates and manage trades with relative ease. However, JustMarkets only provides the MT5 desktop version which is a bit disappointing as I would like them to also include the web and mobile versions. However, there is always the MT4 platform which we will discuss next.
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, yet still an fantastic platform that I use up until this very day. The MT4 platform was developed in 2005 by the same MetaQuotes Software Corporation. It has remained the most popular trading 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. JustMarkets 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 a trading app 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
You will probably find more than enough tools already included within the MetaTrader platforms. They include everything you need to conduct in-depth market analysis. You can use the built-in tools to develop strategies as simple or complicated as you need them to be. There is also the MQL marketplace where you will find plenty more free and paid add-ons for both platforms. If that is not enough, you can even develop your own tools using the MQL programming language. If you don’t have the skills, you could hire a freelancer to do it for you. It is good to see the broker provide some additional tools aside from those included in the platforms which we will take a look at below.
MAM is a solution for JustMarkets money managers who wish to trade on behalf of investors and for investors who wish to authorise money managers to trade their accounts. JustMarkets 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 manager 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. Eightcap also have a good MAM solution if that is something that you are specifically looking for.
JustMarkets supports social trading via the MetaTrader platforms. 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. I actually prefer to maintain control over my own trading as I find that this is the best way to learn from your mistakes and become a better trader in the long run. If you are looking for a social trading platform, eToro is a leader in this respect.
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. I have my own VPS from a third-party provider and find it to be ideal for remotely running multiple instances of the MT4 platform so I can compare brokers and test my automated strategies without needing my own machine running. You can get a free VPS from other forex brokers including Blueberry Markets.
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. I think this is a great tool for anticipating what might happen in the markets. I would always try to check the calendar before making any trade decision as I wouldn’t want to get caught on the wrong side of a major news event. You can also find a calendar built-in the MT5 platform which can be easier to access and save you from constantly switching between tabs.
This section of the JustMarkets website looks at the market movements of various assets and the economic news feed. I think it can be a good way to prepare for the trading day ahead and plan your trades accordingly. You might find some inspiration for trade ideas that you may have otherwise overlooked. The section contains the following:
- Market Overview
- Daily Forecast
- Technical Analysis
- Market News
- Cryptocurrency Analysis
- Stock Market Analysis
The broker has a decent amount of educational content that is geared more towards the absolute beginner. You can learn more about the markets through a series of easy to digest videos and guides. However, if you are looking for lots of educational content, then you might want to consider IronFX instead as they have plenty.
This section of the JustMarkets 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 trading guides are well written with examples and illustrations.
The glossary contains over 70 forex and CFD trading terminologies and their detailed definitions. This can help users familiarize themselves with some of the more popular trading terms.
JustMarkets 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
There is a reasonable variety of financial instruments across different asset classes available for trading online with JustMarkets. I think you could create a diversified portfolio but they don’t have anywhere near the quantity of RoboForex who have thousands to choose from in comparison.
- Currency Pairs
- Share CFDs
I was pleased to see that JustMarkets provide a good variety of account types to cater for traders of all investment levels and trading styles. You can choose from flexible leverage and get access to spreads from just 0.0 pips. However, that does require a minimum deposit of at least $500 which is quite high. You can get raw spreads from zero pips and ECN execution speeds through IC Markets with a deposit from $200.
There is no minimum deposit. The account currency can be in a good selection of USD, EUR, MYR, IDR, THB, VND, KWD, CNY or ZAR. This can save you on conversion fees if you are using an account in your own currency. The maximum leverage is very high at 1:3000 and the spreads start from 0.3 pips, which isn’t the lowest compared to some of the other accounts.
This account is denominated is cents which is a subdivision of the USD. The maximum leverage is 1:1000 and the spreads start from 0.3 pips. I think this is a decent option for those of you who want to get a feel for trading in a real environment with a minimal investment.
The minimum deposit is $100 and the maximum leverage is 1:3000. The spread starts from 0.1 pips. Only forex and metal assets can be traded from this account. It is similar to the cent account with slightly better spreads.
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. Whilst it has better spreads than the standard account, it doesn’t quite beat the ECN account option. For the same minimum deposit, I would probably opt for the latter.
ECN Zero Account
The minimum deposit is $500 and the spread starts from as low as 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. This would be my preferred account type as it has the lowest spreads which is important for my scalping strategies.
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. It is always good to see a broker that supports clients with different religious beliefs but this is something that I come to expect nowadays.
The JustMarkets 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. It is great to see support is so readily available and I really appreciate how they have taken the time to respond to plenty of feedback online, both positive and negative.
You can choose from a generous variety of account funding options with JustMarkets. I think the online payment options are great as I find this to be one of the quickest ways to move funds around between my trading accounts. They are one of a few brokers who currently support crypto funding, along with the likes of Hugo’s Way. However, keep in mind that there will be a blockchain fee and it can take some time. I have actually had a situation where the blockchain fee worked out greater than the amount I was depositing! As crypto technology improves, hopefully the fees will as well. You can choose from any of the following convenient deposit or withdrawal methods:
- Credit/Debit Cards
- Online Payments
- Local Transfer
Overall, I think JustMarkets is a decent choice of broker for anyone who is primarily looking to trade forex and doesn’t mind the offshore regulation. Whilst it cannot offer the best protection, it does mean that they are able to provide certain products and features such as cryptos and higher leverage. Just make sure you are aware of all the risks involves.
I found them broker to have reliable 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. JustMarkets 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 JustMarkets needs improvement is in the area of regulation. There are many traders who would consider the European, Australian and American regulatory agencies more stringent than those of offshore regulators. You can always see our best brokers for some other options.