JAFX Review

Is JAFX  Scam or Legit Broker?

JAFX is owned and operated by JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine. 

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company's operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. 

Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is JAFX?

JAFX states that it is a fully transparent forex broker that is dedicated to providing its clients with tailor-made trading solutions. JAFX claims to be one of the first forex brokers that also offers 24/7 MT4 crypto-trading. JAFX offers 16 cryptos such as bitcoin, Ethereum, litecoin, dash, ripple, and more than 30 crypto-pairs. Overall, the broker's offering is quite interesting as the trading costs are low and the initial deposit is as low as $10. The max leverage is 1:500 (Find high-leverage brokers here).

• The website provides two contact phone numbers with the UK and Australian country codes. Even if the firm has offices in those countries, it is not regulated by FCA in the UK or ASIC in Australia (Read about ASIC Regulated MEXC Global) or any other regulatory agency. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. 

JAFX in India

JAFX allows Indian traders to open accounts and trade. However, JAFX has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, that’s why money safety may be the issue here.

JAFX in the USA

JAFX is not legal in the USA and is not available for American traders. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for JAFX, you are only permitted to trade with the U.S-regulated platforms.

• Here is the full list of the countries, the broker does not accept: Ghana, Burma, Ivory Coast, Congo, Cuba, Germany, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.

Deposit & Withdrawal

The trading account has a minimum deposit (Also read information on Alpari Broker's Deposit & Withdrawals) of just $10. JAFX charges an inactivity fee of $10 for clients with a non-zero balance that has not traded in the past 30 days. Not many payment methods are available on the platform: credit/debit cards, wire transfers and Bitcoin.

Apps

JAFX offers a mobile trading platform where its clients can access all the needed trading tools. It can be found in the Apple Store for iOS or the Google Play Store for Android.

Demo Account

JAFX offers an Unlimited MT4 Demo Account with virtual $50 000 to their clients. There is no need to sign up for a trading account or even deposit to get a JAFX demo account.

• The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

JAFX Review Conclusion

Overall, there are many questions in regard to the trust of the JAFX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities complying with the required set of rules and have a good reputation through the delivered timeframe of operations.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, FXGT Broker, and BlackBull Markets.

JAFX Update

We found that JAFX is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.