Is JustForex a scam or legit broker?

No, it is not safe to trade with JustForex. JustForex is owned by JF Global Limited, which is an offshore company licensed in St. Vincent and the Grenadine.

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Capital TradeFX, Monfex and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

According to the website, “JustForex has reached the trust of over millions of clients from 197 countries. Our company is one of the top popular world brokers.” The broker claims to be regulated by the Financial Services Authority of St. Vincent and the Grenadine. However, this license is not enough to be able to operate in “197 countries”. 

Moreover, JustForex has been banned in Spain by its locel regulator CNMV:

“JUSTFOREX is not authorised to provide the investment services , which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

We advise all investors and traders to avoid JustForex and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

 

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