Thinking of getting into business with JFS Brokers? Here is what you must know about this broker. Carefully read this review to find out if jfsbrokers.com is the trading platform you will want to trade with.
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About JFS Brokers
JFS Brokers is an offshore brokerage company with a lot of promises for traders. The address of the broker shows it is from United Kingdom.
Added, the broker claims to offer outstanding execution speed, spread from 0 pips, 24/5 customer support and maximum protection.
To clarify, in spite the trading instruments JFS Brokers claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head. Here is a warning from the Financial Conduct Authority, UK for forex traders to stay clear from this scam broker as it is a cloned broker. See below.
jfsbrokers.com: Reasons to Avoid This Broker
Firstly, jfsbrokers.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize this broker.
Secondly, we noticed jfsbrokers.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Lastly, the importance of legal documents cannot be under emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, JFS Brokers does not provide well enough information on this section, but the broker claims no fee for any withdrawal.
Minimum Deposit
The broker mentioned nothing on its minimum deposit.
As for the payment methods, broker accepts Debit/Credit card, Bank Wire Transfer and other online methods. But, you should not consider making any payment with this broker because it is a risk. So beware!
JFS Brokers Platform
JFS Brokers offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:1000. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
JFS Brokers Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is jfsbrokers.com a Reliable Broker?
No, jfsbrokers.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.