Thinking of getting into business with JoyTrust ? Here is what you must know about this broker. Carefully read this review to find out if joytrust.net is the trading platform you will want to trade with.
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About JoyTrust Broker
JoyTrust is an offshore brokerage company with a lot of promises for traders. The broker is located in the United Kingdom. According to the broker, it operates under Top Suite LTD.
There are different account types JoyTrust offers. See below.
To clarify, in spite the trading instruments JoyTrust claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
joytrust.net: Reasons to Avoid This Broker
Firstly, joytrust.net is a platform with no financial authority overseeing its financial services. The license claim is not legit as Financial Conduct Authority, UK does not have this broker amongst its licensed entities.
Secondly, we noticed joytrust.net has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, 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, JoyTrust discusses 2 to 5 business days for processing withdrawal request. Also, the broker charges withdrawal fee which is unspecified.
An inactivity account of 3 months will be subjected to 10% deduction each month.
Minimum Deposit
JoyTrust minimum deposit is pegged $5000 according to account type.
As for the payment methods, the broker accepts Debit/Credit, Bank Transfer, and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
JoyTrust Platform
JoyTrust 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, nothing is available. 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.
JoyTrust 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.
Instead, Trade with TOP RATED BROKERS
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Accepts Traders Worldwide
Minimum Trade Deposit $100
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BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is joytrust.net a Reliable Broker?
No, joytrust.net 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.