JustForex Broker Broker Review

Is JustForex Safe?

While it seems as if JustForex has a history of responsible behaviour, JustForex is registered as a business with the FSA of SVG, which applies no supervision of trading-related activities, so any claims it makes regarding the security of funds cannot be proven.

Founded in 2012 and headquartered in St. Vincent and the Grenadines, JustForex is essentially an unregulated broker.  See below for registration details:  

• JF Global Limited, Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines, registration number 23993, registered by the Financial Services Authority (FSA).

According to its website, JustForex clients’ funds are deposited in segregated bank accounts, and it offers negative balance protection, which means that clients can lose all but not more than the balance of their trading account. However, these claims cannot be verified, because the FSA of St Vincent and the Grenadines provides no oversight of any trading-related activities.  

While JustForex has been operating since 2012 and has many satisfied customers, it is important to note that trading with an unregulated broker carries extreme risk. As unregulated brokers have no governmental oversight, any statements they make regarding their operations cannot be verified.  Furthermore, many countries do not recognize JustForex as a legitimate broker. 

Overall, Indian clients should proceed with caution should they decide to open an account at JustForex.  

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Trading Fees

Justforex’s trading fees are lower than other similar brokers.   

JustForex offers 7 live accounts with varying minimum deposits on both the MT4 and MT5 trading platforms (click here for more on JustForex’s trading platforms). Five of its accounts are commission-free, with trading costs included in the variable spreads, while the other two accounts have a tighter spread in exchange for a commission per lot traded. 

JustForex’s accounts were assessed to compare the costs to those of other Forex brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.  

When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.

Unfortunately, JustForex is not transparent about the average spreads associated with each account type, so these calculations were based on the minimum spreads. 

Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):

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As you can see from the table above, JustForex offers three Standard Accounts on MT4 and MT5, including an MT4 Standard Cent Account. These are all entry-level accounts and have a minimum deposit of only 1 USD.  

Trading costs are a little higher than average across all three of the Standard Accounts – most good brokers’ entry-level accounts have a trading cost of 9 USD per lot of EUR/USD traded.  However, with no real minimum deposit requirements to speak of, these are still good accounts for beginner traders.

Trading costs improve significantly on the four Pro Accounts, but the minimum deposits here are higher, at 100 USD. 

Spreads are variable at JustForex, meaning that they will get wider or tighter depending on trade volume and market volatility – the spreads in the table above are minimum spreads.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

JustForex

5/ 5

USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR

0.90 pips

USD 9

0.60 pips

0.70 pips

1.00 pips

USD 0

Globex360

2/ 5

ZAR, USD, KWD, EUR, GBP

2.00 pips

USD 32

1.60 pips

0 pips

0 pips

USD 12

FXCC

5/ 5

EUR, USD, GBP

0.60 pips

USD 6

0.40 pips

0.40 pips

0.40 pips

USD 0

Swap Fees

The final trading cost to consider at JustForex is the swap rate charged on positions held overnight. JustForex is completely transparent regarding its overnight financing rates and these can be found on the website for every instrument.

For instance, the fee for holding 1 lot of EUR/USD overnight in a long position on a Standard Account is -4.44, and -0.09 for a short position.  

Overall, JustForex’s trading costs are low compared to other brokers. The ongoing costs on the Standard Accounts are slightly higher than other brokers but the minimum deposits are negligible. The ongoing trading costs on the Pro Accounts are lower than average but the minimum deposits are higher, but still in line with what beginners would be happy to pay.

Justforex’s Non-trading Fees

JustForex’s non-trading fees are lower than other brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.

JustForex charges no commissions on deposits or withdrawals, which is a welcome development in an industry where fees are charged on almost all transactions.

However, Just forex charges a fee of 5 USD per month after 151 days of dormancy, but these inactivity fees are lower than most other brokers.  

Opening an Account at JustForex

The account-opening and verification process at JustForex is seamless, fully digital and accounts are ready for trading immediately. 

All Indian residents are eligible to open an account at JustForex, as long as they meet the following minimum deposit requirements:

• MT4 Standard Cent Account: 1 USD
• MT4 Standard Account: 1 USD
• MT4 Pro Account: 100 USD
• MT4 Raw Spread Account: 100 USD
• MT5 Standard Account: 1 USD
• MT5 Pro Account: 100 USD
• MT5 Raw Spread Account: 100 USD

1. From the JustForex homepage, you will have to click on the ‘Registration’ tab where you will be directed to register an account with a name, email address, and password.  
2. Next traders will have to complete a profile with their name, telephone number, and date of birth.
3. Traders can then deposit funds into their accounts and begin trading.  
4. In order to use the full range of services available at JustForex and to be able to withdraw funds, JustForex requires the following documents:
   1. Identification – High-resolution scanned copies or photos of an identity document, which verifies your person with a full name, photo, signature, date of birth, expiration date that are clearly visible and which is valid for at least 6 months from the moment of applying.
   2. Address of Residence – High-resolution scanned copies or photos of a document where your full name and address are clearly visible and match the data indicated in your profile. The document should be issued no later than 3 months ago.
   3. Credit Card – Credit Cards verification is not required for CUP (China Union Pay) cards. Please note: card verification is required only if you want to use Visa/MasterCard as a deposit and withdrawal method. 

Overall, JustForex’s account-opening process is fully digital and hassle-free and accounts are ready for trading immediately.

JustForex’s Trading Accounts

JustForex has a much wider range of account types than most brokers, but maximum leverage is very high (up to 3000:1), which can greatly increase the risk of account wipeout for those with lower minimum deposits.

JustForex offers seven live accounts (when you include the choice of the MT4 or MT5 trading platforms), which is many more than most other brokers. While trading costs are slightly above average on the Standard Accounts, the Pro Accounts offer relatively low trading costs but higher minimum deposits.

The three Standard Accounts on offer at JustForex are more suited to beginner traders. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek.  

The three beginner-friendly Standard Accounts have low minimum deposits, though trading costs are higher than the industry average. The main issue with the Standard Accounts, and at JustForex in general, is the extreme leverage on offer – up to 3000:1 on some Forex pairs. With low minimum deposits, leverage this high will greatly increase the risk of an account wipeout, so beginner traders should be careful.

More experienced traders will be interested in the range of four Pro Accounts, which require a minimum deposit of 100 USD but have much tighter spreads – one of them features spreads of 0.6 pips on the EUR/USD with no commission.

Hedging, scalping, netting, and copy-trading are allowed on all accounts, and all are available as Islamic swap-free accounts.  

All accounts, except for the MT4 Standard Cent Account are denominated in 11 base currencies, but not INR.  

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For ease of reading, we have grouped the MT4/MT5 accounts together, as the trading conditions are similar.  

MT4 Standard Cent Account

The MT4 Standard Cent account is designed for traders-beginners.  On this account, trading is denominated in US Cents.  The minimum deposit is 1 USD, leverage is up to 1000:1, spreads are average- starting at 0.90 pips – and no commission is charged.  Note that lots are measured as 1,000 USD, and minimum transaction orders are 0.01 cent lots.  

MT4/MT5 Standard Accounts

The minimum deposit on the Standard Account is 1 USD.  Leverage is high on this account, up to 3000:1, spreads start at 1 pip on the EUR/USD, which is wider than other brokers, no commissions are charged, and the minimum transaction is 0.01 lots.

MT4/MT5 Pro Accounts

The minimum deposit on the Pro Accounts is 100 USD.  Spreads start at 0.6 pips (EUR/USD), which is tighter than other brokers, leverage is 3000:1, and accounts can be denominated in 11 currencies. Pro accounts are commission-free and the minimum order is 0.01 lots.

MT4/MT5 Raw Spread Accounts

Raw Spread accounts are ECN accounts, on which a commission is charged – 3 USD per lot/side.  The minimum deposit on this account is 100 USD, leverage is 3000:1, spreads start at 0 pips, and accounts can be denominated in 11 currencies.  These trading costs are also much lower than other brokers.  

Demo Accounts

JustForex allows traders to test their strategies by opening a free demo account. Demo trading is a simulation of real Forex trading.  Traders are given a virtual currency balance of 5,000,000 USD and an unlimited time to gain experience on the Metatrader platforms, using all account options without the risk of losing real money. 

Deposits and Withdrawals

Although JustForex is unregulated, it states that all Anti-Money Laundering rules and regulations are followed.  Deposits can only be made using a bank account or card registered in the trader’s name, and no third-party deposits are allowed.  Withdrawals must be made to the same account or method that the funds originated. 

JustForex does not charge deposit or withdrawal fees except on cryptocurrencies.  Most deposits are instant, and JustForex takes one to two hours to process withdrawals during business hours. JustForex offers the following methods for deposits and withdrawals:

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• Bank Wire Transfers – Deposits are instant and free. Withdrawals are free, but bank charges apply and can take up to three to six bank days to reflect.
• Local Bank Transfers – Deposits are instant and free. Withdrawals are free and take only one to two hours to be processed.
• Debit/Credit card – Deposits are instant and free. Withdrawals are free, and withdrawals can take up to three days to be processed.
• Worldwide Wallets (Skrill, Neteller, Perfect Money & Sticpay) – Deposits are instant and free. Withdrawals are free but may take one to two hours to reflect.
• Cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Tether, USD Coin) – Deposits are charged at 1% and may take one to three hours to reflect. JustForex charges a Blockchain fee for withdrawals, and they may take one to two hours to be processed. 
• Local Wallets (Fasapay, Doku Wallet, Alipay, bit wallet) – Deposits are free and instant. Withdrawals are free and take between one to two hours to reflect.

Overall, JustForex offers a wide range of funding methods, and deposits and withdrawals are free.  Additionally, JustForex has some of the quickest processing times in the industry. 

Bonus Structure

• All Standard Cent, Pro, Standard account-holders receive a 50% bonus on a deposit of up to 100 USD and more.
• All Pro, Standard account-holders receive a 100% bonus on a deposit of 100 USD and more.
• All Pro, Standard accounts clients receive a 120% bonus on a deposit of 500 USD and more.

Bonuses are only available on the first deposit.  See the JustForex website for more offers.

Base Currencies (Trading Account Currencies)

JustForex offers a much wider range of trading account currencies than many other brokers.

While JustForex offers a huge range of trading account currencies, the MT4 Standard Cent Account is only denominated in US cents.  The other six trading accounts are denominated in 11 currencies, including USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and ZAR.

However, JustForex does not offer accounts denominated in INR, which means that Indian traders will have to pay currency conversion fees on both deposits and withdrawals. 

Still, for traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Overall, JustForex offers more trading account currencies than most other large international brokers, but it does not offer accounts denominated in INR.  

Trading Platforms

JustForex’s trading platform support is average compared to other brokers.  

JustForex offers support for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.  As the most widely used platforms on the market, they are simple to navigate yet offer a powerful range of features, charts, and analysis tools. MetaTrader allows immediate and accurate access to international financial markets and delivers feature-rich, user-friendly interfaces designed to fulfill all trading needs and boost trading performance.

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Broker

Platform Choice

Copy Trading

Platforms

JustForex

4.5/ 5

Yes

MT4

MT5

Globex360

4/ 5

Yes

MT4

MT5

FXCC

4/ 5

No

MT4

MetaTrader 4

MT4 was developed in 2005 and is still considered one of the best trading platforms on the Forex market.  MT4 allows one to make money on Forex with a consistent and useful interface.  It supports indicators, expert advisers, and other tools for real-time market analysis. One can also create instruments and share them with other traders.  Other features of MT4 include:

• Four types of order execution, including Market, Limit, Stop, and Trailing Stop orders.
• Superior charting tools in nine timeframes
• 30 technical indicators
• 23 analytical objects
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Backtesting capabilities
• Dedicated customer support