JAFX Review – Unregulated JAFX Broker Raises Serious Concerns among Traders

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JAFX Ltd is a very controversial offshore entity from Saint Vincent and the Grenadines and Bulgaria. The monkey business behind the JAFX broker has been exposed in a legal complaint made by the US CFTC.

It seems the whole Forex, CFD and crypto trading story served as a ruse to defraud people. Learn the truth about this case in the JAFX Review.

Run by JAFX Ltd, aka JAFX EOOD (Bulgarian branch), this dubious broker is registered with the Financial Services Authority (FSA) from Saint Vincent and the Grenadines (SVG).

However, the FSA explicitly stated on its website that it does not issue Forex trading licenses. In other words, the JAFX regulation is non-existent. What about the Bulgarian branch? The broker violated regulatory rules that apply in the EEA zone, to which Bulgaria belongs.

For example, the European Securities and Markets Authority (ESMA) imposed a leverage restriction of 1:30. JAFX offers clients 1:500. Also, the offshore provider isn’t obliged to segregate clients’ funds or compensate them in case of bankruptcy.

If something goes south, you can’t count on the ombudsman’s help. That’s why it’s imperative to find a broker with a valid Tier 1 license issued by the FCA, BaFin, ASIC, FINMA, etc. We checked all those databases, and JAFX is not in them.

On July 27, 2018, the US Commodity and Futures Trading Commission (CFTC) filed a complaint against JAFX, demanding “permanent injunction, civil monetary penalties, and other ancillary and equitable relief.”

As mentioned, JAFX used to look for victims in the US before getting prosecuted in 2018. We did some more research and found that the fraudster made contacts in the following countries:

It would be good to pressure other regulators to react as the CFTC did. Any useful information from your end would be helpful. 

Scammers such as JAFX have their ways of reaching potential victims. The best medium for this is social media, i.e. Facebook, Instagram, Snapchat, etc.

Also, we wouldn’t exclude chat apps such as WhatsApp, Viber, and Telegram or even dating apps such as Tinder or Bumble.

Sometimes, scammers even adopt a more direct approach and contact people via email or call them on the phone.

JAFX trading platform portfolio includes Meta Trader 4 and WebTrader. The former is the industry’s beloved software with advanced tools and cutting-edge features. The latter, on the other hand, is a pretty lackluster online terminal with limited options.

MT4 is sublime for trading compared to WebTrader because it offers instant execution, tick charts, pending orders, etc. However, the broker’s illicit status is worrying here.

Yes, MT4 is available for download. It can be opened on your mobile device and you’ll get to trade on a slightly modified version of the platform.

WebTrader is browser-based, so it can be accessed from any device. We wouldn’t advise you to risk your money with JAFX given the broker’s dark past.

When it comes to trading assets, JAFX included Forex currency pairs and cryptocurrencies. Clients can also trade CFDs on commodities, energies, metals shares and indices. Here’s a list of assets with some examples:

Spreads are variable and the average ratio is 0.4 pips. That’s pretty tight and competitive. As for the commissions, JAFX charges 4 $ per round lot. 

The minimum trade size is 0.01 lot. The average trading cost of the benchmark EUR/USD pair is 1 pip (spread + commission).

Yes. JAFX provided a free demo account. You can either download MT4 and open a demo account or do so online on the WebTrader platform.

JAFX got this part right; clients can try things out with an unlimited budget before opening a live account. The only available live account is the JAFX Standard Account.

The minimum deposit is just 10 $, implying that JAFX conducted its scheme in the long run. When it comes to deposit & withdrawal methods, here’s what JAFX accepts:

There are no related fees except for the one for inactivity (10 $), according to JAFX. Deposits take up to six hours while BTC withdrawals take 24-48 business hours.

With offshore brokers such as JAFX, withdrawal issues aren’t unusual. We stumbled upon numerous complaints from clients about not being able to withdraw funds. 

You’re not the only victim of JAFX scam. It happened to others as well. But, there’s no time to be depressed. 

We have a team of experts that will gladly help you in getting a refund whether it requires a simple chargeback or complex crypto tracing methods using tools such as CipherTrace.

The more light you shed on this scam, the easier the process will be. Get in touch with us today and recover what is rightfully yours. 

If this broker steals your money, we can help you out. You can contact us via Online Chat, which is the fastest and easiest way. By the way, the consultation is free.

JAFX is a fraudulent offshore broker that doesn’t possess a proper trading license and yet provides services to onshore clients. The broker targets traders from the UK, the US, Colombia, Brazil and Mexico.

JAFX is an offshore broker that carries risks. We advise you not to invest. If you already did, we can help you get a refund.

Yes. JAFX offers a free demo account with MT4 or WebTrader and unlimited funds.

The minimum deposit that JAFX requires is 10 $ for the live account.

JAFX is an offshore broker that carries risks. We advise you not to invest. If you already did, we can help you get a refund.

Yes. JAFX offers a free demo account with MT4 or WebTrader and unlimited funds.

The minimum deposit that JAFX requires is 10 $ for the live account.

The post JAFX Review – Unregulated JAFX Broker Raises Serious Concerns among Traders appeared first on Global Fraud Protection.

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