Minimum Deposit: $10
Maximum Leverage: 1:500
My Score: 5.2
JAFX is a forex broker we have heard often in recent times. Particularly in the period when crypto money has risen, especially bitcoin, it has gained a great advantage. Because unlike many forex brokers, JAFX broker offers advanced services for cryptocurrencies trading. Even so many forex brokers currently offering cryptocurrencies trading were not offering this service. But in such an atmosphere, the multitude of cryptocurrencies offered by JAFX brought itself ahead.
Under normal circumstances, investors traded in crypto money exchanges such as Binance, Poloniex. However, there is no gain from falling prices by entering a sell order here. In addition, investors were not able to take advantage of leverage. Later brokers that provided services to meet this demand of investors had a significant advantage. Traders were able to trade both bitcoin with leverage and also profit from falling bitcoin prices. This review is like a bitcoin forex broker review also.
One of the brokers who can follow these developments and evaluate them well is JAFX forex broker. At present JAFX’s official website, jafx.com, has about 500 thousand monthly visits. I can say that it is a good number for a broker established in 2016. I think this is a success among brokers like JAFX. We will see in this JAFX review 2019 how JAFX made this. You cannot find this detailed informations from other JAFX reviews.
Is JAFX scam or legit? Is JAFX a good broker? Which cryptocurrencies does JAFX offer for trading? What are the trading conditions such as minimum deposit, maximum leverage and JAFX spreads? Is it an advantage to open an account and trade with JAFX? In this JAFX broker review, you will find the answer to all these questions.
Is JAFX a regulated broker? Can we say JAFX scam? The biggest problem with JAFX is regulation because it is one of the unregulated brokers. It means there is no JAFX regulation. They are clearly indicated on the official website in the FAQ section. They also state that the process of obtaining licenses is a very long process and that they are in the process of approval.
Trading with an unregulated broker is a very risky situation. However, some investors are taking this risk because of the advantages offered by brokers. When the broker is unregulated it naturally has to offer more competitive offers.
Remember that there is no legal authority to complain when you open an account with unregulated brokers and you encounter a problem when trading. At the same time, the company does not have a membership of compensation scheme to guarantee clients’ funds in the event of a bankruptcy. Investors trading in FCA and CySEC-regulated brokers have such an advantage.
On the forex forums, it is possible to find both positive and negative comments about JAFX. I did the funding for about $ 500. After about 40 days, I wanted to withdraw the profit I got. I was able to withdraw my money within 2 days without any problems. However, I would recommend that you have not risk too much and review the comments in the forums by history.
Account Types & Spreads Offered by JAFX
The account type offered by JAFX is only standard account type. Account types such as Cent account, ECN account are not available. Many forex brokers are trying to offer the appropriate account type for each investor type. In this way, these brokers offer several different types of accounts. However, I can say that I find JAFX unsuccessful in this criterion.
|Account Type||Minimum Deposit||Maximum Leverage||Spreads|
|Standard||$250||1:500||0.6 pips + $4 per lot, round turn|
Despite all of this, we see that the standard account features offered are successful and competitive. If we look at this type of account in terms of spreads, 0.6 pips on EURUSD. Besides this, 4 dollars commission charge per lot as round turn. The maximum leverage is 1: 500 and the minimum deposit is $ 10. JAFX minimum deposit limit is lower than the average of the forex industry which is $ 100. If you want to see a list of reputable brokers with low minimum deposit, click the button below. Micro lots are available so you have 0.01 minimum trade size.
There is also a swap-free account option called Islamic account for Muslim investors who do not want to earn or pay interest due to religious reasons.
The biggest reason why JAFX is so preferred by traders is the variety of cryptocurrencies offered for trading. JAFX offers 16 cryptos such as bitcoin, ethereum, litecoin, dash, ripple and more than 30 crypto-pairs. All popular cryptos available for trading.
As many of other brokers, JAFX also offers MT4 platform. The platform is the most popular platform for many years. You can trade as desktop, web and mobile on JAFX MT4. The platform has many functions, offers MAM (Multi Account Manager) and has a wide range of technical analysis.
Besides all these, the negative feature is the quality of the customer service. They have a really bad customer service and they do not want to answer when you ask a question. For example; I asked a simple question and customer representative could answer me with one word. But instead of responding, he told me that he could open a ticket and direct me to the relevant department. But what I want is just a simple answer. This process is very slow when I try to communicate via live chat. Because there are not enough employees.
Deposit & Withdrawal Methods of JAFX
|Methods||Fees on Deposit||Processsing Time on Deposit||Fees on Withdrawal||Processsing Time on Withdrawal|
|Credit/Debit Card||No fees||Instant||No fees||Between 24-48 business hours|
|redit/Debit Card via vLOAD||3.5%||Instant||No fees||Between 24-48 business hours|
|Wire Transfer||No fees||Up to 7 days||$25||Between 24-48 business hours|
|Bitcoin||0% + 0.0005 BTC Network Fee||Dependent upon blockchain||No fees||Between 24-48 business hours|
|Skrill||3.9% + 35ct||Instant||1%||Between 24-48 business hours|
Let’s look JAFX withdrawal review. JAFX deposit / withdrwal methods are very limited. The fastest method you can use the credit card. JAFX bitcoin deposit / withdrawal method is avaliable. However, you can use only Skrill from the popular e-wallet systems. It is a disadvantage to does not have PayPal. Clients have some JAFX withdrwal issues when I search on the internet. If you also have you can write comment section below.
When I look the FAQ about JAFX fees, the broker charges an inactivity fee of $10 for clients with a non-zero balance which have not traded in the past 30 days.
JAFX is an unregulated broker. The forex broker focuses on cryptos. The trading conditions are lower when we compare the other brokers who regulated. Be careful if you want to trade with this broker.