Minimum Deposit: ?
Maximum Leverage: 1:100
My Score: 2.4
So it’s time for Jones Mutual review! I am sure you, Forex enthusiasts, are excited as I do for this new broker.
Jones Mutual is a CFD broker operated by Greenriver OU. Its headquarters located in Talinn, Estonia.
Is Jones Mutual scam or reliable? What is the maximum leverage you can use? Is there minimum deposit requirement? If yes, how much? Is Jones Mutual regulated well? Jones Mutual spreads and more information…
Just continue reading this Jones Mutual review in order to acquire this knowledge.
Jones Mutual’s website is active since March 2018. Therefore, I had to evaluate the broker considering it.
The broker is a CFD broker, but wait, what is this CFD about?
CFD means Contract for difference. In this way of trading you can earn money even when the price is falling. So you actually don’t own the assets when trading with CFD.
License and Regulation
In this section of Jones Mutual review, i will question whether the broker has regulation.
Too bad! Since the website of Jones Mutual doesn’t show any proof of regulation, we can conclude that the broker isn’t regulated by any watchdog.
This means there is a serious risk about the future of the money you deposited to the broker. Don’t get me wrong. I can’t claim that they are 100% scam. However, I can’t show you, my dear readers, reliable license that Jones Mutual has.
I don’t know if you heard about the FCA (Financial Conduct Authority), but it’s a very trustworthy watchdog that regulates brokers. It has Financial Services Compensation scheme (FSCS) which guarantees your money up to £50,000.
So if Jones Mutual were subject to FCA, I could easily advise you to trade regarding their reliability. But now I can’t say this.
There are five different account types. These are basic account, silver account, gold account, platinum account and diamond account. The features offered by the broker improves with the higher account types.
Features of different account types
All account types provide you an ECN account. But what is this ECN? An ECN broker is an expert at Forex trading that uses electronic communications networks (ECNs) to give customers direct access to other traders in currency markets.
So you want to trade to CFDs but you have basic account. Then you can only trade to Forex, Indices and Commodities. But you can’t trade to stocks and cryptocurrencies. These types of trading for other four types of trading.
When it comes to customer service, it also changes by your account type. The broker offers you dedicated account manager if you have a basic and silver accounts. For traders who have gold account, the broker deploy a senior account manager.
If you have platinum or diamond account, you will have privilege to access VIP account manager.
You will get market news daily regardless of your account type. Also you can use their coaching service which includes introduction of platform and financial market. Materials for training is another plus.
But advanced coaching service is for Silver and higher account types. Advanced coaching covers personal aid for fundamental and technical analysis, short or long term strategies for trading and risk management.
There is also VIP coaching which is for gold and higher account owners. You will get personal training in Meta Trader 4, webinars and seminars.
In this sub-section of this Jones Mutual review, i want to give a short information about leverage. The leverage is a tricky topic. Because it doesn’t only increase your profits. When you lose money you will lose more money with this leverage.
So higher leverage doesn’t always means better. But if you say that you are a risk taker. Then Jones Mutual is for you, you can use 1:100 maximum leverage for all account types.
However, I should say this leverage ratio isn’t high since many brokers provide 1:300 leverage. One of those brokers is IPT Markets. Jones Mutual you can do better!
Spreads are definitely high. 3 pips for EUR/USD! It’s twice of the foreign exchange industry. Although the spreads aren’t visible in their website, I could get the spread values since I used their trading platform
When the subject comes to trading platform in this Jones Mutual review, I have to say that the broker doesn’t support Meta Trader 4 platform. It’s one of major disadvantages of the broker.
Because MT4 platform is quite standard in foreign exchange industry and it’s really useful since almost every trader know how to use it.
They have a web-based platform which you can access through your browser. The platform provides you some tools for analytics but that’s all.
The broker provides many trading instrument opportunities, including currency pairs, stocks, indices, precious metals and commodities. But, you can’t trade with cryptocurrency.
In my reviews, i take customer services of brokers very seriously. In this Jones Mutual review, i did same.
There isn’t a live chat service and customer service doesn’t respond the e-mail quickly. In fact, I still couldn’t get the answer to my e-mail.
Their website is only available in English. C’mon! Many brokers translate their websites easily to other major languages for traders who can’t use English effectively. But Jones Mutual isn’t one of them.
In this final section of my Jones Mutual review, I summarized the writing above and I added my personal comments to it.
Jones Mutual is an unregulated broker. So you can think twice or more times before depositing your money. The sad reality!
There are many different types of account. I am sure, one of them will be match with your request. The diamond account is the most advantageous, however remember everything comes with its cost.
Personally, I am used to use MT4 trading platform. So it’s a major con for me that Jones Mutual hasn’t the platform.
It would be perfect if they add cryptocurrency to their trading instruments. But it can be considered good without it.
Customer service is very important for me. It shows whether they will be helpful or not when I will have a real account from them. Unfortunately, I wouldn’t think of opening a real account since their customer service doesn’t even respond me.
Have you got any experience Jones Mutual before? What’s your opinion about the broker, positive or negative? You should definitely share those with me. I will be appreciated and I will quickly respond to you.