JAFX Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
JAFX is a relatively new forex broker that has garnered attention from many traders. JAFX has a variety of trading products that any trader could use. Is JAFX right for you? Read our review to find out.
JAFX was founded in 2016 and is a new broker based in Saint Vincent and the Grenadines. The broker purports to have been established by traders, for traders. They are a Metatrader broker offering the various versions of MT4 in desktop, webtrader, and mobile.
JAFX are a relatively new, offshore broker and as yet, they do not appear to be regulated within any jurisdiction. From the outset this is a point which has worried some traders.
JAFX Account Opening
Opening a JAFX account couldn’t be easier. The broker only offers one standard type of live account for all traders. This can be open within a few steps through simply inputting your basic personal information, uploading your identity documents, and making your first deposit.
Those who wish to open a demo account can also easily do so. Through this account, traders can hone their skills on the demo server of the Metatrader trading platform with $50,000 in virtual currency to spare.
The minimum deposit permitted to open a JAFX account is $10. This applies to either of the deposit methods available. These are currently through Bitcoin transfer, or using your credit or debit card to fund the account via Instacoins payment service.
Availability and Ease of Opening
Accounts with JAFX are not available to residents of numerous countries. Notable among these exclusions are, USA, Germany, Japan, and Malta.
When it comes to the actual opening process, as mentioned, this is quite basic and streamlined. Accounts can be open in just a few minutes with the online verification of documents for the brokers KYC procedure.
Where difficulty is encountered is depositing funds. This can currently only be done through a Bitcoin transfer, or Instacoins account, which requires separate registration, and is still somewhat tied to cryptocurrency. Worryingly, direct bank wire transfers and direct credit or debit card transactions are currently suspended to the broker.
The impact of this rather restricted deposit capability undoubtedly makes it more difficult for potential traders to get started using the platform, and limits the appeal of JAFX broker.
The broker does make available an extensive range of trading products and markets. This includes no less than 47 forex markets, including everything from major, minor, and exotic pairings.
JAFX also facilitates trading in 8 commodities markets, 11 indices CFDs, and 30 crypto markets which include cryptocurrency pairings with currency markets and other crypto pairs. This is one of the widest scale cryptocurrency trade offerings we have seen from any comparable broker.
The broker also offers a wide range of well-known stocks for CFD trading. This selection numbers 107 choices in total.
JAFX Commissions and Fees
JAFX operates on an STP/ECN model and offers competitive variable spreads which average around 0.6 pips on major currency pairs. The broker also charges a $4 round turn commission per lot traded. This brings the average total cost to around 1.0 pips when trading major currency pairs. This is competitive when compared with other brokers of similar stature.
When it comes to non-trading fees, the broker does impose an inactivity fee of $10 per month on accounts which have not traded within 30 days. JAFX do also impose a withdrawal fee of $25 on wire transfers although this option is currently suspended. Bitcoin withdrawals are free.
JAFX Platforms and Tools
JAFX is a metatrader focused broker, and therefore, only offers the MT4 platform to its traders. This is accessible in desktop, web based, and mobile formats.
Web Trading Platform
Metatrader is commonly renowned for its robust functionality. The web-trading platform is a little more visually appealing, and loses none of the famed functionality. JAFX MT4 possesses the same array of professional charting tools and indicators which make MT4 popular throughout the trading community.
Trading and ordering through the JAFX MT4 trading platform is an intuitive and concise process, even though there are a variety of options available for stop losses to be placed. The platform layout will be familiar to many, with the central window charting the current market position I the chosen chart, and everything so highly customizable from the upper toolbar.
The unique Marketwatch feature also provides the fast insights required for busy traders as it charts in a color-coded manner, the up to the minute movement of popular markets in the left corner of the trader.
Mobile Trading Platform
Likewise to the desktop and mobile MT4 platforms, the mobile variant provides perhaps the greatest number of indicators and charting capabilities open to any trading platform. Added to that, the platform is available through the simply downloaded core mobile application which can be quickly switched between brokers, and you have a flexible, powerful, and trusted trading platform which is open for new traders to learn, and familiar in both layout and functionality to the more experienced.
As a relatively new broker, JAFX is still in somewhat of a transitional period, trying to establish themselves as a respected broker in the industry. That said, the trading fees which they offer are extremely competitive.
Minimum deposit is welcomingly low to get started trading on the platform, and they offer an impressive range of trading products which is beyond that even of many major players in the sector.
JAFX are contactable through a variety of means for customer support. This includes telephone support which is available through local numbers in both Australia, and the United Kingdom.
Email support is also available, as is live support through the integrated chat function on the JAFX website. When tested, all methods were highly responsive and helpful to the multiple queries presented.
Finally, the broker website features a range of FAQs for the convenience of traders.
This is an area of some difficulty for JAFX. Understandably, it is challenging to establish a reputation for trust as a new entrant to the industry. This however, has been amplified by the fact that the broker has not registered for licensing or oversight from any financial regulators.
This fact, combined with the offshore nature of the firm, and their acceptance of only Bitcoin for deposits and withdrawals have created a tough situation which unfortunately has not seen JAFX win the trust of the trading community as yet.
JAFX has undoubtedly attempted to create a broker and trading platform which are both competitive and extensive in terms of trading options. This is a difficult task and the broker has faced challenges within its short existence. It should be noted they also face US legal action. Though these challenges are not insurmountable, they do require time and a lot of effort from the side of the broker to ensure they are trusted by the community.
Ultimately, their lack of regulation, among other factors, is a huge aspect which the broker should look to rectify as soon as possible. Beyond that, in terms of platform features and trading competitiveness, they perform as well as any other broker of a similar stature in the industry. This is impressive given their short existence.
- Use of Metatrader as a trading platform ensures that traders will be faced with a familiar platform to conduct their trades.
- The extensive range of trading products which JAFX offer is impressive, given the short time which the broker has been present in the industry.
- Spreads, even when commission is considered, are highly competitive.
- The lack of regulation, combined with the offshore nature of the broker, and current legal entanglements are a worry for traders.
- Deposit and withdrawal methods desperately need to be expanded beyond Bitcoin if the broker is to gain any real traction in the industry.
- The company website and registration process are devoid of a lot of information which could be helpful, such as spread details.