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JAFX Review – is it scam or safe?

JAFX Review  – is www.jafx.com scam or safe forex broker?

RATING: 1.9 / 12 REVIEWS JAFX
JAFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads (& Commission)
STP/ECN $10 0.01 lot 1:500 0.6 pips + $4 per lot, round turn

 

JAFX offers a single STP/ECN trading account with tight variable spreads, high leverage levels and the option to trade in micro lots. You can trade in a number of currency pairs, as well as various CFDs on the MetaTrader 4 platform.

 

There are also a PAMM account and an unlimited free demo account with virtual $50 000. The broker also offers several automated trading systems.

 

Overall, the offerings of JAFX appear attractive: low initial deposit required and low trading costs. Average trading costs are around 1.0 pips for EUR/USD (spread + commission), which is on the lower end of the industry standards.

 

Keep in mind that JAFX does not accept clients from Burma, Ivory Coast, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, Vietnam, Zimbabwe.

 

The broker allows scalping and hedging.

 

The Company. Security of Funds

 

Company Country Regulation
 JAFX Ltd.  SVG None

 

JAFX is an offshore unregulated broker – a fact that should cast serious doubt and invoke caution among traders. Dealing with unregulated offshore brokers is very risky as many of them are nothing but a scam whose only goal is to make off with their clients' money.

 

According to some forum posts, JAFX is owned by some guy named John Anthony who has been running a binary options trading signals site johnanthonysignals.com, while others accuse him of running a Ponzi scheme with the purchasing of golden membership on the signals site. Then there are satisfied clients of the JAFX brokerage who say it offers good trading conditions and tight spreads.

 

We are not certain what the truth is in this case, but nonetheless we would not recommend JAFX. It is always better to deal with properly regulated brokers, like the ones supervised by, for example, UK's FCA or the Australian Securities and Investment Commission (ASIC).

 

Trading platform

 

JAFX, like hundreds other brokers, provides the popular MetaTrader 4 (MT4) platform for trading – as a desktop, web and mobile application.

 

MT4 is the most frequently offered trading platform and is popular both among brokers and traders. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

Payment methods

 

JAFX accepts payments through bank transfers, credit and debit cards, Bitcoin and the electronic payment system Skrill. It does not charge transaction fees on deposits.

 

Conclusion

 

JAFX is an offshore AND unregulated broker and this is dubious enough. Otherwise, the trading conditions are indeed rather favorable, but there are other, properly regulated and less dubious brokers who offer similar ones.

 

Pros Cons
Tight spreads Unregulated
MT4 available Registered offshore
NDD environment  

 

Latest news about JAFX
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for JAFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Sell the rumors....

My first trading account was started in 2016/early 2017 with JAFX. I had almost no education on trading, brokers, regulation, etc.... I was a total newbie.

Enter 2019 and while I have accounts with new brokers, I still have my JAFX account and trade with it.

the customer support has ALWAYS been top notch. The single time there was any kind of issue, it was during a Bitfinex maintenance. Bitfinex is one of their liquidity providers for trading crypto and maybe other instruments...idk. BUT there was a loss that was not right and instead of freaking out, I stayed calm and messaged them. They fixed the wrong amount within about 8 hours while I slept.

Many have probably read about a lawsuit with the company and this probably makes people nervous, which is understandable. I guarantee there are other lawsuits going on with brokers that we don't know about. The US government is concerned about one thing and that is money. If any entity is in someway not paying their share to the US Gov, they will be attacked by the US Gov. I think this is what is happening with JAFX. They got a huge influx of customers and the gov wants their share. This is my opinion.

I personally have never had any major issues with JAFX. At all. Spreads, while high to some, seem fair compared to others I have seen.

There has never been a situation where I regretted having a trading account with JAFX other than my own terrible trading. (have a plan, money mgmt and stick to it day after day)

I rate JAFX with 4 stars. I deduct one star just because I do think spreads are a little high on say XAUUSD and BTCUSD. Other than that, I have yet to have a negative experience with them.

Recommended

Ty 01/21/2019

Run away now...

They are horrible. Charged fees on a no fee debit deposit, excessive spread of 37 pips on a cross pair, and I have now spent two plus months trying to get my money from them.

William Scott 09/07/2018

JAFX theft of money

they are horrible, they refuse to do the right thing and return $22 that they missapropriated by charging fees to return my money.
they claim i have to open a coin base account to get my money for free or i have to pay my bank fee of $16 to recieve it.

they made the mistake and they refuse to fix it at their expense yes it is a small amount but not to me it isn't.

they will never call you they just hide behind emails. stay far away from them.

They are pure scam artists taking your money any way they can

teena 08/31/2018

JAFX stole $2,000+

I am new to Forex trading but I know that what JAFX did was wrong on three occasions; each transaction stole more from me ($800+, $900+ and $2K+)!! By the last transaction loss, I knew more about trading and could argue with more conviction than before.
During my last transaction with JAFX, I noticed that the trading window was jerking sporadically and, since I was on a chat with a JAFX representative, I asked about what was going on. I was told that they were having 'server issues' but that things were leveling out. Well, after closing the chat, I decided to check some other time frames for my trade. That's when the JAFX server froze completely!!! I tried restarting, rebooting,... nothing worked. When I was able to check again, they posted that I had lost more than $2K!!
I argued with them ad nauseum. They gave myriad reasons (citing other reasons for the loss that did not make sense - i.e., the stop loss was out of the window and couldn't be seen?????) but never acknowledged that their server freezing locked me on the wrong time frame for my trade - their server issues caused the loss. Also, because of my risk management, I should never have lost that much anyway!!
JAFX STOLE MY MONEY!!!!!

Brenda B Lynch 08/06/2018

Scam - you wont see your money

DO NOT USE THIS COMPANY. They will scam you of all of your money and you wont see it. Be warned now. I was told that my money would be transferred to bank account and all of a sudden it was canceled. I sure as hell didnt do it and now it doesnt show up on my transaction history. DO NOT USE THIS COMPANY THEY ARE SCAM ARTISTS.

Won Ashenafi 07/13/2018

JAFX still hasn't paid me my money

JAFx is still holding on to withdrawal 2 weeks after the request with the run around by customer service. DO NOT USE this broker.

Motaroki 07/05/2018

No Credit Card Transactions Accepted - Poor Customer Service

This company does not accept credit cards to fund accounts anymore. They go through VLoad which is a joke to get your credit card to actually go through. Try calling them ANYTIME and you will be disappointed. Also, if you fund the account using Bitcoin, you have to physically call them or do online chat to get the funds to show/credit your account. I wish I knew of another broker that allows cryptocurrency forex trading and I would never use them again. I'm researching to find another broker that does allow for both Forex and Crypto trading now and as soon as I find one that looks trustworthy, I'm leaving JAFX for good. Horrible practices and very poor customer service.

Unique 05/01/2018

Transfer my money back out

My $100 has disappeared. How long does it take to transfer my money back out. Your site was recommended but it seems like a scam

Max segal 04/25/2018

Horrible broker

Do not trust this broker, I have been waiting almost 30days to receive a withdrawal. That is absolutely ridiculous. I believe they are a scam and fraud. Do not trust them with your money

mary 02/25/2018

Dont ever do business with JAFX

Name: Martin

E-mail: [email protected]




Joseph Wed, 01/31/18 02:12:47 pm America/Montreal

Hello. How may I help you?




Martin 02:13:07 pm

Hi, is it possible to call trade desk or request a call immediatly
I submited a ticket but it will take too long




Joseph 02:14:41 pm

Unfortunately no. The Trading Desk doesn't have a phone number. It might take up to 24 business hours to be replied.




Martin 02:15:20 pm

wow, this is awful customer service... I have 4 trades opened and I cant close them bcs of some bugs or something like that
there is no way I can close them by myself
I tried everything
cant close.JPG
I used ''close order'' tab and this happened 02:16:38 pm
now i cant do shit




Joseph 02:17:35 pm

When it comes to trade inquiries they must be assisted by the Trading Desk. We do not have that type of information since it is a more delicate field. Otherwise I would gladly assist.




Martin 02:18:09 pm

Well bring someone to the trade desk. I cant wait 24h
Ill pay fees and stuff to keep those useless trades active
and its not even my fault
plus i submited a ticket 3 days ago and they didnt nothing 02:20:41 pm
did*




Joseph 02:23:27 pm

I do apologize for the inconvenience but you need to wait for a response from the Trading Desk. Otherwise I would gladly assist.




Martin 02:25:06 pm

So you are telling to your customer to wait and lose money bcs of your fault?
This is literally the worst customer service ive seen in my life
72h delay to reach a trading desk lmao 02:26:13 pm
this is insane
I am not asking to refund a pillow jeez, I want you to fix your bugs which cost me money everyday. The fact that I got to wait days to get is resolved is really really awful 02:31:57 pm




Joseph 02:32:41 pm

I understand your concern but I'm afraid I don't have the tools to assist with those inquiries in this department.




Martin 02:33:18 pm

tell the trading desk to call me, do something
Tickets takes ages to have a respond, I want it resolved today 02:34:43 pm
+1 581 995 6930 02:42:37 pm




Joseph 02:43:42 pm

As I said, the Trading Desk will be getting in contact with you via email.




Martin 02:45:15 pm

And I told you I can't wait 24 h for an email that wont solve anything. I want to talk to someone in charge




Joseph 02:46:41 pm

Unfortunately you need to wait. The Trading Desk doesn't have assistance via phone. Sorry for the inconvenience.




Martin 02:47:31 pm

Then tell them to cantact me now
contact*
in other words tou are saying ; sir im sorry you will keep losing money on our behalf, I cant do anything about it. Keep losing money and have a good day ? 02:49:32 pm
+44 20 3808 3225 (UK) what is that number for 03:16:40 pm




Joseph 03:17:29 pm

That's our Customer Service phone number.




Martin 03:18:14 pm

''Customer service'' right
w/e I guess I was right
Ill make sure everyone I know and ever meet in my life will never do business with you 03:19:01 pm
ill post to convo everywhere so people are aware 03:20:35 pm

Martin 01/31/2018

Thieves

I was put with JAFX by Trading with Robbie, who is a scammer. Between Rabia Issa , his real name, and JAFX, they stole my account by devious means. It is now in the hands of the Israeli police.
He ill be found and prosecuted.

Alastair Macdonald 01/01/2018

It has recently become my favorite broker

I've been trading Forex for several years now and could write a book about my experiences with brokers. I stumbled upon JAFX completely by accident last year, while reading a message board. Since the minimum deposit was low, I decided to give them a shot. Long story short, I am still trading with them, so that pretty much tells you what my opinion is. However, if you have a few spare minutes and want to know more, feel free to keep reading.

Why do I keep trading with JAFX?

- Good spreads on my preferred trading assets.
- Fast withdrawals.
- Solid support and a high level of transparency.
- Reasonable commissions.

No broker is perfect of course, so I best mention the negatives that I have noticed. Although they have been adding new options, JAFX accepts fewer online payment methods than some brokers. They have recently started accepting Bitcoin, which is a nice addition. They do accept credit/debit, and wire transfers, too. With some transfers there are no fees, but you will need to check to see if there is a cost for your preferred deposit or withdrawal method.

I do all of my own trading and have yet to test any of the managed account options, so I will refrain from commenting on that option at the moment. I do, however, plan of testing soon and will report back with the progress. There are currently five options to choose from, one of which (MasterEA) has a current gain of 52%+. My plan is to put that one to the test to see if I can boost my overall earnings.

I have read some derogatory comments about JAFX, but I simply have not found anything to substantiate the claims I've read. I deposit money, trade, profit (on good weeks, of course), and withdraw. Nothing more, nothing less. I expect my trading environment to be drama-free, and this is exactly what JAFX delivers. I have reached out to their support team with some questions and was responded to promptly. They can be reached via phone, which is excellent. I would definitely recommend reaching out to them if you have any questions or concerns.

Joshua Pellicer 08/30/2017
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