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FXJET Review - is it scam or safe?

FXJET Review - Is fxjet.com scam or good forex broker?

RATING: 3.2 / 0 REVIEWS FXJET
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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Micro $100 1:100 From 1.4 pips
Classic $2,000 1:100 From 1.2 pips
Executive $10,000 1:50 From 1.0 pips
Premium $50.000 1:50 From 0.8 pips


 FXJET is a regulated forex and CFD broker, which is the second brand operated by BogoFinacne Capital Markets. This is a Lebanese company, which is also registered with the Cypriot authorities, giving it access to the European market.


 
FXJET Advantages


 
CySEC regulation
FXJET is overseen by the Cyprus Securities and Exchange Commission (CySEC). This brings a lot of credibility to the company, as serious rules are applied to it.



Relatively low spreads

Even the highest target spread level, available at FXJET is decent. While conditions get better and better with a bigger investments, a 1.4 EUR/USD spread is decent. When viewing the demo platform, we saw levels in line with the claims. If you are looking for even better offers, be sure to have a look at our spread comparison page.



>>Compare forex spreads here<<



Some CFDs included
On top of the plethora of currency pairs, FXJET offers metals and indices. This is by no means a perfect offer, as no stock-specific CFDs are available. Then again, some brokers don’t even go this far,


Meta Trader 5 available
FXJET’s platform of choice is quite solid. MT5 is the successor to the industry leading Meta Trader4 and keeps most of its positive qualities. The charts are crisp and very customizable with the plethora of custom indicators available at the MQL Marketplace (some of them are free). Mobile and web-based versions are also available, while the most unique feature is definitely the support for automated trading systems. Sadly the ones created for the old versions will not run on the new one. That being said, here is a preview of the platform offered by FXJET



Click to zoom in

>>List of MT5 Brokers<<


Relatively low minimum deposit

With a $100 entry barrier, most people will be able to experience forex trading with this broker. That being said, if you are looking to start out even smaller. Be sure to check out IG, a top-rated FCA-regulated broker, which doesn’t have a minimum requirement.


 
FXJET Disadvantages




Few deposit methods
Payments to and from FXJET can only be made via Bank Transfer and Credit Card. While some will enjoy the instant nature of the latter method, the lack of e-wallet support may be an issue for others. Services like Skrill and Neteller have quickly became favorites in the trading community.



Low to average leverage
Leverage is a divisive topic. Some view it as a “necessary evil” in the world of trading, while others like to abuse it for quick massive profits. The latter strategy is only recommended for very experienced traders. That being said, the maximum leverage at FXJET is 1:100 and even 1:50 for the bigger account types. We find these levels to be acceptable, but some readers may not be satisfied. 



Better conditions for bigger clients
Another rather minor detail, which isn’t that surprising but may be annoying. The company can provide spreads under 1 pip, but only does it for the top clients. Then again this is standard practice in the industry.



Conclusion



FXJET is operated by Bogofinacne Capital Markets, a company regulated by CySEC. Their trading offer is rather solid – spreads are not too high and even get very competitive with the better account types. The trading platform and available instruments are also solid.


We must underline the most important strength of this broker – the legal environment in which they operate. The Cyprus Securities and Exchange Commission (CySEC) is one of the most reputable agencies around. They guarantee the security of your investment by enforcing stringent rules upon all the entities they oversee:


>>Other CySEC brokers<<


There are two particular ones, which we would like to highlight. One of them is the mandatory account segregation – this means the broker can’t take your money and use it for other purposes. On the other hand they must also participate in the local compensation scheme, which is a mechanism, guaranteeing your funds against broker bankruptcy.  Coverage is limited to €20.000.



Here are the  pros and cons of FXJET again:

 

Pros Cons
CySEC regulation Few deposit methods
Relatively low spreads Low to average leverage
Some CFDs included Better conditions for bigger clients
Meta Trader 5 available    
 Relatively low minimum deposit   

 

Latest news about FXJET
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Traders` reviews for FXJET

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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