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Jacob Morgan IH Review - is it scam or safe?

Jacob Morgan Investment House Review - Is jacobmorganih.com scam or or good forex broker?

RATING: 1 / 5 REVIEWS Jacob Morgan IH
Jacob Morgan IH is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit  Maximum leverage Spread
Micro €250 Unknown Unknown
Standard €1,000 Unknown Unknown
Gold €5,000 Unknown Unknown
Platinum €25,000 Unknown Unknown
Diamond €100,000 Unknown Unknown
Elite €250,000 Unknown Unknown

VIP

€750,000 Unknown Unknown

 

Jacob Morgan IH (Investment House) is allegedly a forex broker. While the company offers multiple account types, based on the initial deposit, it does not reveal any specific trading conditions. The benefits for the different levels are a bigger bonus and the usual “features”, provided by shady companies, such as “personal account manager”, “extra analysis” and so on.

 

The Company. Security of Funds

Company Country Regulation
OB Capital Limited Marshall Islands N/A

 

Jacob Morgan IH is owned and operated by OB Capital Limited. The company is registered on the Marshal Islands, while their payments provider is Bulgaria-based MT Full Services EOOD. Both of these entities are not overseen by any financial regulator, although they do also operate BBB Markets.

 

As we reiterate in all of our reviews, financial regulation should be one of the most important thing to look for, when choosing a forex broker. Most countries have government agencies, which enforce rules on companies in the financial services sector. Their aim is to ensure a competitive market and provide clients with some form of protection. 

 

One of the most reputable such watchdogs is the UK’s Financial Conduct Authority (FCA). It requires minimum capital holdings of €730,000, as a sign of good will, from brokers, attempting to register with it.

 

On top of that, your trading funds must be kept in the so-called seggregated accounts. These are special bank accounts, which your broker can’t freely access (in order to “borrow” from your balance). The FCA also forces companies to participate in the Financial Services Compensation Scheme (FSCS), which is an insurance-like guarantee mechanism. As a result of this, if your FCA-regulated broker goes bankrupt, your account will be protected, up to £50,000.

 

Before we move forward, we would like to briefly mention the obvious, while Jacob Morgan Investment House sounds very familiar to a famous Wall Street investment bank, they have absolutely no connection. This may even be considered as another negative for the company – using a slightly misleading name to trick unsophisticated investors. That being said, everybody has the right to name their company however they like. 

 

Trading Conditions

 

Minimum Initial Deposit

Jacob Morgan IH requires a minimum investment of €250. This is quite high for the current environment, as most brokerages demand something in the $100 range. As an example, you can open an account with Fx Choice, after depositing exactly $100.

 

Average spreads & Commissions

There is no information on the costs of trading at Jacob Morgan IH. This is typically not the case, as most brokers gladly list a minimum (or estimated average) of the spreads which they provide, especially if they are competitive. When testing the Jacob Morgan IH, we had some issues, which we’ll get to below, but we coudn’t see any spreads. For a detailed comparison of the conditions offered by some of the top-rated forex brokerages, go to this page.

 

Leverage

Jacob Morgan IH also does not provide any information on the leverage provided to traders. As you may know, some brokers offer extremely high leverage, like 1:500, or the ever-so-catchy 1:888 provided by XM.

 

You may already know this, but the higher your ration, the more risk you can take. There is a reason why US regulators have ruled, that a maximum of 1:50 can be offered to the retail clients.  

 

 

Trading Platforms

 

Jacob Morgan IH offers a web-based platform. It has a slightly familiar layout to the ones provided by other brokers, with one distinct distinction – it isn’t working properly (currently). Here is a preview of the “trades” menu:

 

 

As you can see, we don’t have access to any chart or quotes, or pretty much anything. We can access the order menu, which while blank (obviously), at least revealed the reminiscence of a chart:

 

 

This gives us hope, that there is a temporary issue with the platform provided by Jacob Morgan IH. We will update this review in the future, especially if conditions change.


Methods of Payment

 

The payment options include Credit/Debit Cards and Skrill. Despite being only one, at least the e-wallet option is very popular among forex traders.

 

Conclusion

 

Jacob Morgan Investment House is an unregulated off-shore company, which allegedly offers forex trading. They have not specified a lot about their trading conditions (other than the fact, one has to deposit a lot of funds in order to get a better trading account). Additionally the trading platform was not working properly at the time of writing of this review.  We will update this review, if anything with the company changes, but for now here is a summary of our experience with this broker:

 

Pros Cons
  Lack of regulation
  Off-shore registration
  No information on trading conditions
  Quotes not loading in the trading platform
  Very high deposit requirements for different accounts types

 

 

Latest news about Jacob Morgan IH
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Traders` reviews for Jacob Morgan IH

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

 

 

Jacob Morgan IH stole my money?

David Hoffman, a very nice talking man from JM IH, has fooled me to invest a lot of money.

My account was 57k Euro last week, 20th feb 2019, and now is their page down since several days and this man does not answer mail.

Is this a scam company?

Can someone tip Interpol about their scam?
Are they connected with terrorists?

Robert Hammarstedt 02/27/2019

Jacob Morgan IH Disolved

the Status of the OB Capital Limited in the Marshall Islands is "Dissolved"
as you can see unter https://www.register-iri.com/corporate/business-entities/entity-search/

Bob 01/14/2019

Jacob Morgan Lost all my money

Hi

I was also a victim of Jacob Morgan Scam. The lady that helped me was Jessica Reed (funny she has the same surname then Arjan's lady here)
She keep on pushing me for more money and the results was there after every trade. But every time I wanted to withdraw she talked me out of it because tomorrow will be a big trade and she needs the money to trade. She also promised me that they only trade with 10% of your money so if they loose anything, it is not so much.
Then one day, she trade more money then there was in my account, and lost everything to such an extend that I owe them now 2540 euro.
And they have the audacity to ask me when I will settle the account when I tried to get hold of Jessica, that just diapered and doesn't respond on any of my mail anymore.

Carla van der Merwe 02/28/2018

OMG! such poor phone manners

lovely lady called Anna called me then i said that i do not believe in scammers. She told me that they are not scammers but do not believe them. During the end of the phone call she told me that we polish people are idiots and to 'go back to my shit country'

Could you believe...i even recorded the conversation on the phone.

She should be fired

Mr M 12/11/2017

Jacob Morgan IH: Refused withdrawal request

Hi all,

I am victim of a scam broker called Jacob Morgan Investment House.
The account manager was very kind with me. She promised me the moon. Her name is Lauren Reed and the other account manager is Kate Fox. A Senior Trader called David Hoffman is a scammer. When I tried to withdraw the answer was refused. I made a report at the police and talked with Financial Authority from Albania. They are dangerous and deserve the biggest punishment.

Arjan 11/19/2017
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