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JFD Bank Review - is it scam or safe?

JFD Bank review - Is jfdbank.com scam or good forex broker?

RATING: 4.5 / 2 REVIEWS ForexBrokerz JFD Bank
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JFD is an EU regulated forex broker, offering over 60 currency pairs and plenty of CFDs with competitive spreads and the MetaTrader4 and MetaTrader5 platforms. Here are some details about their trading conditions and license.

 

Trading account Min. deposit Max. leverage  Spread
Standard $500 1:30 1 pips

 

JFD Advantages:

 

Sound regulation

 

JFD is owned by JFD Brokers Ltd, a Cyprus based company, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The Cyprus company is also a part of the JFD Group of Companies, along with JFD Bank AG, authorized and regulated by the Federal Financial Supervisory Authority (BaFin) and the Bundesbank in Germany, and  JFD Overseas Ltd, which is based offshore in Vanuatu.

 

The CySEC license gives JFD the right to offer brokerage services in the European Economic Area – all EU countries plus Norway, Island and Switzerland.

 

And among other benefits to traders, including the negative balance protection, all CySEC regulated brokers have to participate in a client compensation scheme, which basically insures your trading capital for up to 20 000 EUR. Besides, here you may also check our list of CySEc regulated brokers: 

 

>>Forex brokers in Cyprus<<

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 0,4 pips, which is basically what we call a raw spread. JFD has a trading commission of 3 USD for every standard lot per side, which translates into additional 0,6 pips. So basically the actual spreads offered by the broker start at 1 pip and that is great. Bear in mind that usually traders consider spreads to be competitive, if they start  below 1,5 pips with a standard account. Besides, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

STP broker

 

JFD says to be a Straight-Through Processing (STP) broker, which passes all trades directly to the reference market, or hedges them simultaneously and completely. That means JFD does not act as a market maker, which trades against its clients. This is another positive point.

 

Over 60 currency pairs and lots of CFDs

 

As we noted JFD offers over 60 currency pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDPLN, USDNOK, USDHUF, USDDKK, USDCZK, USDHKD, USDMXN, USDILS, USDCNH and USDRUB.

 

Checking the broker's trading platform we also found plenty of CFDs on various asset classes including commodities, precious metals, 15 indices, bonds, ETFs and stocks.

 

Great variety of payment methods

 

At JFD you may pay or request a withdraw with major credit cards like VISA and MasterCard, bank wire, SOFORT and a variety of e-wallets like Skrill, WireCard, SafeCharge, Giropay, iDeal, Przelewy24, Trustly, Nordea Solo, Rapid Transfer, ePay.bg and EPS. 

 

Bear in mind that deposits that do not exceed 5000 EUR/GBP within one business day will be credited immediately, while deposits that exceed 5000 EUR/GBP will be credited once the funds are received by JFD.

 

Besides, you can open a trading account in USD / GBP / EUR and CHF.

 

MetaTrader4 and MetaTrader5 supported

 

JFD offers undoubtedly the two most widely used trading platforms - MetaTrader4 and MetaTrader5. Both come with advanced charting packages, numerous market indicators and customizable trading robots that will help you run automated trading sessions.

 

 

And although MT5 was developed as a replacement of MT4, because of the huge amount of software written especially for MetaTrader4 it still remains the more popular of the two. Besides, here you may also check our list of  brokers also offering MetaTrader4:

 

>>MT4 Brokers<<

 

JFD Disadvantages:

 

Relatively high minimum deposit requirement

 

The minimum deposit requirement to open a trading account with JFD is 500 USD and that is higher than what most brokers ask for – about 250 USD.

 

Take a note as well that all transaction fees on deposits and withdraws are payed by the customer. 

 

Conservative leverage

 

As we noted JFD is regulated by CySEC and therefore has to follow the leverage restrictions introduced by the European Securities and Markets Authority (ESMA) in August last year. 

 

That is why the maximum leverage with forex transactions is caped at 1:30, while with CFDs it is even lower – 1:20.  Still as higher leverage is inevitably associated with higher risk, this might not qualify as a “pure” disadvantage.

 

Conclusion:

 

JFD is a well regulated broker, which do guarantee the security of the invested funds. And it offers competitive spreads, well known trading platforms like MetaTrader4 and MetaTrader5, and a great variety of payment methods. Honestly we were not able to come up with any major disadvantage about them.

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Traders` reviews for JFD Bank

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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Good Broker

Good Broker for Physical stock

kampustrader 06/16/2019
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