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JuniorFX Review - Is it scam or safe?

JuniorFX Review - is juniorfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz JuniorFX
JuniorFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account Minimum deposit  Min. trade size Maximum leverage Average Spreads (& Commission)
STP N/A 0.01 1:400 N/A
ECN N/A 0.01 1:200 1.9 pips + $10

 

Clients of JuniorFX have are offered two account types, one of which is said to offer STP execution and the other – ECN. Both of them offer variable spreads and micro tradeable lots on the MetaTrader 4 platform. Besides, there are PAMM account services available with this broker.

 

We have tried the demo ECN account and the typical spreads on EUR/USD are 1.9 pips, which is above the average range of 1.0 – 1.5 pips in the forex industry. On top of that, a commission of $10 applies round trip. So, average trading cists with JuniorFX are very high, amounting to almost 3 pips on EUR/USD per standard lot. For further information and comparison, you may look up real-time spreads of 15 leading brokers here.

 

We could not find information on the broker’s website what is the minimum initial investment required for traders to open a live account, but it does not matter anyway.  JuniorFX’s offerings are not exactly tempting, to say the least – wide spreads, high commission fees and no reliable forex trading license.

 

The Company. Security of Funds

 

Company

Country

Regulation

JuniorFX Limited

Vanuatu

VFSC

 

JuniorFX offers trading in less than 20 currency pairs and some precious metals on the good old MetaTrader 4 platform.It claims to be an Australian broker, headquartered in Sydney and established in 2009. Furthermore, it claims that it operates under the strict supervision of the Australian Securities and Investment Commission (ASIC). However, our search revealed that JuniorFX is not present in the ASIC’s register of licensed companies. Instead, it is licensed offshore, by the Vanuatu Financial Services Commission.

 

We do not recommend investing with offshore brokers, because no authority is overseeing their activity, they are not obliged to keep client money in segregated accounts, nor to report transactions. For example, in order to get a license by VFSC, a company must simply register, pay some low-cost fees and meet capital adequacy requirements of just $2000.

 

That is why we advise traders to choose among brokers regulated by the CySEC in Cyprus, FCA in UK or another trustworthy regulatory authority.

 

Trading Platform

 

As we have mentioned above, JuniorFX offers its clients the MetaTrader 4 (MT4) platform.

 

The MT4 is perfectly equipped with all the tools traders need - advanced charting package, technical analysis indicators, back-testing options, different order options, and the chance to create and use automated trading programs (Expert Advisors).

 

 

JuniorFX’s desktop MT4 platform. Click to enlarge.

 

Methods of Payment

 

JuniorFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, e-wallets Skrill, and Neteller.

 

Conclusion

 

JuniorFX claims to be an ASIC-regulated broker, while in fact it is registered offshore. What is more, its product portfolio is limited and trading costs are too high. Here are, in a nutshell, the pros and cons of JuniorFX:

 

Pros Cons
MT4 available Offshore broker
  High spreads & commission fees
  False claims of ASIC regulation
  Limited product portfolio

 

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Traders` reviews for JuniorFX

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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