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JWAfx Review - Is it scam or safe?

JWAfx Review - is jwafx.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $100 0.01 1:1000 2.3 pips

 

Clients of JWAfx are offered a single basic trading account with variable spreads, leverage up to 1:1000, and the option to trade in micro lots on the popular MetaTrader 4 platform. No commission fees apply, which is not surprising, as an average spread of 2.3 pips is hardly tempting, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.

 

The maximum leverage levels provided by this broker are dangerously high, which is not uncommon for brokerages registered offshore. Yet we advise traders to use lower leverage in order to reduce their risk exposure.

 

Keep in mind that JWAfx does not provide services to the European Economic Area, the United States, Japan, British Columbia, Canada, and Iran.

 

The Company. Security of Funds

 

Company

Country

Regulation

JOINT WEALTH ADVANCE LIMITED

Vanuatu

VFSC

 

Established in 2004, JWAfx is a Chinese broker that offers trading in around 60 currency pairs, precious metals, and various CFDs on the MetaTrader 4 platform. According to the information on its website (available only in Chinese), the broker has offices in major financial centers around the world, including Cyprus, Shanghai and Dubai.

 

There are many company names mentioned on JWAfx’s website: JWAfx Limited, Torrent Trading Technology Ltd., and JOINT WEALTH ADVANCE LIMITED. As the last company appears in the client agreement and on the MetaTrader 4, downloaded from the website, we assume that Joint Wealth Advance ltd. is the company behind the brand.

 

When it comes to regulation, the information on the broker’s website is even more confusing. It says that JWAfx is regulated by CySEC in one place, and that it is registered in the Marshal Islands on another. Our check in the CySEC register revealed that there is no such company listed. Instead, we found out that Joint Wealth Advance ltd. is licensed in Vanuatu.

 

 

Brokers based in Marshall Islands are not under any regulation, while those in Vanuatu are formally licensed by the local commission, VFSC, put are not actually supervised, nor obliged to meet any requirements. Trading with offshore and non-regulated brokers is extremely risky and many of them are scams. That is why we generally advise traders to avoid offshore brokerages and choose among those duly regulated by the CySEC, FCA or ASIC.

 

Trading Platforms

 

The broker supports the standard MetaTrader 4 platform, available as desktop version and mobile apps.

 

 

JWAfx’s desktop MT4. Click to enlarge.

 

This professional, fully-featured software provides traders with everything they need: ease of use, fast execution, technical analysis indicators, advanced charting package, back-testing options and the ability to develop and to use Expert Advisors (EAs).

 

Methods of Payment

 

JWAfx supports only bank wire transfer and credit/debit cards as payments methods.

 

Conclusion

 

JWAfx is a Chinese forex broker that supports the MT4. It is registered offshore and offers high spreads, which are the broker’s main disadvantages. To sum up the above:

 

 

Pros  Cons
MT4 available  Registered offshore
Commission-free trading        Spreads above average
  Very high leverage
  Controversial information on website
Latest news about JWAfx
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Traders` reviews for JWAfx

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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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