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RjjFX Review - Is it scam or safe?

RjjFX Review - is rjjfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz RjjFX
RjjFX 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 Spreads
Standard $1 0.01 1:200 3 pips, fixed
ECN $5000 0.01 1:200 Variable + commission

 

RjjFX offers its clients two account types, both of which offer leverage up to 1:200 and the option to trade in micro lots. The Standard account is commission-free with fixed spreads, while the ECN one offers variable spreads and involves a commission fee, the amount of which is not specified in the broker’s website.

 

While a leverage of 1:200 is typical for the forex market and a minimum deposit of $1 is attractively low, a fixed spread of 3 pips on EUR/USD is really high. Most fixed-spread brokers offer 2 pips spread, and some even lower. easyMarkets’ fixed spread, for example, amounts to 1 pips on EUR/USD. Desoite the significantly lower trading costs, easyMarkets offers its clients the ease of mind of investing with a regulated broker (CySEC & ASIC licenses).

 

We will not discuss the ECN account, as it requires very high initial deposit, and investing such amount in a non-regulated broker is not the wisest thing to do.

 

The Company. Security of Funds

 

Company

Country

Regulation

RJJ Holdings Ltd.

N/A

N/A

 

RjjFX offers trading in more than 35 currency pairs and precious metals on the good old MetaTrader4 platform. Unfortunately, there isn’t much information about RJJ Holdings Ltd. – the company behind the brand. We don’t know where are its headquarters, offices, etc. That is why we assume that RjjFX is not regulated.

 

RjjFX acts as an introducing broker of FxUnited - a New Zealand-based brokerage with more than 10 years of experience, which, however is no longer present in the NZ’s list of registered companies. Even worse, the New Zealand FMA has added FXUnited to its list of Businesses to be wary of.

 

Lack of regulation of a forex broker basically means lack of credibility. In addition, lack of information about key elements such as country of operation and trading costs (in this case, about ECN account type), should raise a red flag that RjjFX might be a scam. Besides, all user reviews in the FPA about both RjjFX and FxUnited are negative, and traders complain they have lost all their money. So, our advice is, stay away from this broker.

 

Trading Platforms

 

When trading with RjjFX, you will be offered the popular MetaTrader 4 desktop platform, as well as its mobile applications.

 

 

MT4 provides all the necessary tools and resources to analyze price dynamics of financial instruments (such as charting tools, technical analysis indicators, etc.), trade, or create and use automated trading strategies (EAs) and back-test them.  

 

Methods of Payment

 

Clients of RjjFX can make deposits to and withdrawals from their accounts via credit/debit cards, bank wire, Skrill, and Bitcoin.

 

Conclusion

 

London-based RjjFX is an introducing broker of FxUnited, offering trading in currency pairs and precious metals on the MT4. The main problem is that neither RjjFX, nor FxUnited are regulated, so we don’t recommend them. Besides, the spreads on the Standard account are too wide. To sum up the above:

 

Pros Cons
MT4 available  Not regulated, introducing broker of FxUnited
ECN execution available? High fixed spreads
  Insufficient info on company & trading conditions
  High deposit for ECN account
  No choice of trading platforms

 

Latest news about RjjFX
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Traders` reviews for RjjFX

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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