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ShineJoin Markets (SJFX) Review - is it scam or safe?

ShineJoin Markets (SJFX) Review - is shinejoinmarkets.com scam or good forex broker?

RATING: 1 / 5 REVIEWS ForexBrokerz ShineJoin Markets (SJFX)
ShineJoin Markets (SJFX) is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Standard   N/A 1:100  3 pips fixed

 

ShineJoin Markets (SJFX) is a forex and CFD broker whose presentation lacks in many ways. Actually, the broker has not made clear any of its trading conditions, and its corporate information is very scarce. This, in combination with the lack of a legit forex broker license, is the reason why we gave them such a low rating.

 

In spite of SJFX’ questionable reputation, we will start off with a few possible benefits of using this broker.

 

 

ShineJoin Markets Advantages

 

Access to the MT5

SJFX allows you to access the global financial markets via MetaTrader5 (MT5), which is an excellent choice of a forex trading platform. The MT5 is the latest edition of the MetaQuotes’ software, and is highly valued for its great charting and analytical tools, support for automated trading via EAs, customization options, as well as for the opportunity it offers for trading in derivatives and exchange-traded stocks from the same account.

 

 

>> Check out the best MT5 brokers <<

 

 

Many CFDs, including on cryptos

Besides, the broker offers huge selection of assets for trade, including many currency pairs, and a wide variety of CFDs, allowing for portfolio diversification, which helps manage risk. More specifically, the broker’s CFD product range includes commodities, indies, stocks, and the most popular cryptocurrencies.

 

If you are into Bitcoin, however, we suggest that you take a look at our list of trusted forex brokers that offer trading such digital assets in the form of CFDs.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

ShineJoin Markets (SJFX) Disadvantages

 

Limited corporate information, no legit license

As we mentioned in the opening paragraphs of the present review, ShineJoin Markets has mentioned nothing about the company behind it, even its name. There is no contact number either, only an address in Saint Vincent and the Grenadines (SVG), an offshore zone where forex brokers are not regulated. That being said, the same address is featured on the websites of other two offshore brokers, - TP Global FX and Kirik Markets (Kirik FX)

 

So, SJFX’ service is anonymous, and the people operating the brand are not bound by any government regulator. This is a sign of trouble because potential clients (or victims) have no one to turn to in case they have legitimate grievances.

 

No clarity on trading conditions

Another clear-cut sign of trouble is that ShineJoin Markets has not disclosed its trading conditions on its website. So, potential clients of this broker don’t know what leverage levels are available, what is the minimum deposit required, etc. The only thing mentioned on SJFX’ website is a spread from 0.7 points on EUR/USD, which proved to be incorrect.

 

High demo spreads

When we tested SJFX’ MT5 in demo environment, we discovered that the broker offers leverage up to 1:100, which is not bad. However, the benchmark EUR/USD spread was fixed at 3 pips, which is significantly higher than the industry’s average.

 

 

Click on the image to zoom in.

 

Most fixed-spread brokers offer a spread of 2 pips on EUR/USD, and some even less – easyMarkets for example provides a spread fixed at 1 pips for this pair. 

 

 

Conclusion

 

ShineJoin Markets (SJFX) is an unregulated, offshore broker with rather limited credibility, who does a very poor job presenting its trading conditions and corporate situation. On top of that, its demo spreads are anything but attractive.

 

There are plenty of licensed and well-established forex brokers who offer better trading condition. For example, brokers holding licenses from reputable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) are really reliable because of the strict oversight they are subjected to.

 


>> Forex Brokers licensed in the UK <<

 

 

Let’s sum up the most important things about ShineJoin Markets:

 

Pros Cons
Supports the MT5 Limited corporate information, no legit license
Huge selection of tradeable assets No clarity on trading conditions
  High demo spreads

 

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Traders` reviews for ShineJoin Markets (SJFX)

Spread

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Slippage

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Requotes

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Price feed

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Deposit/Withdraw

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Self trade

I am withdraw my 110 dollar last 15 day before at list my withdraw approved my request withdraw amount not transferred in my account.so I requested to you sir please resolve my issue.

Sandeep Kumar dubey 12/02/2019

Big fraud

Sjfx is a fraud company. He raise more than 50000 crore Indian rupees in India market and gone in dubai. This is a part of big scammer comapny shine city owner Rashid naseem is a big fraud don't invest your money in sjfx because sjfx is a fraud

Sandeep singh 10/10/2019

Fraud

I don't think it will sustain more then 2 months.

Gautam 09/04/2019

SJFX information is not presented to its clients.

I was planning on investing a heavy sum with SJFX and its broker did not give me any company details and said that I would get 10% of my invested amount every month which was unbelievable and that made doubts come up in my mind. I checked and found that the company is a fraud company.

SHANTANU 08/09/2019
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