Wanna see if JAFX is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw?

We provide answers to all the questions in this JAFX Review.

We checked JAFX licenses and regulation status to see if JAFX scam or safe. Compared JAFX fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.

What is JAFX

JAFX is online trading platform operating globally since 2016.

JAFX main issue is that it is one of the unregulated brokers based in the offshore SVG (Saint Vincent and the Grenadines), that does not provide strict overseeing or regulation.  

JAFX Highlights

πŸ—ΊοΈ Regulated inSaint Vincent and the Grenadines (SVG)
πŸ›‘οΈ Is JAFX safe to tradeNo
πŸ’΅ EUR/USD spreadCommission basis
🏦 Deposit
Cards, Bitcoin
πŸ’° Minimum depositUS$10
🏦 WithdrawalBitcoin
πŸ’» Trading platformMT4
πŸ’³ Trading marketsForex, CFDs on Cryptocurrency, Stocks
πŸ“ˆ Number of product177
πŸ“‰ Live chat responseNo Live Chat, email answers are average

Regulation

License and regulation are the keys to traders’ fund security. There are two factors to be checked, what licenses the broker has and how trader is protected if something goes wrong.

Is JAFX legit

JAFX is based offshore and only has license issued by St. Vincent and the Grenadines. There is no any other regulation or protection from world top-tier authorities.

JAFX Licenses and Regulatory status

EntityRegistered inRegulatorLicense no.Status
JAFX LtdSaint Vincent and the Grenadines β€“–Registered no regulations

Is JAFX safe

No, we do not consider JAFX safe because it regulated by non serious authorities.  

JAFX has only one entity registered in Saint Vincent and the Grenadines, and it is high risk to open account with unregulated broker because there is no legal authority you can complain so there is no guarantees over the trading transparency, funds security or customer protection.

JAFX does not provide negative balance protection for traders. There is no compensation scheme or funds guarantees in case of insolvency

JAFX Review – Account
JAFX Review – JAFX Trading

Markets and Products

There is a good range of  Forex and CFDs on Stocks and Cryptocurrencies in JAFX offering. But other popular instruments like Commodities, Indices, Futures or ETFs are missing.

MarketsInstruments
Forex47
Indices–
Commodities–
Cryptocurrencies30
Shares107

Account types

JAFX offers a single Standard Account with a one fee model. Islamic Account is also offered and available upon request and confirmations.

JAFX Review – Account
JAFX Review – Account

Fees and commissions

JAFX fees are built into a spread plus a commission charge, compared JAFX fees to industry benchmarks we rank its fees average.

Spread for popular instruments we collect for 6 markets and 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

JAFX cost structure is the same for all traders, there is a spread from 0.4 spreads and fixed commission of 4$ per Lot.

The spreads derived from Live Account on our test trades the spreads were low and commission charge was 4$ as promised, compering to industry competition JAFX total fees are remain on average.

MarketsInstrumentsStandard accountOther brokers’ avg spread
ForexEUR/USD0.71-1.5
IndicesUS 5000.50.5-1.4
CommoditiesGold–0.5-2
StocksTesla0.60.6-1
ETFsUS Russell 2000–0.5-1.4
CryptocurrenciesBitcoin800.6-0.9%

Other Fees

JAFX has low non-trading fees. Deposits and withdrawals are free of charge.

Trading Conditions

The trading conditions at JAFX are good, you can deploy any strategy of your choice including hedging and scalping.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

For hedging, there are no time limitations for hedging positions.

Scalping is allowed, Expert Advisors (EAs) are supported on MT4 platform, about VPS it is not clear which providers are available.  

Leverage

JAFX offering high leverage ratios up to 1:500, that is considered risky.

Deposit

JAFX claims it has no deposit fees. You can use Credit or Debit cards,  and Bitcoin.

From the negative points the most secure method bank transfer is not available, e-wallets are not supported too.

Deposit MethodFunding TimeFee
Credit CardInstantFree
BitcoinInstantFree
JAFX Review – Deposit and withdrawal
JAFX Review – Deposit and withdrawal

Minimum Deposit

The Minimum deposit amount is 10$ for JAFX account opening.

Withdrawal

JAFX supports only Bitcoin as a withdrawal method.  

This is rather negative point since you need to create Bitcoin account before you trade with JAFX if you don’t have one, also none of secure methods are supported.

Withdrawal MethodWithdrawal TimeFee
Bitcoin2 business days0$

Bonus

There is no any Bonuses or Promotions offered by JAFX.

Trading Platform

JAFX mainstays on MetaTrader4 as a trading software, which is good point, but there is no any alternative offered.

MT4

JAFX MT4 offering full package trading with Desktop, WebTrader and mobile Apps suitable for Android and IOs devices.

JAFX Review – Trading platform
JAFX Review – Trading platform

Research and Tools

JAFX does not have very good research, the main research and tools you count are the one inbuilt in platform.

Market Analysis, Fundamental data and research from industry leaders are missing.  

JAFX Research tools available on:

  • JAFX trading platform
JAFX Review – Research - Analysis
JAFX Review – Research – Analysis

Education

JAFX education has nothing to offer.

There is a big negative point at JAFX, as there is no any education provided, essential for beginners trading Articles, Videos, Analysis or Webinars are missing. The traders are only offered to test Demo Account.

News

News section and latest financial news is one of sources provided by JAFX, you can find News Feed inbuilt in the platform.

At JAFX you can learn though website and platform directly including:

  • Demo account
  • News Feed
Expert Option Review – Education

Customer Service

JAFX customer service is very basic, you can contact support teams 24/5 using phone lines in the UK or Australia only, or Contact Form. Live Negative side – Live Chat or Email is not supported.

JAFX Customer Support is available in various languages:

  • Telephone lines in UK and Australia only
  • Contact Form
JAFX Review – Contacts
JAFX Review – Contacts

JAFX email response is average speed on messages through Contact Form.

Question AskedWe asked about deposit methods.
Time of ReplyWe left message via Contact Form and got reply via email.
Quality of ReplyThe answer was satisfying, but methods are very limited

Conclusion

JAFX is not a safe broker to trade. JAFX is among unregulated brokers and has not clear reputation.

Trading conditions are rather much lower than industry offering. Markets range is mainly focused on Forex and Cryptocurrencies, education and research is not provided, traders can only use popular MT4 tools. Besides deposit and withdrawal methods are very limited, you can only use Bitcoin as payment method.

We do not recommend JAFX due to lack of regulation and trading conditions that are rather not attractive. Money safety is first, it is better to choose among well-regulated Brokers like CMC Markets, FxPro also with better trading offering.

Author of this review

By Jimmy O'Brien

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.

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