JAFX Review: Is JAFX broker legit?

JAFX Review: Is JAFX broker legit?

We did a JAFX review to determine if this broker legit. Who they are, where they are, how they operate. Read our JAFX review to find out all this and more.

Regulation and Security

JAFX is a brand owned by JAFX Ltd, based in Saint Vincent and the Grenadines. This broker doesn’t have any license, meaning that it is operating illegally in all the countries. Since it is an offshore broker, this gives us even more reasons to trust the company. When it comes to the security of the funds, their website absolutely doesn’t provide enough information about where the funds are transferred and if there are any costs for the client. We did, however, notice that in the client’s bank statement, funds are processed through Lithuanian bank.

Because of everything stated above, we can consider this broker not safe.

JAFX Warnings

As mentioned previously, JAFX is not a regulated broker. Due to their fraudulent activities, some of the regulators issued warning for their citizens not to trade with JAFX. One of them is US CFTC. They found out that JAFX is actually a Bulgarian-owned company with headquarters in Saint Vincent and the Grenadines, and since 2016 it was operating on the US market, providing commodity trading without a CFTC license. In 2018, the Bulgarian Regional Court shut down 40 illegal trading websites, including JAFX Ltd website. Another red flag, and another suspicious activity related to this broker.

In which countries does this broker work?

JAFX broker is operating in all the countries except the US and some prohibited regions, according to their website. In these prohibited regions they count Malta, North Korea, Sudan, Libya, etc. They worked with US clients also, till 2018 when they got sued by CFTC for illegal activities in this country. Since then, this broker stopped its actions within the US, but they keep scamming people around the globe. If you ever come across this broker, we strongly recommend, do not open an account with them!

What can you trade with a JAFX broker?

JAFX broker offers its clients trading on the Forex market, with commodities, indicies, and cryptocurrencies. Clients have available over 55 currencies, over 30 cryptocurrencies, and over 80 CFDs. This broker offers its clients trading on the MT4 platform and web trader. The minimum trade size is 0.01 LOT, while leverage goes up to 1:500.

The minimum deposit clients can make is 10$ via bitcoin, while there is no maximum. If you are depositing via wire transfer, the minimum is 100$. Yet, at the moment they do not accept wire transfers, leaving their clients with only one option – a Bitcoin deposit. Red alert! Bitcoin is untraceable and clients that are scammed can never get their money back. 

When it comes to withdrawals, has to be done the same way as the deposit. Since wire transfers are suspended, the only way to get your funds is via Bitcoin. Again, hard to prove, and untraceable. The minimum amount for withdrawals in BTC is also 10$.

Scammed by JAFX? What to do?

If despite all the warnings, you were involved with this broker and got scammed, there is a solution. You need to file your dispute and request a chargeback immediately. Contact our expert team today, so they can start the procedure for you and you can get your money back! Get in touch with us now!