JM Trade Review – Be Aware Of This Fraudulent Broker
If you have come across positive JM Trade reviews on the internet, you should know that they are fabricated. Thus, we have prepared this JM Trade review to help you avoid being defrauded by this financial swindler.
Here is a quick overview of this phony broker. JM Trade is based in Saint Vincent and the Grenadines, which is regarded offshore-based scam brokers’ hideout since this jurisdiction doesn’t regulate forex providers. According to the JM Trade website, it is also allegedly registered in Kuwait but no evidence of it.
Anyway, JM Trade runs a scamming scheme that involves several fraudsters. Namely, alongside JM Trade (aka JM Financial) is Legacyfx (known as An All New Investments). This group of bogus brokerage firms defrauds traders worldwide and is exposed by several financial authorities. Other than that, the JM Trade broker delivers lousy services rested on prevarications.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|FCAA, MAS, NSSMC
|JM Financial LLC
|Yes (Dogecoin, Tether, Bitcoin)
|Types of Assets:
|Forex, Crypto, Commodities, Equity, Indices
|Free Demo Account:
|Accepts US clients:
Why is JM Trade a Fraudulent Broker?
Let’s begin with the most important matter of every broker — licenses and regulations. With reference to this, JM Trade is an unlicensed brokerage firm. So, no financial market regulator monitors this company, which indicates that JM Trade trading conditions are provided and changed at the whim of this shady company.
Nonetheless, fraudulent trading activities by this fake broker haven’t passed unnoticed. Hence, three watchdogs, Canadian FCAA, Singaporean MAS, and Ukrainian NSSMC have already issued a warning against JM Trade.
JM Trade is a trading name of JM Financial registered in SVG and allegedly in Kuwait. Regardless of its HQs, this shady broker is not licensed nor regulated. Instead of being authorized by financial regulators, JM Trade has been blacklisted by three supervisory authorities. In addition, it offers poor services based on lies and deception.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Operating unauthorized is illegal, but it also means that there is no safety mechanism for your funds. Thus, it goes without saying that only investing with authorized brokers makes sense. That being said, there are many benefits to doing so.
For example, brokerage services certified by leading supervision authorities like German BaFin, British FCA, and Australian ASIC are particularly trustworthy. Trading with these brokers is safe since you are protected by compensation schemes that are up to 100,000 EUR per trader.
On top of that, these online financial trading companies offer negative balance protection (traders can’t lose more than deposited) and keep your funds in segregated accounts in major banking institutions. The latter refers to holding brokers’ capital separate from traders’ money so that brokers’ bankruptcy doesn’t influence traders.
Warnings From Financial Regulators
When it comes to official warnings against JM Trade and its affiliates, there are three alerts at the moment. Take a look below.
- The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns against JM Financial, LegacyFX, and An All New Investments. These illicit brokers use jmtrade.com and int.legacyfx.com.
- The Monetary Authority of Singapore (MAS) has put LegacyFX on a list of scam brokers and its legacyfx.com.
- The National Securities and Stock Market Commission (NSSMC) has blacklisted LegacyFX and its domains int.legacyfx.com/ru/ and legacyfx.by.
What Trade Software Does JM Trade Provide?
With reference to trade software, its quality affects trading outcomes. Leading brokerage companies provide state-of-the-art trading programs such as MetaTrader 4, MetaTrader 5, cTrader, and Sirix. Allegedly, JM Trade provides MetaTrader 4 (MT4). However, as expected, it is a big fat lie since this scam offers a subpar web trader and an unsatisfactory mobile trading app.
Speaking of mobile trading, it is enabled thanks to the versatility of leading-edge platforms. For example, MT4 is accessible from any device (desktop, smartphone, tablet, browser-based platform). Also, many leading companies have proprietary trading apps available on Google Play and Apple Store. In relation to mobile trading at JM Trade, this broker doesn’t have MT4 (or any other modern program), and its JM Trade mobile app is ineffective.
As introduced, the JM Trade web trader can’t hold a candle to advanced programs like those aforementioned. At JM Trade, you can’t have any useful features such as stop loss, fast execution, copy trading, and EAs. These tools enable safe and profitable trading. For instance, copy or social trading allows you to monitor and copy the most successful traders. Thus, for the most out of trading, choose legitimate brokers.
Promotions – Terms of Bonuses
Promotions are especially suspicious when coming from unlicensed brokerage firms. So, JM Trade offers a welcome bonus that allocates 30% of your first deposit to your account, which is from 1,500 to 10,000 USD, contingent on the account type. However, as predicted, this broker has some outrageous terms of rewards. For example, you are eligible for a bonus only when you achieve a trading size that is 10,000 times higher than the bonus. In addition, JM Trade keeps the right to revoke bonuses at any time, doing as it pleases.
Likewise, this fake broker offers 100% insurance, covering your first deposit with 500 to 5,000 USD against loss. But, this promotion can be suspended without notice. Lastly, there is also a referral bonus of 20% of the first deposit of each person you bring to invest with JM Trade.
JM Trade Range of Trading Markets
Regarding what trading instruments are available at JM Trade, here is the outline of the markets.
- Forex: USD/EUR, AUD/CAD, GBP/CHF;
- Crypto: Bitcoin, Ethereum, Tether;
- Commodities: gold, corn, crude oil:
- Equity: Apple, Tesla, Microsoft;
- Indices: NASDAQ100, DAX30, FTSE100.
For access to this and other markets at favorable terms, we recommend opting for genuine brokerage companies.
What Do We Know About JM Trade Account Types?
Concerning types of accounts, JM Trade offers several live trading accounts. It doesn’t provide a demo account since it is free and can expose its fake and inappropriate services. As for paid accounts, have a look at the offering.
- Start: minimum deposit of 250 USD, bonus 30%;
- Gold: minimum deposit of 5,000 USD, bonus 30%;
- VIP: minimum deposit of 50,000 USD, bonus 10%.
Each of these accounts comes with MT4, educational resources, and many tradable assets. Of course, nothing of that is true. This is just one of the fabrications by this con artist.
JM Trade Minimum Deposit, Withdrawal Terms, and Fees
As regards the minimum required deposit at JM Trade, it is 250 USD. That is an absolutely needless risk because you can open a real trading account for as low as 10 USD with a leading FX broker.
Reportedly, deposits are instant, and withdrawals are fast and convenient here. For depositing, there are no issues since this financial swindler can’t wait to get its fingers on your money. However, withdrawals are not possible with broker scams. As for the involved fees, deposits are free, whereas withdrawal costs depend on the selected payment gateway.
Methods of Making a Deposit
In regard to accepted funding methods by JM Trade, it promises traders that they can use bank transfers and credit/debit cards both for depositing and withdrawing. Anyway, this is another dirty trick. These two forms of payment are secure, meaning they can be annulled, which is something that a fraudster doesn’t want. Instead, it supports another means of payment that is more suitable to its dishonest needs — crypto wallets — which are difficult to trace and cancel.
What Is Known About JM Trade’s Trading Conditions?
With respect to terms of exchange at JM Trade, you can expect only misinformation and a pack of lies. Let’s recapitulate what has been said so far. This dishonest scam broker requires a hefty deposit, provides bonuses with strings attached, and gives an empty promise of the provision of modern platforms. Likewise, its leverage ratio of 1:400 for retail traders goes against standards (it is capped at 1:30 in the UK and 1:50 in the USA).
About spreads, it is only now that they depend on each account, i.e., standard, reduced, and minimum. Anyhow, remember, online trading scams always falsify trading conditions to appear more advantageous.
Scammed by JM Trade Broker? – Let Us Hear Your Story
According to the web, JM Trade broker is focused on scamming traders from
- Bosnia and Herzegovina
If you are one of the victims from these countries or any other place, you should act fast. First, notify the relevant authorities. Also, don’t forget to share your negative experience and warn others. The most important thing for you is that you can get your money back thanks to a chargeback option.
But What Is A Chargeback?
If you wonder what a chargeback is, it enables defrauded people to retrieve funds. Some cashbacks require no special knowledge, such as credit cards and bank transfers. For example, VISA and Mastercard offer refunds within 540 days. Also, bank transactions can be canceled until you approve a transfer.
The most difficult to reverse is crypto payments, which is why they are most frequently used by con artists. Nonetheless, our specialists can assist you with chargeback of crypto wallets. Get in touch today.
What Is JM Trade?
JM Trade is an offshore-based broker without regulations and trading credentials, involved in fraudulent trading activities.
Is JM Trade a Scam Broker?
Yes, it is; moreover, JM Trade has been exposed by three financial market regulators.
Is JM Trade Available in the United States or the UK?
Yes, it is; JM Trade operates in both countries despite it isn’t authorized to provide services anywhere.
Does JM Trade Offer a Demo Account?
No, it doesn’t; scam brokers usually don’t offer a demo account because they can’t cash in on it.