JustForex

Regulation: Founded in 2012, JustMarkets was unregulated for almost 10 years, having briefly held a licence from the IFSC (Belize) in 2013.

The company recently received a licence from the FSA of Seychelles, through which Indian traders are onboarded. While the FSA does regulate brokers, it is not considered a strict regulator and only requires that brokers demonstrate $50,000 in operating capital. Importantly, Indian traders will have few options for resolution if they end up in a dispute with JustMarkets. 

Safety Features: According to its website, JustMarkets segregates all funds from the company’s operating capital and offers negative balance protection to all its clients.   

Overall, for traders looking for a trustworthy and reliable trading environment, we recommend looking at Pepperstone and XM as alternatives.

The account-opening and verification process at JustMarkets is seamless, fully digital and accounts are ready for trading immediately. 

All Indian residents are eligible to open an account at JustMarkets, as long as they meet the following minimum deposit requirements:

• MT4 Standard Cent Account: 1 USD
• MT4 Standard Account: 1 USD
• MT4 Pro Account: 100 USD
• MT4 Raw Spread Account: 100 USD
• MT5 Standard Account: 1 USD
• MT5 Pro Account: 100 USD
• MT5 Raw Spread Account: 100 USD

1. From the JustMarkets homepage, you will have to click on the ‘Registration’ tab where you will be directed to register an account with a name, email address, and password.  
2. Next traders will have to complete a profile with their name, telephone number, and date of birth.
3. Traders can then deposit funds into their accounts and begin trading.  
4. In order to use the full range of services available at JustMarkets and to be able to withdraw funds, JustMarkets requires the following documents:
   1. Identification – High-resolution scanned copies or photos of an identity document, which verifies your person with a full name, photo, signature, date of birth, expiration date that are clearly visible and which is valid for at least 6 months from the moment of applying.
   2. Address of Residence – High-resolution scanned copies or photos of a document where your full name and address are clearly visible and match the data indicated in your profile. The document should be issued no later than 3 months ago.
   3. Credit Card – Credit Cards verification is not required for CUP (China Union Pay) cards. Please note: card verification is required only if you want to use Visa/MasterCard as a deposit and withdrawal method. 

Overall, JustMarkets’s account-opening process is fully digital and hassle-free and accounts are ready for trading immediately.

The selection of CFD trading instruments available at JustMarkets should be viewed as the bare minimum and is not adequate for professional clients.

Trading costs are a little higher than average across all three of the Standard Accounts – most good brokers’ entry-level accounts have a trading cost of 9 USD per lot of EUR/USD traded.  However, with no real minimum deposit requirements to speak of, these are still good accounts for beginner traders.

Trading costs improve significantly on the four Pro Accounts, but the minimum deposits here are higher, at 100 USD. 

Spreads are variable at JustMarkets, meaning that they will get wider or tighter depending on trade volume and market volatility – the spreads in the table above are minimum spreads.

Swap Fees

The final trading cost to consider at JustMarkets is the swap rate charged on positions held overnight. JustMarkets is completely transparent regarding its overnight financing rates and these can be found on the website for every instrument.

For instance, the fee for holding 1 lot of EUR/USD overnight in a long position on a Standard Account is -4.44, and -0.09 for a short position.

JustMarkets offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts. 

MetaTrader 5

MetaTrader 5 is the latest trading platform developed by MetaQuotes Software Corp. Set to replace MT4, MT5 is more intuitive and offers significant improvements in copy trading, mobile trading, and other innovative features that make trading account management more efficient.  Other features of MT5 include:

• 38 technical indicators
• 44 graphical objects
• 21 timeframes
• One-click trading
• Built-in depth of market widgets
• Economic calendar.

Overall, although JustMarkets only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.

Although JustMarkets is unregulated, it states that all Anti-Money Laundering rules and regulations are followed.  Deposits can only be made using a bank account or card registered in the trader’s name, and no third-party deposits are allowed.  Withdrawals must be made to the same account or method that the funds originated. 

JustMarkets does not charge deposit or withdrawal fees except on cryptocurrencies.  Most deposits are instant, and JustMarkets takes one to two hours to process withdrawals during business hours.

While JustMarkets offers a huge range of trading account currencies, the MT4 Standard Cent Account is only denominated in US cents.  The other six trading accounts are denominated in 11 currencies, including USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and ZAR.

However, JustMarkets does not offer accounts denominated in INR, which means that Indian traders will have to pay currency conversion fees on both deposits and withdrawals. 

Still, for traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Most other brokers also offer additional tools such as Trading Central or Autochartist to help traders make better trading decisions.

Social Trading

Social trading is a service that allows investors to follow the trading strategy and copy trades of professionals, which are also known as signal providers. JustMarkets provides a list of signal providers that are rated based on various criteria: trading period, maximum drawdowns, best trades, profit factor. Top-ranked signal providers are displayed first in the list.

Usually, the actions of experienced Forex traders are used as a guide for beginners. It reduces the time for market research and analytics before trading on Forex. Social trading is useful for traders who have no time for training or making independent investment decisions. 

MQL5 Signals is a product from the developers of MetaTrader 4, which allows followers to copy the signals of successful traders and copy their transactions directly from the MetaTrader terminal. 

MAM Accounts

JustMarkets offers an account management service to its clients which allows account managers to trade on their behalf. Multi-Account Manager (MAM) is the software that allows fund managers, money managers, and portfolio managers to manage multiple trading accounts at the same time with the use of one trading account.

The MAM software provides all the features of the regular MT4 platform, including the usage of charting packages and expert advisors. All processing is centralized and server-based, hundreds of accounts can be traded with one click and there is virtually no delay in allocations.

ForexVPS

JustMarkets recommends using a VPS service, provided by Vultr.com.  Traders will have to contact the VPS provider directly to find out about the costs associated with using the service.

VPS services ensure that trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime.  Other benefits of the VPS service include:

• 24/6 VPS email support
• 24/7 Redundant power to your VPS
• 24/7 Redundant internet connectivity to your VPS
• Low latency connectivity to FP Markets trading servers for precision trading
• Uninterrupted EA trading

Overall, JustMarkets would do well to add some more tools to its trading arsenal to help clients make better trading decisions.

JustMarkets’s markets analysis materials are better than many other brokers.  They are comprehensive and frequently updated.  

JustMarkets provides an up-to-date Market Overview, Market News, and technical analysis in addition to daily forecasts and an Economic calendar.  

JustMarkets’s in-house team of analysts provides updates of the various market events.  These materials are updated on a daily basis and are freely available to all visitors of the site.

Traders also receive multiple updates throughout the trading day, which can consist of brief fundamental summaries, technical trading alerts, and cryptocurrency analysis. Some content is text-only, and the rest includes charts and trading ideas.

JustMarkets also offers an economic calendar, a comprehensive log of all scheduled macroeconomic releases.

JustMarkets provides beginner traders with various educational materials, including training webinars, educational videos, a glossary of terms, and an array of articles.  

• Forex Articles: JustMarkets offers a large number of articles, and while the quality of the content is decent, it is difficult to find what you are looking for.  
• Educational videos: JustMarkets’s videos are comprised of 5 short tutorials on how to use the Metatrader platforms.
• Training webinars: Although it states that it offers webinars, traders will only be able to find an archive of previous webinars linked to JustMarkets’s YouTube channel.  There are no future webinars scheduled.  

Help is available 24/7 (only in English) and during business hours via email, messenger, and live chat.  JustMarkets also offers a call-back option. 

For the purposes of this review, we found customer service responsive, polite, and extremely helpful.