JustMarkets (JustForex) Broker Review

JustMarkets’ Overall Rating

JustMarkets provides a broad selection of account types, starting with minimum deposits as low as 1 USD. Spreads on the EUR/USD begin at 1.00 pips on the Cent Account, appealing particularly to beginners. For more experienced traders, the Pro and Raw Spread accounts offer tighter spreads, with the latter featuring spreads starting at 0 pips in exchange for a commission of 6 USD. Despite its extensive offering of financial instruments and the support of multiple base currencies, JustMarkets faces significant scrutiny over its regulatory status and withdrawal issues, and we recommend that traders look elsewhere for a reliable broker. FxScouts gives JustMarkets a low rating of 3.18 out of 5.

Is JustMarkets (formerly JustForex) Safe?

We consider JustMarkets a high-risk broker because South African traders have no recourse in the event of a dispute with the company.

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 South African 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, South African 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.

Company Details:

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See below for JustMarkets’ FSA licence:

JustMarkets (formerly JustForex) Financial Instruments

JustMarkets offers a limited number of financial instruments compared to other brokers such as Pepperstone and XM, but its Forex offering is decent.

Leverage: The three beginner-friendly Standard Accounts have low minimum deposits and leverage of up to 3000:1, which is extreme. With low minimum deposits, leverage this high will greatly increase the risk of an account wipeout, so beginner traders should be careful.

Number of Instruments and Leverage:

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• Forex: JustMarkets has over 65 currency pairs available for trading, a broader range than most other brokers.  These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/JPY, GBP/JPY, and USD/ZAR), and exotics.
  
  
• Share CFDs: JustMarkets offers only 63 share CFDs for trading, which is limited compared to other large international brokers.  The selection available includes some of the major US, UK, and European Exchanges. CFDs on shares are subject to dividends. They are credited to trading accounts that have open positions at 00:00 GMT+3 on the day preceding the day of the dividend payment.
  
  
• Indices: There are 11 indices available for trading at JustMarkets, which is around the average available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.   These include the S&P 500, the FTSE 100, the NASDAQ 100, and the Dow Jones 30, among others.
  
  
• Commodities: JustMarkets offers trading on 10 commodities, which is around the average available at other brokers.  Commodities include metals such as gold and silver and energies like Brent Crude Oil and Lite Crude Oil.
  
  
• Futures: JustMarkets offers trading on 23 futures, which is average compared to other brokers.  Futures include SPX 500 futures, softs such as coffee, sugar, and cocoa, and Euro bund futures. 
  
  
• Cryptocurrencies: Crypto CFDs are available on some of the JustMarkets accounts. Seven crypto pairs are available, including Bitcoin, Ethereum, Litecoin, and Ripple. The spreads vary significantly compared to other traditional Fiat currencies.  It is not unusual for spreads to be as wide as 75 pips on Bitcoin, but cryptocurrency spreads vary greatly, so if you trade these currencies, watch your margins.
  
  

Overall, the selection of CFD trading instruments available at JustMarkets should be considered the bare minimum and inadequate for professional clients.  However, JustMarkets offers trading on over 65 Forex pairs, much more than is usually offered at other brokerages.  

Accounts and Trading Fees

Just Forex offers seven live accounts, a huge range compared to other similar brokers, but its trading fees are around the industry average.  

Trading Fees: JustMarkets’s accounts have minimum deposits ranging between 1 and 100 USD, making them accessible to most traders. Spreads start at 1 pip (EUR/USD) on its entry-level accounts, which is reasonable, and tighten to 0.6 pips on its Pro Accounts, which is low for the industry. 

Account Trading Costs

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As you can see, JustMarkets’s trading costs are average compared to other brokers. The ongoing costs on the Standard Accounts are slightly higher than other brokers, but the minimum deposits are negligible. The ongoing trading costs on the Pro Accounts are lower than average, but the minimum deposits are higher but still in line with what beginners would be happy to pay.

See below for account details:

For ease of reading, we have grouped the MT4/MT5 accounts together, as the trading conditions are similar.  

MT4 Standard Cent Account

The MT4 Standard Cent account is designed for traders-beginners.  On this account, trading is denominated in US Cents.  The minimum deposit is 1 USD, leverage is up to 1000:1, spreads are average- starting at 1.00 pips – and no commission is charged.  Note that lots are measured as 1,000 USD, and minimum transaction orders are 0.01 cent lots.  

MT4/MT5 Standard Accounts

The minimum deposit on the Standard Account is 1 USD.  Leverage is high on this account, up to 3000:1, spreads start at 1 pip on the EUR/USD, which is wider than other brokers, no commissions are charged, and the minimum transaction is 0.01 lots.

MT4/MT5 Pro Accounts

The minimum deposit on the Pro Accounts is 100 USD.  Spreads start at 0.6 pips (EUR/USD), which is tighter than other brokers, leverage is 3000:1, and accounts can be denominated in 11 currencies, including ZAR. Pro accounts are commission-free, and the minimum order is 0.01 lots.

MT4/MT5 Raw Spread Accounts

Raw Spread accounts are ECN accounts on which a commission is charged – 3 USD per lot/side.  The minimum deposit on this account is 100 USD, leverage is 3000:1, spreads start at 0 pips, and accounts can be denominated in 11 currencies, including ZAR.  These trading costs are also much lower than other brokers.  

Deposits and Withdrawals

JustMarkets has a vast range of payment methods, and its processing times are fast, but traders report that they sometimes have issues withdrawing funds.

Like all other brokers, Anti-Money Laundering rules and regulations are followed.  

Trading Account Currencies: 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. This is a huge range compared to other similar brokers and good for South African traders who will be able to avoid paying currency conversion fees on deposits and withdrawals. 

Deposits and Withdrawals: 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. JustMarkets offers the following methods for deposits and withdrawals:

• Bank Wire Transfers – Deposits are instant and free. Withdrawals are free, but bank charges apply and can take up to three to six bank days to reflect.
• Local Bank Transfers – Deposits are instant and free. Withdrawals are free and take only one to two hours to be processed.
• Debit/Credit card – Deposits are instant and free. Withdrawals are free; withdrawals can take up to three days to be processed.
• Worldwide Wallets (Skrill, Neteller, Perfect Money & Sticpay) – Deposits are instant and free. Withdrawals are free but may take one to two hours to reflect.
• Cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Tether, USD Coin) – Deposits are charged at 1% and may take one to three hours to reflect. JustMarkets charges a Blockchain fee for withdrawals, which may take one to two hours to process. 
• Local Wallets (Fasapay, Doku Wallet, Alipay, bit wallet) – Deposits are free and instant. Withdrawals are free and take between one to two hours to reflect.

Overall, JustMarkets offers a wide range of funding methods, and deposits and withdrawals are free.  Additionally, JustMarkets has some of the quickest processing times in the industry, but traders should be aware that issues have been reported withdrawing funds. 

JustMarkets (formerly JustForex) Mobile Trading  

JustMarkets’s mobile trading platforms are average compared to other similar brokers.  It offers mobile versions of MT4 and MT5 but no in-house mobile trading solutions.  

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. 

Other Trading Platforms

JustMarkets’s trading platform support is average compared to other brokers.  

JustMarkets offers support for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on both Android and iOS.  As the most widely used platforms on the market, they are simple to navigate yet offer a powerful range of features, charts, and analysis tools. MetaTrader allows immediate and accurate access to international financial markets and delivers feature-rich, user-friendly interfaces designed to fulfill all trading needs and boost trading performance.

Platform Overview:

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Broker

Platform Choice

Copy Trading

Platforms

JustMarkets

4.5/ 5

Yes

MT4

MT5

IG

4.5/ 5

No

MT4

L2 Dealer

ProRealTime

Pepperstone

5/ 5

Yes

MT4

MT5

cTrader

TradingView

MT4 and MT5

There is some loss in functionality when compared to the desktop versions of these trading platforms, including reduced timeframes and fewer charting options.

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.

Opening an Account at JustMarkets (formerly JustForex)

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

All South African 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, and expiration date that are clearly visible and which are valid for at least six 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 three 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.

Bonus Structure

• All Standard Cent, Pro, Standard account-holders receive a 50% bonus on a deposit of up to 100 USD and more.
• All Pro, Standard account-holders receive a 100% bonus on a deposit of 100 USD and more.
• All Pro, Standard accounts clients receive a 120% bonus on a deposit of 500 USD and more.

Bonuses are only available on the first deposit.  See the JustMarkets website for more offers.

Trading Tools

JustMarkets offers a limited range of trading tools compared to other Forex brokers.

​JustMarkets offers support for a social trading platform, MAM accounts, and a VPS hosting service.  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 the trades of professionals, 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 without 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, allowing 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 simultaneously with 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 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. This benefits 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

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

JustMarkets

Yes

No

No

No

Yes

IG

Yes

Yes

No

No

Yes

Pepperstone

Yes

Yes

No

Yes

Yes

Overall, JustMarkets would do well to add some more tools to its trading arsenal to help clients make better trading decisions. Brokers such as Pepperstone and XM provide a range of trading tools to help traders make better decisions.

JustMarkets (formerly JustForex) for Beginners

JustMarkets has a mediocre range of educational materials, which is neither well-organised nor well-structured. JustMarkets’s market analysis materials, on the other hand, are frequently updated and relevant. It also boasts unlimited demo accounts and a responsive customer service team available 24/7 for all client-related and technical queries. 

Educational Materials

JustMarkets’s educational materials are average compared to other brokers, and it is neither well-structured nor well-organised, but it offers an unlimited demo account.  

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 many 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.  
• Demo Accounts: JustMarkets allows traders to test their strategies by opening a free demo account. Demo trading is a simulation of real Forex trading.  Traders are given a virtual currency balance of 5,000,000 USD and an unlimited time to gain experience on the Metatrader platforms, using all account options without the risk of losing real money. 

Overall, for traders that are seeking top-class multi-format educational materials, we recommend looking at Pepperstone or XM instead.

Education Overview:

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

JustMarkets

No

No

No

Medium

No

IG

Yes

Yes

Yes

High

Yes

Pepperstone

Yes

Yes

Yes

Medium

Yes

Market Analysis Material

JustMarkets’s market 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 on various market events.  These materials are updated daily and are freely available to all visitors to the site.

Traders also receive multiple updates throughout the trading day, consisting 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.

Customer Support

JustMarkets offers support in five different languages: English, Malaysian, Indonesian, Russian and Chinese.  Help is available 24/7 (only in English) and during business hours for Indonesian and Malay via telephone, 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.

JustMarkets (formerly JustForex)’s Safety

Regulation: Founded in 2012 and headquartered in St. Vincent and the Grenadines, alongside its new branding to JustMakets, it has just received a licence from the Financial Services Authority of Seychelles. See below for registration details:  

• JF Global Limited, Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines, registration number 23993, registered by the Financial Services Authority (FSA).
• Just Global Markets Ltd., 8427198-1, Office 10, Floor 2, Vairam Building, Providence Industrial Estate, Providence, Mahe, Seychelles, a company regulated by the Seychelles Financial Services Authority (FSA) under a Securities Dealer Licence number SD088.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process, including a detailed breakdown of how we review JustMarkets’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. JustMarkets would like you to know that: Trading on the Forex market is connected with risk.  Investments can fall and rise. You may get back less than you invested. Past performance is no guarantee of future results. Clients should be aware that trading through JustMarkets carries a high risk of losing money on the Forex market.

Overview

An STP broker, JustMarkets offers good trading conditions on seven live accounts and support for the MT4 and MT5 platforms. While JustMarkets’s market analysis materials are of a high quality and are frequently updated, its educational materials are somewhat limited.   

A major drawback for South African traders considering JustMarkets is that its regulatory oversight is weak, and they will have little recourse in the event of a dispute with the broker. However, JustMarkets claims that client funds are placed in segregated bank accounts and that all customers are offered negative balance protection.