Website URL: https://www.jafx.com/
Deposit methods: Debit or Credit Card, Bitcoin, Wire transfers (currently suspended)
Minimum deposit: Bitcoin – $10, Wire transfers – $100
Demo account: Yes
Types of assets: Forex pairs, Commodities, CFDs and Crypto
JAFX is owned and operated by JAFX Ltd, the financial services centre from St. Vincent and the Grenadine. An interesting thing is that founders are actually experienced brokers. They wanted to create a platform that offers impeccable services in terms of trading conditions and customer service.
It looks like this is an excellent broker that provides traders with educational material, great customer service and responsive website design. But is that the case?
Before we even give you an in-depth explanation, there is one thing we need to mention. JAFX is not a regulated broker. Unfortunately, they don’t hold any licence and that means each client is lacking a certain dose of security. On the other hand, they have to compensate for that by providing competitive offers (minimum deposit amount of $10, for example). But let’s see if they offer more than that, shall we?
If you like to trade using MT4, you’ll be pleased to hear this is the trading platform they use. They have two options, for desktop and mobile users. But the unique thing is that they have their own web trader, a JAFX Web Trader platform.
JAFX Web Trader is neatly done, without unnecessary details. It is easy to use and navigate, and it offers an impressive list of languages, so each trader can find the one they prefer.
You won’t be able to find so many options. It looks like JAFX is keeping things quite simple. They offer a Demo Account if you want to practice your trading strategy first. This is an Unlimited MT4 Demo Account, and it is not connected to a Trading account. That said, anyone can practice before opening a real account. You can open it in two simple ways: go to the JAFX Web Trader and open an account there or download and install the JAFX MT4.
They have one Live Account. It is a standard account suited to the majority of professional traders, except the ones from Ghana, Burma, Ivory Coast, Congo, Cuba, Germany, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, United States, Vietnam, and Zimbabwe, since those countries are restricted from trading on JAFX. With that account, JAFX offers some features like low latency, maximum leverage 1:500, no re-quotes, spreads starting from 0.4, spread average of 0.6, minimum trade size 0.01 lot, $4 commission per lot RT and allowed hedging.
Lastly, they have an Islamic Account. This one is specially designed for traders who, due to their religious beliefs, cannot pay or receive swaps and it is fully compliant with Sharia Law.
An excellent thing about customer support is that you can reach them easily. They offer three different ways to do that, so you can choose between Live Chat, Phone call or Contact Form. Either way, they will respond as soon as possible.
Aside from that, they offer two different phone lines, one for the UK and one for Australia, which is great. But keep in mind that you can only communicate with customer representatives in English if you decide to call them.
Deposit and Withdrawal
If you wish to deposit funds at JAFX you can do that with Bitcoin and Debit or Credit card. Actually, they offer one more method, wire transfer, but it is suspended for now. The minimum deposit for Bitcoin method is $10 and the deposit fee is 0% + 0.0005 BTC Network Fee.
When it comes to withdrawals, all Bitcoin deposits have to be withdrawn back to Bitcoin. If you have any profits, you also need to withdraw them via Bitcoin. They offer wire transfer deposits, too but as we already said, that is suspended for now. The good thing is that you don’t have to pay any fees to them if you withdraw funds using the Bitcoin method. The minimal withdrawal amount is $10, while the maximum is unlimited.
Unfortunately, this is the part where they fail completely. Since JAFX is founded by professional Forex traders, it is expected to see many educational materials. But that is not the case. You won’t be able to find a single thing on their website. Forex education is an important part of every trading website. It helps clients to apply their knowledge into daily trading and have a good result, especially if the broker makes helpful tools and guides. The only section they have is Frequently Asked Questions, but that is mostly for withdrawals, deposits and other important information regarding trading.
Trading with JAFX can have both positive and negative sides. Once again, we have to mention they are not regulated which is the biggest negative thing. On the other hand, they do have excellent customer service that will answer all of your questions and help with potential problems. Aside from that, if you enjoy crypto trading, they have numerous crypto trading pairs for you to choose. So, it’s up to you to see whether they offer a good balance between positive and negative things.