Jones Mutual Review – 5 things you should know about jonesmutual.com

Jones Mutual Review – 5 things you should know about jonesmutual.com

- in Forex brokers, Reviews
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Beware! Jones Mutual is an offshore broker! Your investment may be at risk.

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Jones Mutual is a forex and CFD broker, offering 46 currency pairs and a good variety of crypto CFDs, with coins, including Bitcoin, Lietcoin, Dash, Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Ethereum Classic, Monero, Stellar, Golem, Verge, Cardano, Quantum, Lisk and Tron. Apart form that, on their web based trading platform we found a number of CFDs on commodities, indices and stocks.

The benchmark EURUSD spread fluctuated between 2,8 pips and 3 pips, which is higher than what traders usually expect to see with a standard account. To start trading with Jones Mutual you have to invest at least 250 USD, which is in line with what most brokers ask. Maximum leverage offered by Jones Mutual is 1:100, which is above the newly adopted ESMA cap of 1:30.

Jones Mutual regulation & safety of funds

Jones Mutual is owned by GreenRiver OU, which is said to be registered in Tallinn, Estonia, but based in Sofia, Bulgaria. The broker does not mention anything about its regulatory status, so we checked both the registers of the Financial Supervision Commission in Sofia and the Estonian Financial Supervision Authority – the Finantsinspektsioon. Unfortunately we were not able to find neither GreenRiver OU, nor Jones Mutual in the registers and that leads us to the conclusion that Jones Mutual does not hold a license to provide financial services.

Keep in mind that proper regulation is the most important factor for the safety of any investment and that dealing with unregulated brokers is associated with a significant risk of loosing your money to scammers.

On the other hand brokers, regulated by respected financial authorities such as CySEC in Cyprus or FCA in the UK are obliged to follow strict financial and ethical rules and in certain cases even to insure traders money.

Traders with FCA brokers for example can receive back up to 50 000 GBP of their capital. A similar CySEC backed compensation scheme guarantees traders up to 20 000 EUR of their investment.

Jones Mutual deposit/withdrawal methods and fees

You can fund your account at Jones Mutual with major credit or debit cards like VISA and MasterCard, as well as with a bank wire. However, they do not accept popular e-wallets like Neteller, Skrill and PayPall.

Also beware that if you accept a bonus with Jones Mutual you will not be able to withdraw any funds from your account until you reach a trading volume equal to 10 000 times the bonus, which could be quite challenging even for an experienced trader.

How does the scam work?

Usually it will all start with a video you will happen to watch on the internet. Basically the presenter will try to convince you, that you can get instantly rich by just making a small investment with a cutting edge financial company. Just 200 USD for a start, and all you have to do is fill a simple registration form and leave your e-mail and phone.

And next you will receive a call form a professionally sounding “financial adviser”, who will promise you mind blowing returns, if you just make that small initial investment. And believe me, your first trades will go perfectly and the money in your account will more than double. The truth, however, is that your account will be manipulated, no matter what trading decisions you have taken.

Next you will receive yet another call, this time form a senior account manager, who will explain you that if you want to start making real money, you will simply have to invest more – at least 10 000 USD. After you deposit those money as well, in the beginning everything will look fine and you will continue to “make money”, until you tell them you want to withdraw some of your profit.

It will turn out there is some withdraw condition, you have agreed with, according which you can withdraw money form your account only after you reach a certain trading volume. And that additional condition will most probably be linked to the bonus you have received. Whatever the condition is, the base line is you will not be able to withdraw any funds.

Besides, at some point the scammers will ask you to send them copies of your ID and a proof of address – could be your electricity bill. They will say they need them because of the anti-money laundering regulations. The truth, however, is that if you send them those documents voluntarily, they will have a much stronger case, when you file for a charge back with your credit card provider.

What to do if scammed?

Immediately file for a chargeback with your credit card provider. Unfortunately, you will be able to do that within a 6 month period only.

Also, if for some reason you have given away your credit card number or online banking password, immediately cancel your credit card and change the password for your online banking service. Do the same, if the scammers have tricked you to install Team Viewer. In that case they will surely try to steal money directly form your bank account.

Finally do not seek the services of the so called recovery agencies, because they will not help you in any way, but will only collect a prepayment, leaving you even deeper in to the red.

Rich Snippet Data
Review Date
Reviewed Broker
JonesMutual
Broker Rating
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15 Comments

  1. I used a link posted on Dragons Den – since then I have wasted hours on the phone to different americans telling me that the Queen rips off the UK people, and that I should re-mortgage my house so that I can triple my equity. I have asked since the first phone call for my £250 to be returned, but they just keep going on about I am stupid to miss this opportunity. They know my age, my email and my bank card details, so I am concerned and not sure where to go now.

  2. Jones Mutual are a scam I cannot get my withdrawal from them as it keeps getting cancelled, I have requested withdrawal 3 times and you speak to the support staff who submit all these requests but nothing ever happens.
    Warning do not invest in this scam broker, you will not get your withdrawal back from them. The manager is incompetent and makes false promises, the analyst cancels your withdraws as do compliance.

    Avoid them.

    1. File a chargeback with your card provider. I did with my Halifax debit card and got everything refunded within hours

  3. buyer beware you have been warned deposited 250gbp and was asked for another 1500gbp by the most arrogant rudest man ever resigned to the loss of 250deposit please don’t fall for this MASIVE COC TRICK

  4. Has anyone got a withdrawal from them ?

  5. Withdrawal is now pending 13 business days. Will let you know If it is a scam or not

    1. Did you get a withdrawal from them??

  6. Having watched the Dragons Den video I too “Invested” £500 with Jones Mutual, Having read these reviews I immediately cancelled my debit card and requested a refund. Obviously now I realise this is a scam and really someone should be held liable for allowing the Dragons Den article to be published through MSN News.
    I have sent numerous e-mails, probably 20 or more, phoned Ireland, scammers from London have phoned me 3 times and Cindy in the customer service dept., assured me my refund had been escalated and now takes priority.
    As a pensioner I cannot afford to lose £500 but it seems Jones Mutual will keep my money which amounts to theft. WHO DO I TURN TO NEXT FOR HELP ???

  7. Seriously scammer… Disappointed… Read before act…

  8. Unfortunately I would imagine all of us who have invested money in this scam have lost their money. If you paid by debit or credit card cancel them so they cannot take any more if there is a margin call on your trading account.
    The only other thing to do is to go on as many forums as you can warning people of this company.
    As to the money you have lost, thats gone and life is to short to waste trying to get it back, write it down as an experience and use your efforts telling others about this scam.

  9. I have just been conned by a company Called Jones Mutual pretending to trade on my behalf. They claimed that the market crashed because of the killing of the Turkish dignitary by “Unknown Individuals”. But would I like to invest another£1000 and they would get my money back and more. Really.

  10. Jones Mutual are a scam I cannot get my withdrawal from them as it keeps getting cancelled, I have requested withdrawal 4-5 times and you speak to the support staff who submit all these requests but nothing ever happens.
    Warning do not invest in this scam broker, you will not get your withdrawal back from them. The manager is incompetent and makes false promises, the analyst cancels your withdraws as do compliance.

    that is happened to me too exactly and more, i lost £3000 i know my fault (they are scam) but people must be avoid them , only thing i can do ,will find a hacker and kick their ass

  11. This is a proper scam please people never ever go with these . They pretent to be what they not dont put money there you will loose everything and over that they keep askin for more money because person assigned to you is professional thief .
    Was assigned with a guy call Mark please never ever dont even consider it.

  12. Hi. I invested 250 (they charged me for 270). I blocked my credit card after few days, because I realised this deal is not clean. I went to my banc to fill in application form for suspicion activities in my account and I got almost all my money back. I hope I will never ever do that kind of mistake again.

  13. I,too,was attracted to the prospect of gaining extra money from what I regarded as a ‘bit of fun’…I think I had a narrow escape! After filling in all the required details online to register..I agreed to have £250 minimum investment taken from my credit card. However…I then received a message stating something had gone wrong and to try again…so assumed no payment had actually gone through. My bank fraud dept then contacted me asking if the amount to be paid ( $328.94 us) was verified by me.Alarm bells rang!…and I declined payment! I then received an email from Jones Mutual…asking when it was convenient to speak to me on the phone. After ,once again,searching for details of this broker..I came across this site..and all your warnings! I HAD been going to register and restart the process..but have now asked Jones Mutual to remove my details from their files! MANY THANKS!

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