Beware! Jones Mutual is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
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.