Beware! JinMarkets 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.
JinMarkets is a Forex brokerage which chooses not to disclose any corporate information. It provides both the MT4 trading platform and the MetaTrader5 platform and an extremely generous leverage of up to 1:1000. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of just $100 which is significantly below the industry average and quite favorable for traders. The spread on EUR/USD is 0.3 pip which is also below the standard pip and a half, and an advantage for traders.
JinMarkets regulation & safety of funds
We could not find any corporate information on the website of the brokerage. The website does not inform us about neither the company behind the brokerage, nor its country of origin. We did not read anything relevant in the terms and conditions of the brokerage as well. Anonymity is something quite preferred by scammers because there is no way scammed clients may contact them afterwards. There is also no mention of a license and we can safely conclude that JinMarkets does not fall under any regulatory oversight. It’s safe to suspect that the brokerage is perhaps registered offshore in some preferred by scammers location such as the Marshall Islands in order to avoid government oversight. The Marshall islands or Saint Vincent and the Grenadines are among the most favorite locations for offshore brokerages due to lenient registration requirements.
Putting that aside, the brokerage does provide both the MetaTrader4 and the MetaTrader 5 which we consider a huge advantage due to the popularity of the trading terminals in Forex trading. There is also a demo account available and we could see the platform. Here is a screenshot:
On it we could see an extremely favorable spread of just 0.3 pips which actually inclines to suspect whether it isn’t too good to be true. With such a low spread it’ll be difficult for the brokerage to yield any profit and we are quite sure that the real-money spreads on live account are higher. The brokerage extends quite a generous leverage of 1:1000 which has risks of its worn. Furthermore, the lack of corporate information and the anonymity are warning signs of trouble.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
Bprimes deposit/withdrawal methods and fees
As is quite often the case with anonymous brokerages – we couldn’t find any information about the withdrawal and deposit methods. We couldn’t discern what the supported payment gateways are. We read through the terms and conditions of the brokerage as well, however, we could not find any withdrawal fees but we cannot be certain whether the brokerage won’t charge any unexpected fees once clients have invested. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!