Beware! SJFX 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.
SJFX is an offshore broker, based on Saint Vincent and the Grenadines, which unfortunately does not have a license to provide financial services on regulated markets like the European Union, the UK, USA, Canada, Australia or Japan.
Otherwise the broker offers over 30 forex pairs, some of which crosses, exotic or minor like USDZAR, USDTRY, USDSEK, USDNOK, USDMXN and USDDKK, as well as CFDs on oil, silver and gold, several crypto coins like Bitcoin, Dash, Litecoin and Ethereum, 12 indices, and all of that with a leverage as high as 500:1.
SJFX supports MetaTrader5 and that is a fine platform, which we tested with a demo account. Unfortunately the benchmark EURUSD spread was fixed as high as 3 pips and that is unacceptable. Bear in mind that generally spreads are considered attractive only when they start below 1,5 pips with a standard account and no trading commission whatsoever.
The higher spreads, however, are not the main problem with SJFX. Far bigger concern is the fact that they are not regulated, which basically means that they are totally unaccountable for the way they handle your money.
SJFX regulation & safety of funds
As we noted SJFX is based offshore on Saint Vincent and the Grenadines and is not regulated by a legit financial authority such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
This is a major issue, because your funds will be secure only with properly regulated brokers, while most unregulated, offshore companies are usually involved in scam.
On top of that with a FCA broker, for example, you will even receive an insurance on you account for up to 85 000 GBP, which will be payed back to you in case your broker happens to be insolvent.
SJFX deposit/withdrawal methods and fees
Most brokers accept payments with major credit or debit cards like VISA and MasterCard, bank wire and e-wallets like Skrill and Neteller. In the case of SJFX there is no information on their website about what payment methods exactly do the accept. And also, they do not tell us what is their minimum deposit requirement. Bear in mind that most brokers ask for a minimum deposit of about 250 USD.
One final note. Be aware of any trading bonuses that SJFX might offer you. The practice is highly controversial, because bonuses always come with some additional withdraw conditions, which too often prove quite challenging.
Besides, the link to SJFX Terms and Conditions is not functioning and that is another disturbing point – if you register and open a trading account with a broker you should be aware what you are agreeing to.
How does the scam work?
Bear in mind that scammers are extremely well organized and use lots of resources to run their clandestine operations. For example to hunt for new victims they often use the so called robo scam websites like Crypto Revolt and Bitcoin Evolution where you might get hooked by some unrealistic offer for fast and easy returns in exchange of a modest and “completely risk free” investment. And if you get curious and do register, leaving your e-mail and phone, immediately you will be transferred to the website of an unregulated, scam broker, where finally you will have to deposit your first 250 USD.
Now, trading with the scammers might seem like a lot of fun, at least in the beginning. You will be profiting on all of your trades and the cash in your account will double in just a couple of days. All of that, however, will not be real. Scammers will simply be manipulating your trades so that on a latter stage you will be much more easily convinced to invest a larger sum.
And that is exactly what your “senior account manager” will advise you – if you want to make some real cash you should definitely invest at least 10 000 USD. We forget to mention, but by that time you will be receiving regular phone calls by “account managers” and “trade advisers”, who actually will be working in some call center probably in the Philippines or Eastern Europe.
And believe it or not, but most people do invest that kind of money, without realizing they have been scammed until the very moment they decide to withdraw some of their funds. Then it suddenly turns out this is not possible because of some minimum trade volume requirement possibly linked to the welcoming bonus, they have so gladly accepted, when they opened their trading account on the first place. The excuse might certainly be different, but the end result will always be the same – all your withdraw requests will be canceled for one reason or another and pretty soon your account will be depleted.
What to do if scammed?
Your sole chance to get your deposit back is to file for a charge back with your credit card company. Do that immediately, although both VISA and MasterCard recently extended the maximum period in which you will be allowed to file for a charge back to 540 days.
And if scammers have managed to trick you to tell them your credit card number or online banking password, block your credit card immediately and change your password.
And finally, if you do not want to be scammed a second time, do not accept any offers by the so called recovery agencies. They will not recover you any of your funds, but will simply collect some fees in advance and basically that will be the end of the story.