Beware! JustProForex 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.
JustProForex tries to pull it off, and at times it feels like it just might. We were unable to register a proper account, and thus any actual trading conditions were out our grasp.
JUSTPROFOREX REGULATION AND SAFETY OF FUNDS
The company steps into its big shoes, and right of the bat claims to be licensed by BaFIN, the FCA, and the French Autorité de Contrôle Prudentiel et de Résolution (ACPR).
We had only to check the alleged FCA registration number 580193 to get the picture. Before concluding here is the evidence.
The official FCA register does contain a 580193 result, for two companies. One, a payment service firm no longer regulated by the UK watchdog, while the second one is no other than JFD Group Ltd, the respectable parent company of the equally revered JFD brokers.
Needless to say that all other claims were debunked, following this one. We can easily conclude that JustProForex is UNLICENSED, and also a semi clone of a broker, trying to profit from the hard work of others; the worst types of illicit brokerage firms.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
JUSTPROFOREX TRADING SOFTWARE
Now, this broker is a bold one, we give it that at least. First it falsely claims to be regulated by three top agencies, but now, on top of that, say to be offering not two but three trading softwares. Two of those are the MT4/MT5 pair, while the third one is the Guidants terminal.
As far as we’re concerned, these platforms are theoretical. And since we cannot prove them to be otherwise (because we were not registered), we will leave it at that. Furthermore, the website turned out to be quite limited in the quantity of information it offer its users. What we mean by that is that we found no legal documents, and the only worthwhile section of the website of the website is the Accounts page.
JUSTPROFOREX DEPOSIT/WITHDRAWAL METHODS AND FEES
It is from this same Accounts page that we derive crucial payment information for the review, namely the minimum deposit of $500. The FAQ page offer some more insight in the form of the following, assumingly, payment methods: Bitcoin, Litecoin, Ethereum, Bank Deposits, Western Union and Money Gram.
Unfortunately, this is all the information we can give you.
Even if somehow you were able to deposit, we absolutely advice against it. If however, your mind is made up, we strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
The most common type of scamming is in fact a very simple scheme that involves multiple level of commitment from both the victim and the fraudulent broker. In the following section we will dive into the individual elements that make up this scenario.
Users of the net will be lured or intrigued by the countless ads that float around the internet, mostly on popular websites such as social media hubs. These ads promise fast money, and are accompanied either by images of luxury or made up testimonials. Clicking on them redirects users to a so called robo-scam website where a simple registration process will require from you a telephone number and email address. We assure traders, that once these details have been shared, they will shortly get a call from the broker or brokers, on whose ad you just “stumbled”; this is when the game begins. The voice on the other end of the line will urge you to deposit in their broker some $250 (approximately), by reassuring you of the possibilities of profit, and the like.
Should you deposit, the initial scammer has just earned a hefty commission from this deposit. Now it’s time for the senior scammer to talk you into depositing more, by claiming that the only way to increase profits is to deposit more and larger sums. These second level frauds are great talkers, charismatic and influential, twisting their lies to sound like the absolute truth.
At some point or another, the trader will inevitably start suspecting something, and will want to withdrawal his/her funds.
At this point, the con artists will delay the withdrawal process by persuading you to wait, or by referring to their legal documents that cover specific withdrawal clauses- excuses vary from broker to broker This delaying process is crucial to them, for trader have a limited time to file for a chargeback with their respective bank. Once the chargeback time frame runs out, traders will have lost their money for ever.
What to do if scammed?
VISA and MasterCard users will be happy to know that have extended their charge back request period to 540 days for when online scams occur. In case a chargeback is unavailable for some reason, the next immediate route is to cancel your credit card ASAP.
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
If any bank details have been shared, like banking pass or security code, traders should be aware that scammer will most certainly attempt to drain your account. In such a case, immediately block the account or change the password.
We also urge users to be very careful with the so called “recovery agents” that promise to recover lost money from unlicensed broker. They charge a fee for their alleged services, and will unquestionably not recover any previous deposit, basically scamming you a second time.