CJC Markets Review – 5 things you should know about cjcmarketsglobal.com

CJC Markets Review – 5 things you should know about cjcmarketsglobal.com

Beware! CJC Markets is an offshore broker! Your investment may be at risk.

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The checkboard that greets us from CJC Markets interface begs the question: Would that be checkmate for your hard-earned money? We look at some key features on this company’s website in order to advise you how safe it is to trade with this broker.

CJC Markets Regulation and safety of funds

From the information available on the CJC Markets website, we find out that the address of the company CJC Markets PTY Ltd is in Sydney, Australia. We checked the register of the Australia Security and Investment Commission (ASIC) to verify if the company is licensed. Our search has confirmed that this company is indeed registered with ASIC (image below).

However, we are not 100% convinced that this broker is legit and our suspicions are based on the fact that some of the financial information regarding payment methods, deposits, withdrawals and fees is missing from the website. Reliable and self-respecting brokers will never miss posting such crucial information on their website. So, we ask you to exercise caution if you decide to join this broker.

 

 

If you are asking yourself how safe for your funds it is to trade with Australian forex brokers, we can tell you that first of all, they must be well-capitalised and deposit an initial capital of 1 million AUD. In addition to that, they must keep clients’ funds segregated which CJC Markets also claims to be doing if you look at the FAQ section.

However, on the downsize, in Australia, there are no compensation funds or schemes from which clients can be repaid in case the broker goes bankrupt. Also, so far, Australian brokers cannot provide you with protection against negative balance and brokers can offer unlimited leverage. Unlimited leverage presents risks for the safety of clients’ funds as it amplifies the financial loss in case of unsuccessful transactions. However, soon, in March 2021, Australian brokers will face many changes in the regulations for forex trade. The maximum ratio for leverage will become 1:30 for major forex currencies and will mirror the one in the EU and the UK. Negative balance protection will be introduced and brokers will not be allowed to offer any bonuses and other incentives to the traders. Undoubtedly, these changes will increase the safety of clients’ funds and will make forex trade more attractive to potential traders.

CJC Markets Trading software

CJC Markets is a forex broker trading in forex, indices, stocks and commodities. The trading software consists of the MetaTrader 4 platform. Below is the image of MT4 demo account which we opened to show you what the platform looks like. On the left-hand side, you see the menu with the trading instruments which here shows the forex currency pairs with their bid and ask price. Beneath is the navigator that opens the accounts, indicators, expert advisors and scripts. The chart displayed in the middle shows the fluctuation in the price of one of the currency pairs, EUR/USD, in a given time frame. MetaTrader 4 is famous for its charting options that offer many charts, time frames, colours, etc., along with the option of creating personalised templates. The number of charts displayed may vary according to the trader’s needs. In the top horizontal bar is the menu for opening these charting options, auto-trading and placing a new order.

Other advantages of MT4 include an excellent package of trading tools and instruments that facilitate trade, such as trading signals, code base with scripts, VPS, a financial calendar, etc., as well as technical analysis indicators that help predict the future direction of exchange rates and make a profit.

 

As we already mentioned, Australian forex brokers can offer unlimited leverage, at least until March 2021. If you peruse the trading products on the company’s website, you won’t fail to notice that the leverage offered by this broker is very high. For example, the leverage for forex currencies is 1:400. High leverage signifies 2 things – a big win or a big loss and having in mind that 70% of traders experience financial loss in transactions, the latter is more likely to happen. This is what makes trading with this broker risky and may end with a checkmate for your funds.

In contrast, licensed brokers in the EU and the UK where the leverage is capped at 1:30 guarantee better protection of your hard-earned money.

CJC Markets Deposit/Withdrawal methods and fees

Unfortunately, the information about trading accounts, minimum initial deposits and payment methods for deposits and withdrawals, as well as fees, is missing from this company’s website. This is very disappointing as normally, licensed brokers will have such information visible and readily accessible on their website and potential traders can research it before they decide to open an account with the broker.

Such luck of information makes us mistrustful about this broker’s reliability.

How does scam work?

A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.

What to do if scammed?

Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.

Rich Snippet Data
Review Date
Reviewed Broker
CJC Markets
Broker Rating
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