Beware! JustBroker 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.
JustBroker is by far one of the most unique and interesting brokers we have seen this far. We are impressed by the idea behind it more so than the execution. The website is very simple to go through, and everything is contained within tabs on a single page, making it easy to go from one section to the other without ever having to load another page. It’s too bad that JustBroker fails at exploiting the full potential of what it started. What went wrong? Read the review to find out.
The sign-up process follows much in the footsteps of the vibe that JustBroker gives away. However, once we completed the simple registration process we were left empty-handed because we never received a confirmation mail to verify our account, even though the broker clearly said that it sent over a confirmation mail. This is not the way to start things because it is a sign that JustBroker has a preference for its users. We assume those that it solicits are its best shot at stealing money from. This is part of a bigger scheme that we have detailed in the last two sections of the review.
Without being able to access a user area, we have to take all the trading and payment info from the website. But here’s the thing- we do not trust the site despite its interesting look and inspiring interface.
We find that JustBroker offers as tradeable instruments forex currency pairs, indices, commodities, cryptocurrencies, and stocks. The website indicates that the minimum EUR/USD spread is 2.9 pips, which is too high to bring any sort of profit to users. However, it then tells us that the highest spread is 2 pips. Is JustBroker aware of this, or is it simply too ignorant and focused on other things (like prolonging the scam) to notice this mistake? According to the FAQ the leverage is capped at 1:100.
The website is available in English and Russian.
JUSTBROKER REGULATION AND SAFETY OF FUNDS
JustBroker is a member of the Financial Commission, a third party and private company that aims to settle disputes between brokers and their users. However, this is quite a useless claim because the commission is not recognized by any authority or financial overseer. And furthermore, we have reviewed some scammer brokers who claimed to be a part of the Financial Commission. We haven’t yet stumbled upon a regulated brokerage firm that was also a part of this shady commission.
It further claims to be a part of the Financial Compensation Fund but does not say as part of which regulator. It seems that the company hasn’t given too much thought to its lies.
JustBroker is in fact UNREGULATED, for there is no evidence to produce the opposite result.
Investing in unlicensed brokers is basically throwing your money in vain. We urge our readers to always check for a license before doing anything. Usually, if a broker has one, it will proudly showcase it, but it’s always recommended to check with the regulator. Some of the most trustworthy license issuers are the FCA or CySEC, whose authority spans hundreds of brokers, among which are some of the world’s top. What’s more, is that bot the FCA and CySEC offer client reimbursement schemes to users who have not been paid by a regulated broker. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
JUSTBROKER TRADING SOFTWARE
The broker provides an MT4, and we can vouch for its presence. It claims to be offering some sort of a trading software, however, the link to the web trader on the website resulted in an error page. So we can rule out the presence of a browser-based trading software.
JUSTBROKER DEPOSIT/WITHDRAW METHODS AND FEES
We find through the website that the payment methods are bank transfer, credit/debit cards Qiwi, Yandex, Comepay, Foresage, and payment terminal (whatever that is). For all deposits, there’s a 3% levy. For some reason, the company has not included a minimum deposit amount.
The withdrawal methods are the same as the depositing ones. Bank transfers usually take some 3 days to process, while everything else is instant. Card and Forsage withdrawals are charged by 3%, while all other methods are charged a 2% commission. Bank Transfers are charged by 0,125% (min €100) for a fast withdraw, €80 for an express withdrawal, or €60 for a regular one.
Despite JustBroker revealing all of this to us, we cannot truly trust it. It lacks a regulation, and because of this nothing is stopping it from lying to users. As a matter of fact, we do not recommend to our readers to deposit here, even though JustBroker is quite unique in the visual department.
How does the scam work?
The first step to this very popular scam is actually one that is taken by most online scams. It has to do with users falling for fake online ads that use a repertoire of alluring elements, including money, beautiful women, expensive cars, and luxurious villas. The only aim of these fake advertisements is to induce the internet user into clicking on them.
Behind these ads is hiding either the scammer broker or an intermediary website whose aim is to introduce the user to the fraudulent broker. On either of these sources, the user will be asked to provide contact information, either a phone number or an email address.
Soon the investor will start receiving calls from a representative of the brokers, whose goal is to stimulate a user into deposit once! If the deposit is successful, then these individuals will let the user go, but sooner they will start getting more calls and emails from the expert scammers, the so-called account managers. The pro fraudsters are here to stay and will induce more deposits from the users, using manipulative tactics, psychological tricks, and pure charm. Those that give in, will sometimes unknowingly deposit huge amounts!
Once the user realizes that he or she has been scammed, it’s usually too late, however, there are some ways of getting your money back, potentially. But before that, the scam artists will try to distract you from withdrawing by either stalling the request or simply advising you against it. Some brokers, however, go the extra mile and are not afraid to shut down the user account and at times the entire website.
What to do if scammed?
The best defensive maneuver is filing for a chargeback through the client’s credit or debit card company. MasterCard and VISA have a chargeback period of 540 days.
If users have lost money by investing it through a bank, then they should change their bank account username and password first! The next step is to call the bank directly and see what they can do.
Investing in any kind of crypto is advised against. Payments made through these are untraceable and as such are lost forever.
Also, never thrust any recovery agents or agencies. These are scammers as well and will take your money. They usually appear once you have been scammed and will offer their monetary retrieval services. But before tracking your lost funds, they will ask for an upfront payment in the form of a service fee. Once this commission is paid, the recovery agent will disappear alongside your money!