Beware! JSM Markets 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.
JSM Markets is nothing but a scam broker – and you don’t have to take our word for it – the broker has been exposed by the Swiss authorities, which have issued a warning about it. More on that warning and what it means for JSM Markets in the full review of the broker below. But before we look into the company more thoroughly, we should mention its website is only available in Russian – and so, most of our screenshot are in that language.
Here is the review of the broker:
JSM Markets regulation and safety of funds
JSM Markets makes two claims that we should address here – first that it is regulated by the IFSC Belize, as it states in the section shown below:
We looked the broker up in the offshore regulator’s database and got the following result:
When the company is not present in the IFSC register, it cannot be regulated in Belize.
Secondly, the broker claims to be operating from Switzerland, as you can see below:
To do that, the company would need a license from the Swiss regulator – the FINMA. And the FINMA has the following to say about JSM Markets:
The regulator states that the broker is not actually overseen by it and warns against using its services. This means that JSM Markets cannot be located in Switzerland, but also, that the broker cannot provide you with any guarantees to its legitimacy and with any of the protections that the FINMA envisions for traders with its brokers – for example, the access to guarantee funds that pay out up to 100 000 CHF in the case of a broker going under. Therefore, the best thing to do is avoid JSM Markets and trade with licensed brokers!
JSM Markets trading software
JSM Markets provides access to the following web platform:
It does not seem to be a CFD platform at all – it seems that JSM Markets’ business model is more akin to that of a crypto exchange. And yet, the broker would have you believe it to be a regular CFD company – another lie! Of course, there can be no comparison between the lacking web platform and something more conventional like industry standard Metatrader 5!
JSM Markets deposit and withdrawal methods and fees
JSM Markets accepts crypto deposits as well as ones made with popular Russian payment provider QIWI – if you have deposited with the broker already, it is not very likely you will be able to get your money back – the company does not have anything to say on its fees and withdrawal policies in general on its website. Such vagueness is a key feature of scam brokers, and it always means that their clients will be taxed through the nose with absurd fees for just about anything JSM Markets can think of!
How does the scam work?
It is undeniable that JSM Markets is running a scam – the company also does that by following one of the oldest schemes out there – here is how that usually plays out:
First off, someone stumbles upon the website JSM Markets runs, and, on it, they are prompted to make an account and leave their phone number. If they do so, the scammers will start calling around the clock to demand deposits. The criminals are both extremely skillful in manipulation their victims and utterly ruthless – more and more money will be taken from the victim until they run completely dry, at which point, the scammers will simply move on to newer targets and cease all communication!
What to do when scammed?
If you recognize yourself in the model described above, you either have been, or are being, scammed – here is what you need to do to limit further losses:
First off, recall what forms of ID, credit cards and so on the scammers had access to – and get new ones issued ASAP. Also, remove any remote control software they had you install on your PC!
Secondly, look into your available chargeback options – contact your bank and explain your predicament, they will walk you through them. But do not trust any recovery agency that demands an upfront payment for its services – that is simply another scam.
Finally, do not hesitate to leave a comment with your thoughts on JSM Markets in the section below – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat it!
