Jet Trade Markets review – 5 things you should know about jettrademarkets.com

Jet Trade Markets review – 5 things you should know about jettrademarkets.com

Rating: 1

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

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Jet Trade Markets is a questionable offshore broker that does not provide clear information about its ownership and trading conditions. Although Jet Trade Markets appears to be affiliated with companies registered in Australia, we cannot rule out the possibility of it being a scam. At best, it is an unregulated broker that does not provide any guarantees about the safety of your funds. We therefore recommend that you avoid Jet Trade Markets and use the services of more credible brokerage firms instead.

JET TRADE MARKETS REGULATION AND SAFETY OF FUNDS

According to the Legal Risk Disclamer and the Terms and Conditions, Jet Trade Markets is a trade name of GFY Markets Ltd. This company is said to be incorporated in Saint Vincent of the Grenadines (SVG).

Sometimes legitimate brokers register subsidiaries in offshore areas such as SVG to compete more effectively in unregulated markets in Africa and Asia. However, the complete lack of regulation in the SVG also makes this jurisdiction very attractive to shady brokers and fraudsters. While this country has a financial regulator, unlike other offshore areas, it does not license or regulate the activities of forex and CFD brokers. Тhe Financial Services Authority (FSA) of St. Vincent and the Grenadines has repeatedly issued warnings on this issue, with the latest such warning dated 23 June 2021.

Although unregulated, financial services companies are usually listed in the FSA database. However, we could not find anything there about GFY Markets Ltd, which raises questions about whether the information about where the broker is based is correct.

The footer of the website also mentions another company, Jet Trade Pty Ltd, but without specifying its relationship to Jet Trade Markets. This company is based in Australia. However, the Australian Securities and Exchanges Commission (ASIC) registry does not publicly provide information about websites used by companies. This omission is often exploited by fraudsters who illegally use the names of legitimate companies.

A general internet search shows that Jet Trade Pty Ltd is a corporate authorised representative of ACY Capital Pty Ltd – a company that operates another broker, Synergy Markets /synergymarkets.com/. Jet Trade Markets’ website looks like a stripped-down version of Synergy Markets. There is not enough information to judge whether these are scammers copying the website of a legitimate broker or different projects of the same companies.

Jet Trade Markets’s terms and conditions are solely on behalf of SVG-based GFY Markets Ltd, so it’s at least certainly clear that it’s not a regulated broker.

In the “About” menu of the trading platform used by Jet Trade Markets we find the name of yet another company, DK International Pty Ltd, which is not mentioned either on the website or in the legal documentation. This company is also based in Australia and, according to the Registrar of Companies, has had a different name in the past – Jet Trade Markets Pty Ltd.

These inconsistencies and legal obscurity do not inspire confidence in the Jet Trade Markets. When you invest your money, you need to make sure you know exactly who you are working with. Jet Trade Markets is either a scam or an offshore broker with an unclear owner. In any case it would be wiser to approach a duly licensed broker. Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

JET TRADE MARKETS TRADING SOFTWARE

Jet Trade Markets uses one of the most popular trading platforms among brokers, MetaTrader 5 (MT5). Registering a live account requires identity and address verification, which is why we were only able to test the software’s functionality with a Demo account. Here’s how it looks:

The existence of a trading platform is not in itself a guarantee that the Jet Trade Markets is legitimate and offers real trading. You could always use the services of a regulated broker, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed.

These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customized scripts for backtesting trading strategies.

JET TRADE MARKETS TRADING CONDITIONS

According to the website, Jet Trade Markets offers three account types – Trader, Trader Pro and Trader Elite, with two base currency options – Australian dollar and US dollar. The description of the trade terms is incomplete and vague, which casts an additional shadow of doubt on the legitimacy of this broker.

There are no specific parameters for the base account. The Pro account is described as an ECN-type account with raw spreads and a commission of 5 USD per side per lot. The Elite account also has a raw spread and a lower commission of 2 USD, but there is also a monthly fee of 5% of weighted average equity per month, but no less than 50 USD. This fee is not charged if the monthly trading volume exceeds 5 round turn lots.

These conditions are relatively competitive if the raw spreads are actually close to zero. As we were only able to test the trading platform with a Demo account, we cannot confirm what the actual spreads of Jet Trade Markets are.

The minimum deposit is specified only for the Elite account – 1000 USD. Many legitimate brokers allow you to create an account with a ten times lower amount.

There is no information on the website about leverage. After registration of an account there is an option to set the level up to 1:400. Such levels can only be seen with unregulated offshore brokers. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. EU regulators limit leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules currently apply to Australia. In the US, the maximum limit is slightly higher at 1:50.

JET TRADE MARKETS DEPOSIT/WITHDRAW METHODS AND FEES

In the FAQ section it is stated that bank transfer, credit/debit cards and e-wallets are used to deposit and withdraw funds, with special mention of Neteller. However, there is only one option in the deposit menu, bank transfer.

The only fee specified in the text of the Terms and Conditions is an inactivity fee. if the account has not been used for 6 months, you will be charged 5 USD per month.

HOW DOES THE SCAM WORK

Trading in financial instruments is a risky business even for experienced investors using the services of reliable brokers. For newcomers, there is also the risk of being deceived by the many scam websites posing as brokerages. These websites are operated by skilled and cunning scammers who lure you with promises of easy profits. Usually these scammers promise to take care of all the bits and pieces of investment for you, but many even use real trading platforms to fool you that your money is really being invested. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.

But your money is not invested and you will never see the promised returns. When you ask to withdraw even a portion of your money, you will be surprised by impossible to meet minimum trading volume requirements and hidden fees that amount to tens of percentages of your funds. Scammers hide behind fake names and offshore companies that are uncontrolled and unregulated, so it will be impossible to hold them accountable.

WHAT TO DO WHEN SCAMMED

If you find yourself in a similar situation, you can request a chargeback. However, this option is only possible if you have used a credit or debit card for the transactions. Visa and MasterCard allow this to be done within 540 days. But if you have provided the scammers with proof of identity, such as an ID or proof of address, these claims can be disputed. Bank wire transfer or cryptocurrency transactions are non-refundable.

In any case, you should inform the relevant authorities in your country about the activities of the scammers and warn other potential victims online. You should not trust offers to return your money for an upfront fee. This is also a known scam and all testimonials from satisfied customers are fake.

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