RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
JustMarkets has been in business for years as one of the better offshore brokers but has recently managed to obtain a CySEC-license and start offering services on the European market. We took a look at the broker to see what they had to offer and were pleasantly surprised. JustMarkets is a very affordable option – the broker charges low commissions and fees, offers cheap trading accounts, and is still able to provide its clients with access to a very good trading platform. However, more experienced traders might find this broker’s offer a bit limiting. Read the review below to find out more.
JustMarkets REGULATION AND SAFETY OF FUNDS
JustMarkets is based in Cyprus – the main EU regulatory hub – and licensed by the Cyprus Securities and Exchange Commission (CySEC).
CySEC is one of the strictest financial regulatory bodies in Europe – that is why brokers under its supervision are generally considered to be a safe and reliable investment choice. Such brokers operate under the Markets in Financial Instruments Directive (MiFID) – which means that they can freely offer services in all EEA countries without having to obtain a local license. This also means that there are some common requirements each and every EU broker has to meet in order to prove its financial stability and reliability. All CySEC-licensed brokers are asked to maintain the capital of at least €730 000 to prove their long-term approach and that they are well-capitalized. Client funds are kept in segregated bank accounts managed by third parties – this proves that client deposits and the broker’s own funds would not mix and therefore means that your money would be safe in case the broker becomes insolvent. All Cypriot brokers participate in a compensation fund – so in case your broker does go bankrupt, you would receive a compensation of up to €20 000 depending on the size of your investment. Finally, negative balance protection is a must – you can never lose more money than you have in your account.
Working with a broker that is under the supervision of a reputable regulator is essential if you want to trade trouble-free. You can be sure that such brokers conduct business in a fair and transparent manner and will be fined if they fail to meet some of the many requirements. As a Cypriot broker, JustMarkets can offer many protections to its clients – a license serves as a guarantee that you are dealing with a legitimate company authorized to offer financial services.
Here are some other CySEC-regulated brokers worth checking out:
JustMarkets TRADING SOFTWARE
JustMarkets offers the currently most popular platform in the world of trading – MetaTrader 5. However, at the present moment clients of the broker will only be able to access the desktop version of the software – the web version and the mobile versions for Android and iOS were all listed as “Coming Soon”. In contrast to that, many big brokerages will not only offer multiple versions of the same platform but also multiple platforms for every taste – MetaTrader 4, IRESS, or some sort of custom-made software.
The offer of an MT5 is not to be neglected – this platform has become a true favorite for many traders since its introduction in 2010. The software revolutionized the world of trading with its user-friendly, intuitive interface and the huge level of functionality it offers. You will be able to use tried-and-true tools like Expert Advisors, VPSs, and a multi-threaded, multi-currency Strategy Tester, develop your own trading bots and indicators, set trading signals or subscribe to those set by others, access a community chat, a market for additional trading apps, or a community calendar, and much more. This is definitely THE platform to try out if you are serious about trading.
If you want to trade on MT5, there is a decent number of brokers who can offer the platform:
JustMarkets TRADING CONDITIONS
With JustMarkets you would be able to trade over 100 instruments on two different account types. The products available for trading are 65 currency pairs, 4 metals, 2 energies, 11 indices, and 65 shares. This is a bit more limited than what some bigger brokerages can offer you but is still fairly decent – just do not expect to trade other commodities, cryptocurrencies, or any sorts of options or futures.
As mentioned, the broker offers two different account types – Pro and Raw Spread. The minimum deposit for both of them is just $100 which makes JustMarkets a very affordable broker. The base currencies you can open an account in are USD, EUR, and GBP. The broker offers swap-free, Islamic accounts for its Sharia-compliant customers.
The maximum leverage you could get on both the Pro and the Raw Spread account is 1:30 on forex majors – no surprises here. EU brokers are banned from offering rates higher than that to retail traders since trading with higher leverage could lead to bigger losses if you do not have the necessary knowledge and experience to handle it yet. However, if you qualify as a Professional Client and meet some additional requirements, you could get access to higher rates. To be considered a professional trader, a client must meet two of the following three conditions – to have net assets of at least $500 000, to have worked in a relevant position in the financial sphere for at least a year, or to have made a certain number of big trades in the past year. If these conditions are met, many brokers would be willing to offer you higher leverage. In the case of JustMarkets, just how high depends on your equity. If you have less than $39 999,99 in your account, you could potentially trade with leverage of up to 1:300. If you have between $40 000 and $199 999,99, you would be able to go up to 1:200. For sums higher than that, the maximum leverage is up to 1:100.
JustMarkets offers great spreads – it is the spreads that are the main difference between the Pro and Raw Spread account. On the Pro account, the spreads start from 0.1 pips while on the Raw Spread the minimum is 0 pips. However, you would not have to pay any commissions on a Pro account while on the Raw Spread one, you would have to pay $3 per lot per side – or in other words $6 per lot round-turn. This still means that JustMarkets is a quite affordable, low-cost broker – we would consider something around 1.5 pips as average and this broker can offer far lower rates.
|Pro Account||Raw Spread Account|
|Base Currencies||USD, EUR, GBP||USD, EUR, GBP|
|Leverage||1:30 for retail clients, 1:300 for professional clients||1:30 for retail clients, 1:300 for professional clients|
|Spreads||starting from 0.1 pips||starting from 0 pips|
|Commission||No||$6 per lot|
JustMarkets DEPOSIT/WITHDRAWAL METHODS AND FEES
JustMarkets offers a decent variety of deposit and withdrawal methods – what is even better is that the broker does not charge any fees on either deposits or withdrawals. You would be able to deposit with your Visa or MasterCard card, or through Google pay – such deposits are processed instantly while withdrawals take between 4 and 10 banking days.
You would also be able to deposit via wire transfer – just remember that although the broker itself does not charge any payment fees, your bank probably will. The fee for an international wire transfer could go up to $50 which is why it is best to use this payment method if you are transferring a larger amount of money. Such transactions also take longer to process – 1 to 6 banking days for both deposits and withdrawals.
You would also be able to make a payment to JustMarkets through an e-wallet like Skrill or Neteller. Deposits are instant while withdrawals can take between 1 and 2 hours.
All in all, JustMarkets is not a bad choice if you are looking for an EU-regulated broker to start trading with. The broker offers affordable accounts, decent spreads, and low commissions as well as a highly functional trading platform. However, the number of instruments you would be able to trade might seem a bit limited for more experienced traders. Moreover, there are only two account types that only offer slightly different conditions. JustMarkets is worth checking out – it might be the right broker for you. However, we would still suggest that you also take a look at some other big brokerages in order to be able to make a more educated choice.