JCMFX offers 2 forex trading account types, MINI and STANDARD, along with free demo accounts with unlimited duration for beginner traders. Both account types provide the same variable spreads, high leverage levels up to 1:1000 and the opportunity to trade in micro lots.
In addition, there are Islamic (swap-free) accounts with this broker that do not involve any interest/swap charges on overnight positions.
The Company. Security of Funds
Founded in 2014, JCMFX offers trading in more than 50 currency pairs, CFDs, equity indices and precious metals on the widely used MetaTrader 4 platform. Behind the brand JCMFX is Joint Capital Management LTD, a company registered by the Financial Services Authority (FSA) of ST. Vincent and the Grenadines (SVG).
SVG is a Caribbean island, where registration procedure for forex brokerages as International Business Companies (IBC) is simple and inexpensive and they face limited regulatory supervision, if any. In fact, to say that brokers registered in the SVG are regulated, would be an exaggeration.
That is why we generally advise traders to avoid offshore companies and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC.
Despite its looser regulation, however, JCMFX appears to be a decent broker, as we checked out a number of user reviews on some of the most popular forex sites.
Minimum Initial Deposit
In order to open an account with JCMFX, one has to deposit $10, which is a low minimum initial requirement. In comparison, another offshore brokerage, FX Choice, requires $100 as a start, but this applies to all account types (including the ECN one).
Average spreads & Commissions
This brokerage doesn’t charge any commission fees. Nonetheless, the variable spreads offered by JCMFX are averaged above 1.5 pips on EUR/USD and are therefore considered comparatively high for the forex industry.
In comparison, FX Choice provides average spreads amounting to 1.2 pips on EUR/USD on its commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by JCMFX are high, reaching 1:1000. Most brokers offer leverage within the range of 1:200 – 1:500. FX Choice for example provides leverage up to 1:200.
We advise traders to exercise caution when using higher leverage levels, for they may not only multiply their earnings on a small deposit, but also lead to losses exceeding initial investments.
JCMFX supports the most popular platforms among traders – MetaTrader 4 (MT4), available as PC and mobile versions. JCMFX’s MT4 offers more than 30 technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades. In this regard, the broker also provides the use of VPS (virtual private server) to customers who are using EAs to trade, allowing trading robots work more efficiently due to a high-quality broadband Internet connection.
Here you may look up more forex brokers offering MT4 platform.
JCMFX seems to be a generous brokerage, as it offers several types of bonuses:
– no-deposit welcome bonus of $30, provided for 60 days. Keep in mind that the maximum leverage of accounts participating in this promotion is 1:100.
-100% on-deposit bonus up to $1000 for deposits of at least $100. It may be withdrawn only after certain volume requirements are met. Maximum Leverage of Accounts participating in this promotion is 1:500.
– 20% rescue bonus up to $1000. One has to deposit a minimum amount $100 to be eligible for this promotion.
All bonuses are intended for trading purposes only, but profits made by investing the credited bonuses may be withdrawn.
Methods of Payment
JCMFX offers its clients the following payment modes: credit/debit card, bank wire transfer, and popular e-wallets Skrill, Neteller, and FasaPay.
JCMFX is an offshore MT4 broker that provides online trading services in forex and various CFDs. Except its light-touch regulation, the main disadvantage with regard to this broker is that its spreads seem a bit high.
JCMFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about JCMFX Review.