JustProForex Review (2023)

Is JustProForex a scam or a legit broker?

JustProForex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is JustProForex?

JustProForex offers its clients to trade FX, metals, CFDs (on shares, indices, commodities, bonds, ETF, cryptos) and exchange-traded Physical Stocks. It promises trading at core spreads (Brokers with Low Spreads) paying very low commissions according to your order size. Positive slippage is also enabled; trading on MT4+, MT5+ desktop and web (Explore Best MT5 Brokers) and other third-party platforms equipped with custom add-ons and indicators. The broker claims to use world-class, renowned auditors, and all clients’ funds are fully segregated and kept secure within UK and German banking institutions. Let’s have a look at what JustProForex statements are true and what are false.

Licenses & Regulation

Is JustProForex regulated?

It is not safe to trade with JustProForex, as it is an offshore company (Regulated Forex Brokers in Europe). Justproforex Overseas Ltd is authorised and regulated by the Vanuatu Financial Services Commission with license number 17933, is a subsidiary of justproforex Group Ltd and shares the “justproforex Brokers” trading name. 

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, to pay a fee, and within 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades and more.

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

Is JustProForex a scam?

According to the website, JustProForex Group Ltd operates under strict European regulations, is regulated and licensed by CySEC (Cyprus) (You can check CySEC regulated broker’s review by the link Triumph FX), is MIFID II compliant, and is also registered with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Germany) (Read LegacyFX Review that is also a BaFin regulated forex broker), the FCA (UK) (Read about FCA Regulated Fortrade LTD)and the ACPR (France). JustProForex Group Ltd is also a member of the ICF (Investor Compensation Fund). However, the registration details provided by the broker belong to another regulated company that has no association with JustProForex. 

The broker is not regulated and has been misleading its clients with false regulatory information. Moreover, the Cyprus Securities and Exchange Commission has included JustProForex in its warning list:

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As PBN Trade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

We have also noticed that JustProForex has the same website interface as the blacklisted and suspended FX Premium, and there is a chance JustProForex is a “new face” of a FX Premium, therefore it should be avoided at all cost. You can read our full FX Premium review here.

JustProForex in India

JustProForex allows Indian traders to open accounts and trade. However, JustProForex has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

JustProForex in the USA

The United States is one of the countries that is not accepted by JustProForex. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for JustProForex, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

The minimum deposit requirement is 500 USD. 

The broker offers the following payment methods: Visa, Mastercard, Wirecard, Barclays, Skrill, Sofort, Bitcoin, Litecoin, Ethereum, Bank Deposits, Western Union and MoneyGram.

The broker does not provide any information about withdrawals.

Demo Account

We couldn’t find any information about the Demo Account on JustProForex platform. 

Conclusion

Overall, there is not a sustainable trust to the delivered JustProForex trading environment since there are many complaints from the broker’s clients along with the official statement from the regulator.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about JustProForex. So you may share your experience or thoughts or discuss them below or ask us for additional information.