Think of trading with Jmtrade.com platform? Is this broker a reliable broker to trust? You seem to be uncertain about the broker let’s read JM Trade reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About JM Trade
JM Trade FX otherwise known as Jmtrade.com is an offshore brokerage with the trading name JM Financial LLC and JM Financial LLC. The forex company claims incorporation in St. Vincent and the Grenadines.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. It also presents a zero spread difference in Buy/Sell.
JM Trade offers variety of account types such as —-
JM Trade Minimum Deposit
JM Trade deposit is indicated $250 based on the account type. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, JM Trade accepts deposit via credit/ debit cards for traders.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
JM Trade withdrawal can be processed within 3 to 5 business days on any withdrawal request. However, the broker provides no clear description on trade requirements and withdrawal fees that must be met before a withdrawal.
JM Trade Platform:
JM Trade FX claims to offer its own trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
JM Trade leverage is specified 1:400 for forex major. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about Jmtrade.com Broker Regulation
First of, Jmtrade.com shows registered address in St. Vincent and the Grenadines. To confirm our suspicions,
St. Vincent and the Grenadines (SVG) is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
More so, JM Trade does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
JM Trade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
JM Trade FX located at Jmtrade.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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