JRFX Review 2024 — More red flags than trading assets!

In today’s JRFX review on Forex Trading Bonus we are going to delve deep into the assets, safety, platforms, accounts, payments, and many more of the broker and define whether JRFX is legit or not. So, stay tuned.

JRFX Forex Broker History

The JRFX website is operated by the company of the same name, which is a subsidiary of the UP WAY GLOBAL Group. The JRFX broker is a regulated Forex and CFDs broker overseen in the British Virgin Islands by the FSC, raising some suspicions about whether you can trust an offshore-regulated broker. The Financial Services Commission of the British Virgin Islands (BVI FSC) is an offshore regulator of FX brokers and is not very strict towards brokers, which is never a good thing for traders. The broker was established in 2010 but has little to no online presence and trade feedback raising again another red flags about its legitimacy and safety. The absence of trader feedback is always a drawback for a broker with many years in the industry. JRFX reviews are also mostly negative or non-existent across the web, strengthening our suspicions further. Another drawback of JRFX is its limited number of trading instruments in four asset classes. Here is the list of provided assets and instruments:

• 6 Forex pairs
• 4 commodities
• 5 popular indices
• 5 US stocks

Maybe this is the reason why there are so few reviews and trader feedback about JRFX. The spreads are very expensive on two of the three trading account types JRFX provides to its traders. No FX trader will be attracted to a broker who offers 2 pips spreads on EURUSD.

JRFX Broker Review of Accounts

The broker offers three account types, EasyPro, standard, and ECN. The spreads and overall trading terms are almost identical for EasyPro and standard accounts with minimum deposit starting from 100 USD, spreads on EURUSD being around 2 pips (1.5-1.95 pips), XAUUSD spreads being between 0.3-0.8 USD, and stocks having a minimum commission of 10 USD at 0.10%. The ECN account comes with lower spreads but charges trading commissions for Forex. The leverage is capped at 1:1000 and depending on the asset may be lower.

JRFX EasyPro Account

The EasyPro account comes with a minimum 100 USD deposit, 1.5-1.95 pips on EURUSD, 0.3-0.8 USD on Gold, and 10 USD minimum on US stocks. The account does not provide any advantages over the standard accounts and has the same specs. The industry average spreads are accepted to be around 1 pip, with some top brokers offering even lower. The 1.5-1.95 pips offering is nowhere near the competitive range and makes JRFX an unattractive broker.

JRFX Standard Account

The standard account also comes with exceptionally high spreads, the same leverage, and the same minimum deposit requirements as the EasyPro account. We can not see why the broker would offer two of the same accounts with different names.

JRFX ECN Account

The only account type that can hold a candle against the competition is the JRFX ECN account, with its spreads from 0 to 0.2 pips on major pairs. However, the ECN account charges a commission of 7 USD for Forex trading, and we could not define if this commission is round turn or per side. If it’s a round turn then it is fine, but if it is per turn then this account too becomes incredibly expensive and unattractive for scalpers.

JRFX Review of Trading Platforms

JRFX provides access to the advanced trading platform MetaTrader 4 which is very popular among Forex traders. The broker also provides its own trading platform, JRFX App, which is a mobile trading app supported by both Android and iOS devices. The broker provides few tools and no custom indicators to its MT4 platform. There are no other trading platforms and since MT4 is not very well-equipped for stock trading, it seems the broker provides its app for stock trading. The JRFX app is not as advanced as MT4 and has limited functionality, which is disadvantageous for stock traders.

JRFX Forex Review of Extra Features

JRFX provides several features including a 30 USD welcome bonus, Trading Central access for its clients, and market news and analysis. There is also an economic calendar, which is always useful to monitor important global economic events. Trading Central requires users to have an account with the broker to get signals. The News consists of real-time news from the financial sector, which are articles and insights about ongoing news. These news articles are not going to impact trading results as they are provided later when they are already priced in. However, it is still a good thing to have some news offered by the broker for its clients.

JRFX Education

JRFX provides a dedicated section on its website for education. This section consists of a Beginner’s Guide, trading basics, a help center, and trading rules, and provides basic articles about technical analysis. However, depending on how you access this menu, the items are different, which adds to the broker’s list of red flags. If you access the education section from the bottom of the site map, the list is different. There are many inconsistencies and errors in the articles, making us think that the website is rushed and lacks order. To return to our main focus, the educational resources of the JRFX do not provide enough materials to start from zero and become a profitable trader.

JRFX Review of Customer Support

The support is provided via numerous channels including online form, email, and hotline channels. There is no live chat, which is a huge disadvantage for traders. Any reputable broker must provide live chat as it is the fastest way to connect with the broker and resolve issues. The hotline, while being a fast method also, is not cost-effective and is useless for international traders. The support is 24/7 available but only supports the English language, which is yet another drawback. The website of the broker is multilingual and available in more than 5 languages.

JRFX Deposit and Withdrawal

The only place to find information about deposits and withdrawals is through the help center. Deposits are processed in 15 minutes and withdrawals will take from 1 hour to 24 hours. The information regarding payment methods is lacking on the website, which is another red flag. The broker accepts wire transfers, which are known for their lengthy transfer times and high costs. We could not find information about other supported payment methods, and assume it should be through bank cards as well.

JRFX Review Conclusion

JRFX fraud is definitely a possibility as the broker is overseen offshore and provides a handful of trading instruments for exceptionally high spreads. The accounts are three but two of them, EasyPro and Standard, are almost identical, while the ECN offers 0 pips spreads for 7 USD commissions. The spread for the other two accounts except ECN is from 1.5 pips on major pairs, which is incredibly expensive. The broker has no live chat nor multilingual support, and it is difficult to find important information regarding trading conditions.

Overall, we do not recommend trading with this broker as a JRFX scam is highly likely.