JCMFX Broker Review
Based in St. Vincent and the Grenadines, JMCFX is an online forex broker that has been online since 2015. Their parent company is Joint Capital Management Ltd and they are regulated by the FSA. They have some features and offers which seem attractive on the surface but they lose that appeal once you really examine them. If you are considering registering with them, take some time read our JCMFX scam review first before making your final decision.
JCMFX Customer Support
You can reach JMCFX’s customer support team via:
- Live chat
These methods are standard and expected of brokers. However, the methods are not the all that matters. The quality of service is also important. And it is safe to safe to say that the service being offered by JCMFX leaves a lot to be desired.
For example, they claim to quickly approve documents in 48 hours. They also claim to treat clients with courtesy and the utmost respect. But, these are merely claims. There are numerous JCMFX reviews by traders which show that they fail to not only approve documents in 48 hours. But they also fail to treat clients with the courtesy and respect they so rightfully deserve.
JCMFX Bonus Review
JCMFX currently offers 3 bonus options:
- 20% Rescue Bonus
- 100% Bonus capped at $1000
- $30 Free No Deposit Bonus
These are a few rules which apply to all their bonuses:
- All bonuses cap at $1000
- You must notify JCMFX via Email when you wish to apply for a bonus
- The STP account does not qualify for any bonus except the No Deposit Bonus
- JCMFX can withdraw their bonus at any time without any explanation
- All bonus is credit, not actual cash
- You can withdraw funds from your account however if you do then the bonus will be removed completely
20% Rescue Bonus
You should receive 20% of any deposit made into your account when you register for the 20% Rescue Bonus. However, that 20% cannot exceed $1000. If for example, you deposit $12000, you can only receive $1000 as a bonus even though 20% of $12000 is $2200.
This bonus, like the 20% bonus caps at $1000. Therefore, even if you deposit $10,000, you will only receive $1000 as your bonus. One of the terms of this bonus is that anyone who uses it has a maximum leverage of 1:500. You also need to have started an account with a minimum deposit of $100 before you qualify.
If the funds from this account are made via internal transfers or anything besides a direct deposit, then you will not qualify.
Another condition is if you meet JCMFX’s volume requirements, then you can add your bonus to your withdrawable balance and withdraw it. However, if you do not then the bonus stands only as credit. It also has a lifespan of 3 months and once that time has passed then the bonus will be completely removed from your account.
And, if your cash balance goes below the bonus amount then the bonus is removed immediately. In other words, the amount of cash you have in your account must always be more than the bonus credit for you to use the bonus.
$30 No Deposit bonus
This will only stay in your account for 60 days. After that time, it is removed. The maximum leverage for an account opened with the no deposit bonus is 1:100. If you use the no deposit bonus then you cannot use any other bonus being offered by JCMFX.
As we mentioned before, JCMFX’s bonuses seem really attractive at first glance but upon further inspection, you realize that there is a lot you need to be aware of and they aren’t as great as they seem.
There are currently two account types being offered by the JCMFX broker:
- Mini ($10 minimum deposit)
- Standard ($100 minimum deposit)
Even though the Standard account is ten times the cost of the Mini account, there are not many notable differences between both accounts.
The only differences between both accounts are the lot restriction per ticket with the Mini account having 100 lots and the Standard account having 50 lots.
Besides that, and the minimum deposit, both accounts are practically the same.
Both accounts have a contract size of 1000. They also both have the same base currencies:
Both of their leverage ranges are the same, 1:1 to 1:1000, they both have 200 maximum positions and the same number allowed for hedging. They are also both eligible to be Islamic accounts. Each account also has spreads as low as 1.2 pips but there are complaints from many of their past and present clients who state that the JCMFX forex broker messes with spreads causing them to suffer major losses.
The only platform offered by JCMFX is MT4. The only good thing about this is that they offer the MT4 platform on a wide range of devices, making it easy to access no matter where you are. However, the main problem is with the platform itself which does not perform like how one would expect the MT4 platform to perform.
They claim that it offers several features but we have found that many are lacking.
There are no EAs as they claim on their website, the technical analysis is poor and there are far less than 1000 instruments available. JCMFX opinion must be that their clients are stupid which is why they are trying to trick them with such a poor performing version of the mT4 platform.
At the end of the day, whatever they are claiming is downright false.
Deposit and Withdrawals
Withdrawals and deposits can be done via several methods:
- Wire transfer
JCMFX Review Conclusion
All things considered, JCMFX may be regulated but that does not excuse their poor performance, disrespectful treatment of clients and false claims. We advise you save yourself time, money and energy and register with a better broker.