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JCMFX Review

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JCMFX was founded in 2014. This broker has more than 50 currency pairs, CFDs, stock indices, and precious metals. JCMFX uses the most modern platform of the company Metaquotes, the Metatrader 5 (MT5). Joint Capital Management LTD is the company behind the trademark JCMFX. This company is registered by the Financial Services Authority (FSA) of ST. Vincent and the Grenadines (SVG).

Vincent and the Grenadines is a Caribbean island, where the registration process for Forex brokers as International Business Companies (IBC) is straightforward and quite economical. Under this jurisdiction, brokers registered there face very limited regulatory oversight.

We always recommend brokers regulated by trusted authorities such as the UK FCA or the Australian ASIC. However, being an offshore broker is not synonymous with being a scam broker as many assume. In fact, JCMFX, despite having more flexible regulation, seems to be a reliable broker. We have reviewed several user reviews on some of the most popular forex websites, and opinions about this broker are quite positive.

ACCOUNT TYPES

JCMFX offers two types of trading accounts for trading in currencies. Accounts are called MINI and STANDARD. There is also a free demo account with unlimited duration for beginner traders. The two account types offer the same variable spreads, quite high leverage levels, up to 1:1000, and the option to trade with micro-lots.

Here are the main features of the 2 accounts offered by JCMFX:

MINI Account:

  • Base Currency Options USD, EUR, GBP, JPY, CHF, AUD
  • Contract Size 1000
  • Leverage 1:1 to 1:1000
  • Spread on all majors As Low as 1.2 Pip
  • Commission No Commission
  • Maximum open/pending orders 200 Positions
  • Lot restriction per ticket 100 Lots
  • Hedging allowed 200 Positions
  • Islamic Account Optional Yes
  • Minimum Deposit 10 USD

Standard Account:

  • Base Currency Options USD, EUR, GBP, JPY, CHF, AUD
  • Contract Size 1000
  • Leverage 1:1 to 1:1000
  • Spread on all majors As Low as 1.2 Pip
  • Commission No Commission
  • Maximum open/pending orders 200 Positions
  • Lot restriction per ticket 50 Lots
  • Hedging allowed 200 Positions
  • Islamic Account Optional Yes
  • Minimum Deposit 100 USD

Also, there are Islamic accounts with this broker. Swaps are not applied to these accounts; that is, no interest applies to positions that remain open overnight.

PLATFORMS

JCMFX is compatible with the most popular platform among traders: Metatrader, this time in its most modern version, MT5. The platform is available both in the desktop version, for use on a computer, and in a mobile version, so that you can use it on your mobile devices such as smartphones or tablets. The JCMFX MT5 features more than 30 technical indicators, a back-testing environment for analyzing your strategies, an advanced graphics package, and an extensive range of Expert Advisors (EA), allowing you to automate your operations fully.

On the other hand, JCMFX also provides the use of a VPS (virtual private server) to traders who use Eas (expert advisors) to trade, thus allowing commercial robots to act most efficiently if you have a high-speed broadband Internet connection.

LEVERAGE

The maximum leverage rates offered by this broker are very high, reaching 1:1000. Most brokers provide leverage within a range of 1:200 – 1:500. We advise novice traders to be careful when using very high leverage levels, as not only can they multiply their earnings on a small deposit, but they can also have losses that exceed the initial investment.

TRADE SIZES

Nowhere on the broker’s website have we been able to find the minimum trade sizes to start trading. We are quite sure, analyzing the available bonuses and the minimum deposits required, that the minimum trade size will be 0.01 lot (micro lot).

TRADING COSTS

This broker is advertised as a broker without commissions in trading. Nor does he have commissions on deposits and withdrawals. The only expense we will have with this broker, as with any other, will be the Swaps, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

This broker has more than 50 currency pairs, CFDs, stock indexes, and precious metals.

SPREADS

The spreads offered by JCMFX are variable and average more than 1.2 pips in EUR / USD. Therefore, we consider them, compared with other brokers, slightly higher than the average of the sector, which would be in 1 pip.

MINIMUM DEPOSIT

In order to open a trading account with JCMFX, a minimum deposit of 10 USD is required. We consider this to be a shallow initial requirement.

DEPOSIT METHODS & COSTS

JCMFX has the following payment methods for its clients:

Credit or debit card, bank transfer, and e-wallets like Skrill, Neteller, Fasapay, and Union Pay. All deposits are instantaneous, minus the bank transfer that may take 2 to 5 days to appear in your trading account. This broker does not charge any commission for deposits or withdrawals.

WITHDRAWAL METHODS – PROCESSING & WAIT TIME

The withdrawal methods are the same, as we have seen in the previous section. Always remember that the same system should be used for deposits and withdrawals. The broker announces that he will not charge any commission for withdrawals. Withdrawal waiting times are instantaneous for bank card and Union Pay withdrawals and takes 3-5 days for withdrawals made with Skrill, Neteller, and Fasa Pay. Withdrawals made by bank transfer will be delayed between 7 working days.

BONUSES & PROMOTIONS

JCMFX seems to be a generous broker, offering 4 types of bonuses:

– Welcome bonus: No deposit required, just by opening a trading account, the broker deposits you at your balance of 30 USD. This bonus is available for 60 days. This promotion is only valid for new customers. The bonus is not removable, but the winnings you make with it. Please note that the maximum leverage allowed in the accounts participating in this promotion is 1:100.

-100% deposit bonus up to 1,000 USD. It is a deposit promotion of at least 100 USD, up to a maximum of 1,000 USD. You can withdraw after meeting certain volume requirements. This bonus is also intended to open new accounts. The maximum leverage of the accounts that will participate in this promotion is 1:500.

– 20% bonus up to a maximum of 1000 USD. The trader has to deposit a minimum amount of 100 USD to be able to participate in this promotion. The previous 100% commented bonus is more attractive.

– 60% bonus, up to a maximum of 1000 USD. Another promotion is also applicable only to new customers. The amount of the bonus cannot be withdrawn, but the winnings generated with it can be withdrawn.

All bonuses are intended for commercial purposes, but gains from investing the bonuses earned can be withdrawn.

JCMFX broker also has an Introducing Broker program. Basically, if a customer succeeds in making new clients for this broker, he will be rewarded with commissions that are generated by their operative.

EDUCATIONAL & TRADING TOOLS

In this area, we find little content of interest to the trader. There is hardly an economic calendar available, which we always consider very important so that traders can consult, daily, the most important events of the day, and that can affect their trading, and then we find a section, where the broker tries to explain the most basic concepts like, which is Forex and how it works, and something similar with CFDs.

CUSTOMER SERVICE

JCMFX has several ways to contact customer service. We have a telephone, email, a contact form on the web, and a live chat. The details are as follows:

Email: support@jcmfx.com

Teléfono: +85 28199 9515 ; +852 8191 5066

Suite 305, Centro Corporativo Griffith, Kingstown, San Vicente y las Granadinas.

 

DEMO ACCOUNT

It is quite common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. JCMFX demo accounts do not have an expiry date, and so you can use them as long as you want. Demo accounts that have been inactive for longer than 120 days from the last login will be closed.

COUNTRIES ACCEPTED

Joint Capital Management Ltd (JCMFX) does not provide services for citizens of certain regions, such as The United States, North Korea, Iran, Myanmar, Iraq, Cuba, Sudan, and Syria.

CONCLUSION

JCMFX is an offshore broker that offers online Forex trading services and a variety of CFDs on indexes and commodities. This broker uses the most modern platform of the company Metaquotes, the MT5 platform. Aside from its “poor” regulation, the main disadvantage compared to other better-regulated brokers is that their spreads seem to be a little high. We liked the variety of systems for making deposits and withdrawals, and that both are free and commission-free. It also has various welcome bonuses for new users, which can be taken advantage of if you know how to trade well.

Here is a summary of the pros and cons of JCMFX:

Advantages:

  • MT5 available
  • Low initial deposit
  • No commission trading
  • High levels of leverage are offered
  • Good bonuses, one of them available without making an initial deposit

Disadvantages:

  • Loose regulation
  • Typical spread in EUR/USD above 1.2 pips

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