The number of online brokers in the market is uncountable. While there is nothing wrong with making money through online trading, there are a sizeable number of dishonest brokers who give the industry a bad name. These scam brokers have made hardworking investors lose thousands of dollars. And the sad thing is that most get away with it. If you have been a victim of a scam, schedule a free consultation with us, and we will work with you to reclaim your money.
In this JCX Broker review, we will open your eyes to the fraud that is this broker. We will show you the red flags that an investor could use to discern this broker as a scam.
About JCX Broker
There is not much information you can find about JCX Broker and its owners. But we do know that it operates from the EU region and presents itself as an international firm. It provides the MetaTrader 4 trading platform that is available in a web or mobile version. JCX Broker boasts of providing favorable trading conditions. Traders can trade in stocks, indices, forex, commodities, precious metals, futures, and energies. It provides a leverage of up to 1:300. There are three account tiers – Basic, Gold, and Platinum. You can also get a demo and an Islamic account. There is no mention of the minimum deposit required to start trading, but the minimum withdrawal amount is $50. Withdrawals can take 5-8 days when done through credit cards and 3 working days when done through bank transfer.
Is JCX Broker Regulated?
No, JCX Broker is not regulated. The regulators in the European Economic Area (EEA) are strict in protecting the interests of investors, and brokers must operate honestly and transparently. But JCX Broker has not bothered to protect its clients by registering under a regulatory body. It is operating in the EEA illegally. Operating with the broker puts your funds at risk. You should note that having regulation does not automatically prove a broker is legit. Numerous regulated brokers have been known to scam investors. An honest broker will have regulation and stick to the rules set out by the regulator to protect investors.
How Secure are Investors' Funds with JCX Broker
One advantage of regulation is that brokers are required to segregate the firm's funds from investors' funds. This ensures that investors do not lose their money if the broker goes bankrupt. JCX Broker's lack of regulation means that investors don't get this protection. In case the firm goes bankrupt, it could use investors' money to pay off creditors.
JCX Broker's Anonymity
An honest broker is keen to share information about its company, registration, location, and history. But this is not the case with JCX Broker. There is no mention of a company, no license, and no address. We cannot even tell how long the broker has been in operation. This anonymity is a major red flag. Investors have no idea who their money gets to or where the recipients of their hard-earned money are based. With no regulation and no transparency in its ownership, JCX Broker has made it easy to scam investors and get away with it. Unlike other legitimate brokers, JCX Broker does not provide vital information like spreads, trade sizes, minimum requirements for each account, or information about commissions and swap fees. You need an account to know these details.
But the fact is a trader needs to know these details to decide if they should join the broker. JCX Broker's failure to provide this information to non-account holders is a trap to get traders to open an account. And once the account managers get your details, they are bound to pressure you into investing as much as possible. Lack of regulation, insecurity of funds, and unreasonable anonymity are enough reasons to conclude this JCX Broker review and call the broker a scam. But let's dig up some more info.
JCX Broker's Poor Customer Service
Such an anonymous broker should have a highly responsive customer support system. But again, this is not the case. JCX Broker does not have an FAQ page or live chat function that would enable investors to get quick and efficient support.
Poor Website Design: Another Reason Not to Trust JCX Broker
With all the shortcomings we have mentioned, you would expect the broker to have a professional website design to redeem its image. But no. Everything from the colors used to the font of the text is poor and shows a lack of effort. A lack of commitment to building an attractive website means JCX Broker is only out to swindle investors and move on to another scam project. It has no plans for building a reputable brand.
JCX Broker's Deposit Fees
Knowing that investors will not make an additional investment after finding out about the broker's scam ways, JCX Broker charges a transaction fee of 2.5-3% of the deposit amount. It sums up to a prohibitive cost if the investor makes a lot of small deposits. And so to save on costs, the investor has to make one large deposit, only to lose it.
JCX Broker Website Is Down
We have mentioned that JCX Broker has no plans for the future. Its only mission is to scam investors. And as a confirmation of this, we noticed that the website is currently not in operation. It could have closed down after the countless complaints from investors who have exposed its scammy ways. Or the brains behind it could be planning on coming back with improved strategies to scam more investors under the same name or a different name.
JCX Broker Review Conclusion: Avoid This Broker
With more than five red flags, as we have seen in this JCX Broker review, this is a scam forex broker. It is unprofessional, unregulated, and provides no details about the company. It has also held back the important information that investors need to make a sound decision when opening an account with the broker.
You cannot trust it with your money. If you have already lost your funds to JCX Broker or your money is trapped there, don't worry. Everyone makes mistakes, and we can work with you to recover it. Schedule a free consultation, and let us get started.