Review of JFS Brokers: Professional Opinion
The company JFS Brokers attracts clients with favorable conditions, wide multilingual support, and the possibility of learning on a demo account. However, behind the promises lies something else. What is actually hidden behind the organization’s veil, and what traders say about it is detailed in this review.
Insights Found on the JFS Brokers Website
The company boasts an impressive visual appearance on its website jfsbrokers.com, which initially looks attractive.
You will find an extensive section with educational materials, as well as news, press reviews, and even information about vacancies. For a novice or inexperienced user, all this creates a sense of reliability. Nonetheless, it is essential to verify all the information independently. For example, you can look into the company’s history. The website states that the broker has been operating since 2001.
However, upon closer examination of server reports, it is revealed that the domain name was only registered in 2020.
Online reviews also confirm the company’s youth. No mentions of JFS Brokers before 2021 were found, which seems implausible for a company claiming to have a 20-year history.
The company’s addresses listed in the footer of the website are in business centers and skyscrapers. This creates an impression of reliability, although the authenticity of this information is challenging to verify.
Like many international companies, JFS Brokers has its own YouTube channel. However, there are no links to the channel on the website, possibly due to low activity (2 subscribers) and content consisting solely of reviews praising the broker’s superiority.
The creation of the channel around the same time as the domain registration confirms the recent start of the company, contradicting their claims of a long successful history.
The “Press About Us” section on the website is incomplete and does not shed light on the nature and quality of the information.
Accreditation and Licensing: Realities of JFS Brokers’ Operations
Every broker should have a place of registration and a license confirming oversight by financial regulators. In this regard, JFS Brokers surprises with its vague approach. On one resource, the company is depicted under a foreign investment company’s trademark.
To demonstrate seriousness, the company’s details are presented on the Financial Conduct Authority (FCA) website. Indeed, the firm is registered under the control of this regulator.
However, it is essential to note that Friendly Societies are not associated with stock exchanges and forex but are non-commercial organizations formed for mutual support. There is no indication of active participation in financial transactions here; the purpose of these societies differs from a broker’s functions. The role of the financial regulator here is to guarantee the safety of participants’ funds.
Additionally, JFS Brokers claim that the UK-based company is registered in St. Vincent and the Grenadines. Attempts to find support for such claims proved futile, as essential documents such as “Terms and Conditions” and “Privacy Policy” are missing.
For companies operating in Russia and having representations there, a license from the Central Bank is mandatory. JFS Brokers do not meet this requirement.
These facts indicate the company’s lack of transparency regarding its legal and regulatory status, the absence of necessary documentation for registration and regulation of its activities.
Selection of Account Types and Trading Conditions at JFS Brokers
Upon registration on the website, a choice of four account types is offered. Each differs in minimum deposit requirements, spreads, and leverage conditions.
The use of high leverage levels becomes noticeable – ranging from 1:100 to 1:500. Such offers are characteristic of fraudulent schemes; reputable companies adhere to international regulators’ recommendations and limit leverage levels to 1:20-1:50.
Another crucial point concerns the verification process: clients are required to provide a photo of the bank card and a selfie with an open passport in hand. However, even with such requirements, the “Personal Data Processing Agreement” is absent from the website. Uploading such data is not recommended to avoid potential fraud.
Traders’ Opinions on JFS Brokers
Increasingly, genuine reviews about the financial firm are emerging online, despite the company’s low prominence. Primarily, we consider reviews published on external and impartial platforms to factor in the authors’ experiences when choosing a broker.
Business Practices of JFS Brokers: Deceptive Practices
Considering the planned long-term platform instability, scammers act swiftly and persistently. Using the provided phone number, they persuade clients to open accounts, offering to make several deals. However, all financial transactions remain within the platform, and prices are manually adjusted, leading to immediate deposit loss. If clients refuse additional deals, their accounts are blocked.
Recommendation Regarding Opening an Account with JFS Brokers
Based on the reviewed data, feedback, and documents, we strongly advise against engaging with the company for participation in stock trading. JFS Brokers are blatant scammers posing under a false guise and concealing their true intentions. The activities of this company lack any financial regulator oversight, and the realities of JFS Brokers likely do not exist at all.
