JFD Brokers Review 2021: Are They Really Cheating?
JFD Brokers is a broker that provides its clients with the opportunity to trade various assets. It has been operating since 2011 through the Internet resource www.jfdbank.com (translated into 7 languages, there is no Russian version). She currently does business mostly in European countries, but also has clients in the United States and Russia. The official representative office of the company is located in Cyprus. Its branches can be found in Germany, Bulgaria and France.
When you get to know this broker, the abundance of regulatory bodies that control its activities is striking. So, according to data from the official website, JFD Brokers has licenses from CySEC, BaFin, FCA, CONSOB, ACPR and VFSC. They all allow the broker to act as an intermediary. With so many regulators, it seems unlikely that JFD Brokers is a scam, but the reality is not that simple.
To understand whether fraudsters may be behind this project, it is worth getting to know it better.
JFD Brokers Trading Terms
Each client of this broker has more than 1.5 thousand trading instruments available for trading. Among them, the most popular are currencies and CFDs. In addition to them, the broker offers:
company shares (more than 400 positions from different countries);
ETF and ETN; (21 ETFs and 4 ETNs);
digital currencies (4 cryptocurrency pairs are available: BTC / USD, BCH / USD, ETH / USD and LTC / USD);
precious metals (in total JFD Brokers offers 66 pairs for trading various metals);
raw materials (oil Brent and WTI).
The company offers its users 2 types of trading accounts:
The rest of the accounts are the same. Margin Call and Stop Out levels are 100% and 50%, respectively. You can open an account in US dollars, euros, Swiss francs and pounds sterling. The minimum deposit is $ 500 for all of these currencies. Many negative reviews of JFD Brokers point out that this amount is significantly higher than that of competing organizations.
Also, JFD Brokers clients have access to a separate account for investment activities (the company offers a number of investment strategies), as well as a demo account. The latter may be of interest to both experienced traders who want to test new strategies, and beginners who want to get better acquainted with the capabilities and features of the platform.
In compliance with the conditions of the regulators, the broker keeps clients’ funds in the accounts of British, Scottish and German banks. The company has no access to this money. If the broker goes bankrupt, he will not be able to use the funds entrusted to him to pay debts to his creditors. Thus, the assets invested in it are fully protected from crises.
The company strives to ensure the utmost transparency in its work. For this reason, it details all trading conditions, and also offers a special system that allows traders to see a complete report of all transactions made through the JFD Brokers platform. Reviews on the Web often indicate this feature among the main advantages of the company.
Withdrawals and deposits with JFD Brokers
There are several methods available to clients to deposit or withdraw funds from their brokerage account. They can do this with:
Visa and Mastercard;
bank transfer;
SOROFT systems;
electronic payment systems (Skrill, Trustly, and so on).
On the company’s website, you can find out that the deposit, the size of which is less than $ 5 thousand, the company serves instantly. If its size exceeds this value, processing takes one business day. Funds are withdrawn within one week, which is confirmed by comments on the Web.
JFD Brokers Online Reputation
There are quite a few reviews describing the activities of this broker on the Web, but by their nature they vary greatly. So, you can find stories about successful long-term work on this site, which is consistently profitable. At the same time, there are often reports about the slowness of technical support, the low speed of the platform and very long withdrawal periods. A fairly large number of commentators claim that the JFD Brokers project is a scam.
After reviewing the negative reviews, we can conclude that this company uses a standard scheme to deceive customers. At first, she attracts potential victims with favorable terms and promises of large profits. After people who believe such stories deposit their money into the account, it becomes impossible to withdraw them. In addition, according to some comments, JFD Brokers periodically opens trades on its own with the intention of losing money.
Output
Broker JFD Brokers has been operating for 9 years and during this time has managed to create the illusion of a reputable organization, whose activities are controlled by a large number of regulators. At the same time, there is a huge number of negative reviews on the Web, claiming that the only thing this company actually does is deceive gullible people.
Considering the extremely dubious reputation of JFD Brokers, as well as the rather large size of the minimum deposit for opening an account with this broker, traders should be extremely careful when deciding whether to cooperate with him.
