As I write this review, I feel that I should make it clear that I am not a new user of JAFX. I have been testing this Forex broker for six months in an effort to provide you with the most detailed review possible. I want to make sure my review is truthful and helpful to potential users.
Over half a year of using JAFX is enough for me to understand how things work, while still having the important details fresh in my mind. Below you will be able to read my opinions on this broker and find out how it has helped me achieve my trading goals. As always, I encourage you to do your research and see how JAFX has worked for others as well.
Understanding How Signup And Funding Work
I had been trading Forex for more than a year when I started with a regular ECN account. After signing up for this manual trading account, I signed up for the auto-trading account also in order to maximize my profits, which I will describe later. Setting the account is not earth-shattering. As is expected, you enter your basic information as well as upload the required documentation to verify your identity and that you are legitimate. In a short time, you will be approved, which is all you need to finalize your account. Do make sure to submit all the required documentation to avoid unnecessary delays.
Once your account is set up, you will need to add funds to it in order to begin your trading. I really liked that JAFX has several ways of funding the account, most with no deposit fees. In order to fund your account, you can use a bank card (both credit and debit are accepted) as well as wiring money from your bank. Bitcoin and Skrill are two e-payment options. With the exception of Skrill, there are no deposit fees associated with funding your account. For manual trading accounts, there is a minimum deposit of ten dollars, which is as safe of a risk as you can take. The auto-accounts require a higher deposit, but still reasonable. This is definitely one of the pluses, as JAFX can be a solution for risk-lovers and risk-averse traders alike.
Testing The Platform
[pullquote]MT4, the most widely known Forex platform in the world, is available through JAFX.[/pullquote] PC users can simply download the software (Mac users don’t have this option, but there are other solutions available), and mobile users can download the app (both iOS and Android). An alternative for Mac users is to use WebTrader or a program such as Parallels which is designed for Macs. Demo accounts can be created using MT4 directly or its web version, within minutes. Some of the benefits of the ECN account include no re-quotes, small lot sizes (starting at 0.01), low $4 commission per lot, low latency, no dealing desk, methods such as scalping and hedging are permitted, spread average of 0.6 and starting at 0.4, and multiple leverage options.
Because I always like to know what I am getting myself into, I tested all the options and was very pleased by the execution times. I do think that using WebTrader works best for those who discover any lags while using the software version. I also recommend that you take your time to learn MT4 if this is the first time you are using it. A simple internet search will point you in the direction of trading classes and videos. I have also heard that JAFX will be offering training for new Forex traders sometime soon, so be on the lookout for that.
PAMM – Managed Accounts
Auto-trading accounts, aka PAMM or managed accounts, are a great option for those who do not wish to make all trading decisions on their own. This may be because you want to exercise both options of manual trading and auto-trading to maximize profits, or because you don’t feel comfortable trading on your own just yet. Either way, JAFX offers you this flexibility. At this time there are four managed account options which are clearly presented on the website. All information, including gains, trades, drawdown, etc., is openly shared on the website. This information is sufficient for you to evaluate how suitable (or not) the managed account option is for you.
Withdrawing Your Funds
So this is what we all wait for, right? The pleasure of cashing in your profits! [pullquote]Requests for withdrawals are reviewed and approved (if all is correct) within 3 business days or less.[/pullquote] The speed with which they show up on your end will depend on your method of payment.
Skrill and Bitcoin are virtual and paid out instantly after approval, while wire transfers and debit/credit card payments take a bit longer (usually no more than seven business days). Always keep this in mind when deciding how to cash out your earnings. My bank wire withdrawal was in my account within two days, and I was pleased with the turnaround time.
Customer Support Availability
With the easy to use design of this platform, I have found little need to contact customer service. I did reach out with a simple question when I was setting up my deposit method and a little later I reached out about the trading contest that JAFX was offering. In both instances, I received a direct and simple answer in a timely manner, which was great. I was also impressed that I received a welcome call when I first got set up within the platform. So, my contact with customer service has been limited (a plus in my book!) but when I HAVE needed them, they have been very responsive.
Did JAFX Pass My Test?
Is JAFX a good platform? In my opinion, JAFX is seamless and hassle-free, which means they did pass my test. In JAFX I have found a platform that allowed me to get started without jumping through hoops, all while knowing that my funds are secure. I also like having the manual and auto-managed versions available to me to complement each other. The use of both account types has been great for my bottom line. In short, I recommend JAFX as a great brokerage option for those seeking ease of use and effective results.
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