To start this review, I will give you one interesting information at the beginning. JAFX trading platform is created by finance traders themselves. They recognised the power of cryptocurrencies and made a trading platform that focuses on crypto, not just the trading assets. It was established in the middle of 2016 by JAFX Ltd, the financial services centre in St. Vincent and the Grenadine. Founders had one simple goal — to make peerless service for all clients in terms of trading conditions, customer service, liquidity and execution.
As they provide ‘by traders for traders’ experience, they seem like a wonderful choice for beginners. But there is one problem, though. They are not regulated. Regulation is an important requirement for every broker. If you register on a regulated website, there is a certain level of security and you can trade with peace of mind. But, on the other hand, if a broker doesn’t have a licence, it usually means they will provide competitive offers to attract clients. For example, JAFX offers a minimum deposit of $10 and maximum leverage of 1:500.
Platform and Execution SCORE: 80%
A good platform is extremely important since it is the first thing we see. Well, JAFX made sure clients have positive first impressions by maintaining a high-quality design. They made it simple, yet full of details. Personally, I like how they did everything since it’s easy to navigate through the website. You can easily make an account, see their offers or contact the customer service.
But I must point out one negative thing regarding the platform. The loading speed is not that impressive. This is probably due to the many details that affect performance. I really don’t mind that, but there are many perfectionists among traders. So, if you are one of them, this could bother you.
Withdrawal Speed SCORE: 60%
When it comes to withdrawals, there is one disappointing thing — only one method is available. Actually, they offer two different ways to withdraw your funds, but one of them (Wire Transfer) is suspended. So, if you are a client, the only way to withdraw is Bitcoin.
Once you register at their website, you will see the Withdrawal Request option at your JAFX Portal. By clicking on that option, you can request complete or partial withdrawal of funds, and you will have to wait two to five business days to process the request. That’s not a lot, actually. I am completely satisfied with that part, but there is one other thing that I find questionable. When I looked at their neatly done FAQ page, I saw that Withdrawals with Wire Transfer can take up to 21 business days to appear on the account, while Bitcoin withdrawals are usually in the wallet within one hour.
That’s completely fine, but if we dig a little deeper and read their Terms and Conditions, they wrote it may take up to 60 business days for funds to reach a credit card or bank account. There is a big difference between 21 and 60 business days, and that’s one irregularity I don’t like at all. On the positive side, there are no withdrawal fees if you use the Bitcoin method.
Support and Assistance SCORE: 90%
I have to say, I am very pleased with this part. Once you click on the Contact tab in the menu bar, you will see three ways to contact them: Live Chat, Contact Form and Phone. Aside from that, they added an FAQ section so before you contact them, you can check whether they already answered your question.
It looks like customer support is one of their major methods to gain the trust of clients, and I appreciate that. They even have two different phone lines, one for the UK and one for Australia. There are some people who complain they never got a reply and help. Of course, I checked that to see how quickly they would respond. I reached out to them through Live Chat and received a message within a minute. The customer representative was courteous and polite, and I really cannot find any negative thing about their availability to clients.
Education and Tools SCORE: 20%
When you go to their website, JAFX indeed looks like a broker which has everything we could need. But, as a matter of fact, it doesn’t. JAFX platform is here to provide an amazing experience on different levels, according to founders. But when it comes to education, nothing is available. You can click on every section of their platform, and you won’t find a single information about that.
There are some helpful tips if you enter the FAQ section, but don’t expect educational books. Those are just general explanations about account funding, withdrawals, etc. I was keen to see their educational section since the founders are experienced traders, but that didn’t happen.
They do have one thing that I like. Possibility to open a demo account and practice first. Of course, you will have to pay for that account, but it is a nice thing to have. Each client can make the Demo account through the MT4 platform directly, using a computer or smartphone.
To conclude this review, I have to say this is a very interesting broker. On one hand, JAFX fails to provide clients with educational material and they have some contradictory statements. But on the other hand, if you make an account, some advanced services for cryptocurrencies trading will be waiting for you. It’s more than obvious they lean toward cryptocurrency trading, rather than CFDs, so if that’s your area of interest, JAFX might satisfy your needs. Just keep in mind that there is no legal authority to complain if you encounter a problem while trading, since JAFX is not a regulated broker.