A Comprehensive JRFX Review

JRFX is a Forex and CFDs broker regulated in the BVI by the FSC. The broker was launched back in 2010 and is owned and operated by JRFX, which is a subsidiary of the UP WAY GLOBAL Group. The broker provides access to a limited number of trading assets, including:

• 6 Forex pairs
• 4 commodities
• 5 popular indices
• 5 US stocks

Despite having few instruments as its trading products, the broker fails in the spreads department terribly, which we will discuss later in the review. The broker fails to provide a clear explanation of its accounts and traders need to search on the website to find the details before signing up, which is inconvenient. The broker is represented on social media but still lacks legitimacy.

JRFX Forex broker overview

JRFX has several trading account types but is shy to provide a clear explanation and section on their website. This makes it difficult to read details about JRFX’s accounts and make a proper selection, which is a huge drawback of this broker. The spreads are super high for non-ECN accounts, and the ECN account comes with average commissions on Forex pairs.

JRFX Demo account

The broker provides access to free demo accounts, which are useful for two things: testing the spreads and trading conditions at JRFX and developing and testing trading strategies. Traders can sign up for a demo account from the main page of the JRFX official website.

JRFX EasyPro Account

The EasyPro account is not different from the standard account when it comes to spreads, as this account has spreads of 1.5-1.95 pips on EURUSD and even higher on other major pairs. It is very rare to see brokers offer the lower end of their claimed spreads, and we assume the broker provides a 1.95 or 2 pips spread on EURUSD which is incredibly expensive. The standard industry average spreads on majors are typically around 1 pip and some brokers even provide 0,6 pips commission-free. There are no arguments as to why someone would go for the JRFX EasyPro account for FX trading. The situation is similar with commodities, as XAUUSD (Gold) comes with 0.3-0.8 spreads. Even 0.3 USD is considered expensive for gold, and trading it for 0.8 means traders are extremely limited in their trading strategies. The commission for US stock trading is 0.10% min 10 USD which means traders have to pay large commissions and need to open large positions to cover these commissions which is also unattractive.

JRFX Standard Account

The standard account comes with very similar specs as the EasyPro account, and we can not see a reason why the broker implemented two very similar account types. The spreads are exactly the same for FX majors including EURUSD at 1.95 pips, and commodities also come with the same range of 0.3-0.8 USD. US stocks also require a commission of 0.10% with a minimum of 10 USD, making it super expensive to trade on JRFX standard accounts. The trading assets are also the same as for all other accounts including Forex pairs, indices, commodities, and US stocks. However, the number of assets is limited, which is another downside.

JRFX ECN Account

The ECN account comes with the lowest spreads and is designed for scalpers. This account is a decent offering as it boasts spreads from 0 pips with an average of 0.2 pips on the EURUSD major pair. While standards and EasyPro accounts are not even close to the industry average in terms of spreads, the ECN account comes with a commission of 7 USD on FX pairs, which is closer to the industry average. The one downside is that the broker does not mention if this commission is round-turn or per-turn. If the 7 USD is round-turn then it is fine but if it’s per turn then it is incredibly expensive.

JRFX Deposits and Withdrawals

The information about deposits and withdrawals can only be found in the help center, where there are limited details about the methods accepted. This section of the website seems rushed and there are many errors in the text, which is always a red flag when dealing with financial brokers. The one accepted method seems to be wire transfer, which is also slow and costly, and we assume the broker also accepts bank cards. The deposits should be reflected on the specified account within 15 minutes and withdrawal processing will take around 1 business day.

JRFX Education, Platforms, Indicators, and Tools

The broker provides a dedicated academy section on its website for education. It includes mainly articles about various trading concepts, and a trader glossary is also included. There are also articles on technical analysis and platform tutorials. Overall, education is mediocre and nowhere near the necessary level for starting with zero knowledge and acquiring trading skills.

JRFX provides access to advanced platform MetaTrader 4 and its own proprietary trading app called JRFX App. There are no additional tools or indicators provided for the platform and the app can be downloaded on mobile devices. It is unclear if traders can operate mobile MT4 for JRFX accounts. As for market research tools, the broker provides Trading Central, an economic calendar, and News. News mainly consists of articles about ongoing financial news, while the economic calendar will allow traders to monitor important macroeconomic news releases. Trading Central requires traders to have an account with the broker.

JRFX Additional Features

As for additional features of JRFX, there are no other additional features except for trading bonuses. Traders can find investor advice and other educational resources about investment, but there are no detailed courses or tutorials, only general information, and articles that can not be used for education. The bonuses are provided for new clients on their first deposit, which is capped at 30 USD, a very low number.

JRFX Safety and Regulations

JRFX is registered and regulated in the British Virgin Islands by the Financial Services Commission (FSC). Since this jurisdiction is offshore, the regulator is not very strict and leaves plenty of room for scams, making the broker less reliable than its competitors with more reputable regulators. Another suspicious aspect of JRFX is the complete lack of online reviews and trader feedback. The broker was established in 2010 and should have trader feedback. This adds another red flag to the safety of the JRFX. The broker has no clear indication of account types, deposit and withdrawal methods, and has very high spreads, making it difficult to recommend it to anyone. The safety is also questionable as there are no reviews and trader feedback online.

JRFX Customer Support

The support is provided via an online form where traders can message the broker, which is incredibly inconvenient for real-time problem-solving in financial markets. There is no live chat, which is a huge drawback. Any reputable financial broker should offer a live chat to their clients, and there is none at JRFX, adding to the list of red flags. The website is multilingual and support is only available in the English language, which is also a drawback. Overall, JRFX support is terrible because of the absence of live chat. There is a hotline, but it will be costly for traders to call the broker on the international number.

Conclusion — Is JRFX legit?

JRFX is a Forex and CFDs broker established in 2010 and is regulated by the FSC in the BVI. The broker offers a minimal range of trading instruments and despite providing various account types, spreads are expensive. Commissions are expensive on stocks, and standard and EasyPro accounts have much higher spreads on FX pairs than the industry average. Educational resources are basic, and customer support does not provide a live chat option. The FSC of the BVI is not a strict regulator, and the lack of trader feedback presents the broker as an unreliable option for traders.

Overall, we do not recommend this broker to our readers, as the number of red flags is too high for a legitimate and reliable broker.