JFD Bank

JFD Bank mixes well the user friendly with more technical stuff, and delivers a product that can be approached by traders of all ranks. However, approachable does not necessarily connote efficiency. Does JFD bank stray away from such wrongful first impressions? Read on to find out.

JFD Bank is a brand name owned by JFD Group of Companies. These companies include: JFD Group Ltd, JFD Overseas Ltd and JFD Bank AG. These three companies operate under the same domain, www.jfdbank.com, yet are regulated by three different entities.

The Cypriot watchdog CySEC regulates JFD Group Lt, and as such is authorized to carry all necessary investigations by working under the law. All traders under CySEC are eligible for the Investors Compensation Fund of up to €20 000 should the broker become indebted. The leverage cannot go any higher than 1:30 due to ESMA law.

JFD Bank AG is overseen by BaFin in Germany. BaFin requires brokers under its supervision to put their clients interest above all else by regularly updating them of any issues or company development, and to provide the broker specific services with the utmost care and expertise. Here too, the leverage is limited by ESMA to 1:30.

JFD Overseas Ltd holds a license from an offshore issuer, the VFSC in Vanuatu. This entity, like all others, aims, through the application of the law, to push for a safer and more tightly controlled foreign exchange market. Here the leverage reaches 1:400.

The average EUR/USD spread is 0.3 pips which is lower than the industry average, giving this broker an advantage over others. As it should be known by now, the leverage in the UK and EU has been limited to 1:30 by ESMA. Professional clients can apply for a higher leverage in ESMA territory, should they cover the basic requirements. For those outside the jurisdiction of the institute, they can take advantage of a 1:400 leverage.

There is an abundance of tradeable instruments: Currency Pairs, Precious Metals, Physical Stocks, Stocks, Indices, Commodities, Bonds, ETFs, ETNs, Cryptocurrencies.

JFD Bank website is available into the following languages: English, German, French, Italian and Bulgarian.

JFD BANK LOGIN

The staples of the industry, MT4/5, make a comeback while a smaller, first timer for us, Guidants platform makes an appearance.

GUIDANTS

This platform provides all the tools and options for traders to utilize to their advantage. There is real time market data as expected, charts, news, the ability to connect with other users, etc. Guidants allows users to create their own “desktop” which is basically a grouping of widgets into colour-coded sets. This enables users to gather information more effectively, and allows for the monitoring of multiple simultaneous markets.
However, the platform is only available in German.

The EUR/USD spread is 0.4 pips. There is a commission on CFDs, FX & Metals of $6 (round turn), thus shifting the 0.4 pips spread to an actual cost of trading of 1 pip. Still, this is below the industry average spread of 1.5 pip.

The leverage is limited in Europe and the UK to 1:30 by ESMA. Elsewhere it can reach 1:400.

Guidants is only a web based platform. There is no desktop version, and the only way to access it on the phone is through the browser.

METATRADER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple order type, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

The EUR/USD spread is 0.4 pips. The leverage is limited in Europe and the UK to 1:30 by ESMA. Elsewhere it can reach 1:400.

There is a commission on CFDs, FX & Metals of $6 (round turn), thus shifting the 0.4 pips spread to an actual cost of trading of 1 pip. Still, this is below the industry average spread of 1.5 pip

MT4 is available as a standalone desktop trader, a browser trader, and can be downloaded as an app on Android and Apple devices.

METATRADER 5

The MT5 platform is here to give you a pushing hand towards the right direction. Although not as popular as MT4 MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.

The EUR/USD spread is 0.4 pips. There is a commission on CFDs, FX & Metals of $6 (round turn), thus shifting the 0.4 pips spread to an actual cost of trading of 1 pip. Still, this is below the industry average spread of 1.5 pip.

The leverage is limited in Europe and the UK to 1:30 by ESMA. Elsewhere it can reach 1:400.

MT5 is available as a standalone desktop trader, a browser trader, and can be downloaded as an app on Android and Apple devices.

JFD BANK MINIMUM DEPOSIT

The minimum deposit at JFD Bank is $500. This is double to what is considered the industry standard.

The payment methods are limited which is inconsistent with a broker of such scale: Bank Transfer, Sofort, Skrill and Safecharge (via Credit/Debit Card).

Accounts can be opened in the following currencies: EUR, GBP, USD, CHF. Again, JFD Bank is an international broker, as proven by the various regulations, and the inclusion of just four base currencies is irregular.

Skrill and Safecharge payments will be credited with 24 hours on banking working days. Wire Transfer deposits take longer for the transaction to be completed depending on the bank at work.

The deposit fees are as follows. For Safecharge deposits in EUR or GBP the commission is 1.95%; for USD or CHF it’s 2.95%. Skrill deposits are feed with 2.9%, Sofort with 1.8%. There are no indications on Bank Transfer fees, however fees can occur from the banks themselves.

JFD BANK WITHDRAWAL TIME AND FEES

CySEC/BaFin regulation guarantees that all withdrawals are processed and transferred over to you in the safest way possible.

Withdrawals are done via the same methods used for depositing: Bank Transfer, Sofort, Skrill and Safecharge (via Credit/Debit Card).

After conversing with a support agent, he claimed that Bank Transfer withdrawal processes take up to 3 days to complete, while all other methods process your request in a few hours.

Bank Transfer withdrawals are solely commissioned by the banks themselves and not by JFD Bank. Skrill users will be charged with 1% of their withdrawal amount, while Safecharge clients are feed with $1.14 on the Credit Standard (the withdrawal amount is less or equal than the initial deposit), and $7 on the Credit Extra (withdraw higher amounts, than your initial deposit). There is no indication on Sofort fees.

The minimum withdrawal amount is $5, however seeing as there are commissions higher than this we are somewhat reluctant to believe that this is the minimum.

BOTTOM LINE

The only real issue with JFD Bank is the payment options, or lack thereof. Aside from that, the broker possesses 2 European licenses, and a slightly shady off shore one. But nevertheless, we approve of this broker. The inclusion of 3 trading platforms, low spreads and plethora of assets further institutes our recommendation.

What sets this brokerage apart from the rest is its license from Deutsche Bundesbank. The Deutsche Bundesbank works closely with the BaFin and one of its main tasks is to review and evaluate reports submitted by the broker. This further increases the security and safety of clients investments.