Warning! Just Perfect Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Just Perfect Markets seems to offer very good grounds for forex trading. Is there anything that traders should worry about? Read on to find out.
Just Perfect Markets Limited, the company behind the broker, is incorporated under the laws of St. Vincent and the Grenadines. For those out there not yet on point, the small island nation of St. Vincent and the Grenadines is well known as a top destination for many shady broker firms for the simple reason that the country does not have a financial markets regulator. Which in turn gives unlimited power to brokers registered there. So, Just Perfect Markets may or may not be registered there; it matters not. The main concern here is that Just Perfect Markets is UNREGULATED, and thus a risk to all investments made in it.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The leverage is capped at 1:500, which is the typical offshore broker leverage amount.
We opened a demo account, and were given a EUR/USD cost of trading of 5,2 pips, which is the first clear sign that this broker is unregulated. We are aware that this is a demo account, but still even demo users have to have a taste of a normal average. Furthermore, Just Perfect Markets has over 5 accounts, as seen when we were opening an account. This means that the spread is different with each account. We opened the standard account, and a 5,2 pip spread is simply unacceptable.
The trading platform gave us the following trading instruments: Forex Pairs, Metals, Indices, and Energy. This is a very low amount of assets, with Crypto and Shares being the most obvious missing links.
Just Perfect Markets provides a huge selection of available languages: English, Afrikaans, Albanian, Amharic, Arabic, Armenian, Azerbaijani, Basque, Belarusian, Bengali, Bosnian, Bulgarian, Catalan, Cebuano, Chichewa, Chinese, Corsican, Croatian, Czech, Danish, Dutch, Esperanto, Estonian, Filipino, Finnish, French, Frisian, Galician, Georgian, German, Greek, Gujarati, Haitian, Hausa, Hawaiian, Hebrew, Hindi, Hmong, Hungarian, Icelandic, Igbo, Indonesian, Irish, Italian, Japanese, Javanese, Kannada, Kazakh, Khmer, Korean, Kurdish, Kyrgyz, Lao, Latin, Latvian, Lithuanian, Luxembourgian, Macedonian, Malagasy, Malay, Maltese, Maori, Marathi, Mongolian, Myanmar, Nepali, Norwegian, Pashto, Persian, Polish, Punjabi, Portuguese, Romanian, Russian, Samoan, Scots Gaelic, Serbian, Sesotho, Shona, Sindhi, Sinhala, Slovak, Slovenian, Somali, Spanish, Sundanese, Swahili, Swedish, Tajik, Tamil, Telugo, Thai, Turkish, Ukrainian, Urdu, Uzbek, Vietnamese, Welsh, Xhosa, Yiddish, Yoruba, Zulu. This is by far the biggest collection of languages, and users might have noticed that most of these countries are not very big on forex and for this reason Just Perfect Markets is targeting so many of them; most of them have no clear notion of how and why a broker should be regulated.
JUST PERFECT MARKETS LOGIN
The MT4 platform holds the popularity title for many a reason: charting tools, custom indicators, practical chart management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues.
The EUR/USD spread we got was 5,2 pips which is ridiculous, while the max leverage is 1:500.
The broker mention that there are commissions.
The Metatrader 4 is available on Apple/Android devices, and as a desktop trader.
JUST PERFECT MARKETS MINIMUM DEPOSIT
The minimum deposit could not be taken from the client portal, since our account had not been verified. The website claims that the minimum deposit is $10.
Depositing methods are very abundant. The are as follows: Bank Transfer, Credit Card, RPNPay, RadiantPay, Neteller, 2c2p, BTT Pay, Payfinder, UpayCard, CachU, Ecompay, Cashenvoy, Globepay E Wallet, Sticpay. These methods were taken from the client portal.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
JUST PERFECT MARKETS WITHDRAWAL TIME AND FEES
If a withdrawal request is submitted before 17.00 GMT, the request will be processed during that same day. International Wire Transfers take between 3-5 days.
International Wire Transfers are charged with a fee. According to the Withdrawal Policy other payment methods are not feed. However, on the Withdrawal page on the website, it is said that all payment methods are charged with 2% per withdrawal. Payment systems can issue further charges.
According to that same page, the minimum withdrawal amount is $25.
ADDITIONAL FEES AND TAXES
Clients will have to pay VAT and other taxes (undisclosed), plus other fees issued by the broker, all in connection to the contract and the relationship between the company and the client. Any specific fee values have not been indicated:
A discerning clause is connected to the client making a charge-back. The client fees $150 for the “investigation” that determines the whether a charge-back was necessary. Furthermore, clients who could not support a charge-back shall receive a $300 penalty, taken directly from the credit card of a user.
If a user is inactive for 6 months or more, he or she will be charged with a dormant account fee of $5.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Just Perfect Markets may sound ideal, but be warned that it is far from it in truth. Here, there is a big chance that users will lose money. The broker is not regulated, and its trading conditions are suspicious.