SJFX

All is fine and dandy in the first minute or so of browsing through ShineJoinMarkets (SJFX). What follows is an increasingly steeper descent into the realization that something is off. Read the review to see just how far down things can go.

The only indication of any regulation is located in the footer, where an address establishes the broker as native to St. Vincent and the Grenadines, which would put it directly under the gaze of the FSA SVG. However, the FSA SVG does not regulate Forex and CFD brokers. So even seeing that SJFX offers currency pairs and CFDs, we can safely conclude that that SJFX IS NOT REGULATED.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The maximum leverage offered at SJFX is 1:500 as noted while opening a demo account. As for the spread the website indicates a EUR/USD spread starting from 0.7 pips, which is quite low. Usually these types of spreads come with a small commission. Not in the case of SJFX. With that said, the spread shown on the MT5 demo account is substantially different from the one indicated on the website. More on that in the following section.

Assets for trading are indicated as being: Forex pairs, Gold, Silver, Oil, Energy, Indices and Futures.

The ability to switch between languages is missing, meaning that the only available language is English.

SJFX LOGIN

The only available platform is the MT5. The surprising thing is that it’s all there, even coming with its own demo account.

METATRADER 5

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.

The MT5 is nonetheless functional but is under the name of another:

ShineJoinFX is, after personally checking it out, a website that is perpetually under “scheduled maintenance”, and no matter how many times one refreshes, the waiting time remains the same. Seeing that that both ShineJoinFX and ShineJoinMarkets (SJFX) share a very similar name, we assume that they are owned by the same people, immediately conveying an air of uncertainty and suspicion.

As mentioned before, the leverage goes as high as 1:500, which is quite normal for offshore regulated brokers, but SJFX is, as concluded, not a license holder meaning that they can choose any number they wish.

The spread that was presented to us on the demo MT5 is immensely dissimilar to the one indicated on the website. The EUR/USD cost of trading is 3 pips:

Access MT5 as as a standalone desktop trader. On our verification email we were offered the terminal on mobile as an app (Android and Apple), yet the links redirected us to the official Metatrader 4 app, not the MT5.

SJFX MINIMUM DEPOSIT

We have, multiple times, concluded, that this unregulated broker is not to be trusted, hence we advice against making any deposits whatsoever. 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.

There is no indication of a minimum deposit amount. With brokers such as this one we advice to deposit as little as possible, if at all.

The funding methods are limited to Wire Transfer, as shown to us after successfully opening a Live account:

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

SJFX WITHDRAWAL TIME AND FEES

If there is one, the minimum withdrawal sum remains a mystery to us. We can only speculate that one must make a deposit first before figuring that out, and we strictly advice against doing so.

The only way to get informed on withdrawal methods is to create a live account and request a withdrawal. Luckily for us, at SJFX this process is straightforward and very simplified. The sole withdraw method is through a Wire Transfer:

Furthermore, continuing in the spirit of concealment, process times and fees, if any, are not made accessible. Usually at this point we start digging into the terms and conditions for any hidden fees, but since SJFX has no TCs we are left empty handed (the links at the footer redirect you to the home page). Yet another clear sign of the broker’s sloppiness.

ADDITIONAL FEES AND TAXES

Nevertheless, we want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

BOTTOM LINE

By now it should come as no surprise that we DO NOT recommend SJFX. All signs point against it, and we deem it untrustworthy. What we recommend is any FCA or CySEC regulated broker.

Without a decent regulation, any one with illegal intentions can trick people into investing and once a payment has gone through, be assured that the money behind it is lost to you forever.

The last line of defense for these sammers 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!

One thing is for certain: OmegaFX cannot be trusted. Stay back!