When it comes to forex brokers, there are a lot of them out there. What makes JAFX stand out is that they are one of the fastest true ECN brokers out there. What is a true ECN broker? Well, it pretty much means that they won’t rip you off! Here is what it really means: ECN stands for Electronic Communication Network is the next step for the Foreign Exchange Markets. ECN really means there are bridges connecting market participants, which are usually smaller, with its liquidity providers via a broker like JAFX. Let’s watch a short video of what advantage JAFX offers over other forex brokers:
The JAFX Advantage
If you prefer to watch the video on YouTube, follow this link: https://www.youtube.com/watch?v=z242B9Alm0k
Haven’t Yet Heard Of JAFX?
If you have not heard of JAFX yet, you soon will (you can read another review here). This ECN Forex broker has been in operation for just over a year, but it has already shown exceptional value for traders. Founded by John Anthony and his expert team, JAFX is designed to appeal to new and experienced traders alike. John Anthony has traditionally been known for his work with binary options, but he has transitioned to serve a wider audience. In his shift to Forex, he has created JAFX, and I am including my experience and thoughts about it below.
In JAFX, users are able to use one of several types of accounts, namely the standard (ECN) or the managed (PAMM). By using the standard account you are able to perform manual trades at your discretion, whereas in the managed accounts you are essentially outsourcing trading decisions. The standard accounts have many benefits associated with them, including the absence of a dealing desk, no re-quotes, low latency and an average spread of 0.6. The main benefit of a managed account is being able to rely on a team of experts to manage your trading and help you turn a profit.
In terms of account minimums, the ECN account requires a $10 minimum deposit; for managed accounts the minimum will vary. At the time of this writing the lowest minimum for one of the managed options is $200. It is worth mentioning that this same account has posted a gain of 46.73% throughout its life-span. Signing up for an account is extremely easy. Aside from all pertinent basic information, you will be asked to submit documentation to verify your identity, which once submitted is reviewed and approved in short order. As long as everything is in order, you are able to move on to funding the account and start trading.
Another type of account is Islamic accounts, which are geared towards traders of faith and fully compliant with Sharia Law. If you are hesitant to receive or pay swaps because of religious beliefs, then the Islamic account may be just right for you. Any Forex trader signed up on this type of account will not be asked to pay interest on overnight trades or incur any swaps. As a consequence, you will be asked to pay administration fees for positions requiring payment for associated costs.
The Trading Platform
If you are a JAFX client using a managed or PAMM account, you will not need to access MT4 to review managed trading. However, those who are personally trading will need to access MT4 in one or several of its versions- mobile app, WebTrader or through PC download (please note Mac users are not able to download it just yet, but can still use the system). WebTrader is a browser-based version of MetaTrader and incredibly useful. By using the web-based version you are able to ignore the need to download and install MT4, which makes it very convenient. The app version is available for Android and iOS. For your convenience, demo accounts are available for use in all versions of the software.
Making Deposits and Withdrawals
An important aspect of any trading or business venture is that of funding and making withdrawals from your account. I addressed minimum deposits above, but in terms of the method it is clear that JAFX is very flexible. To date, one can fund an account with Bitcoin, a wire transfer, credit or debit card or Skrill. If you are not located within the United States you will have to use Skrill to fund your account, which is associated with deposit fees. Skrill is not valid for citizens of the United States or Canada. Also, deposits made with credit and debit cards might incur additional fees. My recommendation is that you avoid deposit fees if you can so you can dedicate your funds to trading. To do this, simply select one of the fee-free deposit methods.
Withdrawals are a fairly simple process. JAFX is committed to reviewing each withdrawal request within 3 business days. For those making withdrawals via Skrill or Bitcoin, they should expect to see them become available immediately upon approval. Withdrawals made via card or via wire transfer will take a bit longer. In order to clarify any issues or answer any questions, the JAFX is available via phone, via email and via live chat, so you should not have any trouble reaching an expert to answer your query.
Becoming an Account Manager
Traders who can demonstrate a good and solid track record may be given the option of becoming an account manager. There is also an option for users to sign up for both an AM account and an affiliate account. There are more details to becoming an affiliate or an account manager, but I thought it important to keep in mind that these are options available for users. Those interested in finding out more should reach out to the experts at JAFX, who are available to answer these questions.
As I have already mentioned, there are several ways for contacting support staff, including via phone, email and live chat on the website. At this time, phone support is available from 9:00 a.m. to 8:00 p.m. EST from Monday to Friday via phone and live chat. Email support is available also Monday through Friday, for extended hours. Support staff is grouped by functionality, but all agents are able to point you to the correct person should they not have the answer to your question. JAFX is very easy to use, so you may never have to contact customer support, but it is good to know that they are staffed to assist you when you have a need.
JAFX provides a comprehensive broker platform for its users. It is stable and reliable, all while making it easy to fund an account, trade and withdraw your profits. It is flexible enough to allow traders optimum results, despite its young age. In the last year JAFX has become a favorite of many traders and gaining in popularity by the day. Even though we do recommend JAFX, we encourage everyone to form their own opinion based on their experience and by researching the platform. As was mentioned before, support staff is available to answer any questions you may have and the FAQ’s available can also help guide your decision to create a trading account via JAFX.