Beware! JustCoinTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! JustCoinTrade is a fake broker that’s officially blacklisted in Europe, and you can find which financial authority issued a warning against them in the full JustCoinTrade review. A warning published by a financial regulator is a confirmation that a particular broker is a scam scheme that the traders should avoid.
Shockingly, JustCoinTrade has a twin-website that’s totally identical, and this is yet another very significant proof of scam. The so-called broker is named GlobalXpressTrading with a domain name globalxpresstrading.com and it also “holds” a European warning.
JustCoinTrade REGULATION AND SAFETY OF FUNDS
JustCoinTrade is an anonymous FX creature that claims to be regulated by NAFD and the United States Financial Service Authority. The problem is that the ones mentioned are fake financial regulators. The biggest problem for JustCoinTrade, however, is the warning that MFSA– the financial authority in Malta published against them! You can see an excerpt from the notice on the bottom of the section.
Your funds are in danger if you make a deposit with JustCoinTrade because it’s an unlicensed, unauthorised and unregulated Forex broker, which was officially confirmed as a scam.
If you are looking for a reliable, trustworthy Forex broker choose a CySEC(EU) or FCA(UK) regulated company, which are not surprisingly the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions, the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients’ accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
JustCoinTrade TRADING SOFTWARE
We registered on the JustCoinTrade website, but we cannot access their Client area due to some technical issue we are not aware of. As a result, we have no access to a functional platform of theirs. They claim to offer Bitcoin trading and Bitcoin mining, but it’s not recommended to use any of their services.
The best choice for the traders is either MetaTrader4 or MetaTrader5 broker because MT is the best retail Forex trading platform in the world, and it’s free to use. It includes sophisticated trading tools such as Expert Advisors (EA), Algorithmic trading, Complex indicators and even a marketplace where the traders can buy or use for free a variety of third-party-developed solutions.
We have no information about spreads and leverage levels- the two fundamental features in trading. The spread forms part or all of the trading costs for the traders, and the lower spreads significantly raise the profit potential.
The leverage is the other crucial element that might bring vast profits or tremendous losses to the traders! It’s a powerful financial instrument that opens the markets to everyone, but the risk escalates, and ratios such as 1:500 or 1:1000 are utterly dangerous for the traders. If misused the leverage might inflict losses that exceed the deposits made by the clients, especially if they trade with offshore or anonymous brokers that don’t provide with negative balance protection. EU and UK brokers are bound to keep the balance of the traders positive, and also they have to set-up predefined stop-out levels- 50% of the balance as a customer protection measure. Furthermore, EU, UK and Australia (coming into effect from the spring of 2021) forced a leverage cap of 1:30 disallowing the brokers to offer higher ratios to the traders. If you carry on looking for brokers with increased leverage you might quickly end up trading with scammers!
JustCoinTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with JustCoinTrade is $250, which is in line with the offshore brokers but slightly higher than the requirements the legit brokers have- $100 on average.
No information about minimum withdrawal requirements or withdrawal fees applicable is available because there are no T&Cs, Client Agreement or other legal documents that specify the JustCoinTrade conditions. It’s a powerful scam sign which proves once again that JustCoinTrade operates illegally!
As a result, there is no information about other critical aspects such as the dormant account policy and the fees for inactivity that apply. It’s a set of rules that clarify how the brokers handle the accounts that have become inactive. The legit brokers will charge no more than 5 to 10 dollars per month, but the scammers and offshore brokers widely use this policy to include clauses that quickly eat up the balance in the account.
No bonuses or other trading incentives offered to the traders. You should know that the bonuses are not free money but a leverage tool that further increase the risk and benefit the brokers, not the traders. The risks involved made the EU and UK ban the trading incentives, and if you see a broker offering bonuses, you’d better run away.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centres. Sometimes they will simply rely on the quantity; they will publish tens or hundreds of websites and will wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it. Some of the pages will be identical with only the logo, and domain address changed, and that’s precisely what JustCoinTrade did!
Fraudsters are working in the social media nowadays, an increasing number of scammers is approaching people in Facebook, Instagram, Telegram, you name it. They will create pages showing lush lifestyle, cars, yachts, celebrities etc. and will insist that you will make even more money if you click on the like button. Often the scammers will give free advice or a tryout, and before you know it, they will be asking for your money upon subscription. You will see pictures showing profits of tens of thousands of dollars, and if you have no FX experience, you might easily believe them.
WHAT TO DO WHEN SCAMMED
No one is immune to scam; anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data