Jade-Forex.com review – 5 things you should know about jade-forex.com

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Beware! Jade-Forex.com is an offshore broker! Your investment may be at risk.

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Jade-Forex.com adopts a very inappropriate style for its brokerage interface, one that sees cracks here and there, some even comical. For instance, we see a navigation bar with testimonies from the alleged CEO of Jade-Forex.com, Tony Stark, which as you might know from the hugely successful movie franchise, is one of the most popular superheroes in popular culture. We don’t think this is a coincidence. But this is just the surface of how bad the broker really is. The following review will ease you in.

Creating an account was surprisingly easy, and we were greeted by a decent user area, in the context of a shady broker. By far the biggest issue we encountered there was the inability to open a trading account because the broker just wouldn’t give us a password for it. We tried multiple times, and we think that the only way to start trading is, even on a demo account, is to deposit. This is not good news for us and our readers, because we have no choice but to take all trading information from the website. And just to think how close we were…

We can confirm that there are three different account types, each with its own spread and leverage cap. The Micro account, is said to offer a spread ranging from 1.6 to 2.2 pips, which is acceptable, but users can do better. The Standard account has a more acceptable spread of 1.4-4.8 pips, but in order to open such an account, a minimum deposit of $1000 is required. The leverage is capped at 1:500, which is the average offshore brokerage value. The tradeable assets are forex currency pairs, metals, oils, equities, indices, and Bitcoin.

The website is available to English speakers only.

JADE-FOREX.COM REGULATION AND SAFETY OF FUNDS

Given that Jade-Forex.com is a rather large broker, it was surprising to us how little it offered its users in terms of regulatory information. In fact, we found only 2 things that can be of any help at all in concluding on the legitimacy of the company.

The first is found in the Terms and Conditions, where the law governing the legal relationship between the user and broker is said to be Cypriot.

In Cyprus, brokers can only be authorized to offer legit trading services if they are licensed by CySEC alone! If an FX company is incorporated in the country but does not hold a license, it is operating without the law and is thus labeled unauthorized and a risk to investors. We checked the CySEC list of licensed entities and found no result for Jade-Forex.com.

Next, again in the Terms and Conditions, we find a clause claiming that users must verify if they are not acting against their laws when using the website of Jade-Forex.com. This is a very smart way of Jade-Forex.com saying that “no, it is not our responsibility of being regulated”. Instead, it is expected of clients to be authorized by their authorities. This is of course completely false!

And that is all we were able to gather. All in all, Jade-Forex.com is just another UNREGULATED broker and a risk to all investors!

Losing money is the only certainty when it comes down to investing in unregulated brokers. The thing we advise users to do first is to check for a license, preferably from know regulators, such as the FCA or CySEC, or other European overseers. The big regulators all apply specific frameworks for brokers to abide by, and should they diverge from these rules, the brokerages will sooner or later be penalized for their actions! This is a stimulus for brokers to follow the rules, thus making them trustworthy FX trading sources. Moreover, the FCA and CySEC have financial compensation schemes for users. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

JADE-FOREX.COM TRADING SOFTWARE

The user area presents to clients a download button, but each time we click on it, we get the same message, that we need to deposit in order to download. Now, we won’t ever invest in an unregulated broker (and neither should you), but it seems that Jade-Forex.com has blocked access to what we presume is a desktop trader.

There is a fully available web trader that seems to do the job well, however, we could not access it due to the predicament we mentioned earlier. We only opened it, but could not interact with it.

It does seem suspiciously familiar to the web version of the MT4 and MT5. We have traded with this one before, and as far as unregulated broker trading softwares go, this might be one of the best.

JADE-FOREX.COM DEPOSIT/WITHDRAW METHODS AND FEES

As far as deposits go, the user area’s depositing section is completely bland. We had no way of choosing a payment method. The reason for this is beyond our understanding. According to the legal docs, users can invest in credit/debit cards, and wire transfers. The minimum deposit is $500, judging by the account types section of the website.

The withdrawal area reveals that withdrawals happen only through a ban transfer. There are no indications of fees or processing times.

There is however a dormant account fee of $25 per year if a user has not used her account for more than 12 months.

Jade-Forex.com has the full right to suspend or change the website and its services at any time without notice to the user. This means that Jade-Forex.com can do whatever it wants basically.

There are further fees, referred to as tax that the company may impose on users. It will directly deduct these from the users’ account, and what’s worse is that it does not say what these are for, nor will users be able to do anything!

And finally, as the cherry on top, users agree not to hold Jade-Forex.com liable for any damages the company inflict onto is clients!

Jade-Forex.com is a very common unregulated broker stock and should be completely ignored.

How does the scam work?

The first step to being scammed is traced all the way back to online ads. We all have seen them. They offer luxurious lifestyles, beautiful women, sports cars, and shiny items. It’s all a part of the scheme. The first step is to tempt users to click on these ads.

The ads lead to either a scammer broker site or an intermediary source. On whichever one you fall you will be surely asked to provide a phone number and an email address. These are imperative to the scammers because they need a way to contact you.

The second step is to contact the user, and pushing him or her to invest for the first time. This is done by the first wave of scammers, whose job is to hook you to the scheme. The first investment is important because through it you build trust.

The initial deposit will ensue the second wave of scammers, which are the core and probably the creators of the fraud. The expert scammers sometimes called “account managers”, are responsible for keeping you invested in the shame. They might even pay you a hefty preliminary sum, just to add confidence to your investments. Their deposit requests will gradually become bigger, and in the perfect scenario, the user will deposit an additional 2-3 times, until she realizes she has been scammed.

At this point, your money will not be eligible for withdrawal, and neither will your profit. The broker can withhold requests, close down accounts, or even shut down entire websites! The final step is for the fraudsters to keep what they have stolen!

What to do if scammed?

Credit and debit card losses are easiest to recover because users can file for a chargeback. What’s more, is that MasterCard and VISA have a chargeback period of 540 days.

Money invested and lost to scams through bank transfers can be potentially refunded if the bank the user is using has an emergency plan. Remember to always change your bank account username and password when scammed!

Cryptocurrency deposits are untraceable, and so cannot be recovered. Forget about investing in unregulated brokers through this method.

Recovery agents are the last frontier of the entire scammer process. They will appear out of nowhere and will convince users that they have the tools to return all lost deposits. However, they will ask for an upfront payment. If paid, they will disappear.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-02

Reviewed Broker

Jade-Forex.com

Broker Rating

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