Jbglobaltrading.com Review: this is the name of a Forex broker that is located in the offshore region of Marshall Islands. Is JB Global Trading a scam Forex broker?
With the offshore address provided by this broker, we are on high alert regarding it. Offshore locations have proven notorious for been the source of too many scams. Registration of business there can be done without being physically present. Regulations are lax there as well.
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Forex brokers in the Marshall Islands operate without a trustworthy license making it hard for traders to trust them. JB Global Trading is an example of this kind of brokerage.
It promises that with their services, clients get: secure investments, 24/5 customer support and guarantees. They claim to offer straight-through processing solutions and allow trading in real time. It also offers new traders a personal broker to guide them. They also mention that they give the following:
Multiple Trading Platforms
Access to all Major Markets
Free Trade on all Instruments (No Commissions)
Narrow and Floating Spreads
High Quality Technical and Consultancy Support
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Trading Platform of JB Global Trading
It is mentioned that JB Global Trading trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 60+ Forex pairs, CFDs on precious metals, agricultural produce, indices, stocks and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:200 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from 1.5 pips for the standard account which is the most affordable.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on JB Global Trading
The means of making payments and withdrawals with this broker are not mentioned save for NasPay. We are not familiar with this means of payment. We find the availability of e-Wallets encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $500 which is above the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is JBGlobal Trading Regulated?
No. JB Global Trading is not a licensed or regulated Forex broker. What is more, it is an offshore based broker. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
We do not find any mention of the means through which the broker or customer care can be reached. This is discouraging as information is lacking on the page and traders may want to know more.
We find the lack of licensing by this broker a disadvantage. Also, since JB Global Trading do not provide terms and conditions, it is difficult to know what fees and charges are present or absent. It gives trading conditions which are tempting but the minimum requirement is high.
It is not advised to trade with this broker as there are too many disadvantages.
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