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Our jmtrade.com review helps expose why JM Trade broker is a scam. Those who have invested with the broker find it hard to withdraw funds. It has emerged JMTRADE is blocking access to finds. Find out more in our exclusive JM TRADE REVIEW.
Claiming to offer over 300 trading instruments, the broker sets leverage above the industry recommended. As a result, you get to trade with minimum leverage of 1:400. With high leverage, your trading position is at risk.
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Once you land on the homepage, the broker promises 30 percent off. Those who have invested with such brokers know the risks of such bonuses. Before you even attempt to withdraw funds, the broker will attempt to demand the bonus.
That’s why regulators are against brokers who offer bonuses. These are not actual bonuses but trading loans. And the commissions are high, with members having to pay a hefty price even to access the initial deposit.
The overall layout of the website looks legit to the naked eye. We can see why most investors would easily fall for the broker. It’s not until you dig deeper do you start to see cracks emerging. The broker is not your average cup of tea.
Our JM Trade review will expose the red flags found on this broker. These include unacceptable trading conditions and withdrawal flags. You must check all facts and confirm your current broker is not doing the same.
The broker avails three types of trading terminals for members. First, there’s a custom-built web platform solely for beginner traders. You can then move to desktop and mobile trading terminals. Finally, the broker does a number by offering an MT4 trading platform for mobile trading.
And that’s one of the few positive aspects of the broker. With the MT4 trading platform, you get a chance to engage the markets fully. The advantages of using MT5 are tremendous. You get advanced trading tools
Their web trading platform is another issue we must raise. It’s highly unstable and ends up putting your trading position at risk. In addition, the web-based platform fails to affect the instant execution model of trading.
With slow execution, the platform also becomes unstable. You won’t also use robots or get accurate trading signals. And that’s why we insist that jmtrade.com is not a legit trading platform. You need to find better alternatives.
There are three trading plans available on the platform. These include Starter, Gold, and VIP. Each of these plans promises something different to investors. We promise that none of these accounts will get you anywhere.
Here’s a closer look at each of these accounts
Starter
For the starter account, members must deposit $250 to get started. Bonuses include a 30 percent welcome bonus and webinars for basic trading. Other additional features include using standard spreads.
Gold
It’s the second tier, with members having to deposit $5,000 to start. You also get the same welcome bonus of 30 percent, and withdrawal is set at minimum priority. In addition, the broker promises advanced trading techniques with this plan.
VIP
Selected for the more experienced trader, there’s a minimum acceptable deposit of $50,000. The bonus amount is, however, lowered to 10 percent. In addition, members get minimum spreads and VIP trading instruments.
We must expose some of the red flags on the trading accounts. These include the high leverage on trading assets. Regulators have agreed to maximum leverage of 1:100. Any broker setting higher leverage is putting you at risk.
There’s also the issue of setting withdrawal speeds from minimum priority to top priority. Again, a genuine broker guarantees that withdrawal is made possible at any moment. But, again, we see the broker is taking advantage of naïve investors.
It doesn’t make sense with limited trading assets on some of the accounts. However, the broker did promise over 300 trading instruments for all classes of traders. That’s not what some of these accounts imply.
We have ‘special offers’ on some of these accounts. For the gold and VIP accounts, members get the chance to get special offers. What these offers remain a mystery. It may be a ploy to get members to sign up with any of the two tariffs.
There are five classes of trading instruments available on the platform. These include commodities, crypto, forex, indices, and stocks. For example, you can trade commodities such as crude oil, natural gas, sugar, wheat, etc.
The broker fails to mention the full list of available crypto assets. We will go with Bitcoin, Ethereum, Litecoin, and Ripple. The broker pairs crypto assets against each other and one major currency, the USD.
Forex trading is at the core of the platform’s activities. You get to trade major and minor currency pairs. Sadly, the broker fails to ensure members spread risks with exotic pairs. There are over 40 major and minor currency pairs to choose from.
Indices available include DAX and Dow Jones. You also get to trade stocks from leading companies from all sectors. These include aviation, manufacturing, tech, and textile stocks.
One of our first red flags was the 30 percent welcome bonus. That’s a high welcome bonus that encourages members to sign up and deposit large chunks. But, unfortunately, the moment you make a mistake, the broker takes advantage.
And that’s why you need to be extra careful with brokers who claim to offer the high leverage. These brokers are only interested in leading you astray. You will later have to pay a heavy price for accepting their trading loans.
Due to the severity of the withdrawal issues, we have no other option but to lowly rank the broker. We rate jmtrade.com a 1/10. And that/s being generous considering the withdrawal complaints are on the rise.
Want to see how others rate the broker? A quick search reveals the broker enjoys the same low rankings as other websites. Even security-based websites indicate the domain is a high-risk website.
More and more clients are sharing their experiences with the broker. It goes to show the broker is taking advantage of investors. That’s why you must avoid such brokers or risk losing it all.
Before engaging with any broker, try to find out what others say about the liquidity provider. Make sure to join forums and pages on online social media. Then, research the broker and clearly understand what to expect.
The short and quick answer is NO. There are no certificates to prove the broker does offer any trading services. We have a broker unwilling to deposit the minimum required amount to start a trading business.
And that puts your deposits at risk. So the amount sent to regulators stands as insurance cover for deposits made by investors.
Please stay away from the broker.
PS: Invest in solid crypto investments that guarantee safety.
Do leave a comment or email us with any queries.
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