7 minute read
Is JustMarkets Legit in South Africa? A Straightforward Guide
from JustMarkets
by Exness_India
If you’re a South African trader wondering, “Is JustMarkets legit in South Africa?” you’re not alone. With the forex and CFD trading scene growing rapidly, choosing a trustworthy broker is crucial. The short answer? Yes, JustMarkets is legit in South Africa, but there’s more to the story. In this article, I’ll break down everything you need to know about JustMarkets, from its regulations to its pros, cons, and real user experiences. Let’s dive in and see if this broker is the right fit for you.
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What Is JustMarkets?
JustMarkets, formerly known as JustForex, is a global forex and CFD broker established in 2012. It serves over 2 million traders across 160+ countries, including South Africa. The broker offers trading on forex pairs, commodities, indices, stocks, and cryptocurrencies, primarily through the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. It’s known for low spreads, flexible account types, and a user-friendly interface, making it appealing to both beginners and seasoned traders.
But legitimacy is the key concern, especially in a market like South Africa, where scams are a real risk. So, let’s get to the meat of it: Is JustMarkets safe and regulated for South African traders?
Is JustMarkets Regulated in South Africa?
Yes, JustMarkets is regulated in South Africa, which is a big green flag for its legitimacy. Just Global Markets (Pty) Ltd, the entity operating in South Africa, holds a license from the Financial Sector Conduct Authority (FSCA) under FSP number 51114. The FSCA is South Africa’s primary financial regulator, ensuring brokers comply with local laws and offer protections like segregated client funds. This means your money is kept separate from the broker’s operational funds, adding a layer of security.
Beyond South Africa, JustMarkets is also regulated by:
Cyprus Securities and Exchange Commission (CySEC) – License No. 401/21
Financial Services Authority (FSA) in Seychelles – License No. SD088
Financial Services Commission (FSC) in Mauritius – License No. GB22200881
These multiple licenses show JustMarkets operates under strict international standards. However, not all regulators are equal. The FSCA and CySEC are considered Tier-2 regulators (medium trust), while the FSA and FSC are Tier-3 (lower trust). For South African traders, the FSCA license is what matters most, as it ensures local oversight and dispute resolution options.
Still, some sources, like BrokerChooser, flag JustMarkets as less safe due to its Seychelles regulation for global clients, which is less stringent. While this is worth noting, the FSCA license provides solid protection for South Africans.
Why South African Traders Choose JustMarkets
So, why is JustMarkets gaining traction in South Africa? Here are the key reasons traders are drawn to it:
1. Low Minimum Deposit
JustMarkets makes trading accessible with a minimum deposit of just $1 for Standard Cent accounts and $10 for Standard accounts. This is a game-changer for beginners who want to test the waters without risking big bucks. Pro and Raw Spread accounts require a $100 minimum, still reasonable for serious traders.
2. ZAR Accounts
South African traders can open accounts in South African Rand (ZAR), avoiding costly currency conversion fees. This is a huge plus, as many brokers only offer USD or EUR accounts, eating into profits with exchange rate losses.
3. Competitive Spreads and Fees
JustMarkets offers spreads starting from 0.0 pips on Raw Spread accounts, with a commission of $3 per lot per side. Standard and Pro accounts have spreads from 0.1–0.3 pips with no commission, making them cost-effective for most traders. There are also no deposit or withdrawal fees, though payment providers may charge.
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4. Flexible Trading Platforms
You get access to MT4, MT5, and JustMarkets’ proprietary trading app, available on web, desktop, and mobile. These platforms are reliable, support advanced charting, and cater to various trading styles, from scalping to long-term strategies. South Africans especially appreciate the mobile app for trading on the go.
5. High Leverage
JustMarkets offers leverage up to 1:3000, one of the highest in the industry. While this can amplify profits, it’s a double-edged sword—high leverage increases risk, so use it wisely.
6. Variety of Instruments
With over 210 instruments, including forex pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, JustMarkets allows you to diversify your portfolio. This variety suits traders who want exposure to multiple markets.
7. Copy Trading
JustMarkets’ in-house copy trading service lets you mimic the trades of successful traders. It’s a great option for beginners or those who want a passive income stream. The platform ranks traders by performance using a Risk Score, helping you choose wisely.
8. 24/7 Customer Support
The broker offers round-the-clock support via live chat, email, and phone in multiple languages. User reviews praise the responsiveness, though some report delays in resolving complex issues like withdrawals.
Red Flags to Watch Out For
No broker is perfect, and JustMarkets has its share of criticisms. Here’s what you should keep in mind:
1. Withdrawal Issues
Some traders report delays or difficulties withdrawing funds. For example, a Trustpilot review mentioned a two-week wait for a withdrawal, with the broker blaming the payment provider. Another user on ForexPeaceArmy claimed their account was blocked, and profits were withheld due to alleged “fraudulent activities” like arbitrage during high-volatility periods. While JustMarkets resolved some of these cases, these complaints raise concerns about transparency.
2. Limited Educational Resources
JustMarkets’ educational content is basic compared to competitors like AvaTrade or XM. If you’re a beginner, you might need to supplement your learning elsewhere.
3. Light Regulation for Global Clients
While the FSCA license protects South Africans, global clients onboarded through Seychelles face lighter regulation, which offers less recourse in disputes. This doesn’t directly affect South Africans but highlights the importance of verifying which entity you’re trading with.
4. No Low-Risk Securities
JustMarkets focuses on forex and CFDs, which are high-risk. It doesn’t offer ETFs or bonds, limiting options for traders seeking lower-risk investments.
5. Mixed User Reviews
On Trustpilot, JustMarkets has a 4.4/5 rating based on over 3,000 reviews, with many praising its low fees and fast execution. However, negative reviews on platforms like WikiFX and Review.io mention issues like unexplained deductions, frozen platforms, and poor customer service during disputes. These mixed experiences suggest you should proceed cautiously.
Is JustMarkets Safe for South African Traders?
JustMarkets is generally safe for South African traders due to its FSCA regulation, segregated client funds, and negative balance protection (ensuring you can’t lose more than your deposit). Its encryption of transactions and data adds another layer of security. However, the withdrawal complaints and occasional accusations of unfair practices are worth noting. To stay safe:
Verify Your Account: Submit all required documents (ID, proof of address) to avoid withdrawal delays.
Start Small: Test the broker with a small deposit to gauge its reliability.
Read the Fine Print: Understand the terms, especially regarding high-leverage trading and withdrawal policies.
If you’re still unsure, consider alternatives like Pepperstone or XM, which have stronger regulatory oversight and fewer withdrawal complaints.
How to Get Started with JustMarkets in South Africa
Ready to give JustMarkets a try? Here’s a quick guide:
Register: Visit the JustMarkets website or app, click “Registration,” and provide your name, email, and phone number.
Verify: Submit ID and proof of address for full account access.
Choose an Account: Pick from Standard Cent ($1 minimum), Standard ($10), Pro ($100), or Raw Spread ($100).
Deposit: Fund your account via bank transfer, cards, e-wallets, or crypto. ZAR deposits are available.
Trade: Download MT4, MT5, or the JustMarkets app and start trading.
Final Verdict: Is JustMarkets Legit and Worth It?
JustMarkets is legit in South Africa, thanks to its FSCA regulation and strong global presence. Its low deposits, ZAR accounts, competitive spreads, and variety of instruments make it a solid choice for both new and experienced traders. However, the withdrawal issues and limited educational resources are drawbacks. If you value affordability and flexibility, JustMarkets is worth considering, but always trade cautiously and start with a small deposit to test the waters.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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