7 minute read
Is JustMarkets a South African Broker? Let’s Dive Into the Details
from JustMarkets
by Exness_India
If you’re a trader in South Africa wondering, “Is JustMarkets a South African broker?” the short answer is no, JustMarkets is not a South African broker. It’s a global forex and CFD broker headquartered in Limassol, Cyprus, with additional offices in Seychelles, Mauritius, and South Africa. However, it’s fully regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, making it a legitimate and trusted option for South African traders. In this article, we’ll unpack everything you need to know about JustMarkets, its operations in South Africa, and whether it’s the right choice for you. Let’s get started!
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
What Is JustMarkets?
JustMarkets, formerly known as JustForex, is a multi-asset broker established in 2012. It specializes in forex and CFD trading, offering access to over 260 financial instruments, including currency pairs, stocks, indices, commodities, and cryptocurrencies. The broker operates globally, serving clients in over 160 countries, with a strong presence in regions like Africa, Asia, and Europe.
While its headquarters are in Cyprus, JustMarkets has a local office in South Africa and holds an FSCA license (FSP 51114) under its entity Just Global Markets (Pty) Ltd. This regulation ensures it complies with South African financial laws, offering a secure trading environment for local traders. So, while it’s not a South African broker by origin, it’s well-equipped to serve South African clients.
Is JustMarkets Regulated in South Africa?
Yes, JustMarkets is regulated in South Africa by the FSCA, a reputable Tier-1 regulator. This license (FSP 51114) ensures that JustMarkets adheres to strict standards, including segregating client funds, complying with anti-money laundering (AML) protocols, and providing dispute resolution mechanisms. Additionally, JustMarkets is regulated by:
Cyprus Securities and Exchange Commission (CySEC) – License 401/21 (Tier-1)
Seychelles Financial Services Authority (FSA) – License SD088 (Tier-3)
Financial Services Commission (FSC) in Mauritius
This multi-jurisdictional regulation adds layers of trust and security, making JustMarkets a reliable choice for South African traders. Client funds are kept in segregated accounts with top-tier banks, and the broker offers negative balance protection to prevent traders from losing more than their deposits.
Why Does JustMarkets Appeal to South African Traders?
JustMarkets has tailored its services to meet the needs of South African traders, making it a popular choice. Here’s why:
1. Low Minimum Deposits
JustMarkets offers accessible account types, with minimum deposits starting at just $10 for Standard and Standard Cent accounts. For Pro and Raw Spread accounts, the minimum is $100. This low entry point is ideal for beginners who want to start trading without committing large sums.
2. ZAR-Based Accounts
South African traders can open accounts in ZAR, avoiding currency conversion fees when depositing or withdrawing funds. This feature simplifies transactions and reduces costs, especially when using local payment methods like bank transfers or EFT.
3. Competitive Trading Conditions
JustMarkets offers tight spreads starting from 0.0 pips on Raw Spread accounts and 0.3 pips on Standard accounts. It also provides high leverage up to 1:3000, though this comes with significant risk. The broker supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both popular platforms for their advanced charting tools and fast execution speeds (averaging 52 milliseconds).
4. Local Payment Methods
South African traders can deposit and withdraw funds using local bank transfers, EFT, and even cryptocurrencies like Bitcoin and Ethereum. Withdrawals via EFT take up to 3 days, while e-wallets and crypto transactions are often instant. JustMarkets also charges no deposit or withdrawal fees, except for some crypto transactions.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
5. 24/7 Customer Support
The broker provides round-the-clock support in multiple languages, including English, ensuring South African traders can get help whenever needed. Support channels include live chat, email, and phone, with positive reviews highlighting responsive and helpful service.
Pros of Trading with JustMarkets in South Africa
FSCA Regulation: Ensures compliance with local laws and client fund protection.
Low-Cost Trading: Tight spreads, no deposit/withdrawal fees, and commission-free Standard accounts.
ZAR Accounts: Eliminates currency conversion costs.
Flexible Platforms: MT4, MT5, and a proprietary mobile app cater to all trading styles.
Swap-Free Accounts: Available for Islamic traders, making it inclusive.
Copy Trading: Allows beginners to follow experienced traders’ strategies.
Cons to Consider
Limited Educational Content: JustMarkets’ educational resources are not as comprehensive as some competitors, which may be a drawback for beginners.
No Alternative Platforms: The broker relies solely on MT4 and MT5, lacking a proprietary desktop platform.
High Overnight Fees: Swap fees for holding positions overnight can be steep.
Withdrawal Complaints: Some traders have reported delays or issues with withdrawals, though these seem isolated.
Is JustMarkets Safe for South African Traders?
Safety is a top concern for any trader, and JustMarkets scores well here. Its FSCA regulation ensures local oversight, while CySEC and other licenses add global credibility. The broker uses advanced encryption for transactions and data protection, and client funds are held in segregated accounts with reputable banks. Negative balance protection further reduces risk, ensuring you won’t owe money if trades go south.
However, some user reviews on platforms like TrustPilot have raised concerns about withdrawal delays or account issues, with a few labeling the broker as untrustworthy. These complaints are not widespread, and JustMarkets maintains a strong trust score of 90/99. Still, it’s wise to start with a demo account to test the waters before committing significant funds.
How Does JustMarkets Compare to Other Brokers in South Africa?
To put JustMarkets in context, let’s compare it to other popular brokers in South Africa:
AvaTrade: Also FSCA-regulated, AvaTrade offers a broader range of platforms (including AvaTradeGO) and more educational resources but lacks ZAR accounts in some cases.
HFM (HotForex): Known for its local Johannesburg office and ZAR accounts, HFM provides similar trading conditions but has a stronger focus on educational content.
JP Markets: A true South African broker, JP Markets emphasizes personalized service but may not match JustMarkets’ global reach or instrument variety.
JustMarkets stands out for its low-cost structure and ZAR accounts, but it may not suit traders seeking extensive educational tools or alternative platforms.
How to Start Trading with JustMarkets in South Africa
Getting started with JustMarkets is straightforward:
Open an Account: Visit the JustMarkets website or app, complete the registration, and verify your identity (KYC compliance).
Choose an Account Type: Options include Standard Cent ($10 minimum), Standard ($10), Pro ($100), or Raw Spread ($100). Pick based on your experience and budget.
Deposit Funds: Use local bank transfers, EFT, or crypto. ZAR deposits are recommended to avoid conversion fees.
Download a Platform: Install MT4, MT5, or the JustMarkets Trading App.
Start Trading: Practice with a demo account or dive into live trading with real funds.
Always start small and use risk management tools like stop-loss orders to protect your capital.
Should You Trade with JustMarkets?
JustMarkets is not a South African broker, but its FSCA regulation, ZAR accounts, and low-cost trading make it a solid choice for South African traders. It’s particularly appealing for beginners due to its low minimum deposits and user-friendly platforms, while advanced traders can benefit from tight spreads and high leverage. However, be cautious of potential withdrawal delays and the lack of diverse educational resources.
Before committing, test JustMarkets with a demo account and compare it to other FSCA-regulated brokers like AvaTrade or HFM. If you prioritize low costs, local compliance, and access to global markets, JustMarkets is worth considering. Just remember: forex and CFD trading carries high risks, so only trade what you can afford to lose.
Final Thoughts
So, is JustMarkets a South African broker? No, it’s a global broker based in Cyprus, but it’s fully regulated by the FSCA and tailored for South African traders with ZAR accounts and local payment options. With competitive spreads, reliable platforms, and strong security measures, it’s a trustworthy option for both novice and experienced traders. However, do your due diligence, read user reviews, and start with a demo account to ensure it meets your needs.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
Read more:
