7 minute read
JustMarkets Review India: Is It the Right Forex Broker for You?
from JustMarkets
by Exness_India
Hey there! If you’re in India and curious about trading forex or CFDs, you’ve probably come across JustMarkets. But is it worth your time and money? Let’s cut to the chase: JustMarkets is a solid choice for Indian traders looking for low spreads, a user-friendly platform, and flexible account options, but it’s not without its quirks. In this review, I’ll break down everything you need to know about JustMarkets in India—its features, pros, cons, and whether it suits your trading style. Ready? Let’s dive in!
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What Is JustMarkets, Anyway?
JustMarkets is an online forex and CFD broker that’s been making waves globally, including in India. It offers trading in forex, stocks, commodities, indices, and even cryptocurrencies. With a reputation for tight spreads and fast execution, it’s caught the eye of both newbie and seasoned traders. But how does it stack up for Indian users specifically? That’s what we’re here to explore.
Why Should Indian Traders Care About JustMarkets?
India’s forex trading scene is growing, but it’s tricky. The Reserve Bank of India (RBI) has strict rules, allowing only INR-based currency pairs for retail traders (like USD/INR, EUR/INR, etc.). JustMarkets operates as an offshore broker, which means it can offer more flexibility, but you’ll need to navigate the legal side carefully. Here’s why Indian traders might find JustMarkets appealing:
Low Spreads: Starting from 0.0 pips on some accounts, which is a big deal for cost-conscious traders.
No Deposit Fees: You can fund your account without extra charges, a win for budget-savvy Indians.
INR-Friendly Payment Methods: Local bank transfers, UPI, and e-wallets make deposits and withdrawals smooth.
MT4 and MT5 Platforms: These are industry favorites, offering powerful tools for technical analysis.
Islamic Accounts: Swap-free accounts cater to Muslim traders in India, aligning with Sharia law.
Sounds promising, right? But let’s dig deeper into what makes JustMarkets tick and where it might fall short.
Account Types: Which One Fits You?
JustMarkets offers several account types, each tailored to different trading styles. Here’s a quick rundown:
Standard Account: Perfect for beginners. Low minimum deposit (as little as $1), floating spreads, and no commission. Great for testing the waters.
Pro Account: A step up with tighter spreads and a $100 minimum deposit. Ideal for traders who want better pricing without high costs.
Raw Spread Account: For pros who want ultra-low spreads (from 0.0 pips) but with a commission per trade. Minimum deposit? $100.
Standard Cent Account: Designed for micro-trading with cents, not dollars. A good pick for newbies practicing with small stakes.
For Indian traders, the Standard or Standard Cent accounts are great starting points, especially if you’re new or working with a tight budget. If you’re more experienced, the Raw Spread account could save you money on high-volume trades.
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Getting Started: How Easy Is It?
Setting up an account with JustMarkets is a breeze. You can sign up online in minutes, verify your identity (standard KYC stuff), and start trading. The platform supports MetaTrader 4 and MetaTrader 5, both available on desktop, mobile, and web. Indian traders will appreciate the mobile apps—perfect for trading on the go, whether you’re in Mumbai’s hustle or chilling in Goa.
One thing to note: JustMarkets is regulated by authorities like the FSA (Seychelles) and CySEC (Cyprus), but it’s not regulated by SEBI or RBI in India. This isn’t unusual for offshore brokers, but it means you should do your due diligence and understand the risks of trading with an unregulated entity in India.
Deposits and Withdrawals: What’s the Deal?
Funding your account is where JustMarkets shines for Indian users. You can deposit using:
UPI: Super convenient for Indian traders.
Local Bank Transfers: Works with major banks like SBI, HDFC, and ICICI.
E-Wallets: Options like Neteller, Skrill, and even crypto wallets.
Cards: Visa and Mastercard are accepted.
The best part? No deposit fees, and withdrawals are processed quickly—often within 24 hours. However, keep an eye on third-party fees (like bank charges) and RBI’s foreign exchange limits. You’ll need to report overseas transfers to stay compliant with FEMA (Foreign Exchange Management Act).
Trading Costs: Are You Getting a Good Deal?
Trading costs are a big factor, especially in India where every rupee counts. JustMarkets keeps things competitive:
Spreads: Start at 0.0 pips on Rawunless otherwised Spread accounts, 0.1–0.9 pips on Standard accounts.
Commissions: Only on Raw Spread accounts ($3 per lot per side).
Swap Fees: Charged on most accounts unless you opt for an Islamic account.
Inactivity Fee: $5/month after 90 days of no trading—something to watch out for if you trade sporadically.
Compared to competitors, JustMarkets’ spreads are among the lowest, which can save you big on high-frequency trading. For example, on the Raw Spread account, you might pay just 0.1 pips on EUR/INR, compared to 1–2 pips with some other brokers.
Pros of JustMarkets for Indian Traders
Here’s what makes JustMarkets a hit:
Low Costs: Tight spreads and no deposit/withdrawal fees keep your expenses down.
Flexible Accounts: Options for all levels, from beginners to pros.
Fast Execution: Minimal slippage, crucial for volatile forex markets.
Local Payment Options: UPI and bank transfers make it India-friendly.
Educational Resources: Webinars, tutorials, and market analysis help you learn the ropes.
Cons to Watch Out For
No broker is perfect, and JustMarkets has a few drawbacks:
Regulation: Not SEBI-regulated, which might concern cautious traders.
Limited INR Pairs: Due to RBI rules, you’re restricted to INR-based pairs, which might limit your options.
Customer Support: While 24/7 support is available, response times can vary, especially during peak hours.
Inactivity Fees: That $5/month charge can add up if you’re not active.
Is JustMarkets Safe for Indian Traders?
Safety is a big question, especially with offshore brokers. JustMarkets is regulated by reputable bodies (FSA and CySEC), and client funds are kept in segregated accounts. However, since it’s not SEBI-regulated, there’s a layer of risk. To stay safe:
Use a trusted payment method.
Start with a small deposit to test the platform.
Keep records of all transactions for tax and FEMA compliance.
Check user reviews on platforms like TrustPilot for real-world experiences.
How Does JustMarkets Compare to Other Brokers?
Let’s see how JustMarkets stacks up against two popular brokers in India:
JustMarkets vs XM: XM offers similar low spreads and MT4/MT5 support, but JustMarkets has more India-specific payment options like UPI. XM might edge out on educational content for beginners.
JustMarkets vs OctaFX: OctaFX is also popular in India, with low spreads and fast withdrawals. However, JustMarkets’ Raw Spread account is better for high-volume traders, while OctaFX’s copy-trading feature is great for newbies.
Tips for Indian Traders Using JustMarkets
Want to make the most of JustMarkets? Here’s how:
Start Small: Use the Standard Cent account to practice with low risk.
Leverage Education: Dive into JustMarkets’ webinars and tutorials to sharpen your skills.
Stay Compliant: Report all foreign transactions to comply with RBI and FEMA rules.
Use MT5: It’s more advanced than MT4 and great for multi-asset trading.
Monitor Costs: Watch out for inactivity fees and swap charges if you hold positions overnight.
Final Verdict: Should You Trade with JustMarkets in India?
So, is JustMarkets worth it? If you’re an Indian trader looking for low-cost trading, local payment options, and a reliable platform, JustMarkets is a strong contender. Its tight spreads, flexible accounts, and UPI support make it accessible, especially for beginners. However, the lack of SEBI regulation and limited INR pair options might give cautious traders pause.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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