7 minute read
JustMarkets Review Kenya: Is It the Right Forex Broker for You?
from JustMarkets
by Exness_India
If you're a Kenyan trader wondering whether JustMarkets is the right forex broker for you, the short answer is: it depends on your trading needs, but it’s a solid choice for many. JustMarkets has gained traction in Kenya for its low spreads, high leverage, and beginner-friendly features. However, it’s not without flaws, like the lack of local regulation. In this detailed review, I’ll break down everything Kenyan traders need to know about JustMarkets—its pros, cons, fees, platforms, and more—so you can decide if it’s worth your time and money.
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Why JustMarkets Is Popular in Kenya
JustMarkets, formerly known as JustForex, has been around since 2012 and has built a reputation as a reliable broker for traders worldwide, including Kenya. Its appeal in Kenya stems from a few key factors:
Low Entry Barrier: You can start trading with just $10, making it accessible for beginners or those with limited capital.
High Leverage: JustMarkets offers leverage up to 1:3000, which can amplify profits (but also risks—more on that later).
Diverse Trading Instruments: With over 250 instruments, including forex pairs, cryptocurrencies, indices, and commodities, there’s something for every trader.
M-PESA Support: For Kenyan traders, the ability to deposit and withdraw via M-PESA is a game-changer, ensuring quick and affordable transactions.
But is it all smooth sailing? Let’s dive into the details.
Is JustMarkets Legit and Safe for Kenyan Traders?
The big question: Is JustMarkets safe? Yes, it’s a legitimate broker, but there’s a catch for Kenyan traders. JustMarkets is regulated by reputable international bodies like:
CySEC (Cyprus): License No. 401/21
FSA (Seychelles): License No. SD088
FSCA (South Africa): License No. 51114
FSC (Mauritius): License No. GB22200881
These licenses ensure JustMarkets follows strict financial standards, such as segregating client funds and offering negative balance protection. This means your money is kept separate from the company’s funds, and you can’t lose more than you deposit.
However, JustMarkets is not regulated by Kenya’s Capital Markets Authority (CMA), which oversees local forex brokers. This lack of local regulation might concern some traders, as it limits recourse in case of disputes. That said, its global licenses and positive reviews (like a 4-star rating on Trustpilot from over 3,500 users) suggest it’s trustworthy.
My take: While the absence of CMA regulation is a drawback, JustMarkets’ international oversight and security measures make it a safe bet for most Kenyan traders, provided you understand the risks of forex trading.
Trading Platforms: MetaTrader 4 and 5
JustMarkets keeps things simple by offering MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular trading platforms globally. Both are available on desktop, mobile, and web, making them convenient for Kenyan traders who want to trade on the go.
MT4: Known for its user-friendly interface, robust charting tools, and support for automated trading via Expert Advisors (EAs). It’s perfect for beginners and scalpers.
MT5: A more advanced platform with additional features like more timeframes, extra order types, and access to CFDs on shares. It’s ideal for experienced traders.
Both platforms are stable, even during volatile market sessions, and support all trading styles, including hedging and scalping. The mobile apps are a big plus for Kenyan traders who rely on smartphones for trading.
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Account Types: Something for Everyone
JustMarkets offers four main account types, plus a demo account for practice. Here’s a quick breakdown:
Standard Cent Account ($10 minimum deposit): Perfect for beginners, this account uses micro-lots (1,000 units) and has spreads starting at 0.3 pips. It’s only available on MT4.
Standard Account ($10 minimum deposit): A step up, with standard lot sizes (100,000 units) and spreads from 0.3 pips. Available on both MT4 and MT5.
Pro Account ($100 minimum deposit): Designed for experienced traders, offering tighter spreads from 0.1 pips.
Raw Spread Account ($100 minimum deposit): For high-volume traders, with spreads from 0 pips but a $3 commission per lot per side.
Swap-Free Option: Muslim traders can convert any account to a swap-free (Islamic) account, avoiding overnight fees in line with Sharia law.
What I like: The low minimum deposits and variety of accounts make JustMarkets accessible to everyone, from newbies to pros. However, the lack of a Kenyan shilling (KES) account means you’ll face currency conversion fees.
Fees and Spreads: Are They Competitive?
JustMarkets is known for its competitive trading costs, but let’s break it down:
Spreads: Start from 0 pips on Raw Spread accounts and 0.3 pips on Standard accounts. For example, EUR/USD spreads average around 1 pip on Standard accounts, which is decent.
Commissions: Only Raw Spread accounts charge a commission ($3 per lot per side). Standard and Cent accounts are commission-free.
Swap Fees: Charged for positions held overnight, these vary by instrument. For example, EUR/USD has a long swap of -4.44 points and a short swap of -0.09 points.
Non-Trading Fees: No deposit or withdrawal fees, but an inactivity fee applies after 150 days of no activity.
Pro Tip: If you’re a high-volume trader, the Raw Spread account’s low spreads can save you money. For casual traders, the Standard account’s commission-free structure is more cost-effective.
Deposits and Withdrawals: M-PESA Makes It Easy
For Kenyan traders, JustMarkets’ support for M-PESA is a standout feature. Deposits are instant, and withdrawals are typically processed within hours, though bank transfers can take up to seven days. Other payment options include:
International Methods: Visa, Mastercard, Skrill, Neteller, Bitcoin, and more.
Local Options: Mobile money and local bank transfers.
A word of caution: Some users have reported delays in deposits (e.g., a $32.70 TRX/USDT deposit took over four days to process). While these seem rare, it’s worth keeping in mind.
Copy Trading and Educational Resources
JustMarkets shines for beginners with its copy trading platform, allowing you to replicate the trades of successful traders. This is a great way to earn while learning, especially if you’re new to forex. However, some users note the copy trading system could be more robust, with only a few signal providers having significant followers.
The broker also offers comprehensive educational resources, including webinars, tutorials, and market analysis. These are particularly helpful for Kenyan traders looking to build their skills.
Pros and Cons of JustMarkets for Kenyan Traders
Pros
Low minimum deposit ($10 for Standard accounts).
High leverage (up to 1:3000, but use cautiously).
M-PESA support for fast, local transactions.
Variety of account types to suit all traders.
Regulated by multiple international bodies for safety.
Swap-free accounts for Muslim traders.
Cons
No CMA regulation in Kenya, which may limit local recourse.
No KES account, leading to currency conversion fees.
Copy trading system could be improved.
Occasional delays in deposit processing reported by users.
How to Get Started with JustMarkets in Kenya
Opening an account with JustMarkets is straightforward:
Visit the Website: Go to the official JustMarkets site and click “Register.”
Fill in Details: Provide your name, email, phone number, and choose your account type and currency.
Verify Your Account: Submit ID and proof of address for KYC compliance.
Deposit Funds: Use M-PESA or another method to fund your account.
Start Trading: Download MT4 or MT5 and begin trading.
Tip: Start with a demo account to test strategies without risking real money.
Conclusion: Is JustMarkets Worth It for Kenyan Traders?
So, should you trade with JustMarkets? If you’re a beginner or a trader with limited capital, JustMarkets is a great choice due to its low deposit requirements, M-PESA support, and educational resources. The high leverage and variety of instruments also appeal to experienced traders, but the lack of CMA regulation and occasional deposit delays are worth considering.
My verdict: JustMarkets is a reliable and accessible broker for Kenyan traders, especially if you value low costs and flexibility. However, always trade responsibly, as forex trading carries high risks—74-89% of retail traders lose money.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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