6 minute read
Is JustMarkets Legal in Pakistan? Here’s the Truth
from JustMarkets
by Exness_India
Yes, JustMarkets is currently not legally regulated to operate in Pakistan by any local financial authority such as the Securities and Exchange Commission of Pakistan (SECP). While Pakistani residents can access and use the JustMarkets trading platform, it operates in a grey legal area—technically accessible, but not officially authorized or overseen by the Pakistani government. This article dives into everything you need to know about the legal status of JustMarkets in Pakistan, the risks involved, the regulatory background, and whether it’s safe for you to trade with them.
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What Is JustMarkets?
JustMarkets (formerly known as JustForex) is an international forex and CFD broker that offers services such as:
· Forex trading (currency pairs)
· Indices
· Precious metals
· Commodities
· Cryptocurrency CFDs
It’s known for offering high leverage (up to 1:3000), competitive spreads, and support for popular platforms like MetaTrader 4 and MetaTrader 5.
JustMarkets accepts clients from many parts of the world, including Pakistan. However, there is a major caveat: it does not operate under a license from any Pakistani financial regulator.
Is JustMarkets Regulated?
Yes, but not in Pakistan.
JustMarkets is regulated by the Financial Services Authority (FSA) of Seychelles under the legal entity "Just Global Markets Ltd" with license number SD088.
What does this mean?
· The FSA of Seychelles is an offshore financial regulator, not known for strict enforcement.
· Offshore regulation allows brokers to offer higher leverage and more flexibility, but it also means less consumer protection compared to top-tier regulators (like the UK's FCA or Australia's ASIC).
· Pakistani traders who sign up with JustMarkets fall under the jurisdiction of Seychelles law—not Pakistani law.
So while JustMarkets is technically regulated, it's not locally regulated in Pakistan, and not subject to SECP oversight.
Is It Legal to Use JustMarkets in Pakistan?
This is where things get nuanced.
· No official ban: There is currently no official public ban or restriction from the SECP or the State Bank of Pakistan (SBP) specifically targeting JustMarkets.
· Not locally authorized: At the same time, JustMarkets is not registered, licensed, or supervised by the SECP.
· Grey legal zone: Pakistani citizens are accessing the platform at their own risk, in a space that isn’t clearly defined by law.
So in practical terms:
· You can create a JustMarkets account from Pakistan.
· You can deposit funds and trade.
· But if something goes wrong (fraud, loss, withdrawal issues), you won’t have any local legal recourse.
In short: Yes, you can access JustMarkets in Pakistan, but it is not legally licensed to operate there.
What Does the SECP Say About Online Forex Brokers?
The Securities and Exchange Commission of Pakistan (SECP) has issued multiple warnings over the years regarding unauthorized online forex brokers.
In past circulars, SECP has:
· Flagged unregulated brokers that solicit Pakistani residents via online ads and social media.
· Urged the public to verify broker licenses with the SECP before investing.
· Repeatedly emphasized that trading with unregulated entities is risky and investors do so at their own peril.
However, as of now, the SECP does not maintain a real-time public list of banned or approved international brokers.
Bottom line: JustMarkets is not registered with SECP, and therefore, trading on it goes against SECP’s investor protection guidelines.
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Are Pakistani Traders Using JustMarkets?
Yes, and in increasing numbers.
Despite the legal ambiguity, many traders in Pakistan continue to use platforms like JustMarkets due to:
· High leverage (up to 1:3000)
· Low minimum deposits
· Easy onboarding with no hard KYC requirements
· Urdu language support and local payment methods
Pakistani users often deposit via cryptocurrency, local bank transfer, or third-party payment processors. These methods further remove the transaction from traditional financial scrutiny, increasing accessibility—but also risk.
It’s important to understand that popularity does not equal legality.
What Are the Risks of Using JustMarkets in Pakistan?
Here are the key legal and financial risks associated with using an offshore broker like JustMarkets in Pakistan:
1. No Legal Protection
Since JustMarkets is not licensed in Pakistan, you have no legal framework for dispute resolution if the broker mishandles your funds or closes your account unfairly.
2. Banking Issues
Depositing or withdrawing large sums through unofficial channels like crypto wallets or local payment agents can trigger banking scrutiny or compliance issues under AML laws.
3. Forex Scams
The absence of strict regulatory oversight increases the chance of scam-like behavior—like sudden account freezes, slippage manipulation, or unjustified fund restrictions.
4. Tax and Legal Complications
Earnings from such platforms might go undeclared and could violate tax regulations or foreign exchange control laws if moved improperly.
Can You Be Penalized for Using JustMarkets in Pakistan?
As of now, there are no known cases of individual Pakistani retail traders being penalized just for using platforms like JustMarkets.
However:
· The SECP and SBP have issued warnings in the past about unauthorized forex trading platforms.
· If broader regulation tightens, future penalties could involve fines, asset freezes, or account monitoring—especially if crypto or unofficial methods are used for transfers.
Should You Trade with JustMarkets from Pakistan?
It depends on your risk tolerance.
If you are a Pakistani trader looking for a high-leverage, fast-access, offshore forex platform, then JustMarkets might seem attractive.
However, you need to accept the following:
· You’re trading on a non-local, offshore platform, with limited legal protection.
· Any funds you deposit are not insured or backed by a Pakistani institution.
· If the platform fails or blocks your account, you’ll have no recourse under Pakistani law.
If you still want to trade, make sure to:
· Never deposit more than you can afford to lose.
· Avoid sending large sums through unofficial channels.
· Keep records of all transactions, chats, and account history.
· Stay updated on SECP regulations.
What Are the Alternatives?
If you’re concerned about legality and consumer protection, consider using brokers regulated in Tier-1 jurisdictions like:
· IG Group (UK - FCA regulated)
· OANDA (US/NFA, UK/FCA)
· Pepperstone (Australia - ASIC, UK - FCA)
· XM (CySEC, ASIC, DFSA)
Some of these brokers accept Pakistani clients and offer greater regulatory transparency.
Alternatively, you can explore local investment options such as:
· Pakistan Stock Exchange (PSX)
· SECP-approved mutual funds
· National Savings Schemes
While these offer lower returns compared to forex trading, they are legal, regulated, and come with government-backed investor protection.
Final Verdict: Is JustMarkets Legal in Pakistan?
To summarize clearly:
· ✅ JustMarkets is accessible in Pakistan.
· ❌ It is not licensed by the SECP or any Pakistani authority.
· ⚠️ You can trade on it, but at your own risk.
· 🛑 There is no legal protection if anything goes wrong.
So, is JustMarkets legal in Pakistan?
No, it is not legally authorized or regulated in Pakistan.
However, it is still operational and available, and many Pakistani traders are using it in a personal capacity—understanding that they do so without the backing of any domestic legal safeguards.
If you choose to proceed, trade smartly, cautiously, and always stay informed.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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