5 minute read
is JustMarkets Regulated in Kenya
from JustMarkets Review
by ForexMakets
Is JustMarkets Regulated in Kenya
In the dynamic world of forex trading, ensuring that your chosen broker operates within a regulated framework is paramount. For traders in Kenya, understanding the regulatory status of brokers like JustMarkets is crucial to safeguarding investments and ensuring a secure trading environment. This article delves deep into the regulatory landscape of JustMarkets in Kenya, providing insights into its operations, safety measures, and what Kenyan traders need to know.
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1. Overview of JustMarkets
JustMarkets, formerly known as JustForex, is a global forex and CFD broker established in 2012. The broker caters to a diverse clientele across 197 countries, offering a range of trading instruments including forex, metals, indices, energies, shares, futures, and cryptocurrencies. With a commitment to providing transparent and secure trading conditions, JustMarkets aims to serve both novice and experienced traders alike.
📌 See more: JustMarkets Review
2. Regulatory Status of JustMarkets in Kenya
Kenya's financial markets are overseen by the Capital Markets Authority (CMA), which regulates entities operating within the capital markets sector. As of now, JustMarkets is not regulated by the CMA. However, this does not necessarily imply that trading with JustMarkets is unsafe for Kenyan traders.
3. Global Regulatory Bodies Overseeing JustMarkets
While JustMarkets lacks regulation from the CMA, it is overseen by several reputable international regulatory bodies:
Cyprus Securities and Exchange Commission (CySEC): JustMarkets Ltd. is authorized and regulated by CySEC under license number 401/21.
Seychelles Financial Services Authority (FSA): Just Global Markets Ltd. holds a Securities Dealer License SD088 from the FSA.
Financial Sector Conduct Authority (FSCA): Just Global Markets (PTY) Ltd. is authorized by the FSCA as a Financial Service Provider with license number 51114.
Financial Services Commission (FSC): Just Global Markets (MU) Limited is regulated by the FSC under license number GB22200881.
These licenses ensure that JustMarkets adheres to international standards of financial conduct, providing a layer of security for traders.
4. Trading Conditions for Kenyan Traders
Kenyan traders can access competitive trading conditions with JustMarkets:
Leverage: Up to 1:3000, allowing traders to control larger positions with a smaller capital outlay.
Spreads: Starting from 0.0 pips, offering tight spreads for cost-effective trading.
Account Types: Various options including Standard Cent, Standard, Pro, and Raw Spread accounts to suit different trading styles.
Platforms: Availability of MetaTrader 4 and MetaTrader 5 platforms, both popular among traders for their user-friendly interfaces and advanced charting tools.
5. Deposit and Withdrawal Methods in Kenya
JustMarkets facilitates convenient deposit and withdrawal methods for Kenyan traders:
Mobile Money: Integration with MPESA, Airtel Money, and EazzyPay allows for seamless transactions.
Bank Cards: Support for international credit and debit cards.
E-Wallets: Options like Skrill, Neteller, and Perfect Money.
Cryptocurrencies: Acceptance of Bitcoin, Ethereum, and other digital currencies.
These diverse payment methods ensure that traders can fund their accounts and withdraw profits with ease.
6. Advantages of Trading with JustMarkets
Regulated Environment: Despite the lack of CMA regulation, JustMarkets operates under the oversight of several reputable international regulatory bodies.
High Leverage: The provision of up to 1:3000 leverage offers traders the potential for higher returns.
Low Minimum Deposit: Starting with just $1 allows traders to begin their trading journey with minimal capital.
Diverse Payment Options: A wide range of deposit and withdrawal methods cater to the preferences of Kenyan traders.
Educational Resources: Access to a wealth of educational materials to enhance trading knowledge and skills.
7. Potential Drawbacks for Kenyan Traders
Lack of CMA Regulation: The absence of local regulatory oversight may be a concern for some traders.
No Kenyan Shilling Accounts: Trading accounts are not denominated in Kenyan Shillings, which may lead to currency conversion fees.
No Kenyan-Based Customer Support: The absence of local customer support may pose challenges for traders requiring assistance.
8. How to Open a Trading Account with JustMarkets
Opening an account with JustMarkets is straightforward:
Visit the Website: Navigate to the official JustMarkets website.
Registration: Click on the 'Open Account' button and fill in the required personal information.
Verification: Submit necessary documents for identity and address verification.
Deposit Funds: Choose a preferred deposit method and fund your account.
Start Trading: Download the trading platform and begin trading.
💥 Open JustMarkets account now
9. Frequently Asked Questions (FAQs)
Is JustMarkets regulated in Kenya?
No, JustMarkets is not regulated by the Capital Markets Authority of Kenya.
Can Kenyan traders use MPESA to deposit funds?
Yes, MPESA is supported for deposits.
What is the minimum deposit required?
The minimum deposit is $1.
Which trading platforms are available?
MetaTrader 4 and MetaTrader 5.
Is there a mobile app for trading?
Yes, JustMarkets offers a mobile trading app.
Does JustMarkets offer Islamic accounts?
Yes, swap-free Islamic accounts are available.
What leverage does JustMarkets offer?
Leverage up to 1:3000.
Are there any withdrawal fees?
JustMarkets does not charge fees for withdrawals.
Is there a demo account option?
Yes, demo accounts are available for practice.
Can I trade cryptocurrencies?
Yes, JustMarkets offers cryptocurrency trading.
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10. Conclusion
While JustMarkets is not regulated by the Capital Markets Authority of Kenya, it operates under the oversight of several reputable international regulatory bodies. The broker offers competitive trading conditions, a wide range of payment options, and a user-friendly trading platform. Kenyan traders seeking a reliable and diverse trading experience may find JustMarkets to be a compelling option—especially for those ready to explore opportunities in the global forex market.
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