What you need to know regarding JAFX will be revealed to you throughout the duration of this unbiased review.
However, before we dive in though, we must answer the question on everyone’s mind.
Which would be, is JAFX a scam?
The simple and resounding answer to this question would be YES.
To find out more we invite you to read our insightful review.
What is JAFX?
JAFX, which is hosted at JAFX.com, is an unregulated investment brokerage claiming to specialize in foreign exchange, contracts-for-difference and cryptocurrency investment options.
Established in 2016, JAFX.com was first structured as a forex brokerage offering a limited number of investment options.
Over time JAFX started incorporating other investable assets such as contracts-for-difference, which paved the way for them to implement digital currencies as investable assets into their platform.
During the time of writing this review, JAFX only accepted Bitcoin as a form of payment.
Which, as many of you know, is also an irreversible payment method.
According to their platform they use to accept bank wires but they state that they are currently suspended.
Who is Behind JAFX.com?
Located in the footer of the site would be the following information:
“Website operated by JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St. Vincent and The Grenadine.”
Furthermore, JAFX use to purport to have to have a business address in Bulgaria at Sofia 1463, Triaditsa District, Prestige Business Center, 49 Patriarch Evtimii, 4th floor, Bulgaria.
However, according to the CFTC JFX has never been registered with the Commission in any capacity.
The community feedback circulating JAFX is just about as cold as the scammers running the brokerage.
According to ForexPeaceArmy, JAFX reflects a rank of 2.4 out of 5 stars out of 40 reviews.
Below are a few of the most relevant reviews we found pertaining to JAFX:
“Same as everyone here, requested a withdraw – waited the 60 days, didnt receive the money, provided credit card statements and everything requested and they wont return the money, this company is criminal and your wasting your money by doing business with them.”
“…I wouldn’t trust my money with this kind of brokers. I can Trade, but not withdrawal. Have someone had the same experience or similar? Please help.”
“AVOID AT ALL COSTS!!”
It should also be made aware that John Anthony, who was the alleged owner and operator behind JAFX, also use to pay members $20 to submit fake positive reviews.
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As you can see in the image below, John Anthony was stating where to post there reviews and if you were exceptionally good at blogging you could earn $50 with the fake reviews.
CFTC Sues JAFX
In the United States District Court District of Utah, the plaintiff Commodity Futures Trading Commission was suing JAFX, LTD. aka JAFX, EOOD, which was filed on July 27th, 2018.
Detailed in the report would be as followed:
- JAFX was soliciting US traders, illegally.
- How JAFX failed to provide each retail forex customer with a written “Risk Disclosure Statement” which is in violation of Regulation 5.5, 17 C.F.R. § 5.5 (2017).
- How JAFX was participating in unlawful acts and practices.
- How JAFX claimed to be registered with the Commission but never was.
To find out more, you can read the detailed case document at the Commodity Futures Trading Commission.
According to SimilarWeb, JAFX.com reflects a global rank of 350,175 with a US rank of 145,538 as of December 19th, 2018.
Detailed in the market report would be how JAFX is experiencing significant drop off in incoming visitor traffic, which over the past year has decreased roughly 78%.
Why You Should Avoid JAFX
JAFK is an unregulated investment brokerage that conducts illegal acts in order to better solicit people to invest into their platform.
To add, John Anthony paid members of his team to create false reviews in order to make JAFX appear more legitimate than it was.
Last but not least, the fact that JAFX, LTD aka JAFX, EOOD. was being sued by the CFTC should be enough indication that JAFX is not a trustworthy investment brokerage.
JAFX Review Conclusion
When it comes to investing online, make sure to only invest with regulated brokerages that are licensed to render legal investment contracts in your residing jurisdiction.
Even if you are an investor who is having a difficult time locating and registering with online investment brokerages, don’t drop your standards and test your luck with unregulated brokerages.
More often than not these unregulated investment brokerages turn out to be scams while the loss of your hard-earned money won’t be the only factor in jeopardy.
Given the considerable red flags shared throughout our impartial review, we believe our stance regarding JAFX is self-explanatory.
If you are interested in supplementing your income online from home, make sure to conduct thorough research and never invest money that you cannot afford to lose.
Verdict: JAFX is a SCAM!
Blacklisted Site: JAFX.com
We invite you to share any feedback, insight or experiences you may have below!