JustMarkets Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of JustMarkets in Singapore
JustMarkets is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
JustMarkets sources liquidity from major global banks, keeps client funds in segregated accounts, and prioritizes data confidentiality. Clients have access to trades with virtually zero spreads, as well as the option to trade on demo and cent accounts. Specializing in CFD and Forex markets, JustMarkets does not provide direct access to stock exchanges.
JustMarkets by the numbers:
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Holds 4 licenses;
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Services available in 197 countries;
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Over 1 million clients;
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A new account is opened every 8 seconds;
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85% of registered traders are repeat clients.
Advantages of JustMarkets for trading in Singapore
Traders Union analysts conducted a detailed analysis of JustMarkets for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Retail traders cannot lose more funds than invested, thanks to the option of negative balance protection;
Social trading and algorithmic trading with the use of EA advisors are available;
Regular bonuses and fee discounts are offered to new and existing clients;
The company regularly provides comprehensive analytics and offers an economic calendar;
Advanced data encryption tools are applied;
The broker offers clients a wide range of assets and accounts, along with analytical data and quality technical support at any time.
Analysis of the Main Features of JustMarkets in Singapore
Traders Union analysts analyzed the key features of JustMarkets for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for JustMarkets traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of JustMarkets trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MT5 (all countries), MT4 (outside the EU)
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📊 Accounts: |
Demo, Pro, and Raw Spread (in all countries), Standard Cent and Standard (outside the EU), Islamic
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💰 Account currency: |
USD, EUR, GBP – all countries
PLN – EU countries JPY, VND, MYR, ZAR, THB, IDR, KWD, CNY – countries outside the EU |
💵 Replenishment / Withdrawal: |
Primary methods: credit/debit cards, bank transfer, Neteller, Skrill – all countries
Additional: PayPal – EU Perfect Money, FasaPay, Sticpay, cryptocurrencies, local payment systems, wallets, and cards – other countries |
🚀 Minimum deposit: |
$10 or $100 (depending on the country)
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⚖️ Leverage: |
Up to 1:30, up to 1:300, up to 1:3000 (depending on the country and trader qualification)
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
Standard and Standard Cent – from 0.3 pips
Pro – from 0.1 pips Raw Spread – from 0.0 pips |
🔧 Instruments: |
Forex, indices, metals, energy, stocks, cryptocurrency pairs (not available in the EU)
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💹 Margin Call / Stop Out: |
CySEC: 80%/50%
Other regulators: 40%/20% |
🏛 Liquidity provider: |
18 major global banks
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Social trading, MAM service, EA advisors allowed
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🎁 Contests and bonuses: |
Welcome bonus, deposit bonus, referral bonus
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JustMarkets Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by JustMarkets for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The broker offers accounts with a commission per lot (3 units of the base currency per side) and spreads starting from 0 pips. These are Raw Spread accounts. Spreads are part of the trading fees. On other types of JustMarkets accounts (Cent, Standard, and Pro), spreads are higher, starting from 0.1 or 0.3 pips, but in this case, there is no commission per lot. JustMarkets does not charge a fee when a client makes a deposit. The company also does not charge a withdrawal fee if the trader has conducted trades before submitting the withdrawal request. If there were no trades on the account, a fee of 3% of the total withdrawal amount is charged. Additionally, payment systems and banks may apply additional fees.
Account type | Spread (minimum value) | Withdrawal commission |
Raw Spread | From $0 | Charged by the broker in case of trading inactivity |
Pro | From $1 | Charged by the broker in case of trading inactivity |
Standard | From $3 | Charged by the broker in case of trading inactivity |
Standard Cent | From $0.3 | Charged by the broker in case of trading inactivity |
Swaps are charged for orders carried over to the next trading day. They can be negative, positive, or zero (for some currency pairs and metals).
The table below shows the average trading fee values for JustMarkets, RoboForex, and Pocket Option, along with a comparison of their levels.
Expert Review of JustMarkets
JustMarkets is a Forex and CFD broker with multiple branches and an impressive client base. The technological aspect of this company is at the highest level. To protect user data, the website employs a secure SSL connection with all transferred information encrypted. The company uses a multi-level server system with a complex data backup scheme to ensure protection against leaks and losses.
JustMarkets allows clients to employ many trading styles and does not set restrictions on the number of simultaneously open trades. Swift order execution (speed from 0.01 seconds) enables traders to efficiently use short-term strategies, such as scalping. Trading directly with liquidity providers without the involvement of dealing centers is done with the narrowest spreads and honest quotes.
The broker offers services for generating passive income, allowing even novice traders without trading experience to earn. JustMarkets has developed a comprehensive educational center with valuable information for beginners and provides access to demo and cent accounts on the MetaTrader 4 platform. The support service is available 24/7 in various languages, and you can request a callback and chat with a JustMarkets representative online.
FAQs
Is JustMarkets legal in Singapore?
Yes. JustMarkets operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with JustMarkets? Does the broker offer courses for traders from Singapore?
Yes, JustMarkets offers good trading courses and a lot of educational information for clients from Singapore.
Can JustMarkets be trusted? Has the broker been operating in Singapore long?
JustMarkets has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with JustMarkets.
Is JustMarkets suitable for novice traders from Singapore?
Yes. JustMarkets offers optimal trading conditions and good education for beginners from Singapore.
How efficient is JustMarkets customer support in Singapore?
JustMarkets offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has JustMarkets had any incidents involving theft of funds of clients from Singapore?
No. JustMarkets provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if JustMarkets violates my rights?
Yes. If JustMarkets violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can JustMarkets clients from Singapore use the broker’s mobile app?
Yes. The mobile app of JustMarkets is available for the clients from Singapore.
Does JustMarkets provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by JustMarkets.
How can I withdraw funds from my account at JustMarkets in Singapore?
JustMarkets supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!