Hello,
Please share your experience with Jadefx. I m going to open a live account with them. I m very happy with their demo account and using it for almost a month. They are not regulated. Their Spread is very Low 1.2pips for GBP/USD almost in all market condition. They charged 5$ (for 100K lot) commission for round tip. Please let me know anything good or bad about them. Thank you
I am also interested in this too, anyone use them?
I never heard about that one. And I can tell you that I read and participate in a lot of forex forum !
They’re a new STP broker, built for automated traders, really. EURUSD spread right now is 0.7 and USDJPY is 0.6. Tack on the obligatory 0.5 pips and their spreads are pretty decent.
They offer minilots and I was hoping that they would eventually get microlots, because Dukascopy is another (well-known) STP broker that recently implemented microlots.
Kind of one of the reasons why I can’t consider JadeFX for a live account yet. I’ve been using their demo account for months now, though.
If they are built for automatic trading does that mean they arent a good choice for just regular trading I guess it would be called? I am a little confused on this since their demo looked like all of the other Meta Trader 4 ones. I am probably missing something though, still new to this.
Thanks for these infos !
That’s just how they market themselves. I’m not a forex robot but I still use them to manually trade demo.
I just noticed their EURUSD spread was at 0.0002 just now, lol.
Because they are STP, your trades are fully sent to their liquidity providers. JadeFX, if completely honest, is virtually non-profit.
Oh ok I see thanks for clearing that up! I guess the only real money they make is through the commissions which they tell you about upfront. It seems they are a lot more honest and upfront than other ones from what I can tell which is kind of cool. They aren’t NFA regulated thought which kind of worries me, anyone know why that is?
Here is what they wrote:
Is JadeFX ( Jade Investments Group, LLC ) regulated by NFA or CFTC in USA?
We are currently not registered members of NFA or CFTC . We can not offer hedging if we are registered members of NFA or CFTC. The Costs involved in being fully regulated by NFA or CFTC is very high and we will be forced to pass those costs to our Autotrader members. As we grow and expand into Europe, Asia, Middle East, South America and Africa, then it will be ideal for JadeFX to be a Fully regulated entity.
Oh ok I guess I missed that thanks! So do you guys think they could be a good choice for a broker? If they aren’t regulated it means that they could get away with a lot of bad stuff and even close your account and steal the profits right? Sorry for all the noob questions just trying to learn haha.
If they stole your funds, the justice system would get involved. A futures oversight board would ensure that the broker has enough solvency to remain operational without putting their constituents at risk. Other than that, I’m not sure what else the CFTC and NFA provide, in terms of customer protection.
Well, my 1st post here. Red a lot along, though. I had a demo account with them. Look at their commissions and particularly swap charge. It’s huge! So, they have hidden charges for sure, even if they tell they don’t. If you pay 5 pips a trade commission and swap, what is the real deal of low spreads? And then risk an eye on their company registration papers. Would I risk 1 pip with such a b… shop? It is a not regulated broker at all. If they run away with your money, good luck and patience for to deal with justice.
By the way: stp and no dealing desk means nothing. They can do it via the computer to manipulate the spreads automatically. Unless you have 10 k dollars, don’t dream about real ecn accounts or stp accounts without any market maker conditions. Just my 2 pips. Good trading, all!
Yea, their swap charges are quite high. They seem to be working on the issue though, according to some of the threads in their forum.
To comment on your second point: every broker in the world could be doing that. You eventually have to pick one, though.
This is the only relevant information you need. Stay away from them. Period paragraph.
True. Just: I prefer the guy who is silent over the guy who says he is not cheating and is doing it anyways.
To find a good broker is a tough if not the toughest exercise in the whole “game”. You can break a lot of rules, but if you have a cheating broker, it is all for nothing. Plus they can try to give you a good feeling over some months and at the end they take it all and run away. Just what I think. It is unbelievable to me, how many people seem to give away their big money to unsafe brokers, where they would never give their pocket money to the well known neighbor (assuming, he is a good one).
I would never ever use an unregulated broker as I would never use an unregulated bank. And even with regulation there is still some risk left. But as I said, look at those registration papers. Nothing to trust in.