Beware! JS CO is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing JS CO, a broker falsely claiming to be ASIC regulated, falsely claiming to provide MetaTrader and refusing to disclose anything significant about their services. The broker also turned out to be linked to another suspected scam whose website has already gone down. JS CO is a scam, and we are going to explain why in the following review.
JS CO REGULATION AND SAFETY OF FUNDS
JS CO is introduced as ASIC regulated broker and provide license numbers, but that’s falsehood. In fact, there is a licensed company with the same name and license number, but it’s not in any way associated with this suspicious entity. Also, JS CO offers leverage levels ASIC prohibited this year, which confirms that the broker in question is nothing else but a dirty clone firm and a scam. Therefore, your funds will be in danger if you deposit.
As JS CO is a scam, you’d better consider the high-rated EU brokers and British brokers topping both lists. We recommend those because the Europeans offer high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
JS CO TRADING SOFTWARE
JS CO claims to provide MetaTrader4 for its clients, but that’s falsehood, too. Actually, you can download the platform from the website, but it’s the generic distribution, and it’s impossible to trade with real money. So, JS CO is a clone firm and a deficient broker that can’t even provide Forex services. A scam!
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and provide the best platforms for real. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. MT is definitely the best choice for traders, but not if you deal with a scam like JS CO.
Consequently, we can discuss neither real-time spreads nor leverage levels applicable. However, JS CO claims to deliver leverage ranging between 1:100 and 1:400. Well, that’s not true, but both ratios are no longer possible under ASIC regulation.
In fact, leverage is too dangerous, and most of the respected financial authorities regulate it to decrease clients’ losses due to mishandling. Hence, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In addition, most of the high-leverage FX companies are unlicensed, and we urge traders to be careful about such entities.
JS CO DEPOSIT/WITHDRAW METHODS AND FEES
JS CO doesn’t even bother to lie to the public- they don’t reveal any conditions whatsoever. There is no information about account types, minimum deposit requirements or funding methods. We couldn’t test the deposit system either because, upon sign-up, our trading account was left pending, and it still is.
Nevertheless, while talking about deposits, we can offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Next, we got on to even more evidence of a scam. JS CO doesn’t have a single legal document on display, which is a major red flag. The reputable brokers provide all the documentation on their website, and traders must submit signed copies of docs to form a legal relationship with Forex companies. JS CO is illegal.
So, due to the absence of Terms/Client Agreement, we know nothing about critical provisions related to withdrawals, request processing time, fees, inactivity procedures, bonuses, if any etc.
Overall, JS CO is a scam scheme we exposed in this review, and you should steer clear of it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the typical scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
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