JMI Brokers Review
JMI Brokers Review
JMI Brokers offers three main types of live trading accounts, plus a swap-free account intended for Muslim traders. There is also a free demo account.
The broker has an asset portfolio consisting of forex pairs and CFDs on indices, shares, oil, metals and futures.
The Company. Security of Funds
JMI Brokers is based in the offshore zone Vanuatu and is regulated by the Vanuatu Financial Services Commission (VFSC).
Vanuatu is a popular registration destination among the forex brokers for its lax requirements and no corporate taxes. The Vanuatu regulation, however, is not the most serious of regulations, despite the pledges on its site that it is overhauling the legislative framework which will enhance both the reputation of Vanuatu as an international finance center and investor confidence in the jurisdiction.
We always recommend clients to sign up with a properly regulated broker that offers adequate client fund protection and has experienced employees. Those are some of the requirements set by more “serious” regulators like UK’s FCA and the Australian Securities and Investment Commission (ASIC). Brokers supervised by them are abiding by significant capital requirements and are members of client compensation schemes. Usually the senior management and the majority of employees of such brokers are required to be registered by the local regulator after rigorous exams.
Like most forex brokers across the world, JMI Brokers also offers MetaTrader 4 (MT4) (desktop, web and mobile versions) as trading platform. It is the most popular multiasset trading platform among forex brokers and traders alike and has been around for over 10 years.
MT4 is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
JMI Brokers accepts payments through bank transfers and debit and credit cards, as well as Neteller and the electronic payment service provider DixiPay. It also provides payment services for online merchants and debit cards and is mostly available in Egypt.
JMI Brokers is an offshore broker and this is a good reason to avoid it, if you can. Besides, its trading conditions are not that impressive and favorable, even though there are similar offshore brokers with worse conditions. Still, JMI Brokers does not really stand out among its peers. Like we already said, there are hundreds like it.
JMI Brokers Review Conclusion
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