Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo in-force licence covering retail JRFX clients: NZ FSP deregistered, UK FCA AR via a dissolved company and professional-only, DMCC and SVG are registrations not regulation, plus an FMA website warning.
Identity & transparency
6/10 · HighEntities and addresses are disclosed and a real HK group exists, but the money-holding entity is an offshore shell and the licensed entity keeps changing name (Up Way to DK to JR Global Markets).
Withdrawals & conduct
5/10 · ModerateA specific fund-access complaint ('no withdrawal') exists but the verifiable pattern is thin (one platform), so treated as an unconfirmed pattern rather than a proven systematic denial.
Reputation
7/10 · HighA regulator warning names the site and public complaints exist, against a very thin review footprint that contradicts the firm's 9 million customer claim; some old positive reviews present.
Website claims
9/10 · CriticalMultiple false or lapsed claims presented as current regulation (deregistered NZ FSP, dissolved FCA AR entity, DMCC and SVG sold as regulation) plus unverified 'since 2010' and huge volume figures.
Operational history
6/10 · HighVerifiable operation of roughly five to six years (2019 to 2021 onward), but marketed as 14 to 16 years; the aged 2005 jrfx.com domain shows no evidence of use as this broker before about 2019.
Who they are
A quick desk file on the company behind the brand.
- Brand: JRFX
- Legal entity (our record): UP WAY GLOBAL MARKETS LIMITED, a New Zealand company later renamed DK GLOBAL MARKETS LIMITED and now JR GLOBAL MARKETS LIMITED. The entity that actually takes JRFX deposits is a Saint Vincent LLC (601 LLC 2020).
- Registered: Euro House, Richmond Hill Road, Kingstown, Saint Vincent and the Grenadines (JRFX operator); group headquarters in Hong Kong; offices claimed in Sydney, Taipei, Kuala Lumpur, Dubai and Jakarta.
- Website: jrfx.com (the trading site) and upwaygroup.com (the group site).
- Only real supervision found: none that covers retail JRFX clients. A group affiliate (Up Way Securities) claims an SFC Hong Kong licence, but that is a different company and activity.
- Offers: CFDs on forex, gold and other metals, indices, stocks, futures and energy, on MT4 and an in-house app, with leverage up to 1:1000.
- Not accepted / not covered: retail clients are not protected by the FCA link (professional only, and dissolved) or the NZ registration (deregistered).
- Age claim: markets itself as trading 'since 2010' and '14-16 years', which we could not verify. The real operation traces to about 2019 to 2021.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Financial Conduct Authority (FCA), United Kingdom (Appointed Representative)
New Zealand Financial Service Providers Register / Financial Markets Authority
Dubai Multi Commodities Centre (DMCC)
British Virgin Islands Financial Services Commission (BVI FSC)
Saint Vincent and the Grenadines (company registration)
Securities and Futures Commission (SFC), Hong Kong
Why we reached this verdict
How the evidence adds up.
We rate JRFX a likely scam because it repeatedly presents registrations and lapsed credentials as if they were live regulation, and a national regulator has flagged its site.
- The New Zealand claim is deregistered. We checked the NZ Financial Service Providers Register: FSP770914 is held by JR GLOBAL MARKETS LIMITED (formerly UP WAY GLOBAL MARKETS LIMITED) and shows status Deregistered as of 3 July 2025. An FSP listing is only a registration, not an FMA licence, and this one is now cancelled, yet both jrfx.com and upwaygroup.com still advertise it.
- The UK FCA claim is via a dead shell. UK Companies House shows UPWAY GLOBAL MARKET (UK) LIMITED (formerly ETERVAL PRIME LIMITED, at a Hatton Garden accommodation address) was dissolved on 4 February 2025. The FCA reference 991852 was an Appointed Representative arrangement under Starmark Investment Management, limited to professional clients, so it never covered retail JRFX trading.
- The other badges are not financial regulation. DMCC 673932 is a Dubai free-zone company licence, the Saint Vincent 601 LLC 2020 is a company registration in a jurisdiction that does not license forex, and the BVI FSC claim carries no verifiable number.
- A regulator has warned about the site. New Zealand's FMA lists the jrfx.com website in its warnings, consistent with the deregistration we confirmed directly.
- Reputation and age do not match the marketing. The public review footprint is tiny for a firm claiming 9 million customers and 3.2 trillion dollars of volume, one reviewer flatly reports no withdrawal, and the 'since 2010' history is not supported by the domain or company records.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The New Zealand FSP registration JRFX advertises (FSP770914) is held by JR GLOBAL MARKETS LIMITED, formerly UP WAY GLOBAL MARKETS LIMITED, and shows status Deregistered as of 3 July 2025. An FSP listing is a registration, not an FMA licence, yet it is still promoted as current regulation.
E2The UK company behind the advertised FCA reference 991852, UPWAY GLOBAL MARKET (UK) LIMITED (formerly ETERVAL PRIME LIMITED, at 63-66 Hatton Garden, London), was dissolved on 4 February 2025. It was only an Appointed Representative of Starmark Investment Management, restricted to professional clients.
StrongUK Companies HouseE3New Zealand's Financial Markets Authority lists the jrfx.com website in its warnings and alerts (reported around 30 October 2025). We could not open the FMA page directly, but it is consistent with the deregistration of FSP770914 that we confirmed on the register.
StrongNew Zealand Financial Markets Authority warnings and alertsE4JRFX presents a Dubai DMCC free-zone licence (673932) and a Saint Vincent and the Grenadines LLC (601 LLC 2020) as regulation. Neither is financial supervision: DMCC is a commercial free-zone authority and Saint Vincent does not license forex brokers.
StrongJRFX websiteE5The firm markets a history 'since 2010' and '14 to 16 years', but the group domain upwaygroup.com was created on 22 February 2021 and the company and registration records trace the operation to about 2019 to 2021. The claimed age exceeds the verifiable one by well over two years.
E6The Trustpilot page for jrfx.com carries only five reviews with one one-star report stating 'Scammers! Dont trust them no withdrawal!' (May 2024). The footprint is tiny for a firm claiming 9 million customers and 3.2 trillion dollars of annual volume.
ModerateTrustpilotE7The wider Up Way group presents a genuine Hong Kong corporate presence, including a claimed SFC registration for an affiliate (Up Way Securities, CE No. BQF903) and Hong Kong Gold Exchange membership. This affiliate is a different entity and activity from the JRFX retail forex business.
E8The jrfx.com domain was first registered on 14 June 2005, but there is no evidence it operated as this broker before around 2019. The registration age alone does not establish operating history.
WeakVerisign RDAPE9JRFX states it is 'regulated and inspected by BVIFSC' but discloses no licence number, and no matching authorisation could be verified. A regulatory claim with no verifiable number is a common misrepresentation pattern.
ModerateJRFX website
The other side
The strongest case in this broker’s favour.
In fairness, this is not a fly-by-night clone, and some parts of the group are real.
- The group behind JRFX has a genuine corporate presence in Hong Kong and claims a Securities and Futures Commission registration for an affiliate (Up Way Securities, CE No. BQF903) and Hong Kong Gold Exchange membership. A real, staffed group is harder to fake than a pure boiler room.
- The jrfx.com domain itself is old (registered in 2005), and there are long-standing positive reviews from 2021 to 2023 describing smooth deposits and withdrawals, so some clients have been served normally.
- The FCA Appointed Representative and the NZ FSP registration did genuinely exist at one point, rather than being invented from nothing.
These points lower how we read intent, but they do not fix the core problem: the entity that holds retail client money is an offshore shell, the credentials it advertises to retail clients have lapsed or never applied to them, and a regulator has flagged the site.
What would change this
What we would need to see to revise the verdict.
We would revisit this verdict if the firm could show real, current supervision of the entity that holds client money.
- A live, in-force retail trading licence (for example FCA, ASIC or a comparable authority) held by the actual JRFX contracting entity, verifiable on that regulator's own register.
- Removal of the deregistered NZ FSP claim and the dissolved UK FCA claim from the websites, or evidence the FMA warning has been withdrawn.
- A consistent, independently verifiable operating history matching the '16 years' marketing, rather than the 2019 to 2021 records we found.
- A clear, credible pattern of paid-out withdrawals and no fund-access complaints across independent platforms.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
New Zealand FSPR entry (FSP770914)
Shows the NZ registration is held by JR GLOBAL MARKETS LIMITED and is Deregistered since 3 July 2025.
UK Companies House (company 14448632)
Shows UPWAY GLOBAL MARKET (UK) LIMITED is dissolved as of 4 February 2025.
JRFX regulation and about page
The broker's own page where it lists its regulatory and history claims.
Frequently asked questions
Quick answers about this broker’s safety.
Is JRFX a scam?
We rate JRFX a likely scam. It advertises regulation it does not genuinely hold for retail clients, its New Zealand registration is deregistered, its UK FCA-linked company is dissolved, and New Zealand's regulator has flagged its website. Treat it as high risk.
Is JRFX regulated?
Not in any way that protects a retail client. The New Zealand FSP770914 registration was only a registration, not a licence, and it was deregistered on 3 July 2025. The UK FCA reference was an Appointed Representative arrangement for professional clients, held by a company that has since been dissolved.
What is the DMCC 673932 licence JRFX shows?
DMCC (Dubai Multi Commodities Centre) 673932 is a free-zone company/trade licence. It lets a company operate in the Dubai free zone, but it is not a financial regulator and does not authorise forex or CFD dealing.
Does the Saint Vincent registration mean JRFX is regulated there?
No. JRFX's operating entity is a Saint Vincent and the Grenadines LLC (601 LLC 2020). The Saint Vincent authorities have repeatedly said they do not license or supervise forex brokers, so this is a company registration only.
Can I withdraw my money from JRFX?
Some users report normal withdrawals, but at least one public reviewer reports being unable to withdraw, and a regulator has warned about the site. Because the entity holding funds is an unregulated offshore shell, there is limited recourse if a withdrawal is refused.
Is my money safe with JRFX?
There is no compensation scheme or strong regulator standing behind retail JRFX accounts. Your money is held by an offshore company, so it is not protected the way it would be with a top-tier regulated broker.
Who owns JRFX?
JRFX is the retail brand of the Up Way Global group, which has a corporate presence in Hong Kong and multiple entities across New Zealand, the UK, Dubai and Saint Vincent. The specific entity that takes JRFX deposits is a Saint Vincent LLC.
How old is JRFX really?
JRFX markets itself as trading since 2010 with 14 to 16 years of history. We could not verify that. The group site domain was created in 2021 and the company and registration records trace the operation to roughly 2019 to 2021.
Is JRFX a clone of another broker?
No. Our checks tie the website, entities and registration numbers to the same JRFX/Up Way operation, so it is not impersonating another firm. The problem is misrepresented and lapsed regulation, not identity theft.
Why did New Zealand's FMA warn about JRFX?
The FMA lists the jrfx.com website in its warnings. This fits what we confirmed directly: the New Zealand registration the firm advertised was deregistered in July 2025, so continuing to present it as current regulation is misleading.
What should I check before depositing with any broker like this?
Confirm the licence on the regulator's own official register, check that the licensed entity is the same company that holds your funds, and confirm the licence is current and covers retail trading. If it is only a company registration or an expired credential, treat it as unregulated.
What do I do if I was scammed by JRFX?
Stop depositing, gather dated evidence of your account and transfers, and report to your local financial regulator and your bank or card provider. Do not pay any 'tax' or 'unlock fee' to release funds, and ignore anyone who offers paid recovery services, as that is usually a second scam.
What we recommend
The practical takeaway from everything above.
Treat JRFX as high risk and do not deposit until it can prove current regulation of the entity that holds your funds.
- Do not send new money; if you have funds there, attempt an orderly withdrawal now and keep dated records and screenshots.
- Verify any licence claim yourself on the regulator's own register before believing it, and note that a Dubai DMCC or Saint Vincent registration is not financial protection.
- If you cannot withdraw, or you are asked to pay any 'tax', 'fee' or 'deposit' to release funds, stop and report it to your local financial regulator and your bank or card provider.
- Be wary of anyone who later offers to 'recover' your money for an upfront fee, which is a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 14, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.