Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
6/10 · HighFour licences verified in force on the issuers' own registers, including a genuine tier-2 CySEC licence with execution rights, but the entity taking most clients' money is offshore in Seychelles and a national central bank lists the operation as unauthorised.
Identity & transparency
2/10 · LowFive legal entities disclosed with registration numbers and addresses, and every address we checked matched the regulator's record, including the Seychelles register listing the broker's own domain and email.
Withdrawals & conduct
7/10 · HighA fund-integrity pattern meeting all four tests, with profits and balances deleted at withdrawal time under an abusive-trading clause, offset by credible positive reviews, public replies and several resolved cases.
Reputation
7/10 · HighTrustpilot withdrew the company's rating for a guidelines breach and the 4,495 reviews are hollow in the middle, alongside serious fund complaints on a second platform and one central bank alert listing.
Website claims
3/10 · LowEvery licence the site claims checked out with the correct entity name and number, and it claims no tier-1 licence it lacks; it does present five authorisations as one regulated posture and understates that the BVI permission only covers arranging deals.
Operational history
2/10 · LowAbout ten years of verified history: Cyprus incorporation on 18 October 2016 with continuous annual filings, the main domain registered in December 2016, and a predecessor brand confirmed at the registry.
Who they are
A quick desk file on the company behind the brand.
- Brand: JustMarkets. It traded as JustForex until a rebrand in 2022, and justforex.com now redirects to justmarkets.com.
- Legal entity (your counterparty): Just Global Markets Ltd., Seychelles, registration number 8427198-1.
- Registered: Office 10, Floor 2, Vairam Building, Providence Industrial Estate, Providence, Mahe, Seychelles.
- Website: justmarkets.com, plus regional sites for the EU, Malaysia, South Africa, Indonesia, Vietnam, Turkey and China.
- Group entities: five are disclosed. JustMarkets Ltd (Cyprus, HE 361312), Just Global Markets (MU) Limited (Mauritius, 194590 GBC), Just Global Markets (VG) Limited (British Virgin Islands, 2139756), Just Global Markets (PTY) Ltd (South Africa, 2020/263432/07) and GMFT Services Ltd (Cyprus, HE 424491) as the payments company.
- Licences: CySEC 401/21 (Cyprus), FSA Seychelles SD088, FSC Mauritius GB22200881, BVI FSC SIBA/L/24/1177 and FSCA South Africa FSP 51114.
- Offers: forex, gold and metals, indices, shares, energies and digital assets on MT4, MT5 and its own app. It advertises more than 3 million clients in 160 or more countries.
- Not accepted: residents of Australia, Canada, Japan, India, the United Kingdom and the United States, plus sanctioned countries. Malaysia is not excluded.
- Age: the Cyprus entity was incorporated on 18 October 2016 and the main domain was registered in December 2016. The brand dates to 2012 under the JustForex name.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Cyprus Securities and Exchange Commission (CySEC)
Seychelles Financial Services Authority (FSA)
Financial Services Commission (FSC) Mauritius
Financial Services Commission (FSC) British Virgin Islands
Financial Sector Conduct Authority (FSCA) South Africa
Found by our investigation (2) — the broker does not list these on its own site
Financial Services Commission (FSC) Belize
Found by us — not listed by the broker
Financial Services Authority, Saint Vincent and the Grenadines
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
This is a real, licensed, decade-old brokerage with a genuine conduct problem. Both halves of that sentence are evidenced, and the verdict sits between them.
- The identity is clean, and that matters. We searched the Seychelles regulator's register and it returns Just Global Markets Ltd. as a Securities Dealer, listing justmarkets.com as the website, compliance@justmarkets.com as the email, and the same Mahe address the site publishes. The name, the domain and the contacts all match, so this is not a firm wearing someone else's credentials.
- Four licences verify on the issuers' own registers. CySEC records licence 401/21 for JustMarkets Ltd with execution and portfolio-management rights and justmarkets.eu as its approved domain. The Mauritius register records Just Global Markets (MU) Limited as an Investment Dealer, Full Service Dealer excluding Underwriting, licensed on 16 February 2023. The BVI register shows Just Global Markets (VG) Limited as currently regulated. Every address and company number matched what the broker publishes.
- A national regulator says it is not authorised there. Bank Negara Malaysia lists JustMarkets, with the exact address justmarkets.com, on its Financial Consumer Alert List, added 24 June 2024. The listing also names the company's Malaysian Facebook page. At the same time the group operates a live Malaysia-branded site at justmarketsmy.net under the Seychelles licence, and Malaysia is absent from the restricted-countries list. That is solicitation into a country where the firm holds no permission.
- The withdrawal complaints form a single, specific, checkable pattern. They describe one mechanism, not scattered grumbles: the client asks to withdraw, and the broker invokes a clause on fraudulent or abusive trading and removes the money. One client reports 4,136 USD of profit deducted; another requested 3,000 USD and says roughly 5,000 USD was taken instead under clause 4.2.1 of the client agreement; another reports 1,291 USD deducted. Others describe withdrawals rejected every time, or new identity checks appearing only at withdrawal. The accounts come from different clients in different countries, on Trustpilot and on ForexPeaceArmy, carrying amounts, dates, account numbers and contract clause references. All four tests we apply to a complaint set are met, which makes it a strong pattern rather than noise.
- The review record has been sanctioned. Trustpilot shows 4,495 reviews but has withdrawn the company's rating for a breach of its guidelines, and the distribution is hollow in the middle at 75 percent five-star against 16 percent one-star. A large bank of praise with the rating pulled is not evidence of good service.
- Why not a scam verdict. We did not find what a scam verdict needs. There is no clone, no fabricated licence number, no borrowed licence, no fraud-related enforcement action and no court record naming this company. The licences are genuine and current, the corporate disclosure is accurate down to the addresses, and many clients are plainly paid. Calling this an outright scam would misdescribe it.
- Why not a clean verdict either. The evidence-based arithmetic across our six dimensions came to roughly 47 percent. We publish 62 percent because two findings outweigh an average: a central bank has formally flagged the operation as unauthorised in a country it actively markets to, and the pattern of deleted balances at withdrawal time is specific and recent, with reports as late as October 2026. The risk here is concentrated in one place, which is what happens after you ask for your money back.
- Our own record needed correcting. The licence we held as FSCA number 2020/263432/07 is the South African company registration number; the authorisation is FSP 51114. The Saint Vincent entry we held is an International Business Company registration, not a forex licence at all. The Belize registration dates from the JustForex era and is no longer among the authorisations the company publishes. Two live licences, Mauritius and the British Virgin Islands, were missing from our file entirely.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Seychelles Financial Services Authority register names Just Global Markets Ltd. as a Securities Dealer under the trade name JustMarkets, and records its website as https://www.justmarkets.com, its email as compliance@justmarkets.com and its address as Office 10, Floor 2, Vairam Building, Providence, Mahe. Name, domain and contacts all match the operation we examined, so this is not a firm using someone else's credentials.
E2CySEC lists JustMarkets Ltd under licence number 401/21, licensed on 8 June 2021, company registration 361312, at 29 Agias Zonis, Argate Court, Limassol. The permissions include reception and transmission of orders, execution of orders on behalf of clients, portfolio management and investment advice, passported into 27 European states, and the approved domain is justmarkets.eu. This is a genuine tier-2 European licence, not an advice-only authorisation.
E3Bank Negara Malaysia's Financial Consumer Alert List names JustMarkets, giving the website as https://justmarkets.com along with its Malaysian Facebook page, added on 24 June 2024. The list identifies entities not authorised or approved under the laws the central bank administers. The match is on the exact domain, not merely the brand name.
E4A live Malaysia-branded JustMarkets site at justmarketsmy.net, titled for Malaysia, operated by the same Seychelles entity Just Global Markets Ltd. under licence SD088. Malaysia is absent from the broker's restricted-countries list, so the group is actively marketing into a country where the central bank says it holds no authorisation.
E5Trustpilot displays 4,495 reviews for justmarkets.com but has withdrawn the company's rating, stating that it is unavailable because of a breach of Trustpilot's guidelines. The distribution is 75 percent five-star, 6 percent four-star, 2 percent three-star and 16 percent one-star, a bimodal shape with a hollow middle that is characteristic of encouraged reviews.
E6One-star reviews describe a single repeated mechanism with transactional detail: 4,136 USD of profit deducted on an allegation of fraud; a 3,000 USD withdrawal request answered after about ten days by a deduction of roughly 5,000 USD under clause 4.2.1 of the client agreement; 1,291 USD deducted; an account identified as 1500013518 emptied through a named partner; every withdrawal rejected pending submission of trading details; and a new identity check demanded only at withdrawal. The accounts come from clients in Iraq, Pakistan, Syria, Singapore, Kenya and the United Kingdom.
E7The same failure appears independently on a second complaint platform, in ForexPeaceArmy threads titled JustMarkets eat my all profit and accused me of fraudulent trading, JustMarkets withdrawal missing, JustMarket withdraw sent to the payment system, and two threads marked resolved covering a rejected withdrawal and withdrawal issues. Two of the five being marked resolved indicates the company does settle some cases.
ModerateForexPeaceArmy public complaint threadsE8The FSC Mauritius public register records Just Global Markets (MU) Limited with a licence dated 16 February 2023 of type SEC-2.1B Investment Dealer, Full Service Dealer excluding Underwriting, managed by Credentia International Management Ltd at Silicon Avenue, 40 Cybercity, Ebene. The entity name, address and management company all match the broker's published disclosure.
E9The Cyprus Registrar of Companies records registration number HE 361312 under two names: JUSTFOREX LTD as the previous name and JUSTMARKETS LTD as the current one, with an incorporation date of 18 October 2016, status registered, and annual returns filed continuously from 2019 to 2026. This is registry-level proof that the rebrand is the same legal entity rather than a new operation, and it fixes the verified track record at about ten years.
E10The South African authority described Just Global Markets (Pty) Ltd, trading as JustMarkets, as an authorised financial services provider, FSP 51114, in a warning published on 31 August 2026 about individuals using WhatsApp to solicit investments in its name. The company confirmed it had no connection to the group's administrators. A regulator vouching for the firm while warning about its impersonators is a meaningful point in its favour.
E11The British Virgin Islands Financial Services Commission lists Just Global Markets (VG) Limited with entity status Currently Regulated Entities and entity type Arranging Deals in Investments. The licence is genuine and in force, but it is an arranging permission rather than a licence to deal as counterparty, which the broker's own description as an investment business licence does not make clear.
E12The broker's own regulations page names all five authorisations with the holding entity, registration number and licence number for each, and publishes a direct verification link to every issuing regulator. The numbers and entity names matched the registers in every case we checked, which is accurate self-disclosure rather than a vague claim of being regulated.
ModerateJustMarkets regulations pageE13The site's footer excludes residents and citizens of Australia, Canada, Japan, India, the United Kingdom and the United States, together with sanctioned countries. An offshore group declining the major tier-1 jurisdictions is a point of compliance, though the list does not include Malaysia, where the central bank has flagged the operation.
E14A sweep of the FCA, CFTC, ASIC, CONSOB, FSMA and IOSCO warning lists under the brand name, the legal entity Just Global Markets and the domain justmarkets.com returned no entry. Several unrelated firms with Global Markets in their names do appear on the FCA list, and none of them names this domain or this entity. Bank Negara Malaysia remains the only warning we located.
E15The domain justmarkets.com was registered on 21 December 2016 and the predecessor domain justforex.com, registered in 2000, now redirects to it. The main site therefore predates the 2021 CySEC licence and the 2023 Mauritius licence, with no sign of the lapse and re-registration pattern that marks a recycled domain.
ModerateVerisign RDAP registry records
The other side
The strongest case in this broker’s favour.
The case for JustMarkets is stronger than most brokers we rate at this level, and it deserves stating properly.
- The Malaysian listing is a licensing-perimeter list, not a fraud finding. In the same 24 June 2024 update Bank Negara Malaysia also added eToro, AVATrade and HF Markets, all substantial and genuinely regulated firms. The list exists to show which operators hold no Malaysian authorisation. It is not a statement that the company has stolen anything.
- A regulator has publicly vouched for the company. The South African authority described Just Global Markets (Pty) Ltd, trading as JustMarkets, as an authorised financial services provider, FSP 51114, in an August 2026 warning aimed at criminals who were impersonating it over WhatsApp. JustMarkets is the victim in that episode, not the perpetrator.
- It is absent from every other warning list we checked. No entry on the FCA, CFTC, ASIC, CONSOB, FSMA or IOSCO lists under the brand, the legal entity or the domain.
- The EU licence is real supervision, not decoration. CySEC 401/21 carries order-execution and portfolio-management permissions and passports into 27 European states, and Cypriot investment firms fall under an investor compensation scheme. The Cyprus company has filed its annual returns continuously from 2019 to 2026.
- It declines the jurisdictions where offshore brokers cause most harm. The United States, United Kingdom, Australia, Canada, Japan and India are all excluded. Many offshore operators take those clients anyway.
- The company engages with complaints instead of vanishing. It replies publicly to negative reviews, including the detailed ones, and several ForexPeaceArmy withdrawal threads are marked resolved. Some clients who reported a delay later confirmed they were paid.
- Disclosure is unusually complete. Five legal entities, each with its registration number and registered address, and every address we checked against a register matched. Scams do not normally publish this much verifiable detail.
- Some complaints may be genuine disputes rather than theft. Brokers do close accounts for arbitrage, latency abuse and bonus gaming, and a client told their profit was void will describe it as theft either way. We cannot see the trade logs, so on the individual cases we report what clients say and what the broker answers, not a finding.
What would change this
What we would need to see to revise the verdict.
Specific, checkable things would move this verdict in either direction.
- Towards a clean verdict: Bank Negara Malaysia removing JustMarkets from the Financial Consumer Alert List, or the company obtaining Malaysian authorisation and keeping justmarketsmy.net open on that basis.
- The company withdrawing from Malaysia and adding it to the restricted-countries list, which would end the solicitation mismatch.
- Trustpilot restoring the company's rating, which would mean the guidelines breach behind the suppression had been dealt with.
- A visible drop in profit-confiscation reports over two or three quarters, or published outcomes showing those balances were returned after review.
- Towards a scam verdict: any credible, specific report that the company demanded a further payment, such as a tax, fee or insurance charge, before releasing a client's funds. We found none, and one solid instance would change the picture sharply.
- A warning naming justmarkets.com from the Cypriot, Seychelles, Mauritian or South African regulator, or any enforcement action or court record accusing the company of fraud.
- CySEC or the Seychelles authority suspending, restricting or withdrawing the licence, or the register dropping the entity.
- Evidence that the abusive-trading clause is being applied as a routine device against ordinary profitable trading rather than against genuine arbitrage, for example a regulator's determination or a run of adjudicated cases.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Seychelles FSA register entry for Just Global Markets Ltd.
The regulator's own record, listing justmarkets.com as the licensee's website.
CySEC register entry for JustMarkets Ltd, licence 401/21
Shows the EU licence, its permissions and justmarkets.eu as the approved domain.
Seychelles FSA Securities Dealer list
Open the Securities Dealer tab to see the entity on the current licensee list.
BVI Financial Services Commission entry for Just Global Markets (VG) Limited
Confirms the British Virgin Islands permission and its arranging-only category.
FSC Mauritius online public register
Search the licensee name to see the Mauritius Investment Dealer licence and its 2023 date.
Bank Negara Malaysia Financial Consumer Alert List
Search for just to see the JustMarkets entry and the flagged websites.
Cyprus Registrar of Companies record for HE 361312
Shows the same company under its former name JustForex Ltd and its current name JustMarkets Ltd.
JustMarkets regulations page
The broker's own list of its five authorisations and its verification links.
Trustpilot reviews for justmarkets.com
4,495 reviews, with the rating withdrawn by Trustpilot for a guidelines breach.
Frequently asked questions
Quick answers about this broker’s safety.
Is JustForex a scam?
No, not on the evidence we found. JustForex now trades as JustMarkets, and it holds genuine licences we confirmed on four regulators' own registers, including a European licence from CySEC. It is not a clone and it does not use another firm's licence number. We still rate it high risk at 62 percent, because Malaysia's central bank lists it as unauthorised and because clients describe profits being deleted when they ask to withdraw.
Is JustForex a fraud?
No regulator or court has found this company guilty of fraud, and we found no fraud-related enforcement action or court record naming it. There is no warning from its own regulators in Cyprus, Seychelles, Mauritius or South Africa. The one regulator listing is from Bank Negara Malaysia, and it says only that the firm is not authorised in Malaysia. We do assess the risk to client funds as elevated, based on a consistent pattern of balances being deleted at withdrawal time.
Is JustMarkets regulated?
Yes, and we checked it rather than taking its word. The Seychelles Financial Services Authority lists Just Global Markets Ltd. as a Securities Dealer and records justmarkets.com as its website. CySEC lists JustMarkets Ltd under licence 401/21 with order-execution rights. Mauritius lists Just Global Markets (MU) Limited as a full-service Investment Dealer from February 2023, and the British Virgin Islands register shows its local entity as currently regulated.
Which company actually holds my money?
It depends on which site you signed up through, and it matters a great deal. Most clients worldwide contract with Just Global Markets Ltd. in the Seychelles, which is a low-tier offshore licence with little practical deposit protection. European clients using justmarkets.eu contract with JustMarkets Ltd in Cyprus, which is supervised by CySEC and covered by an investor compensation scheme. Check the entity named in your client agreement.
Can I withdraw my money from JustMarkets?
Many clients do, and plenty of reviews confirm fast payouts. But a consistent group of clients report the opposite: the withdrawal is refused or stalled, or the broker deletes the profit or balance and cites a clause about fraudulent or abusive trading. Reported amounts include 4,136 USD, 3,000 USD and 1,291 USD, with the most recent reports dated October 2026. Withdraw regularly instead of letting a large balance build up.
Why is JustMarkets on Bank Negara Malaysia's alert list?
Bank Negara Malaysia added JustMarkets, naming justmarkets.com, to its Financial Consumer Alert List on 24 June 2024. The list identifies companies that are not authorised or approved under the laws that the central bank administers. It is not a finding of fraud, and the same update also named eToro, AVATrade and HF Markets. It does mean that if you are in Malaysia you have no local protection or route of complaint.
Is my money safe with JustMarkets?
It carries more risk than with a broker supervised by a top-tier regulator. If you are with the Seychelles entity, there is no compensation scheme behind your deposit and enforcement in Seychelles is limited. If you are with the Cyprus entity, you have EU supervision and compensation cover. Either way, the reported pattern of balances being removed at withdrawal time is the specific risk to plan around.
How old is JustMarkets, and is the history real?
The history is genuine. The Cyprus company was incorporated on 18 October 2016 and has filed annual returns every year since 2019, and the main domain was registered in December 2016. The brand goes back to 2012 under the name JustForex, and the Cyprus registry still records the same company number under that former name. That gives a verified track record of about ten years, which is a real mitigating factor.
Is JustMarkets the same company as JustForex?
Yes. It is the same operation under a new name after a rebrand in 2022. The Cyprus Registrar of Companies records registration number HE 361312 under the former name JustForex Ltd and the current name JustMarkets Ltd, and justforex.com now redirects to justmarkets.com. We found no warning list entry or regulator action against the JustForex brand, so the rename does not appear to be hiding a prior history.
Is JustMarkets a clone of another broker?
No, and the evidence is unusually clear. The Seychelles register records the licensee's website as justmarkets.com, the same domain the broker uses, and CySEC records justmarkets.eu as the approved domain for its European entity. Every company number and registered address on the site matched the registers. If anything, the reverse is happening: the South African regulator has warned about people impersonating JustMarkets to solicit money over WhatsApp.
Why has Trustpilot removed the JustMarkets rating?
Trustpilot displays a notice saying the rating is unavailable because of a breach of its guidelines. That normally follows review manipulation, such as incentivised or fake reviews. The page still holds 4,495 reviews, split 75 percent five-star and 16 percent one-star with very little in between, which is the shape you see when praise has been encouraged. Treat the positive volume with caution and read the one-star reviews in detail.
What should I check before depositing with JustMarkets?
Four things. Confirm which legal entity your agreement names and whether it is the Cyprus or Seychelles one. Read clause 4.2.1 of the client agreement, which is the provision clients say was used to remove their profits. Complete identity verification before you fund the account. Then deposit a small amount and withdraw it successfully before committing anything you would miss.
What can I do if JustMarkets will not release my funds?
Put the complaint in writing to the entity named in your client agreement and keep every statement, ticket number and chat transcript. If that fails, escalate to the regulator for that entity: CySEC for JustMarkets Ltd in Cyprus, the Financial Services Authority for the Seychelles company, or the Financial Sector Conduct Authority if you contracted with the South African entity. Complaints that carry amounts, dates and account numbers get the most traction. Be wary of anyone offering to recover your funds for an upfront fee, as that is a common follow-up scam.
What we recommend
The practical takeaway from everything above.
Treat this as a licensed but elevated-risk broker, and let where you live decide how cautious to be.
- If you are in Malaysia, do not open an account. Your central bank has formally flagged this operation as unauthorised, so a frozen withdrawal or a deleted balance falls outside Malaysian consumer protection and you would have almost no local recourse.
- If you are in the EU or the EEA, insist on the Cyprus entity. Check that your client agreement names JustMarkets Ltd, licence 401/21, and that you signed up through justmarkets.eu. That is the only part of the group with EU supervision and compensation cover. An account with the Seychelles company gives you neither.
- Read clause 4.2.1 of the client agreement before you deposit. It is the provision clients say was used to remove their profits. Understand exactly what the company counts as abusive or fraudulent trading.
- Finish identity verification before you fund the account, and keep the confirmation. Several clients report new checks appearing only once they tried to withdraw.
- Test the exit early. Deposit a small amount, trade normally, and withdraw it before committing anything meaningful. Keep deposits to what you can afford to lose.
- Withdraw profits often rather than letting a balance build. The reported losses cluster on large accumulated sums, not small regular payouts.
- Keep your own records: statements, trade history, ticket numbers and chat transcripts. Every complaint that got traction carried amounts, dates and account numbers.
- If your funds are held, escalate in writing to the entity named in your agreement, then to its regulator: CySEC for JustMarkets Ltd, the Financial Services Authority for the Seychelles company, and the Financial Sector Conduct Authority if you contracted with the South African entity.
- Watch out for impersonators. The South African regulator has warned about people using the JustMarkets name to solicit money over WhatsApp. The company says it has no connection to them. Deal only through the official domains listed above, and never send money to an individual.
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 October 17, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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