JFD Forex Broker Review - Overview
JFD are a Forex Broker primarily relying on MT4 to deliver an STP broking service. JFD stands for Just, Fair and Direct and this is at the front and centre of their offering. They have a Direct Market Access (DMA), Straight Through Processing (STP) model (Agency Only) and use over 20 liquidity providers to ensure truly anonymous trading and the best fills possible. They offer an MT4+ package that takes regular MT4 trading to the next level with a suite of free proprietary plugins that are perfect for Forex traders. JFD make their income from commission. Their commission is about industry average and they push through the bid/offer spread from the best priced liquidity provider from their liquidity pool - meaning that spreads can be ultra low. They are a broker that provides a premium service but charge less than many of their competitors.
JFD Review - Products and Spreads
JFD offer a large range of both major and minor Forex pairs, as well as some more exotic currencies. With 68 Forex products on offer and with most currencies anyone will likely wish to trade, JFD should have you covered.There are a number of MT4 Forex brokers who offer little more than the core majors, so if you are looking to trade anything unusual then you may warm to JFD.
The spreads are very low on Forex, with 0.2 being regularly achievable on EURUSD. This is due to the competitive nature of their liquidity pool - 20 different major liquidity providers compete to offer the best bid or ask price, and JFD do not need to get both sides of the spread from the same provider. JFD don’t appear to add any extra to the spread - they make their money by charging a commission. At £2.50 per full lot traded this is about market average. The commission goes up and down depending on the size of your trade but as a proportion of your trade it is very manageable - it works out at far cheaper than paying a larger 2 or 3 pip spread for instance.
JFD Broker Review - Interface and Platform
JFD have spent a great deal of effort to differentiate themselves with their DMA/STP offering and they have put the same work into creating an MT4 platform that sets them apart from the competition. Their MT4+ platform includes a number of proprietary add-ons that boost the functionality of the regular MT4 software. There are sentiment and market depth indicators, Excel plugins that aid trade analysis and tick / chart trading functionality meaning you don’t even need to fill in an order ticket. There is a lot of value in these add-ons, there are not just for marketing purposes, and indicate a well-run broker with a dedicated top team that care about making their traders as successful as possible.
In addition to MT4+ they offer Guidants. Guidants is (currently) a German language only platform that has some social trading functionality and which is highly customisable, but is not at the core of their offering.
JFD Broker Review - Service
Given the image that JFD seek to portray, it is essential that they offer a quality customer service. As such you won’t be surprised to hear that they have the full 24/5 support lines on phone, email and live chat available as well as multiple language services. There is a monthly £5 inactive trader charge that you probably wouldn’t get with one of the large B Book brokers, but this is indicative of the fact that their technology and service is expensive to run and their profit margins are tight - they don’t make money from your losses like one of the huge market maker brokers. If you are trading each month or in the first quarter since you joined JFD then you don’t need to worry about this. They also send you a post-trade report, adding further transparency to the process.
JFD Broker Review - Safety
Regulated by CySec in Cyprus, JFD are also registered in the UK, Germany and France with the appropriate regulatory bodies. They make it clear that they do segregate client accounts, as you’d expect. They are member of the Investor Compensation Fund which protects up to €20,000 of your money if things unravel for JFD and they can’t return your trading balance to you. This is unlikely to be the case if they segregate client funds, but it is reassuring nonetheless.
JFD Broker Review - Conclusion
Two Blokes Trading is very impressed with JFD as a Forex Broker. It is hard to see what is not to like about them, unless you really don’t want to trade using MT4. As far as MT4 Forex brokers go, JFD tick all the boxes that you might want. Their dedication to transparency is not just words - they really do operate a true Direct Market Access model that gets the best price from a pool of the world’s leading Tier 1 banks and liquidity providers. Their MT4+ platform is better than the vanilla model; if you want to trade Forex through MT4 then JFD is a great option for you.