FXJET is owned as a trade name by the company Bogofinance Capital Markets LTD that is regulated by the Cyprus Securities Exchange Commission (CySEC) under license number 321/17.
Customers can trade a wide range of trading instruments including currency pairs, commodities, indices, shares and cryptocurrencies. Spreads depend on the trading account, but the spread of the Bitcoin starts at USD80 and the necessary margin is 50% (as the ESMA requires). The minimum spread of the EUR/USD starts at 1.4 pips.
There are three types of accounts that should meet the needs of most traders. The Silver account requires a minimal deposit of USD250, the spread for majors starts at 1.4 pips and it is commission free. You must invest at least USD2,000 to open a Gold account. Spreads are zero and the commission is USD6 per side. The VIP account requires a minimum deposit amount of USD10,000. In return, the spreads are zero and the commission is USD2.5 per side.
All accounts are available through the famous MetaTrader 5 (MT5) trading platform. It is a reliable and easy-to-use terminal that provides analytic tools and the ability of automated trading. The platform can run on a computer, in a web browser, or on any iOS or Android device. However, if you want to use expert advisors, you must request this separately. There are various forms of payment, including bank transfer, debit/credit cards, Neteller, Trustly and iDeal.
The Risk Disclosure document reveals that the client remains liable for any negative equity irrespective of the reasons for which such equity became negative, so if you are a professional client, at the end you could owe some money to this company. Fortunately, in the Client agreement – terms and conditions file it is written that in the event of a negative balance in a retail client account, the company will not file a claim against the client for that amount. This is confirmed by the Leverage policy document where it is written that the company offers all clients the “Negative Balance Protection”. This means that clients will never lose more than the amounts they invested. You should also be aware that stop loss orders will not necessarily limit the losses to the intended amounts, or they are not guaranteed. In addition, there is an inactivity fee if you have not traded for six months.
The Client Agreement document has a special clause detailing that the company acts as a market maker and is a direct counterparty to the client’s transaction. Acting as a market maker means it may hold positions that are contrary to positions of the client, resulting in potential conflicts of interest between the company and the client.
In our opinion, the company is strictly regulated and complies with the newest ESMA requirements. It offers the popular terminal MT5, which is suitable for all kinds of traders. However, the minimum deposit requirements are relatively high, commissions are not properly defined, and the use of expert advisers is unnecessarily complicated. Given that FxJET is a market maker, average traders are likely to find another brokerage firm.
