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No valid regulatory information, please be aware of the risk!
|Registered Country||Saint Vincent and the Grenadines|
|Incorporated Years||2-5 Years|
|Company Name||GFY Markets Ltd|
|Minimum Deposit||$1000 for the Elite account|
|Minimum Spreads||From 0.0 pips|
|Trading Platform||MT5 trading platform|
|Payment Methods||Bank Transfer|
|Customer support||Contact Form, Email|
Jet Trade Markets is a questionable offshore broker that does not provide clear information about its ownership and trading conditions. Although Jet Trade Markets appears to be affiliated with companies registered in Australia, we cannot rule out the possibility of it being a scam. At best, it is an unregulated broker that does not provide any guarantees about the safety of your funds. We therefore recommend that you avoid Jet Trade Markets and use the services of more credible brokerage firms instead.
According to the Legal Risk Disclamer and the Terms and Conditions, Jet Trade Markets is a trade name of GFY Markets Ltd. This company is said to be incorporated in Saint Vincent of the Grenadines (SVG).
Sometimes legitimate brokers register subsidiaries in offshore areas such as SVG to compete more effectively in unregulated markets in Africa and Asia. However, the complete lack of regulation in the SVG also makes this jurisdiction very attractive to shady brokers and fraudsters. While this country has a financial regulator, unlike other offshore areas, it does not license or regulate the activities of forex and CFD brokers. Тhe Financial Services Authority (FSA) of St. Vincent and the Grenadines has repeatedly issued warnings on this issue, with the latest such warning dated 23 June 2021.
Here we can say that WikiFX has given this broker a very low score of 1.33 (the screenshot was taken on 13/02/2023).
Here is the screenshot of Jet Trade Markets' official website:
The only tradable asset we found in the broker's website is Forex.
Account, Leverage, Spreads, Commissions
According to the website, Jet Trade Markets offers three account types – Trader, Trader Pro and Trader Elite, with two base currency options – Australian dollar and US dollar.
• Standard Account type
• ZERO Commissions
• ZERO Account Fees
• Account type – Raw Spreads
• ECN Commissions of $5 USD per round turn lots
• ZERO Account Fees
• ECN Account type – Raw Spread
• ECN Commissions of $2 USD per round turn lots
• Monthly Account Fees of 5% of weighted average equity per month (minimum of $50)
• NO FEE CHARGED IF account achieves a trade flow >= 5 Round Turn Lots per month
• Minimum Deposit $1,000
There are no specific parameters for the base account. The Pro account is described as an ECN-type account with raw spreads and a commission of 5 USD per side per lot. The Elite account also has a raw spread and a lower commission of 2 USD, but there is also a monthly fee of 5% of weighted average equity per month, but no less than 50 USD. This fee is not charged if the monthly trading volume exceeds 5 round turn lots.
These conditions are relatively competitive if the raw spreads are actually close to zero. As we were only able to test the trading platform with a Demo account, we cannot confirm what the actual spreads of Jet Trade Markets are.
There fore their tight variable spreads range from an extremely competitive 0.1 pips to 2-3 pips, depending on the currency pair and market conditions. And The minimum deposit is specified only for the Elite account – 1000 USD. Many legitimate brokers allow you to create an account with a ten times lower amount.
Trading Platform Available
Jet Trade Markets uses one of the most popular trading platforms among brokers, MetaTrader 5 (MT5). Registering a live account requires identity and address verification, which is why some were only able to test the softwares functionality with a Demo account.
Deposits & Withdrawals
Jet Trade Markets does not mention directly the means of deposit but in the FAQ section it is stated that bank transfer, credit/debit cards and e-wallets are used to deposit and withdraw funds, with special mention of Neteller. However, there is only one option in the deposit menu, bank transfer.
There are a number of ways to get in contact with Jettrade , the first being through an online submission form, fill in your query and you should get a reply via email. There is also a physical address available which we are not sure if it is correct and also there is email addresses and phone number provided in their website.
Pros & Cons
|MT5 trading platform||No regulation|
|Generous leverage up to 1:500||No 24/5 customer support|
|Demo accounts available||Limited trading assets, forex trading available only|
|Trading tools available||Lacking for educational resources|
|No online chat support|
|No clear minimum deposit information about Pro and Elite accounts|
Frequently Asked Questions
Who owns Jet Trade Markets？
Jet Trade Markets is a privately owned company. The owners and management team each have over 20 years experience working in the financial markets.
What are your typical spreads？
Jet Trade Markets offers spreads from 0.1 pips to 2-3 pips, depending on the currency pair and market conditions.
What account types does Jet Trade Markets offer？
Jet Trade Markets offers three tiers of trading account (Trader, Trader Pro, Trader Elite), allowing clients to choose whichever best suits your trading styles and needs.
Can I have more than one account？
Yes, you can have as many accounts as you wish.
GFY Markets Ltd
Jet Trade Markets
Platform registered country and region
Saint Vincent and the Grenadines
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