Note: Jojo Markets' official site - http://www.jojoforex.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
⚠️ Attention: This is a scam broker!
What is Jojo Markets？
Jojo Markets is a trading platform reportedly founded about 5-10 years ago and claims to be registered in the United Kingdom. However, red flags surrounding the broker are numerous and significant. To start, it claims to be regulated by the New Zealand FSPR, but these claims are suspect and are potentially a 'clone' at best - a scenario where a firm illegitimately claims the details of a legitimately registered or regulated firm.
The firm has been verified to be operating illegally, with all its licenses expired and it is listed in WikiFX's Scam Brokers list. Furthermore, the number of complaints amassed by WikiFX for Jojo Markets has reached 32 instances over the past three months alone.
Additionally, Jojo Markets has been identified as executing a Ponzi Scheme. These are fraudulent investing scams promising high returns with little risk to investors. Ponzi schemes generate returns for early investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors. These schemes usually collapse on themselves when new investments stop.
The operational mode of Jojo Markets poses substantial risks to potential investors, as it manipulates the investor's desire for financial gain, perpetuating a harmful and deceptive funding mode.
Pros & Cons
Regulation Status: The claimed New Zealand FSPR regulation is suspected to be a clone which indicates that it's operating without a legitimate license.
Security: The security of the platform is classified as very low. The safety of clients' funds can't be guaranteed, making this a highly insecure platform for traders.
Unavailability: The official website of Jojo Markets is not available. This unavailability limits access to crucial information and hinders the ability of users to learn more about the platform or its services.
High Complaint Rate: The myriad of complaints received about this broker in a brief 3-month period underscores the high risk involved in dealing with this platform.
Is Jojo Markets Safe or Scam？
Jojo Markets is not safe and is likely a scam. Here are some reasons:
Regulation Status: Jojo Markets claims to be regulated by the Financial Service Providers Register (FSPR) of New Zealand, yet these claims are suspect. It is suspected to be a clone firm, which is a significant red flag.
Confirmed Illegitimate Operations: Jojo Markets has been confirmed as operating illegally, with all its licenses expired. The firm is also listed in WikiFX's Scam Brokers list.
High Number of Complaints: WikiFX received 32 complaints about this broker in the past three months alone.
Inaccessible Official Website: The broker's official website is unavailable, a factor that limits access to crucial information and further compounds concerning its legitimacy.
Consequently, Jojo Markets should be considered an unsafe and likely scam platform. Potential investors are advised to conduct thorough research and due diligence before considering investment with any platform.
Trading Platforms
The trading platform provided by Jojo Markets is MetaTrader 4 (MT4), which is a highly popular platform in the Forex trading community. With its user-friendly interface coupled with a wide array of features, it offers a comprehensive solution for traders of all levels of expertise.
MT4 is known for its advanced technical analysis capabilities which help traders to track and predict market movements accurately. Another hallmark of MT4 is the availability of Expert Advisors (EA). EAs are software programs that can automate trading strategies, thereby reducing the manual work required by the traders and potentially increasing the efficiency of their trading process.
Moreover, mobile trading is a core part of the MT4 platform, allowing traders to access their accounts from anywhere and at any time. This level of flexibility can be very beneficial, especially for those who need to act swiftly on market changes.
Next, MT4 provides trading signals - these are suggestions or tips generated by the analysis of market conditions, which can assist traders in making decisions about entering or exiting trades.
Finally, the platform also integrates market news and updates, ensuring that traders are always informed about the latest happenings affecting the currency markets.
In summary, MetaTrader 4 empowers Jojo Markets' traders with robust analysis tools, automated trading options, mobile trading capabilities, access to trading signals, and real-time market news. However, please note that despite the capabilities of the MT4 platform, potential investors should proceed with caution given the red flags surrounding Jojo Markets.
Customer Service
The customer support of Jojo Markets appears to be quite limited with only two communication channels: phone and email. Clients can reach out to Jojo Markets customer support by dialing +4006660205. In addition, Jojo Markets has an email support address (cs@jojofx.com), which customers can use to send inquiries, and requests, or to articulate any issues they may be experiencing.
However, having only two contact methods can mean limited accessibility to support when needed. Furthermore, the quality and efficiency of their customer service remain unspecified. It's common for financial platforms to offer a more diversified means of customer communication such as live chat features, 24/7 service, or an extensive FAQ section to solve common issues instantly.
Exposures on WikiFX
On our website, you can see that reports of scams and severe slippage. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section. We would appreciate it and our team of experts will do everything possible to solve the problem for you.
Conclusion
Based on the information gathered, Jojo Markets is a trading platform that aspiring traders should be wary of. Red flags surrounding the company include suspicion of being a clone firm, conducting illegal operations, engaging in a Ponzi scheme, lack of customer service, an inaccessible official website, and potentially high and non-transparent commissions. Investors are urged to conduct their due diligence before interacting with such a platform.
Frequently Asked Questions (FAQs)
Question: Does Jojo Markets provide transparent information about its commissions？
Answer: Unfortunately, Jojo Markets does not provide transparent information regarding its commission structure.
Question: What are some red flags associated with Jojo Markets？
Answer: Some significant red flags associated with Jojo Markets include allegations of being a clone firm, confirmed illegal operations, numerous complaints, a non-transparent commission structure, execution of a Ponzi scheme, and an extremely low security rating.
Question: Can Jojo Markets be considered a safe trading platform？
Answer: No, based on the information available and the various red flags raised, Jojo Markets can not be considered a safe trading platform. It's imperative for potential investors to conduct thorough research and due diligence before interacting with such platforms.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-07 10:15
