SJFX-Some Important Details about This Broker

WikiFX | 2022-09-30 19:01

Abstract：Registered in the Saint Vincent and the Grenadines, Shinejoin Markets presents itself as a forex broker providing trading-related service. Shinejoin Markets has mentioned nothing about he company behind it, even its name. There is no contact number either, only an address in Saint Vincent and the Grenadines (SVG), an offshore place where forex brokers are not regulated.

Since Shinejoin Marketss official website (https://shinejoinmarkets.com/) no longer works, we could only piece together the rough picture of this brokerage house by gathering some relevant information from other websites.

General Information

Registered in the Saint Vincent and the Grenadines, Shinejoin Markets presents itself as a forex broker providing trading-related service. Shinejoin Markets has mentioned nothing about he company behind it, even its name. There is no contact number either, only an address in Saint Vincent and the Grenadines (SVG), an offshore place where forex brokers are not regulated.

Of course, Shinejoin Markets is not subject to any regulation to show it operates legally. Please be aware of the risk.

Minimum Deposit

Shinejoin Markets seems to offer all investors one Standard account, with the minimum deposit to open this account not disclosed.

Leverage

Shinejoin Markets allows its clients to use leverage of up to 1:100, higher than the levels regarded appropriate by many regulators, with the maximum leverage for major forex up to 1:30 in Europe and Australia, and 1:50 in Canada and U.S.

Since leverage can magnify gains as well as losses, it can also cause serious fund losses, especially to inexperienced traders. Therefore, it is wise for beginners to choose the smaller size no more than 1:10 until they gain more trading experience.

Spreads & Commissions

Actually, Shinejoin Markets does not disclose its trading conditions offered. The only thing mentioned on SJFX‘s website is a spread from 0.7 pips on EUR/USD pair, which proved to be incorrect. Through the demo account on the MT5 trading platform, the spread on the EUR/USD was fixed at 3 pips, which is significantly higher than the industry’s average.

Trading Platform

Shinejoin Markets provides access to the industry-leading MT5 trading platform, which can be accessed on any device, Windows, Desktop, IOS, and Android. The MT5 trading platform allows one-click operations for opening and closing trades, setting stops and entry limits, placing direct orders, setting and editing limit and stop loss, as well as charting.

Customer Support

As an unregulated offshore forex broker, Shinejoin Markets provides the poor customer service, and clients with any inquiries or trading-related issues can only get in touch with this broker through an email: support@shinejoinmarkets.com.

Risk Warning

Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience.

The information presented in this article is intended solely for reference purposes.

Forex trading Forex Broker

Related broker

No Regulation

SJFX

Company name：ShineJoin Markets

Score

1.57

5-10 years | Suspicious Regulatory License | Suspicious biz area | High potential risk

Score

1.57

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