JDR Securities Review
The regulatory status of JDR Securities remains largely inconclusive. Although the broker provides proof of ASIC’s regulation, it also offers trading services in SVG, an unregulated jurisdiction. Moreover, the broker has violated some rules imposed by oversight agencies, such as leverage.
JDR Securities is a forex brokerage company that has the status of a controversial regulation. We say its regulation is not clear-cut because, while its operations in SVG are unregulated, a regulated company backs the broker from Australia. The broker claims its operations in the two jurisdictions are unidentical.
Forex trading is undoubtedly a lucrative venture, but there are downsides too. To begin with, the digital market is volatile and can result in significant losses. Moreover, unscrupulous brokers continue to swindle investors under the guise of genuine brokers.
If you are aspiring to venture into this digital space, you must have adequate exposure to the intricacies of this market. This includes familiarizing with acceptable standards for legit brokers and knowing the tricks rogue brokers use to con investors. Y
ou will not come across a dependable forex broker merely by chance. On the contrary, you will have to put in the effort by conducting background research, reading reviews, checking with FINRA, and reading all the fine print on its website. Notably, you should be able to verify who regulates a broker by checking with the respective agency database.
Although this broker has proof or regulation, we picked some issues that don’t sit right with us. In this review, we share a few things to pay attention to while vetting brokers. Follow through:
According to website information, JDR Group of Companies owns and operates this broker. JDR Securities has two accounts; pro and standard. The Pro account is suitable for expert advisors (EAs) and scalpers needing instant STP and razor-sharp spreads. In contrast, the standard account is fit for self-directed traders.
JDR Securities claims to offer trade instruments, including forex, bonds, futures, commodities, and indices. The broker also promises high-caliber support, execution, and technology. The technology helps manage funds by providing Multi Account Manager (MAM) and Percentage Allocation Management Module (PAMM). Traders using the platform can also benefit from an economic calendar, daily technical analysis, and technical analysis.
JDR Securities states that it has offices in Australia and St. Vincent and the Grenadines and has provided corporate addresses for both offices. Traders can contact the brokers via respective telephone and email addresses for inquiries or customer service support. This is a plus for traders since they can access instant help in case of urgent issues.
However, we emphasize that you should only contact a broke once satisfied that they are legit. For the SVG’s office, we are cynical of its legitimacy. Consequently, we suggest that you carefully consider your options before contacting them.
Deposit & Withdrawal Policy
The website for JDR Securities lists Dragonpay, bank transfers, Neteller, and Skrill, as payment options. While wire transfers, digital, and Dragonpay payments attract no fees, the broker levies 2% deposits and withdrawal fees on the other payment methods. Since most brokers nowadays don’t charge for deposits, the broker’s fees though relatively small, are somewhat excessive.
The lack of a credit/debit card option caught our attention because these payments are the simplest to reverse, trace or file for a chargeback. The exemption of such a staple option is quite inconvenient for traders.
Most trustworthy brokers only ask for a small initial investment. The firm’s lack of a minimum deposit requirement is unquestionably a benefit. Traders can begin trading with whatever little money they have.
JDR Securities Trading Platform
JDR Securities provides access to MT4, a fantastic platform to which most traders are accustomed. On the one hand, the MT4 is suitable for beginners because it is user-friendly. On the other hand, it also serves seasoned traders owing to its additional features and tools. A trader can use more than 30 indicators and choose from 9 timeframes using MT4. However, the automatic trading it offered has been its most distinctive feature. Traders can also use expert advisors. The broker also has a web trader, but there is no reason for you to go to this platform when the MT4 is available.
This broker offers a free demo account for the platform. This can help verify if the firm’s advertisement about trading execution and conditions is accurate. A tool like this is helpful for new customers who are more thrifty with their money.
They can gain first-hand knowledge of the forex markets by trading on a demo account without taking any financial risks. Even seasoned traders should open one when choosing a new business to work. Additionally, the broker mentions that it offers social trading services. This helps novice traders to copy the moves of professional traders.
Going by its demo account, JDR Securities has a spread of 1 pip. This is excellent because it is less than the 1.5 pip industry average. However, if there are further commissions, the broker has not clarified them. ASIC imposes a 1:30 leverage capping on brokers under it. Conversely, the broker allows a leverage of up to 1:400. This is controversial for a broker claiming to be under ASIC’s oversight.
This broker gives access to 64 currency pairs and an undefined number of commodities and indices, which, though fair, is not impressive. This is less than ideal, given that several reputable brokers can provide access to thousands of trading instruments.
In its T&Cs, the broker explicitly states that it cannot refund any money to traders. This is a red flag because provided there are substantial grounds for reversal. If the refund procedure is followed, the broker has no right to deny a chargeback. As we said, although this broker is somehow regulated, some of its conditions are outrageous, which calls for diligence when dealing with the broker.
JDR Securities Licensure & Regulation
JDR Securities’ offices are in Australia, St. Vincent, and the Grenadines. Since the local financial body(FSA) does not oversee the activities of forex brokerage, obtaining a license in St. Vincent and the Grenadines is out of the question. Conversely, Australia’s ASIC is considered one of the world’s harshest financial regulators. Upon searching for JD Securities in ASIC’s database, we found two firms with identical names.
Although one of these businesses appeared legitimate, the address did not match what JDR Securities had given. The other company, with which we assume we are doing business, was only registered and had given up very little crucial information. This company has no address or Australian Firm Number (ACN), which is required for every registered company.
Subsequently, while ASIC may be likely familiar with the business that operates JDR Securities, we cannot say with certainty if this is an authorized, certified broker. Therefore, if you create an account with JDR Securities, you must know which of these two you would be dealing with. It says the company’s Australian branch manages the finances, while the overseas one permits clients to trade.
The regulatory status of JDR Securities remains largely inconclusive. Although the broker provides proof of ASIC’s regulation, it also offers trading services in SVG, an unregulated jurisdiction. Moreover, the broker has violated some rules imposed by oversight agencies, such as leverage. Also, the deposit channels exclude some convenient methods, such as credit cards which inconvenience traders. Additionally, the broker’s refusal to refund casts a shade on its transparency, which is not expected of a regulated broker.
All we can say is that investors should approach this broker like any other scam, as it is somewhat controversial. We recommend dealing with dependable forex brokers whose regulatory status is clear-cut. You don’t have to keep wondering whether they are genuine.