Is Justforex a market maker? This comprehensive guide examines Justforex's execution model, regulatory status, trading conditions, and the key risks associated with trading with a market maker broker.
Justforex is an online forex and CFD broker that has been operating since 2012. The broker offers trading services through MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, providing access to forex pairs, indices, metals, energies, shares, and cryptocurrencies. Justforex is known for offering high leverage up to 1:3000, low minimum deposits starting from $1 for Standard accounts, and competitive spreads.
In 2022, the brand underwent a rebranding to JustMarkets as part of a broader expansion beyond forex into other markets. However, the Justforex brand and website continue to operate in some regions. Justforex is registered in St. Vincent and the Grenadines under JF Global Limited, which does not provide effective regulatory oversight for forex brokers.
A market maker is a broker that creates its own market for clients by taking the opposite side of a trade. Instead of routing client orders to external liquidity providers or exchanges, the market maker acts as the counterparty to every trade.
Key characteristics of market makers include:
In contrast, STP (Straight Through Processing) and ECN (Electronic Communication Network) brokers route client orders directly to liquidity providers or the interbank market, acting only as intermediaries.
Based on its business model and operating structure, Justforex is a market maker broker. The broker does not provide direct market access or route orders to external liquidity providers in a pure STP/ECN model. Instead, it operates as a dealing desk, taking the opposite side of client trades.
Evidence supporting this classification includes:
Understanding how Justforex's market maker model operates can help you manage your expectations and risks.
When you place a trade on Justforex, the broker does not route your order to an external liquidity provider. Instead, the broker internalises the order and takes the opposite position. If you buy EURUSD, Justforex sells EURUSD to you.
Justforex sets the spread based on its own pricing model. The spread may be widened during periods of high volatility or low liquidity, which increases the cost of trading for clients.
During fast-moving markets, Justforex may re-quote prices, meaning your order is not executed at the price you requested. Instead, you are offered a new price, which may be less favourable.
Some users have reported that Justforex engages in stop-loss hunting — manipulating price levels to trigger stop-loss orders and generate profits for the broker. This is a common allegation against market maker brokers.
Since Justforex is on the opposite side of your trade, the broker profits when you lose money. This creates a direct conflict of interest and raises questions about the fairness of the trading environment.
The table below compares Justforex's market maker model with typical STP/ECN brokers.
| Feature | Justforex (Market Maker) | Typical STP/ECN Broker |
|---|---|---|
| Execution Model | Dealing desk (market maker) | No dealing desk (STP/ECN) |
| Order Routing | Internalised; broker is counterparty | Routed to external liquidity providers |
| Conflict of Interest | High — broker profits when clients lose | Low — broker earns commissions/spreads only |
| Re-quoting | Possible during volatile markets | Rare — orders are executed at market prices |
| Spreads | Variable, can widen during volatility | Variable, often tighter |
| Leverage | Up to 1:3000 | Typically up to 1:30 (retail) / 1:500 (professional) |
| Regulation | Offshore (SVG) — no effective oversight | Top-tier (FCA, ASIC, CySEC, etc.) |
| Market Access | No direct market access | Direct access to interbank market |
As the table shows, Justforex's market maker model differs significantly from STP/ECN brokers in terms of execution, conflict of interest, and regulatory oversight.
Justforex's fee structure is characteristic of a market maker broker.
It is important to verify the current fee structure directly on the Justforex website, as fees can change.
Trader: A retail trader opens a Standard account with Justforex, depositing $200. The trader uses 1:1000 leverage and trades EURUSD.
Action: The trader places a buy order during a news release. The order is re-quoted three times before execution, resulting in a less favourable entry price. The trader then sets a stop-loss at 20 pips.
Outcome: The price spikes downwards, triggering the stop-loss before reversing. The trader suspects stop-loss hunting. The loss is $20, and the trader is unable to recover the funds.
Lesson: Market maker brokers like Justforex have inherent conflicts of interest. Traders should be aware of re-quoting, slippage, and potential stop-loss hunting when trading with a market maker.
Trading with a market maker broker like Justforex carries significant risks beyond the normal risks of forex and CFD trading.
According to independent review platforms, Justforex has a low trust score (1.53/10 on WikiFX) and is flagged for multiple withdrawal issues. Trading with Justforex carries significant risk.
Yes, Justforex operates as a market maker broker. It internalises client orders and takes the opposite side of trades, rather than routing orders to external liquidity providers.
Yes, as a market maker, Justforex profits when clients lose money. This creates a direct conflict of interest that can affect execution quality and pricing.
Justforex is registered in St. Vincent and the Grenadines (SVG FSA). The SVG FSA does not regulate forex brokers, meaning there is no effective regulatory oversight or investor protection.
Justforex is a market maker that internalises orders and acts as the counterparty. STP brokers route orders directly to external liquidity providers and act only as intermediaries, with no conflict of interest.
Yes, as a market maker, Justforex may re-quote orders during volatile market conditions, resulting in less favourable execution prices.
Justforex carries significant risk due to its unregulated status, market maker model, and reported user issues. It is not considered safe compared to regulated STP/ECN brokers.
Justforex offers leverage up to 1:3000, which is extremely high and significantly increases the risk of losing your entire investment.
Justforex has been flagged by the Japanese regulator JFSA (JF Global Limited) and has a low trust score (1.53/10) on WikiFX, indicating significant regulatory and reputation concerns.
📚 About this guide: This article is based on publicly available information from Justforex's official website, regulatory bodies (FCA, CySEC), and independent verification platforms (WikiFX, FX168). Regulatory status, execution models, and trading conditions are subject to change. Readers are strongly encouraged to verify all current details directly with the relevant regulator's official register before making any trading decisions. This content is for educational purposes and does not constitute financial, legal, or investment advice.