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JadeFX.com Review

Updated: Jun 16, 2015
SCAM
3 · 26 REVIEWS
Is this your company?

March 15, 2011: JadeFx appears to have been shut down by the CFTC.  The FPA considers JadeFx.com to be a confirmed SCAM.

Website is closed.  We don't think they will be back.  The FPA recommends all account holders contact the CFTC.

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Scam!
3 · 26 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Steve,
Singapore,
Mar 14, 2011,
Guest

FPA Scam Investigation Committee Note: The FPA now considers JadeFx to be a scam.

Confirmed Jadefx is a scam.

CFTC has press charges against owner of Jadefx. http://www.cftc.gov/PressRoom/PressReleases/pr5997-11.html

You can read the detail transcript of the investigation here with the court documents.
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=1cWIuVvAknjUBYBGiHTtEOj_QirVHsLpwMyv1D0zMEHPQp0Eb9gM08mtBH7pS&hl=en&authkey=CKKF_IwJ
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=1ww-KfhjsIbTZ9R2bs41m-uT5t_LV5DfTknRlEu0plvQrkaz-5xOl81qDLM4a&hl=en&authkey=CLq5z9UJ
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=1lkWRzyg-HLx-7eBPrE-EVTzL56FdGaCE0umgBA-Ox1INtwG4r1Gy3pWWBw1m&hl=en&authkey=CPXz9OcH

2011-03-02 1 Star Update- I have received a mail from Jadefx through their MT4 terminal. But this is after 13 hrs of trying to contact them to get a response from them. I am not impressed with their customer service support.

Anyway, below is their explanation for the problem.

==============================

Dear Sir,

I would like to take this opportunity to apologize and explain why our liquidity Bank in US went offline today from Belize.

The Technical Support office that we contract was visited today with CFTC regulators in order to verify if it serviced any US clients or violated any CFTC regulations . JadeFX Ltd ( Belize ) is based in Belize and does not Service any US Clients or members. We are currently working with regulators to resolve those differences. We ask all our members to be patient while we work hard to resolve the differences. We have meetings with the regulators on friday from 9:00 to 12:00 AM Eastern Standard Time. Once everything is resolved , we will inform all our members immedaitely after that meeting.

It was extremely hard on all our members and the Technical support Office contracted to offer technical Support because the technical team did not have access to the MT4 Trading platform system to send out an Email to all our members and i do apologize for the inconvenience. Once this is resolved we will make sure, that we deal with all the issues that will arise because of this.

JadeFX
http://www.jadefx.com
support@jadefx.com

2011-03-02 1 Star Price in jadefx froze since 1700hrs GMT 2nd Mar 2011. I have tried to contact people in Jadefx but to no avail. Call them 3 times on the phone, no one answer. Wrote them an email, no reply yet.
I have 2 open positions and nothing I can do to close it.

No news, no explanation, no response after 12 hrs since the price freeze during US mid session yesterday. What is more worrisome is that it makes me wonder if they had scam our money and ran off without a word.
Luke,
Finland,
Mar 7, 2011,
Guest

First was happy with their good spread, then suddenly no connection to server (all other MT4 account on other brokers working), no replies to many emails, no-one to answering phone! Can't get my money out!! This is last time I try any of these bucket shops/small brokers, Jade was supposed to be ECN... so much good that did... !!

-- Welcome to the Wild West of Forex ---
Horacio,
Virgin Islands,
Mar 6, 2011,
Guest

I am not scalating yo scam, as i can not prove it as yet.
I have an account at JadeFX and I always liked their service.
Now they have gone offline and I have not received any letters or emails with an explanation.
Regarding JadeFX excuses posted by Chris, I searched the CFTC site and there is no information about any case or investigation against JadeFX.
The whole situation smells really bad.
my sympathy goes to all the other victims
Chris,
Germany, EU,
Mar 5, 2011,
Guest

I got this Mail from JadeFX:

We would like to update all our JadeFX Ltd club members on situation or isssue we have at hand. After today's meetings , there are several options that might occur.

Currently due to this intensive inquiry we can not process any funds because no access is allowed & will not be allowed until some resolution is found. We want to make sure that all our members understand the great challenges we are facing

What Options might be available for JadeFX Ltd club members:

1. bankruptcy -- if they prolong the inquiry to several weeks or months. This implies that we might be able to recover part of the funds

2. Complete aggresssive shutdown due to severe penalties and prolonging the inquiry-- this implies their will be some violations and we might be able to wind down and recover part of the funds.

3. Warning issued for any violations found and severe penalties applied ---this implies there will be a possibility to recover ALL or part of the funds.

NOTE: The situation right now is very fluid or very unpredictable , anyone who has dealt with the regulators understands how tough and unforgiving the outcome can be. We hope for the best and we are doing everything possible to have a positive outcome but we can not predict or know what will happen or how long it will take ( Days or Weeks ) , since they move very slowly

The regulators are coming down very hard on any brokerage regulated or unregulated or based in US or not Based in US , it does not matter. So long as you are dealing with any US bank for liquidity then you are in their crosshair.

we will also take down the website due to the ongoing inquiry for the time being and will turn it back up, once a resolution is reached. This is due to some changes required to meet certain non-solicitation clauses and various pieces of information required to be placed on the website.

For any communication while we are working on the issue please use only the email support@jadefx.com

Thank you and let's hope for the best

J,
Finland,
Mar 3, 2011,
Guest

I've been customer for couple years now. JadeFx spread is very good, but customer service almost non existent! So you get what you pay for... For example today I cannot get fresh quotes or trade for Jade FX at all and not able to contact anyone at customer support!! I'm glad I have only one small open position and other account on brokers that are working. I suspect their server is down as also demo accounts are not working!
Harry,
UK,
Mar 3, 2011,
Guest

Same as the last reviewer. Nearly 24 hours have gone by and not a squeak from them. They've had plenty of time to respond or send their clients a message. Very poor and not in keeping with their normal high quality support. I fear the worst.
Sebastian,
Germany,
Jan 9, 2011,
Guest

I just did some demo trading with them, so i wont give any stars , but everything was nice and smooth. Iam not scalping so some stuff which was mentioned here doesn't effect my trading style that much anyway, but i didn't recognize anything bad either.
Beside that, this broker does have quit good reviews in the forums as well

So i would consider trading with them live , of course with a small account first , if there weren't a few things which realy bothering me at the moment .

1. Why no Euro accounts ? Jadefx doesn't accept US Clients anyway .
2. Those currency exchange fees i would need to pay are high but actual transaction costs are even higher , it was mentioned here as well .
I see that this might not be the fault of jadefx but there bank , anyway most of the other brokers offer better then that .
3. They are unfortunetly strictly limited to forex

As i said actual trading with them was good , but some aspects are annoying me .

Grüße
Jacob,
Belize,
Sep 6, 2010,
Guest

Reply to " Not Happy, San Diego "

As any trader understands any broker will at times have areas that might need improvements and that is normal in the industry. It is a little dishonest when some traders who are either disgruntled or not pleased with some actions we have taken to improve and serve our members, write very false review about JadeFX .

We do understand , that their will be some traders who will not be happy no matter what excellent services are provided to them But we also understand that it is our responsibility to be Honest and provide excellent Services to our members without any comprise to service quality.

We also thank all our members for their continued support and we are always going to have our members come first in our service.
Jacob,
Belize,
Jun 27, 2010,
Guest

To Reply to Nomair review that is basically false,

1. When new trader does not understand or know how to trade well , it is extremely hard for him / her to make any profits. I believe all of us have been at that stage. A new Trader will sometimes blame anything as a reason a loss in trading.

2. JadeFX has several employees and different departments. I am not sure where you get that idea.
Not Happy,
San Diego,
Jun 24, 2010,
Guest

What a scam.

After getting the email from Jade saying they were closing all U.S. accounts by August I start closing up shop so I can withdraw my money before then.

About two weeks later, I get ANOTHER email that says (basically) "Oh just kidding we're going to close all accounts the end of this week". I got the email on a Tuesday.

I go to withdraw my money: "We are sorry but JadeFX has closed deposit and withdrawal transactions to U.S. Clients. Sorry for any inconvenience."

WTF?!

Luckily I only had 40 USD left in the account after they mopped the floor with my face.