Summary
JustMarkets, formerly JustForex, serves international clients through licensed companies in Seychelles, Mauritius and the British Virgin Islands, and EU clients through a CySEC-licensed company in Cyprus. No enforcement action was found in the sources we checked, but international clients have no compensation scheme, their agreements contain no client money segregation clause, and the owners are not disclosed.
- Grade
- BBB
- Score
- 56/100
- Fieldwork
- 10 Oct 2026 to 10 Oct 2026
- Findings
- 1 high3 medium5 strength
Scorecard
| Pillar | Weight | Score | Grade |
|---|---|---|---|
| Regulation & Licensing | 19% | BBB | |
| Corporate Structure & Ownership | 14% | BBB | |
| Client Money & Payouts | 19% | BBB | |
| Execution & Pricing | n/a | ||
| Conduct & Disclosure | 14% | AAA | |
| Operational Resilience | n/a | ||
| People & Community | 5% | C | |
| Overall | 71% | 56 | BBB |
The overall score is the weighted average of the assessed pillars, with their weights scaled back up to 100.
This grade summarises the evidence we reviewed up to 10 October 2026. It is not a guarantee of the firm's safety or future conduct, and changes after that date are not reflected. Nothing here is financial or legal advice.
Findings
Regulation & Licensing
52/100The CySEC licence of JustMarkets Ltd and the FSCA authorisation of its South African company were confirmed on the registers, and the Seychelles, Mauritius and BVI companies are listed by their regulators. The international business runs through these three offshore companies, outside the main retail protection regimes.
- StrengthJustMarkets Ltd holds CySEC licence 401/21, issued 8 June 2021; the register lists justmarkets.eu as the approved domain.
- StrengthJust Global Markets (PTY) Ltd is listed by South Africa’s FSCA as an authorised financial services provider (FSP 51114), trading as JustMarkets.
- MediumInternational clients contract with Just Global Markets Ltd (Seychelles), Just Global Markets (MU) Limited (Mauritius) or Just Global Markets (VG) Limited (British Virgin Islands), each of which has its own client agreement. The FSA Seychelles lists the Seychelles company as a securities dealer trading as JustMarkets, the FSC Mauritius lists the Mauritius company as an investment dealer licensed on 16 February 2023, and the BVI Financial Services Commission lists the BVI company as currently regulated for dealing and arranging deals in investments.
- ObservationNone of the three offshore registers shows the licence numbers that JustMarkets states (SD088, GB22200881 and SIBA/L/24/1177). How clients are allocated between the three companies is not stated.
Corporate Structure & Ownership
55/100The contracting companies are named in the client agreements and identifiable on registers, but the owners are not disclosed. The Cyprus company publishes audited prudential disclosures; no accounts were found for the offshore companies.
- StrengthJustMarkets Ltd publishes annual Pillar III disclosures audited by its external auditor; the 2025 report gives a total own funds ratio of 457.33% at 31 December 2025 and shareholders’ equity of €686,176.
- MediumNo owner is disclosed. JustMarkets Ltd reports to the global LEI system that its parent is Just Capital Group Ltd., a Guernsey company controlled by natural persons who are not named; the Seychelles, Mauritius and BVI companies report that their parent information is not public.
Client Money & Payouts
50/100EU clients of JustMarkets Ltd are covered by CySEC’s Investor Compensation Fund. Clients of the three offshore companies have no compensation scheme, and their client agreements contain no clause on segregation of client money, although the website states that client funds are held in segregated accounts. Negative balance protection has an exception.
- StrengthJustMarkets states that JustMarkets Ltd is a member of the Investor Compensation Fund.
- HighClients of the Seychelles, Mauritius and BVI companies fall outside any investor compensation scheme. Their client agreements contain no segregation clause; the only segregation statement is on the website: “The funds of JustMarkets clients are situated on the segregated bank accounts”.
- MediumThe offshore client agreements reset negative balances to zero, but allow the company to disable negative balance protection and recover the deficit from the client’s other accounts where it deems the client’s actions “fraudulent or intentional”.
Execution & Pricing
Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.
Conduct & Disclosure
88/100No enforcement action against JustMarkets companies was found in the last eight years, in the Ontario tribunal, Brazil’s CVM sanctions data, CySEC decisions or the FSCA and BVI enforcement lists. Regulators in India and Malaysia have named the brand as unauthorised.
- StrengthNo fine, settlement, sanctions case or licence action was found against JustMarkets companies since October 2018.
- ObservationThe Reserve Bank of India’s Alert List (November 2025) names Just Markets (justmarkets.com), and the Securities Commission Malaysia added JustMarkets to its Investor Alert List in 2024 for carrying on unlicensed capital market activities. Under our methodology these warnings are recorded but not scored.
- ObservationJustMarkets offers leverage of up to 1:3000 on its standard accounts, and its client agreements refer to a deposit bonus. Under our methodology offshore incentives are recorded but not scored where lawful.
Operational Resilience
Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.
People & Community
0/100No Great Place to Work certification and no community programme were found.
- ObservationNo Great Place to Work certification or community programme was found in public sources or on the firm’s website.
Licences verified
Each licence was checked directly against the regulator's public register on the date shown.
| Entity | Regulator | Licence | Checked | Result |
|---|---|---|---|---|
| JustMarkets Ltd | CySEC | 401/21 | 10 Oct 2026 | ConfirmedLicensed 8 June 2021; approved domain justmarkets.eu. |
| Just Global Markets Ltd. | FSA Seychelles | Securities dealer | 10 Oct 2026 | Confirmed with notesListed as a securities dealer, trade name JustMarkets, website justmarkets.com; the register does not show the licence number SD088 that the firm states. |
| Just Global Markets (MU) Limited | FSC Mauritius | SEC-2.1B Investment Dealer | 10 Oct 2026 | Confirmed with notesLicensed 16 February 2023 as an investment dealer (full service dealer excluding underwriting); the register does not show the licence number GB22200881 that the firm states. |
| Just Global Markets (VG) Limited | BVI FSC | Investment business | 10 Oct 2026 | Confirmed with notesCurrently regulated for dealing as agent, dealing as principal and arranging deals in investments; the register does not show the licence number SIBA/L/24/1177 that the firm states. |
| Just Global Markets (PTY) Ltd | FSCA | FSP 51114 | 10 Oct 2026 | ConfirmedAuthorised, trading name JustMarkets. |
Notes and sources
Sources
- CySEC register: JustMarkets Ltd
- FSA Seychelles: capital markets regulated entities
- FSC Mauritius: online public register
- BVI FSC: Just Global Markets (VG) Limited
- FSCA: authorised financial services providers search
- CVM open data: sanctions cases
- Ontario Capital Markets Tribunal: proceedings
- BVI FSC: enforcement actions
- GLEIF: JustMarkets Ltd
- GLEIF: Just Capital Group Ltd.
- JustMarkets Ltd: Pillar III disclosure report 2025
- JustMarkets: Regulations
- JustMarkets: Legal documents
- JustMarkets: Client agreement, Just Global Markets Ltd.
- JustMarkets: Client agreement, Just Global Markets (MU) Limited
- JustMarkets: Client agreement, Just Global Markets (VG) Limited
- JustMarkets: Client protection
- JustMarkets: Standard accounts
- JustMarkets EU: home page
- Reserve Bank of India: Alert List
- Securities Commission Malaysia: Investor Alert List
Evidence and scope
Scope
Desk audit of the brand’s client-facing entities, using public sources only: regulator registers and announcements, sanction records, the global LEI system, and the firm’s own published documents, as available on 10 October 2026. No accounts were opened, nothing was tested live, and the firm was not asked for evidence.
Limitations
Absence of a public enforcement record is not evidence of good conduct. The licence numbers of the Seychelles, Mauritius and BVI companies are taken from the firm’s disclosures; the registers list the companies but not those numbers. How clients are allocated between the three offshore companies, and the share of the business each handles, could not be established from public sources. No accounts were found for the offshore companies. Only the most recent page of the FSC Mauritius enforcement archive could be reviewed.
Evidence reviewed
- CySEC, FSA Seychelles, FSC Mauritius, BVI FSC and FSCA register entries
- CySEC board decisions, 2018 to October 2026
- CVM open data on sanctions cases; Ontario Capital Markets Tribunal proceedings search
- FSCA and BVI FSC enforcement action searches
- GLEIF records for JustMarkets Ltd, Just Capital Group Ltd. and the offshore companies
- JustMarkets Ltd Pillar III disclosures for 2025
- Client agreements of Just Global Markets Ltd., Just Global Markets (MU) Limited and Just Global Markets (VG) Limited, September 2026
- Reserve Bank of India Alert List and Securities Commission Malaysia Investor Alert List
Version history
- Report published.
Request a re-audit
Staff of JustMarkets can ask us to reopen this audit, for example after correcting a finding or completing remediation. Requests must come from a company email address, and you can attach evidence.
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