Jomon Limited is a forex broker established in 2024, mainly targeting the Japanese market. This broker primarily offers trading services in financial derivatives such as foreign exchange, stocks, commodities, and indices, but these services are not provided through the MT4 or MT5 trading platforms.
Company Background:
Jomon Limited is a newly established forex broker located at 1585 Broadway, Midtown Manhattan, West of Broadway, New York City, USA. Jomon Limited was registered in the United Kingdom but was deregistered on October 13, 2015. The domain name of the broker was registered on March 8, 2024, making the company's establishment very recent, less than a month ago.
Regulatory Status:
Currently, Jomon Limited is not under effective regulation.
On its official website, Jomon Limited introduces itself as a broker regulated by multiple regulatory bodies. The broker claims to hold regulatory licenses from the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority of South Africa (FSCA), and the National Futures Association (NFA) of the USA, with license numbers 123/10, 46990, and 0558058, respectively.
While these regulatory licenses can indeed be found in the databases of the respective regulatory bodies, the holder of these licenses is not Jomon Limited, but Colmex Pro Ltd. Additionally, registration with the NFA as a non-member entity implies that it is not regulated by the NFA. Jomon Limited is suspected of using false regulatory information for promotional purposes, and is currently not regulated by any regulatory authority, making the forex and other related services it offers highly risky.
Trading Products:
Jomon Limited provides investors with a variety of trading products and services, including foreign exchange, stocks, commodities, and indices, among other financial derivatives.
Products for Retail Traders:
- Main Currency Pairs: Offers trading in major currency pairs such as EUR/USD, USD/JPY, etc. The leverage is 1:20, allowing traders to trade with relatively small capital investment.
- Minor Currency Pairs, Indices, and Gold: Offers trading in minor currency pairs, indices, and gold with a leverage of 1:20, providing traders with more trading options.
- Other Metals and Commodities: Includes trading in metals and commodities other than gold, with a leverage of 1:10.
- Stocks and ETFs: Offers trading in stocks and ETFs with a leverage of 1:5, providing retail traders with a variety of investment options.
- Cryptocurrencies: Traders can trade various cryptocurrencies with a leverage of 1:2.
Products for Professional Traders:
- Currency Pairs: Offers trading in various currency pairs with a leverage of up to 1:200, suitable for professional traders with a higher risk tolerance.
- Metals: Includes trading in various metals other than silver, with a leverage of 1:100.
- Commodities, Indices, and Silver: Offers trading in commodities, indices, and silver with a leverage of 1:40.
- Stocks and ETFs: Offers trading in stocks and ETFs with a leverage of 1:20.
- Cryptocurrencies: Professional traders can trade various cryptocurrencies with a leverage of 1:5.
Account Types:
Retail Trader Accounts: Retail trader accounts offer an automatic stop-loss feature, which executes a stop-loss when the account equity falls to 50% of the account balance.
Professional Trader Accounts: The broker provides two types of accounts for professional traders:
- Jomon Limited Account: A distinctive feature of the Jomon Limited account is that all positions will be automatically closed once the account balance reaches $50.
- ST5 Account: The ST5 account also offers an automatic stop-loss mechanism. When the account equity falls to 10% of the account balance, the system automatically executes a stop-loss operation, similar to the retail trader accounts.
Trading Software:
Jomon Limited does not support the well-known MT4 or MT5 trading platforms, and only provides a proprietary trading platform named Jomon Limited ST5, available in both web and mobile versions. Currently, there is no information on the entity behind the broker's proprietary trading platform, resulting in a higher security risk for investors using the platform.
Deposit and Withdrawal Methods:
The broker has not disclosed its deposit and withdrawal methods, which may inconvenience users. Users cannot obtain information about accepted payment methods, deposit fees, minimum deposit amounts, deposit processing times, or withdrawal policies.
Summary:
Jomon Limited is a platform that uses false regulatory information, suspected of false advertising. Moreover, the broker uses a proprietary trading platform which may pose trading security risks. The broker's information lacks transparency, missing details on deposit and withdrawal methods, company staff, minimum deposit amounts, deposit fees, etc. Investors should stay away from such dubious platforms to avoid jeopardizing their financial safety.
Currently, Jomon Limited is marked as "Suspected Fraud" on TraderKnows.
