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The WikiFX Score of this broker is reduced because of too many complaints!

Jojo Markets

United Kingdom|Scam Brokers|
5-10 years|Regulated in United Kingdom|Suspicious Regulatory License|MT4/5 full license|Chinese market only|United Kingdom Appointed Representative(AR) Revoked|Suspicious Overrun|High potential risk|

http://www.jojoforex.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
JoJoMarket-Demo MT4
Server Location Hong Kong

Contact

4006660205
cs@jojofx.com
http://www.jojoforex.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

4006660205

Broker Information

More

Company Name

Jojo Market Limited

Company Abbreviation

Jojo Markets

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

This platform is a Ponzi Scheme. Please stay away! 5
Previous Detection : 2024-03-28
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

WikiFX Verification

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Pyramid scheme complaint
Expose
Scam

The scum team in Jojo Markets !

The team of Wang Ji,whose Weibo are full of profit orders.Actually,it is a scalping team which induces you to place reverse orders and conduct scalping trade with bad intentions.I placed 75 lots and made a loss of nearly 5000 RMB,which was inconsistent with their promotion on Weibo.Scum team.Scalping team.Simply a fraud platform!

2019-10-09 11:27
Resolved

Agent on Jojo Markets Unable to Withdraw

They have been procrastinating, saying that there are many people withdrawing on Monday. Also, they said they have to go through international remittances and the funds need to be audited and manually handled by professional financial departments. I called customer service 400-666-0205, and they have repeated this sentence. I asked them to give proof of the queuing remittance, but they said that the customer service could not give any proof. Starting from an hour to the current 24 hours, they keep me waiting, saying that it is already under review and now ready to get paid. My fellow agents and customers, we must boycott such a platform, and fully explain the posts and the process of the matter to other customers who have not been deceived for now. Let Jojo Markets disappear from now on! Even if they launch a new platform, we must notify everyone. Also, they have now opened a platform called Meili, and Shengen also belongs to them. We must not invest in those platforms. This is the website of the platform https://www.jojoex.com/#/, be alert! If you want to be an agent or invest in a certain platform, please ask the salesman and order instructors for their exact locations. Without real address, do not invest even a penny. The transaction receiver of the platform is called Wang Weizhi.

2019-09-17 12:23
Scam

Jojo Markets’ agent seduced to deposit and made my account liquidated

Jojo Markets’ agent number 511548 posted real-time order on Weibo, saying that the lowest deposit is 20000 USD and every client can enjoy one-to-one instruction. At the first day of my deposit, they made an order contrary to the market trend and canceled my stop loss order which led to my account liquidated. I called the service to complain, but they blocked me. Do not invest in this scam platform Jojo Markets. I posted the promotion links of the agent. Do not deposit. All they do is fraud.

2019-08-14 05:16
Scam

JoJo Markets fraud platform

JoJo Markets has an agent named Peng Zhijun, whose agent account is 511548. His Weibo and Wechat name used to be “Hermit”, now changed to “Forex Decision Maker”. He is a relentless order recommender, using just one order to claim all your money. My fellow forex-friends, please do not believe him. On July 17, 2019, I deposited 20,000 USD.Under his one-to-one guidance, I placed two limit orders. Though the direction was right, the price he set was unable to access. After the cancelation of limit orders, he informed me to sell 10 lots of gold at 11 o’clock that night. However, at that night there was so-called nonfarm payrolls statistic on the internet, and the forex instructors on Weibo all bullish gold. But Peng told us to sell out, that we would have closed position before the statistics come out. Just after our selling, the price went above the candlestick and immediately reached the stop-loss price. Then he told us to cancel the price set. I questioned his motivation of making our accounts become forced liquidation. He just said, “Who knows it could rise 30 points?”. As a technical analyzer, how could he didn’t know that? The answer is obvious. He is one of those phishers on the Weibo or Wechat platform who makes you lose everything using just one order. Please do not bite his bait. I have posted out the website and the agent account.

2019-08-27 09:34

    Jojo Markets · Company Summary

    Note: Jojo Markets' official site - http://www.jojoforex.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    ⚠️ Attention: This is a scam broker!

    Jojo Markets Review Summary
    Founded 5-10 years
    Registered Country/Region United Kingdom
    Regulation FSPR (Suspicious Clone)
    Market Instruments Unavailable
    Trading Platforms Unavailable
    Customer Support Phone: 4006660205; Email: cs@jojofx.com
    Official Website Unavailable

    What is Jojo Markets?

    Jojo Markets is a trading platform reportedly founded about 5-10 years ago and claims to be registered in the United Kingdom. However, red flags surrounding the broker are numerous and significant. To start, it claims to be regulated by the New Zealand FSPR, but these claims are suspect and are potentially a 'clone' at best - a scenario where a firm illegitimately claims the details of a legitimately registered or regulated firm.

    The firm has been verified to be operating illegally, with all its licenses expired and it is listed in WikiFX's Scam Brokers list. Furthermore, the number of complaints amassed by WikiFX for Jojo Markets has reached 32 instances over the past three months alone.

    Additionally, Jojo Markets has been identified as executing a Ponzi Scheme. These are fraudulent investing scams promising high returns with little risk to investors. Ponzi schemes generate returns for early investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors. These schemes usually collapse on themselves when new investments stop.

    The operational mode of Jojo Markets poses substantial risks to potential investors, as it manipulates the investor's desire for financial gain, perpetuating a harmful and deceptive funding mode.

    Jojo Markets' home page

    Pros & Cons

    Pros Cons
    • N/A
    • Ponzi Scheme
    • Suspicious Clone Regulation
    • Low-security Level
    • Unavailability of Website and Details
    • High Complaint Rate
    • Ponzi Scheme: The broker has been identified as a Ponzi Scheme, which is a significant red flag. Investors are advised to stay away from any entity suspected of engaging in such fraudulent behavior.

    Ponzi Scheme
    • Regulation Status: The claimed New Zealand FSPR regulation is suspected to be a clone which indicates that it's operating without a legitimate license.

    • Security: The security of the platform is classified as very low. The safety of clients' funds can't be guaranteed, making this a highly insecure platform for traders.

    • Unavailability: The official website of Jojo Markets is not available. This unavailability limits access to crucial information and hinders the ability of users to learn more about the platform or its services.

    • High Complaint Rate: The myriad of complaints received about this broker in a brief 3-month period underscores the high risk involved in dealing with this platform.

    Is Jojo Markets Safe or Scam?

    Jojo Markets is not safe and is likely a scam. Here are some reasons:

    • Regulation Status: Jojo Markets claims to be regulated by the Financial Service Providers Register (FSPR) of New Zealand, yet these claims are suspect. It is suspected to be a clone firm, which is a significant red flag.

    suspicious clone FSPR license
    • Confirmed Illegitimate Operations: Jojo Markets has been confirmed as operating illegally, with all its licenses expired. The firm is also listed in WikiFX's Scam Brokers list.

    • High Number of Complaints: WikiFX received 32 complaints about this broker in the past three months alone.

    • Inaccessible Official Website: The broker's official website is unavailable, a factor that limits access to crucial information and further compounds concerning its legitimacy.

    Inaccessible Official Website

    Consequently, Jojo Markets should be considered an unsafe and likely scam platform. Potential investors are advised to conduct thorough research and due diligence before considering investment with any platform.

    Trading Platforms

    The trading platform provided by Jojo Markets is MetaTrader 4 (MT4), which is a highly popular platform in the Forex trading community. With its user-friendly interface coupled with a wide array of features, it offers a comprehensive solution for traders of all levels of expertise.

    MT4 is known for its advanced technical analysis capabilities which help traders to track and predict market movements accurately. Another hallmark of MT4 is the availability of Expert Advisors (EA). EAs are software programs that can automate trading strategies, thereby reducing the manual work required by the traders and potentially increasing the efficiency of their trading process.

    Moreover, mobile trading is a core part of the MT4 platform, allowing traders to access their accounts from anywhere and at any time. This level of flexibility can be very beneficial, especially for those who need to act swiftly on market changes.

    Next, MT4 provides trading signals - these are suggestions or tips generated by the analysis of market conditions, which can assist traders in making decisions about entering or exiting trades.

    Finally, the platform also integrates market news and updates, ensuring that traders are always informed about the latest happenings affecting the currency markets.

    In summary, MetaTrader 4 empowers Jojo Markets' traders with robust analysis tools, automated trading options, mobile trading capabilities, access to trading signals, and real-time market news. However, please note that despite the capabilities of the MT4 platform, potential investors should proceed with caution given the red flags surrounding Jojo Markets.

    Customer Service

    The customer support of Jojo Markets appears to be quite limited with only two communication channels: phone and email. Clients can reach out to Jojo Markets customer support by dialing +4006660205. In addition, Jojo Markets has an email support address (cs@jojofx.com), which customers can use to send inquiries, and requests, or to articulate any issues they may be experiencing.

    However, having only two contact methods can mean limited accessibility to support when needed. Furthermore, the quality and efficiency of their customer service remain unspecified. It's common for financial platforms to offer a more diversified means of customer communication such as live chat features, 24/7 service, or an extensive FAQ section to solve common issues instantly.

    Exposures on WikiFX

    On our website, you can see that reports of scams and severe slippage. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section. We would appreciate it and our team of experts will do everything possible to solve the problem for you.

    Exposures on WikiFX

    Conclusion

    Based on the information gathered, Jojo Markets is a trading platform that aspiring traders should be wary of. Red flags surrounding the company include suspicion of being a clone firm, conducting illegal operations, engaging in a Ponzi scheme, lack of customer service, an inaccessible official website, and potentially high and non-transparent commissions. Investors are urged to conduct their due diligence before interacting with such a platform.

    Frequently Asked Questions (FAQs)

    Question: Does Jojo Markets provide transparent information about its commissions?

    Answer: Unfortunately, Jojo Markets does not provide transparent information regarding its commission structure.

    Question: What are some red flags associated with Jojo Markets?

    Answer: Some significant red flags associated with Jojo Markets include allegations of being a clone firm, confirmed illegal operations, numerous complaints, a non-transparent commission structure, execution of a Ponzi scheme, and an extremely low security rating.

    Question: Can Jojo Markets be considered a safe trading platform?

    Answer: No, based on the information available and the various red flags raised, Jojo Markets can not be considered a safe trading platform. It's imperative for potential investors to conduct thorough research and due diligence before interacting with such platforms.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

    In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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    梦想成真1342
    more than one year
    The most unreliable and worst broker that ever existed, your positions will be closed without informing you in advance, yet they claim that their ******* system shows otherwise… **** it.
    2023-03-07 10:15
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